Real Estate News for the week of June 23rd, 2014

Welcome to the Real Estate Report for the week of June 23rd.

The Mortgage Bankers Association reported a decline across the board for the week ending June 13th with mortgage applications falling 9.2% from the previous week. The volume of home purchases decreased 13% and Applications for refinance fell 5%.

Construction of single-family homes and apartments dropped 6.5% to a seasonally adjusted annual rate of 1,001,000 units in May, compared to the revised estimate of 1,071,000 units for April.

Single-family starts fell 5.9% and multifamily starts reported a drop of 7.6%. Though overall, total housing unit starts were up 9.4% when compared to May 2013.b

Applications for new building permits were 6.4% below the revised April rate of 1,059,000 units at a seasonally adjusted annual rate of 991,000 units.

Industrial production across the nation’s factories, mines and utilities saw a May increase of 0.6% after a revised 0.3% decrease in April.

Industrial production for May has gained 4.3% when compared to the previous year. Capacity utilization also saw an increase of 0.2% from 78.9% in April to 79.1% in May.

The index of leading economic indicators increased 0.5% in May, following a revised April gain of 0.3%. This helps to forecast economic activity in the next three to six months.

Consumer prices saw an increase of 0.4% in May, this is following another recorded rise of 0.3% in April. Year over year, May consumer prices have risen 2.1%. Now if we excluding food and energy, prices were up just 0.3% in May.

Initial unemployment benefit claims came in at 312,000, a decrease of 6,000 for the week ending June 14th. Continuing claims fell to 2,561,000, a decrease of 54,000 and a new low, for the week ending June 7th. Unemployment benefit claims for the less volatile four-week average also saw a 3,500 drop to 311,750.

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