Real Estate News for the week of September 22nd, 2014

Welcome to the Real Estate Report for the week of September 22nd.

The Mortgage Bankers Association reports its seasonally adjusted composite index of mortgage applications for the week ending September 12 rose 7.9% from the previous week. Purchase volume rose 5%. Refinancing applications increased 10%.

The monthly National Association of Home Builders/Wells Fargo housing market index rose four points in September to 59 from an August reading of 55. An index reading above 50 indicates positive sentiment about the housing market. It was the highest reading since November 2005.

Industrial production at the nation’s factories, mines and utilities fell one tenth of a percent in August after a revised two tenths increase in July and Industrial production posted a 4.1% increase over this time last year. Capacity utilization fell to 78.8% in August from 79.1% in July.

Consumer prices fell 0.2% in August, following a 0.1% increase in July. August consumer prices have risen 1.7% on a year over year basis, Consumer prices at the core rate – excluding volatile food and energy prices – were unchanged in August, this is the first time for this to happen since October 2010.

Initial claims for unemployment benefits for the week ending September 13 fell by 36,000 to 280,000, the second-lowest level in 14 years. Continuing claims for the week ending September 6 fell by 63,000 to 2.429 million, the lowest level since May 2007. The less volatile four-week average of claims for unemployment benefits was 299,500.

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