Housing Data Requires Closer Read.

MBA Mortgage Applications (week ended 4/17/2014)

– Purchase Index Week/Week +5.0%. Previous weeks were -3.0%, +7.0%, +6.0%, +5.0%, -2.0%, +2.0%, -0.2%, +5.0%, -7.0%, -7.0%, -2.0%, -0.1%, and -3.0%.

– Refinance Index Week/Week +1.0%. Previous weeks were -2.0%, -3.0%, +4.0%., +12.0%, -5.0%, -3.0%, -0.2%, +1.0%, -16.0%, -10.0%, +3.0%, and -5.0%.

– Composite Index Week/Week +2.3%. Previous weeks were -2.3%., +0.4%, +4.6%, +9.5%, -3.9%, -1.3%, -1.3%, +0.1%, -8.0%. -13.2%, -9.0%, +1.3%, and -3.2%.

The increase in the Purchase Index while welcome may be a consequence of the moving Easter Holiday which kept potential buyers busy in the previous weeks.

 

FHFA House Price Index (February 2015)

– month/month  +0.7%. Previous was  +0.3%.
– year/year    +5.4%. Previous was +5.1%.

With housing still hurting, I do not see increasing prices and beneficial to the economy. Yes, people in the real estate and mortgage business benefit but the larger picture is that the more people spend on housing the less is available for everything else.

 

Existing Home Sales (March 2015)

– Existing Home Sales seasonally adjusted, annualized  5,190,000. Previous was 4,890,000
– Existing Home Sales month/month change +6.1%
– Existing Home Sales year/year change +10.4%.

Existing Home Sales are at the highest level in the past 2 years but this is after a few weak months.  March looks great but only because the 2 previous months were weak. Bad weather in much of the country delayed sales from January and February.