Author Archives

  • Consumers’ assessment of home buying conditions weaker in September

    The release of the University of Michigan Consumer Sentiment survey by Thompson Reuters indicated consumer confidence changed little in September, with a 0.7 point decline in the index to 68.2. While down slightly, this is an improvement over the preliminary estimate which pointed to a 2.3 point decline to 66.6. Consumers felt their current circumstances had improved in September, with… Read More ›

  • Construction Spending Improves ….. but Residential Construction Spending Continues to Fall

    Construction spending improved in August, rising 0.4% to $811.8 billion from an upwardly revised $808.6 billion in July, according to the Census Bureau release of the Value of Construction Put-in-Place.  Despite the modest gain, construction spending remains at record lows, with August’s number the second lowest level since December 2000 (July 2010 being the lowest). The increase was due a… Read More ›

  • Consumer Confidence turns down in September

    Consumer confidence turned down again in September following a modest improvement in August. The Conference Board Index of Consumer Confidence fell 4.7 points to 48.5 in September.  The decline was driven by deterioration in consumers’ outlook, with the expectations index falling 6.6 points to 65.4.  Their assessment of current conditions also decreased, down 1.8 points to 23.1.  Consumers continue to… Read More ›

  • Modest growth in house prices despite weak housing demand

    House prices continued to rise in July, despite the recent weak housing demand following the expiration of the homebuyer tax credit. The Standard and Poor’s release of the Case-Shiller Home Price Index (HPI) indicates that house prices grew moderately in July, with the Case-Shiller 10-city composite index (the CS10) up 0.8% to 162.3 (NSA) and the 20-city composite (the CS20)… Read More ›

  • Existing Home Sales make a modest recovery …. but remain weak

    Existing home sales made a modest recovery in August, but remain weak following the sharp decline in July with the conclusion of the home buyer tax credit. The National Association of Realtors (NAR) reported a 7.6% increase in existing home sales in August to a seasonally adjusted annual rate of 4.13 million units. This follows the dramatic (-27%) adjustment in… Read More ›

  • House Prices soften in July

    House prices fell modestly in July according to the Federal Housing Finance Agency (FHFA) with the release of their monthly purchase-only house price index (HPI), which was down 0.5% to 192.4.  Included in the release was a revision to the HPI for June, down 1.2% to 193.4 – compared to a decline of 0.3 to 195.2 in the August release…. Read More ›

  • Home buying conditions soften in September, but remain good

    The release of the preliminary data of the University of Michigan Consumer Sentiment survey by Thompson Reuters indicated consumer confidence turned down again in September, more than accounting for the slight gain in August. While these numbers can be expected to change with the release of the final numbers at the end of the month, the preliminary data have been… Read More ›

  • Some positive news for home sales ….. finally!

    Finally some positive new on housing demand after the sharp declines and record lows in home sales experienced in recent months, with the National Association of Realtors (NAR) release of the Pending Home Sales Index (PHSI) reporting that contracts signed on existing homes ticked up in July, rising 5.2% to 79.4. This follows a sharp downturn in pending homes sales… Read More ›

  • Home prices hold firm in June

    The Standard and Poor’s release of the Case-Shiller Home Price Index (HPI) indicates that house prices rose strongly in June. The quarterly National Index rose 4.7% in the second quarter from the first quarter on a non-seasonally adjusted basis (NSA) and 2.3% on a seasonally adjusted basis (SA). The monthly Composite 10 and Composite 20 indexes both rose 1.0% from… Read More ›

  • Consumer Confidence shows a modest recovery in August

    The release of the Conference Board Index of Consumer Confidence showed a modest recovery in August, up 2.5 points to 53.5, following a sharp downturn in June that continued through July.  Consumers’ outlook improved in August, with the expectations index lifting 5 points to 72.5. However, their assessment of current conditions deteriorated, with a decrease of 1.5 points in the… Read More ›