Last Week in the News
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The Conference Board’s index of leading economic indicators inched ahead 0.1% in May, matching April’s increase and equaling analysts’ expectations. The index, released June 19, is designed to forecast economic activity in the next three to six months based on 10 components, including stock prices, building permits and initial claims for unemployment benefits.
The Producer Price Index (PPI), which measures the cost of goods before they reach store shelves, rose 1.4% in May, the biggest increase since November, the Labor Department said June 17. However, core PPI, which strips out energy and food prices, increased 0.2% in May, an improvement from a 0.4% rise in April.
Housing starts slumped 3.3% in May to an annual pace of 975,000 units, a level not seen since March 1991, the Commerce Department reported June 17. Although May housing starts were down 25% in the Midwest, 10.3% in the West and 4.4% in the South, the Northeast saw a 61.5% jump, led by a rebound in multifamily projects. Meanwhile, building permits in May fell to an annual rate of 969,000, slightly better than the 960,000 rate that economists expected.
Pressured by rising mortgage rates, mortgage application volume fell 8.7% for the week ending June 13, the Mortgage Bankers Association reported. For the week ending June 18, Freddie Mac said rates on 30-year mortgages continued climbing, reaching their highest level in nine months, reflecting more concerns about what the Federal Reserve will do to combat a growing inflation threat.
The number of newly laid-off workers seeking unemployment benefits for the week ending June 13 fell by 5,000 to 381,000, the Labor Department reported June 19. The biggest increases for jobless benefits came from California (10,778) and Florida (6,164).
Economic news due out this week includes reports on new home sales on June 25 and existing home sales on June 26.
Economic data compiled from government reports and news services Bloomberg.com, msnbc.com, cnbc.com, cnn.money.com and Yahoo Economic Calendar.
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Kristin Devlin
949.350.3771
Orange County Homes
Wednesday, June 25, 2008
Wednesday, June 18, 2008
Laguna Woods, Lake Forest, Mission Viejo, Laguna Hills Residents
Last Week in the News
Reflecting the stimulus from government rebate checks, retail sales rose a full percentage point in May, double what economists were anticipating, the Commerce Department reported June 12. Not including the higher prices consumers paid for gasoline, retail sales still rose a strong 0.8%, the biggest increase in a year.
Sales of existing homes in April also caught economists off guard, climbing 6.3% instead of the negative 0.4% drop they were predicting. The new reading, issued June 9 by the National Association of REALTORS®, indicates that the drop in property values has started attracting more buyers and bargain hunters.
Soaring gasoline prices helped push consumer inflation up 0.6% in May, the fastest pace in six months, the Labor Department said June 12. But core inflation, which strips out volatile gas and food prices, edged up a modest 0.2%, easing concerns that big jumps in energy and food costs were breaking through to more widespread inflation.
The nation’s trade deficit — what we import versus what we export — rose 7.8% to $60.9 billion, the largest imbalance since March 2007, the Commerce Department said June 10. Driving the deficit was a $4.3 billion increase in crude oil imports, which jumped to a record $29.3 billion in April.
New claims for unemployment benefits rose to 384,000, an increase of 25,000 from the previous week, the Labor Department reported June 12.
More upbeat economic news came from the Mortgage Bankers Association, which said that mortgage loan applications rose 10.9% from the previous week. Purchase applications increased 12.1% while refi volume was up 8.4% from the previous week.
___________________
Kristin Devlin
949.350.3771
Orange County Homes and Real Estate
Reflecting the stimulus from government rebate checks, retail sales rose a full percentage point in May, double what economists were anticipating, the Commerce Department reported June 12. Not including the higher prices consumers paid for gasoline, retail sales still rose a strong 0.8%, the biggest increase in a year.
Sales of existing homes in April also caught economists off guard, climbing 6.3% instead of the negative 0.4% drop they were predicting. The new reading, issued June 9 by the National Association of REALTORS®, indicates that the drop in property values has started attracting more buyers and bargain hunters.
Soaring gasoline prices helped push consumer inflation up 0.6% in May, the fastest pace in six months, the Labor Department said June 12. But core inflation, which strips out volatile gas and food prices, edged up a modest 0.2%, easing concerns that big jumps in energy and food costs were breaking through to more widespread inflation.
The nation’s trade deficit — what we import versus what we export — rose 7.8% to $60.9 billion, the largest imbalance since March 2007, the Commerce Department said June 10. Driving the deficit was a $4.3 billion increase in crude oil imports, which jumped to a record $29.3 billion in April.
New claims for unemployment benefits rose to 384,000, an increase of 25,000 from the previous week, the Labor Department reported June 12.
More upbeat economic news came from the Mortgage Bankers Association, which said that mortgage loan applications rose 10.9% from the previous week. Purchase applications increased 12.1% while refi volume was up 8.4% from the previous week.
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Kristin Devlin
949.350.3771
Orange County Homes and Real Estate
Friday, June 13, 2008
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Kristin Devlin
949.350.3771
Monday, June 9, 2008
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Kristin Devlin
949.350.3771
Monday, June 2, 2008
Orange County news for Laguna Woods, Irvine,Lake Forest, Mission Viejo residents
Last Week in the News
New home sales unexpectedly rose 3.3% in April, the first increase in six months, the Commerce Department said May 27. As a result, the inventory of unsold new homes fell slightly to a 10.6 months’ supply versus the 11.1 months’ backlog recorded in March.
The Commerce Department further reported that the median price of a new home sold in April rose to $246,100, up 1.5% from April 2007. In a separate report, however, the Standard & Poor’s/Case-Shiller Index showed existing home prices falling 14.1% in the first quarter of 2008, compared with a year earlier, the biggest year-over-year decline since the index began in 1988.
For the week ending May 29, interest rates on 30-year fixed-rate mortgages rose to an 11-week high, Freddie Mac said.
__________________________
Kristin Devlin
949.350.3771
Laguna Woods Homes and Real Estate
New home sales unexpectedly rose 3.3% in April, the first increase in six months, the Commerce Department said May 27. As a result, the inventory of unsold new homes fell slightly to a 10.6 months’ supply versus the 11.1 months’ backlog recorded in March.
The Commerce Department further reported that the median price of a new home sold in April rose to $246,100, up 1.5% from April 2007. In a separate report, however, the Standard & Poor’s/Case-Shiller Index showed existing home prices falling 14.1% in the first quarter of 2008, compared with a year earlier, the biggest year-over-year decline since the index began in 1988.
For the week ending May 29, interest rates on 30-year fixed-rate mortgages rose to an 11-week high, Freddie Mac said.
__________________________
Kristin Devlin
949.350.3771
Laguna Woods Homes and Real Estate
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