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2017
The first reading on 2017 Q2 Gross Domestic Product (GDP) rose 2.6% from 1.2% in Q1 bolstered by a 2.8% increase in consumer spending and a 0.7% rise in government spending. The first quarter was revised lower to 1.2% from 1.4%. In addition, investment in new housing declined 6.8%. GDP is the mon...
07/28/2017
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Mortgage rates edged lower this week, declining for the second straight week. The lower rates came after the Fed left its benchmark interest rate on hold. The news on rate sparked a rally in both the Stock and Bond markets, while yields pushed lower. Freddie Mac reported that the 30-year fixed ra...
07/27/2017
The Commerce Department reported on Tuesday that New Home Sales in June rose a modest 0.8% from May to an annual rate of 610,000 units, which was in line with estimates. From June 2016 to June 2017, sales rose 9.1%. The median sales price of new houses sold in June 2017 was $310,800. At June’s sa...
07/26/2017
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The May S&P/Case-Shiller 20-City Index rose 5.7% year-over-year, in line with estimates and just below the 5.8% in April. Demand continues to outweigh supply in many key areas across the nation. Month-over-month, the 20-City Index rose 0.1%. The National Index saw a 5.6% annual increase in May, m...
07/25/2017
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The National Association of REALTORS® (NAR) reported on Monday the Existing Home Sales in June fell 1.8% from May to an annual rate of 5.52 million units, below the 5.58 million expected. Sales are up 0.7% year over year, the second lowest of 2017. Within the numbers it showed that first-time buy...
07/24/2017
The Commerce Department reported on Wednesday that Housing Starts in June surged 8.3% to an annual rate of 1.215 million units, the highest since February and after three straight monthly declines. Single-family starts, which represents the largest share of the residential housing market, rose 6....
07/19/2017
A recent report reveals that an increasing number of U.S. companies are finding it difficult to hire new workers, and some have even raised wages. The National Association of Business Economists (NABE) reports that "slightly over one-third of panelists reports that their firms have experienced so...
07/17/2017
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Steve Reed
Steve Reed Branch Manager | Benchmark Home Loans