by Calculated Risk on 6/20/2024 08:30:00 AM The DOL reported: In the week ending June 15, the advance figure for seasonally adjusted initial claims was 238,000, a decrease of 5,000 from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 242,000 to 243,000. The 4-week moving average was 232,750,…
by Calculated Risk on 6/19/2024 07:52:00 PM Thursday:• At 8:30 AM ET, Housing Starts for May. The consensus is for 1.380 million SAAR, up from 1.360 million SAAR in April. • Also, at 8:30 AM, The initial weekly unemployment claims report will be released. The consensus is for 240 thousand initial claims, down from 242 thousand…
by Calculated Risk on 6/19/2024 01:51:00 PM Yesterday, Goldman Sachs Chief Economist Jan Hatzius wrote: Last week’s benign US inflation data reinforced our view that the Q1 spike was an aberration. Meanwhile, the labor market stands at a potential inflection point where a further softening in labor demand would hit actual jobs, not just open…
by Calculated Risk on 6/19/2024 10:00:00 AM The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 43, down from 45 last month. Any number below 50 indicates that more builders view sales conditions as poor than good. From the NAHB: High Mortgage Rates Act as a Drag on Builder…
by Calculated Risk on 6/19/2024 07:00:00 AM From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending June 14, 2024. The Market Composite Index, a measure of mortgage loan…
by Calculated Risk on 6/18/2024 07:27:00 PM Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. Wednesday:• All US markets will be closed in observance of Juneteenth National Independence Day • At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. • At…
by Calculated Risk on 6/18/2024 04:26:00 PM Today, in the Calculated Risk Real Estate Newsletter: Lawler: Early Read on Existing Home Sales in May A brief excerpt: From housing economist Tom Lawler: Based on publicly-available local realtor/MLS reports released across the country through today, I project that existing home sales as estimated by the National…
Political turmoil in France has led to London once again becoming Europe’s largest stock market, overtaking Paris. President Emmanuel Macron’s surprise announcement of early elections sparked a wave of unrest, leading to the loss of about $258 billion in market capitalization of French companies last week. The largest French banks such as Societe Generale, BNP…
by Calculated Risk on 6/17/2024 07:00:00 PM From Matthew Graham at Mortgage News Daily: Mortgage Rates Back Above 7% to Start New Week Mortgage rates moved modestly higher to start the new week. With the average top tier 30yr fixed rate just under 7% on Friday, this meant a move to just over 7% today….
by Calculated Risk on 6/17/2024 02:15:00 PM Today, in the Calculated Risk Real Estate Newsletter: Comparing the Current Housing Market to the 1978 to 1982 period A brief excerpt: In March 2022, I wrote: Housing: Don’t Compare the Current Housing Boom to the Bubble and Bust It is natural to compare the current housing boom…