Recapping last week’s big news for real estate and looking at what we need to watch on 7-29-2013…
Monday is when the groans are louder and there never seems to be enough coffee. Let’s kick off the week looking at what happened last week in real estate and what we should be looking at this week.
New Home Sales:
Good news for housing and the economy came last week when we learned that new home sales and consumer sentiment rose for July 2013. This is a sign that the economy is continuing to improve which hopefully will lead to more improvements in real estate.
Existing Home Sales:
You have probably already read last week’s news that NAR said that existing home sales in June 2013 were up. This is the second highest level since way back in November of 2009.
FHFA Home Price Index:
Yet another report of increasing home prices came from FHFA last week. They reported that May 2013 home prices with mortgages held by Fannie Mae or Freddie Mac are up 7.3% year-over-year. While this is talking about the entire US, it is still great news.
New Home Sales:
Great News for the economy and housing from the U.S. Census Bureau last week was that June 2013 sales came in above the level in May 2013.
We got good news from both Freddie Mac and the MBA about average mortgage rates last week easing slightly last week.
It is really hard for anyone to make the biggest purchase of their life when they don’t feel very good about the economy. So the fact that Consumer Sentiment for July 2013 rose is great news. Maybe this will translate to more home sales in the coming months.
Lots of big stuff happening this week for us to pay attention to:
Pending Home Sales are comes out today. Tomorrow we get one of the big boys because the latest Case-Shiller Home Price Index will be released. Also tomorrow the latest Consumer Confidence Index is going to be released.
One thing to be nervous about is Fed Chairman Ben Bernanke is also supposed to give a press conference Wednesday. We have to worry that this idiot will say something that causes the financial markets and mortgage rates to go crazy.
On Thursday, a big indicator for the economy and real estate will be released with the latest numbers on construction spending.
On Friday we will be watching the latest reports on unemployment. The monthly Non-Farm Payrolls and Unemployment report will be released and are usually referred to as the Jobs Report. Super important that we see more improvement in the unemployment numbers.