Housing Data.

MBA Mortgage Applications (week ended 8/19/016)

- Purchase Index Week/Week -0.3%. Previous weeks were -4.0%, +3.0%, -2.0%, -3.0%, -2.0%, +0.0%, +4.0%, -3.0%, -2.0%, -5.0%, +12.0%, -5.0%, and +5.0%.
- Refinance Index Week/Week -3.0%. Previous weeks were +10.0%, -3.0%, -15.0%, -1.0%, +11.0%, +21.0%, -2.0%, +7.0%. -1.0%, +7.0%, -4.0%, +0.4%, and -4.0%.
- Composite Index Week/Week -2.1%. Previous weeks were +7.1%, -3.5%, -11.2%, -1.3%, +7.2%, +14.2%, -2.6%, +2.9%, -2.4%, +9.3%, -4.1%, and -4.0%.

Yesterday we saw New Home Sales for July come in very strong but we have seen Purchase Mortgage Application slowing for almost 3 months. This does not indicate strength for New Home Sales
in subsequent months. Some of this is seasonal.

 
FHFA House Price Index (June 2016)

- Prices month/month +0.2%. Previous was +0.2%
- Prices year/year +5.6%. Previous was +5.7%

These are the prices for homes purchased with FHLMC or FNMA financing.

 
Existing Home Sales (July 2016)

- Existing Home Sales seasonally adjusted, annualized 5,390,000. Previous was 5,570,000
- Existing Home Sales month/month -3.2%
- Existing Home Sales year/year -1.6%
 

New Home Sales up.

Redbook Chain Store Sales (week ended 8/20/2016) – Store Sales year/year +0.2%. Previous was +0.2%.   PMI Manufacturing Index Flash (August 2016) – Level 52.1. Previous was 52.9   New Home Sales (July 2016) – New Home Sales seasonally adjusted, annualized 654,000. Previous was 582,000.   Richmond Federal Reserve Manufacturing Index (August 2016) – level […]

 

Does Deficit Spending Reduce GDP Growth?

Most people who have taken economic courses have, to a significant extent, been indoctrinated with the Keynesian notion that sometimes (in recessions especially) private sector demand leads to inefficient macroeconomic outcomes. and that at such times the public sector must step in, take up the slack through deficit spending, and get the economy healthy again. […]

 

Jobless Claims Remain low.

Initial Jobless Claims (week ended 8/13/2016) – New Claims seasonally adjusted 262,000. Previous was 266,000 – New Claims unadjusted, totaled 219,544, a decrease of 11,991 from previous – 4-week Moving Average 265,250. Previous was 262,750   Philadelphia Federal Reserve Business Outlook Survey (August 2016) – General Business Conditions Index 2.0. Previous was -2.9. This bit […]

 

Purchase Applications down again.

MBA Mortgage Applications (week ended 8/12/016) – Purchase Index Week/Week -4.0%. Previous weeks were +3.0%, -2.0%, -3.0%, -2.0%, +0.0%, +4.0%, -3.0%, -2.0%, -5.0%, +12.0%, -5.0%, +5.0%, and -6.0%. – Refinance Index Week/Week -4.0%. Previous weeks were +10.0%, -3.0%, -15.0%, -1.0%, +11.0%, +21.0%, -2.0%, +7.0%. -1.0%, +7.0%, -4.0%, +0.4%, and +1.0%. – Composite Index Week/Week -4.0%. […]

 

Housing Start up but Single-family lowest since September 2015.

Consumer Price Index (July 2016) – CPI month/month +0.0%. Previous was +0.2% – CPI year/year +0.8%. Previous was +1.0% – CPI core (less food & energy) month/month +0.1%. Previous was +0.2% – CPI less food & energy year/year +2.2%. Previous was +2.3%. The component with the largest cost increases is medical care. The increases in […]

 

Home Builders Remain Confident.

Empire State Manufacturing Survey – General Business Conditions Index level -4.21. Previous was 0.55 This is a metric of manufacturing in New York State. While New York in no longer a major state for manufacturing this metric from the New York Fed starts a series of regional Fed Manufacturing Indices. Housing Market Index (August 2016) […]

 

July Retail Sales Weak.

  Retail Sales (July 2016) – Retail Sales month/month +0.0%. Previous was +0.8% – Retail Sales less autos month/month -0.3%. Previous was +0.9% – Less Autos & Gas month/month -0.1%. Previous was +0.8% This is unexpectedly weak. Weakness was pervasive including supermarkets, restaurants, and building supplies. Auto sales were up but auto sales have a […]

 

Initial Jobless Claims Remain low,

Initial Jobless Claims (week ended 8/6/2016) – New Claims seasonally adjusted 266,000. Previous was 267,000 – New Claims unadjusted, totaled 231,356 an increase of 12,173 from previous – 4-week Moving Average 262,750. Previous was 259,750 Jobless Claims remain near historic lows. Reading Jobless Claims as a surrogate for the economy is no longer and easy […]

 

A Slow Summer for Purchase Applications,

MBA Mortgage Applications (week ended 8/5/016) – Purchase Index Week/Week +3.0%. Previous weeks were -2.0%, -3.0%, -2.0%, +0.0%, +4.0%, -3.0%, -2.0%, -5.0%, +12.0%, -5.0%, +5.0%, -6.0%, and +0.4%. – Refinance Index Week/Week +10.0%. Previous weeks were -3.0%, -15.0%, -1.0%, +11.0%, +21.0%, -2.0%, +7.0%. -1.0%, +7.0%, -4.0%, +0.4%, +1.0%, and +0.5%. – Composite Index Week/Week +7.1%. […]

 
 
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