Real Estate News for the week of September 15th, 2014

Welcome to the Real Estate Report for the week of September 15th.

The Mortgage Bankers Associations seasonally adjusted composite index of mortgage applications for the week ending September 5 fell 7.2% from the previous week. Purchase volume fell 3%. Refinancing applications decreased 11%.

Retail sales posted a 0.6% increase in August to $444.4 billion. This follows a revised 0.3% increase in July. August retail sales when compared to a year ago at this time have seen a 5% increase.

Federal Reserve is reporting, monthly consumer credit debt rose $26 billion in July for a total credit debt level of $3,237.7 billion. Revolving debt, which includes credit cards, increased $5.4 billion to $880.5 billion. Non-revolving debt, which includes car loans, rose $20.6 billion to $2,357.1 billion.

Wholesalers increased their inventories 0.1% to $533.8 billion in July. Sales at the wholesale level rose 0.7% to $458.6 billion in July. On a year-over-year basis, sales were 7.5% higher than in July 2013. The seasonally adjusted wholesale inventories/sales ratio in July 2014 was 1.16.

Total business sales increased 0.8% to $1,360.3 billion in July, up 5.3% from a year ago. Total business inventories rose 0.4% to $1,750.1 billion in July, up 5.9% from a year ago. The total business inventories/sales ratio in July was 1.29.

Initial claims for unemployment benefits for the week ending September 6 rose by 11,000 to 315,000. Continuing claims for the week ending August 30 rose by 9,000 to 2.487 million. The less volatile four-week average of claims for unemployment benefits was 304,000.

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