Real Estate News for the week of July 14th, 2014

Welcome to the Real Estate Report for the week of July 14th.

The Mortgage Bankers Association has reported a gain for the week ending July 4th with the seasonally adjusted composite index for mortgage applications which saw a 1.9% increase from the previous week. The volume of home purchases increased 4% and refinance Applications gained 0.4%.

Consumer credit debt increased $19.6 billion in May, for a total monthly credit debt level of $3,194.6 billion, according to the Federal Reserve. Revolving debt, which includes credit cards, rose to $872.2 billion an increase of $1.8 billion. Non-revolving debt, which includes car loans, came in at $2,322.4 billion a rise of $17.8 billion.

Wholesale inventories saw a gain in May of 0.5% to $532.7 billion. Sales at the wholesale level reached $453.2 billion, an increase of 0.7%. Based on the numbers from last year, this is 6.6% higher than in May 2013. The May seasonally adjusted wholesale inventories/sales ratio was 1.18.

The ICSC-Goldman Sachs index recorded a gain of 1.7% in retail sales for the week ending July 5th. Retailers have seen a sales increase of 3.3% from this time last year.

Sales of motor vehicles in June rose 1.2%, to a sales rate of 16.98 million cars and light trucks annually. This was the strongest sales rate since July 2006.

Initial unemployment benefit claims came in at 304,000, a decrease of 11,000 for the week ending July 5th. Continuing claims rose to 2,584,000, an increase of 10,000 for the week ending June 28th. Unemployment benefit claims for the less volatile four-week average came in at 311,500.

 

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