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2015
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The inflation reading Employment Cost Index, which is the broadest measure of labor costs, gained 0.2% in the 2nd quarter of 2015. This represented the smallest increase in 33 years, while wage and benefit costs also showed meager gains. Labor costs rose 2% in the year ending in June, below the 3...
07/31/2015
U.S. economic growth rebounded in the second quarter of this year, led by a rise in consumer spending along with an increase in exports. The Bureau of Labor Statistics reported that Gross Domestic Product, the total value of goods and services produced in the U.S., rose by 2.3%. This was well abo...
07/30/2015
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The Mortgage Bankers Association (MBA) reported today that total mortgage application volume was little changed in the latest week, while mortgage rates ticked lower. The MBA said its Market Composite Index, a measure of total loan application volume, rose 0.8% for the week ended July 24, 2015. T...
07/29/2015
Consumers weren't feeling too confident in July as the weight of the geo-political issues in Greece and the instability in the Chinese Stock markets weighed on their minds. The Conference Board released its July Consumer Confidence Index today, which fell to 90.9, a 10-month low, down from the 10...
07/28/2015
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Black Knight Financial Services reported today that its Home Price Index in May rose 1.1% from April as the housing sector continues to gradually improve. The current price was pegged at $251,000, which is 5.1% higher than May 2014 and is up 25% from the market bottom. The price peak came in June...
07/27/2015
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The Commerce Department reported on Friday that June New Home Sales unexpectedly declined by 6.8% from May to an annual rate of 482,000, below the 550,000 expected. The June reading was the slowest pace in seven months. May was revised lower to 517,000 from the original estimate of 546,000. The 4...
07/24/2015
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The National Association of REALTORS® reported on Wednesday that June Existing Home Sales hit their highest pace in over eight years due to rising demand and limited supply. Sales rose to 5.49 million, above the 5.40 million expected and up 3.2% from May. Year-over-year, sales are up 9.6% and hav...
07/22/2015
Corporate earnings reports are dominating the business headlines this week in the absence of any major geo-political headlines or economic reports this week. Yesterday afternoon after the Stock markets closed, tech giant IBM reported a decline in sales for the 13th consecutive quarter. "Big Blue"...
07/21/2015
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Realtor.com reports that in more than one-third of the 300 largest metropolitan areas, homes listed for sale in June had been on the market for a median of less than two months, a signal that indicates rapid turnover in inventory as the demand for homes exceeds supply. Bidding wars are now poppin...
07/20/2015
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U.S. jobless claims fell, breaking a three-week string of increases. While the four-week moving average showed an increase, this is the 16th straight week that the moving average was below 300,000; this signals a solid labor market. With current unemployment at 5.3 percent, we are approaching the...
07/16/2015
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Steve Reed
Steve Reed Branch Manager | Benchmark Home Loans