Real Estate News for the week of August 4th, 2014

Hello and welcome to the Real Estate Report for the week of August 4th.

The Mortgage Bankers Association has reported a drop of 2.2% for the seasonally adjusted composite index of mortgage applications for the week ending July 25. Purchase volume saw an increase of 0.2% and refinancing applications fell 4%.

Pending home sales for June decreased by 1.1%, this follows a 6% increase in May. Overall pending home sales were down 7.3% from June 2013.

Construction spending came in at $950.2 billion, a drop of 1.8% in June from the revised May estimate of $967.8 billion. Year-over-year, construction spending has increased 5.5%.

The Standard & Poor’s/Case-Shiller housing price index for May was a mirror image of Aprils increase at 1.1%. Prices in May have climbed 9.3% when compared to a year ago.

Manufacturing activity for July has risen to 57.1 after a June reading of 55.3. Any reading above 50 signals expansion. This was the 14th consecutive positive month, and the 62nd consecutive month of overall economy growth.

The Commerce Department has reported a second quarter increase in the gross domestic product at an annual rate of 4%. This follows a revised 2.1% drop in the first quarter of 2014.

Initial claims for unemployment benefits was 302,000, an increase of 23,000 for the week ending July 26th. Continuing claims climbed 31,000 to 2.539 million for the week ending July 19th. Unemployment benefit claims for the less volatile four-week average came in at 297,250, the lowest level since April 2006.

The unemployment rate came in at 6.2% for July, an increase of 0.1% from June. There were 209,000 jobs added in July and the figures for June have been revised from 288,000 to 298,000 new jobs.

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