Eye On Housing
Author Archives
-
Despite December Decline, New Home Sales End 2017 Higher
According to the US Census Bureau and the US Department of Housing and Urban Development, sales of new single-family homes moderated in December 2017, giving back a portion of the gains accrued in November. Over the month of December, sales of new single-family homes fell by 9.3 percent to a seasonally adjusted annual rate of 625,000 following a 15.1 percent… Read More ›
-
Mortgages Rates Rise in 2017 But Remain Low
Information provided by the Federal Housing Financing Agency (FHFA) indicates that mortgage rates on purchases of newly built homes rose 7 basis points in November to 4.00 percent. At this level, rates remain below the 4.18 cycle peak level recorded in February. Meanwhile, a more commonly used rate reported by Freddie Mac indicates that mortgage rates rose by 2 basis… Read More ›
-
Core Inflation Remains Steady
Consumer prices, measured by the Bureau of Labor Statistics’ (BLS) Consumer Price Index – Urban Consumer (CPI), rose by 2.1 percent on an unadjusted basis over the 12 months of 2017, and has broadly accelerated from the 1.63 percent reading in June 2017. Energy prices contributed to the increase in the headline measure of consumer inflation, climbing 6.9 percent over… Read More ›
-
Economy Grows in Q3, Exceeding Potential
The Bureau of Economic Analysis (BEA) reported that the economy, as measured by growth in real gross domestic product (GDP), rose by 3.2 percent in the third quarter of 2017. The third estimate of third quarter 2017 GDP growth is slightly less than the 3.3 percent growth rate recorded in the second estimate, but faster than the “advance”, or initial,… Read More ›
-
Headline Inflation Accelerates, Core Inflation Slows
The Consumer Price Index – Urban Consumers (CPI) rose by 0.4 percent on a seasonally adjusted basis over the month of November and 2.2 percent over the past 12 months on a not seasonally adjusted basis. According to the release, energy prices accounted for three-fourths of the increase in the monthly change in headline inflation. Core CPI, which excludes more… Read More ›
-
Fed Raises Key Rate, Balance Sheet Normalization to Accelerate in January
In its statement following its December 12-13, 2017 meeting, the Federal Open Markets Committee (FOMC) decided to raise the target range for the federal funds rate to a range of 1.25 to 1.5 percent, a decision that was widely expected. Despite the increase, the FOMC believes that the “stance of monetary policy remains accommodative”. As illustrated by the Federal Reserve… Read More ›
-
Growth in Q3 a Bit Stronger Than Initially Estimated
The Bureau of Economic Analysis (BEA) reported that economy, as measured by growth in real gross domestic product (GDP) rose by 3.3 percent in the third quarter of 2017. The second estimate of Q3 GDP growth is moderately higher than the initial, or “advance”, estimate. With this reading, GDP growth has accelerated for two consecutive quarters after decelerating over the… Read More ›
-
Mortgage Rates Remain Low
Information provided by the Federal Housing Financing Agency (FHFA) indicates that mortgage rates on purchases of newly built homes fell by 5 basis points over June to 3.93 percent. At this level, rates remain below the 4.18 cycle peak level recorded in February. Meanwhile, a more commonly used rate reported by Freddie Mac indicates that mortgage rates rose in October…. Read More ›
-
AD&C Financing Conditions Ease At A Slower Pace
Builders and developers responding to NAHB’s AD&C Financing Survey continue to report easing credit conditions for acquisition, development, and single-family construction loans. In the third quarter of 2017, the overall net tightening index based on the AD&C survey was -7.7, indicating net easing. All major categories of AD&C financing also recorded net easing, with lending standards on land acquisition loans… Read More ›
-
Core Inflation Ticks Up
The Bureau of Labor Statistics reported that prices faced by urban consumers rose by 0.1 percent over the month of October, slowing down from the 0.5 percentage point increase in September and the 0.4 percentage point rise in August. Over the past year, headline CPI grew by 2.0 percent on a not seasonally adjusted basis, slower than then 2.2 percent… Read More ›