Real Estate News for the week of August 11th, 2014

Welcome to the Real Estate Report for the week of August 11th.

 

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 1st rose 1.6% from the previous week. Purchase volume fell 1%. Applications for Refinancing were up by 4%.

Retailers have something to smile about- sales rose 0.2% for the week ending August 2, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers are realizing a sales increase of 4.5%.

Factory orders rose $5.7 billion, or 1.1%, in June to a seasonally adjusted $503.2 billion. This follows a 0.6% decrease in May. Excluding the volatile transportation sector, new orders also increased 1.1% in June.

The trade deficit dropped to $41.5 billion in June from $44.7 billion in May. Exports rose to $195.9 billion. Imports also dropped for the week to $237.4 billion.

Non-manufacturing activity rose to 58.7 in July. Now remember, a reading above 50 signals expansion. It was the 54th straight month of expansion in the services sector. The new orders component rose to 64.9, the highest reading since August 2005.

Wholesalers increased their inventories 0.3% to $533.5 billion in June. Sales at the wholesale level rose 0.2% to $454.4 billion in June. On a year-over-year basis, sales were 6.5% higher in June of this year.

Initial claims for unemployment benefits for the week ending August 2 fell by 14,000 to 289,000. Continuing claims for the week ending July 26 fell by 24,000 to 2.518 million. The less volatile four-week average of claims for unemployment benefits was 293,500, the lowest level since February 2006.

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