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2018
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A low supply of homes for sale on the market continued to plague home buyers in December. The National Association of REALTORS® reports that Pending Home Sales in December rose 0.5% from November, which was just below the 0.6% expected. Year-over-year Pending Home Sales are up 0.5%. Sales slowed ...
01/31/2018
The S&P Case-Shiller 20-City Home Price Index rose 6.4 percent year over year, which was in line with estimates. National home prices were up 6.2% in November year over year and are 6 percent higher than their 2006 peak. Those in the top 20 cities are still 1.1% lower, however. “Home prices conti...
01/30/2018
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Inflation remained tame in December as the Fed's favorite inflation gauge, the December Core Personal Consumption Expenditure (PCE) on an annual basis, was unchanged at 1.5% while month-over-month saw a 0.2% rise, which was expected. Low inflation makes it tough for the Federal Reserve to hike in...
01/29/2018
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Economic growth slipped a bit in the fourth quarter of 2017, led lower by drags on trade and inventories. The first read on fourth quarter Gross Domestic Product rose 2.6%, just below the 2.9% expected and down from 3.2% in the third quarter. Within the report, it showed that consumer spending su...
01/26/2018
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Sales of new homes plunged in December due in part to unseasonably cold and harsh weather. This was coupled with fading sales in the South after people replaced houses soon after the September hurricanes. The Commerce Department reported that New Homes Sales fell 9.3% in December from November to...
01/25/2018
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The U.S. government shutdown enters its third day as lawmakers failed to come to an agreement on Friday. Hundreds of thousands of government employees will be sent home today or told not to show up for work. As for the military, there will be no lapse in pay unless the shutdown continues past Feb...
01/22/2018
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Consumer Sentiment edged lower in early January down from the decade high hit back in October. The index fell to 94.4 after the 95.9 recorded in December. However, consumers reported persistent strength in personal finances and buying plans. The report also revealed that 34% of consumers talked o...
01/19/2018
The Commerce Department reported that December Housing Starts fell 8.2% from November, driven lower by a sharp decrease in single-family units. It was the largest percentage drop since November 2006. Housing Starts came in at 1.192 million annualized units, below the 1.280 million expected and fe...
01/18/2018
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Home builder confidence remained at high levels in January after December registered an 18-year high: this signals housing demand should continue to grow in 2018. The National Association of Home Builders reports that its Housing Market Index came in at 72 this month, after the 74 reported in Dec...
01/17/2018
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Consumer spending ended 2017 on a high note as Americans purchased an array of goods and products. The Commerce Department reported that Retail Sales rose 0.4% in December, in line with estimates, while November was revised higher to 0.9% from 0.8%. Sales rose 4.2% in 2017 compared to the 3.2% in...
01/12/2018
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Steve Reed
Steve Reed Branch Manager | Benchmark Home Loans