Purchase Mortgage Applications Remain Weak.

MBA Purchase Applications (week ended 8/29/2014)

– Purchase Index Week/Week -2.0%. Previous weeks were +3.0%, -0.4%, -1.0%, -1.0%. +0.2%, +0.3%, -8.0%, +4.0%, -1.0%, -1.0%. -5.2%, and +9.0%.

– Refinance Index Week/Week +1.0%. Previous weeks were +3.0%, +3.0%, -4.0%, +4.0%, -4.0%, +4.0%, -0.1%, +0.4%, +0.1%, -1.0%, and -13.0%.

– Composite Index Week/Week +0.2%. Previous weeks were +2.8%, +1.4%, -2.7%, +1.6%, -2.2%, +2.4%, -3.6%, +1.9%, -0.2%, -1.0%, and -9.2%.

Purchase applications are a leading indicator of sales and sale drive Housing Starts.  The housing market remains weak.  Reasons:  1) lack of creation of jobs with sufficient income to support owning 2) higher prices 3) CFPB-mandated tougher mortgage qualifying standards.

 

ICSC-Goldman Store Sales (week ended 8/30/2014)

– Store Sales week/week +0.0%. Previous was +0.6%

– Store Sales year/year +4.8%. Previous was +4.2%

 

Redbook Store Sales (week ended 8/30/2014)

– Store Sales year/year +4.9%. Previous was +4.0%.

 

Factory Orders (July 2014)

– Factory Orders month/month +10.5%.