Home Builder Sentiment slipped to a reading of 57 in December according to the National Association of Home Builders Housing Market Index. November’s reading of 58 prompted analysts to project a reading of 59 for December. The latest reading marks the sixth consecutive month for readings above 50.
Although there were few scheduled economic events related to mortgages and housing, last week brought an article about housing projections for 2015. Other news included increased job openings along with lower than expected jobless claims and higher mortgage rates.
Last week’s economic reports related to housing and mortgages were few, but construction spending, the Fed’s Beige Book report, non-farm payrolls and the national unemployment report indicated trends for the end of the year.
Last week’s scheduled economic news included the NAHB/Wells Fargo Housing Market Index, Housing Starts and Existing Home Sales. FOMC meeting minutes were released along with weekly Freddie Mac mortgage rates and weekly jobless claims.
Minutes of the Federal Open Market Committee (FOMC) meeting held October 28 and 29 were released Wednesday. The report suggests that the U.S. economy continues to improve, although the annual inflation rate remains near 1.50 percent and short of the committee’s goal of 2.00 percent.
Last week’s housing related news was lean, with no scheduled reports released other than Freddie Mac’s primary mortgage market survey. We’ll start with some good news…
Last week’s economic reports contained mixed reports indicating that the economy continues to recover with occasional “blips” in its progress. Construction spending was lower than expected. A Federal Reserve survey of senior loan officers indicated that credit standards remain strict for mortgages and other types of lending.
Last week’s economic news brought mixed developments as pending home sales moved to their second highest level of 2014. The Federal Open Market Committee (FOMC) announced the expected end of asset purchases under its quantitative easing program.
Home prices rose by 0.20 percent in August. Three of the 20 cities tracked saw home prices drop, while Detroit, Michigan posted the highest price growth. The seasonally adjusted growth rate for cities tracked declined by 0.10 percent as compared to a decline of 0.10 percent in July.
After months of reports of slowing home price momentum and forecasts of a lagging housing market, we are pleased to report an increase in volume for existing home sales.
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