Last Week in the News
Existing home sales fell 27.2% in July to a seasonally adjusted annual rate of 3.83 million units from a downwardly revised 5.26 million units in June. The inventory of unsold homes on the market increased 2.5% to 3.98 million, a 12.5-month supply at the current sales pace, up from an 8.9-month supply in June.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 20 increased 4.9%. Refinancing applications rose 5.7%. Purchase volume rose 0.6%. Refinancing made up 82% of total applications.
Orders for durable goods — items expected to last three or more years — rose 0.3% in July after decreasing a revised 0.1% in June. The increase was largely due to improved demand for commercial aircraft. Excluding volatile transportation-related goods, orders posted a monthly decrease of 3.8%.
New home sales fell 12.4% in July to a seasonally adjusted annual rate of 276,000 units from a revised rate of 315,000 units in June. It was the lowest reading since recordkeeping began in 1963. Economists had expected a pace of 330,000 units.
In its second report, the Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 1.6% in the second quarter of 2010, rather than the 2.4% increase initially reported.
Initial claims for unemployment benefits fell by 31,000 to 473,000 for the week ending August 21. Economists had projected claims would fall to 490,000. Continuing claims for the week ending August 14 fell by 62,000 to 4.46 million.
Upcoming on the economic calendar are reports on the housing price index on August 31, construction spending on September 1 and pending home sales on September 2.
All "Betts" on Brian! The Only Realtor you want!
Friday, September 3, 2010
Daily Quotes!
Daily Quotes Sept. 3 2010!
"The starting point of all achievement is desire. Keep this constantly
in mind. Weak desires bring weak results, just as a small fire makes a
small amount of heat."
-- Napoleon Hill, author
"Managing is getting paid for home runs someone else hits."
-- Casey Stengel, baseball manager
"Life without risk is not worth living."
-- Chuck Lindbergh, aviator
"The important thing is to learn a lesson every time you lose."
-- John McEnroe, tennis champion
"What will your children remember? Moments spent listening, talking,
playing and sharing together may be the most important times of all."
-- Gloria Gaither
All "Betts" on Brian! The Only Relator you want!
"The starting point of all achievement is desire. Keep this constantly
in mind. Weak desires bring weak results, just as a small fire makes a
small amount of heat."
-- Napoleon Hill, author
"Managing is getting paid for home runs someone else hits."
-- Casey Stengel, baseball manager
"Life without risk is not worth living."
-- Chuck Lindbergh, aviator
"The important thing is to learn a lesson every time you lose."
-- John McEnroe, tennis champion
"What will your children remember? Moments spent listening, talking,
playing and sharing together may be the most important times of all."
-- Gloria Gaither
All "Betts" on Brian! The Only Relator you want!
Thursday, September 2, 2010
Daily Quotes!
Daily Quotes Sept. 2 2010!
"Rowing harder doesn't help if the boat is headed in the wrong direction."
-- Kenichi Ohmae, Business Coach
"Experience is valuable only if it's imbued with meaning from which one
can draw salient conclusions. Otherwise, experience becomes
imprisoning."
-- Barry McCaffrey, general
"Until you make peace with who you are you will never be content with
what you have."
-- Doris Mortman
"Lost time is never found again."
-- Benjamin Franklin, inventor
"You have set yourself a difficult task, but you will succeed if you
persevere."
-- Helen Adams Keller, American Author and Lecturer
All "Betts" on Brian! The Only Realtor you want!
"Rowing harder doesn't help if the boat is headed in the wrong direction."
-- Kenichi Ohmae, Business Coach
"Experience is valuable only if it's imbued with meaning from which one
can draw salient conclusions. Otherwise, experience becomes
imprisoning."
-- Barry McCaffrey, general
"Until you make peace with who you are you will never be content with
what you have."
-- Doris Mortman
"Lost time is never found again."
-- Benjamin Franklin, inventor
"You have set yourself a difficult task, but you will succeed if you
persevere."
-- Helen Adams Keller, American Author and Lecturer
All "Betts" on Brian! The Only Realtor you want!
Tuesday, August 31, 2010
Daily Quotes!
Daily Quotes Aug. 31 2010!
"Success is waking up in the morning and bounding out of bed because
there's something out there that you love to do, that you believe in,
that you're good at - something that's bigger than you are, and you can
hardly wait to get at it again."
-- Whit Hobbs
"Leaders get out front and stay there by raising the standards by which
they judge themselves - and by which they are willing to be judged."
-- Frederick Smith, Federal Express founder
"For every disadvantage there is a corresponding advantage."
-- Clement Stone, executive
"Each man (is) the architect of his own fortune."
-- Appius Caecus, builder
"Every man, however wise, needs the advice of some sagacious friend in
the affairs of life."
-- Plautus, Playwright
All "Betts on Brian! The Olny Realtor you want!
"Success is waking up in the morning and bounding out of bed because
there's something out there that you love to do, that you believe in,
that you're good at - something that's bigger than you are, and you can
hardly wait to get at it again."
-- Whit Hobbs
"Leaders get out front and stay there by raising the standards by which
they judge themselves - and by which they are willing to be judged."
-- Frederick Smith, Federal Express founder
"For every disadvantage there is a corresponding advantage."
-- Clement Stone, executive
"Each man (is) the architect of his own fortune."
-- Appius Caecus, builder
"Every man, however wise, needs the advice of some sagacious friend in
the affairs of life."
-- Plautus, Playwright
All "Betts on Brian! The Olny Realtor you want!
Monday, August 30, 2010
Daily Quotes!
Daily Quotes Aug 30 2010!
"To be prepared is half the victory."
-- Miguel de Cervantes
"In real estate, it's location, location, location. In business, it's
differentiate, differentiate, differentiate."
-- Robert Goizueta, executive
"Be like a postage stamp. Stick to one thing until you get there."
-- Josh Billings, humorist
"Before a person can achieve the kind of life he wants, he must think,
act, walk, talk and conduct himself in all of his affairs as would the
person he wishes to become."
-- Zig Ziglar, Author
"Success is waking up in the morning and bounding out of bed because
there's something out there that you love to do, that you believe in,
that you're good at - something that's bigger than you are, and you can
hardly wait to get at it again."
-- Whit Hobbs
All "Betts" on Brian! The Only Realtor you want!
"To be prepared is half the victory."
-- Miguel de Cervantes
"In real estate, it's location, location, location. In business, it's
differentiate, differentiate, differentiate."
-- Robert Goizueta, executive
"Be like a postage stamp. Stick to one thing until you get there."
-- Josh Billings, humorist
"Before a person can achieve the kind of life he wants, he must think,
act, walk, talk and conduct himself in all of his affairs as would the
person he wishes to become."
-- Zig Ziglar, Author
"Success is waking up in the morning and bounding out of bed because
there's something out there that you love to do, that you believe in,
that you're good at - something that's bigger than you are, and you can
hardly wait to get at it again."
-- Whit Hobbs
All "Betts" on Brian! The Only Realtor you want!
Monday, August 23, 2010
For the week of August 23, 2010
For the week of August 23, 2010
INFO THAT HITS US WHERE WE LIVE
Housing starts were UP 1.7% for July to a 546,000 annual pace, but this was below expectations and all the gain came from a big boost in multi-family starts. Single-family starts were off 4.2%, declining for the third straight month. Looking at the market further out, we saw new building permits down 3.1% for July to a 565,000 annual rate.
There is no denying that these reports reflect a softness in the home building market. But some experts see the data as part of a temporary housing market hangover following the expiration of the tax credits. You may remember how the government cash-for-clunkers program pushed a ton of auto sales into July and August last year. This resulted in a dip in sales immediately afterwards. But that was followed by a pretty nice recovery, with auto sales now up 20% from the first half of 2009. Stay tuned for housing.
The Mortgage Bankers Association's weekly survey showed purchase loan applications down from the week before, but refinance applications soared, equaling their May 2009 level. Mortgage rates, of course, continue at historically low levels.
Review of Last Week
NOT SO BAD... Really???!!! Listening to the pundits who were fixated on last week's negative economic news, you might think things were awful. But as usual, the situation actually wasn't so bad, with the markets closing Friday with mixed results. The Dow and the S&P 500 dropped for the week, but far less than the week before. And the third major index, the Nasdaq, was UP 0.3%, so there are plenty of investors not paying that much attention to fretful pundits.
Make no mistake, the week did have its disappointments. The housing starts and building permits covered above were not cheered on Wall Street. Then, initial weekly jobless claims came in at 500,000, a bit over estimates and higher than they've been for a while. On top of that, the Philadelphia Fed index of manufacturing was down for the month, instead of up as expected, indicating a souring of the outlook in that region.
But wait just a minute. Mortgage refinancings took off, helping consumers and lenders. The Empire State index showed manufacturing in the New York region UP to 7.1 in August from 5.1 in July and suggesting more rapid growth to come. July Industrial Production and Capacity Utilization moved up nicely. Corporations continued to deliver strong profits and we even had renewed M&A action, with Intel buying McAfee for a cool $7.7 billion in cash. None of these are bad economic signs.
Yet for the week, the Dow ended down 0.9%, to 10213.62; the S&P 500 was down 0.7%, to 1071.69; but the Nasdaq was UP 0.3%, to 2179.76.
The bond market had a generally decent time of it, with the less encouraging economic data bringing in safe haven investors. Treasuries did well, while the FNMA 30-year 4.0% bond we watch ended down 13 basis points on Friday, closing at $102.15. Freddie Mac's weekly survey of conforming mortgage rates showed national average rates at historically low levels for yet another week.
This Week’s Forecast
JULY HOME SALES, ANOTHER LOOK AT Q2 GDP...This is the week for July housing. Tuesday's Existing Home Sales are expected to be down from June, coming off the end of the home buyer tax credits. But Wednesday's July New Home Sales could be a tick above June. Friday we get the Q2 GDP Second Estimate. This should reflect the economic soft patch we're going through, as growth is expected to slow to the 1.5% territory.
The Week’s Economic Indicator Calendar
Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.
All "Betts" on Brian! The only Realtor you want!
INFO THAT HITS US WHERE WE LIVE
Housing starts were UP 1.7% for July to a 546,000 annual pace, but this was below expectations and all the gain came from a big boost in multi-family starts. Single-family starts were off 4.2%, declining for the third straight month. Looking at the market further out, we saw new building permits down 3.1% for July to a 565,000 annual rate.
There is no denying that these reports reflect a softness in the home building market. But some experts see the data as part of a temporary housing market hangover following the expiration of the tax credits. You may remember how the government cash-for-clunkers program pushed a ton of auto sales into July and August last year. This resulted in a dip in sales immediately afterwards. But that was followed by a pretty nice recovery, with auto sales now up 20% from the first half of 2009. Stay tuned for housing.
The Mortgage Bankers Association's weekly survey showed purchase loan applications down from the week before, but refinance applications soared, equaling their May 2009 level. Mortgage rates, of course, continue at historically low levels.
Review of Last Week
NOT SO BAD... Really???!!! Listening to the pundits who were fixated on last week's negative economic news, you might think things were awful. But as usual, the situation actually wasn't so bad, with the markets closing Friday with mixed results. The Dow and the S&P 500 dropped for the week, but far less than the week before. And the third major index, the Nasdaq, was UP 0.3%, so there are plenty of investors not paying that much attention to fretful pundits.
Make no mistake, the week did have its disappointments. The housing starts and building permits covered above were not cheered on Wall Street. Then, initial weekly jobless claims came in at 500,000, a bit over estimates and higher than they've been for a while. On top of that, the Philadelphia Fed index of manufacturing was down for the month, instead of up as expected, indicating a souring of the outlook in that region.
But wait just a minute. Mortgage refinancings took off, helping consumers and lenders. The Empire State index showed manufacturing in the New York region UP to 7.1 in August from 5.1 in July and suggesting more rapid growth to come. July Industrial Production and Capacity Utilization moved up nicely. Corporations continued to deliver strong profits and we even had renewed M&A action, with Intel buying McAfee for a cool $7.7 billion in cash. None of these are bad economic signs.
Yet for the week, the Dow ended down 0.9%, to 10213.62; the S&P 500 was down 0.7%, to 1071.69; but the Nasdaq was UP 0.3%, to 2179.76.
The bond market had a generally decent time of it, with the less encouraging economic data bringing in safe haven investors. Treasuries did well, while the FNMA 30-year 4.0% bond we watch ended down 13 basis points on Friday, closing at $102.15. Freddie Mac's weekly survey of conforming mortgage rates showed national average rates at historically low levels for yet another week.
This Week’s Forecast
JULY HOME SALES, ANOTHER LOOK AT Q2 GDP...This is the week for July housing. Tuesday's Existing Home Sales are expected to be down from June, coming off the end of the home buyer tax credits. But Wednesday's July New Home Sales could be a tick above June. Friday we get the Q2 GDP Second Estimate. This should reflect the economic soft patch we're going through, as growth is expected to slow to the 1.5% territory.
The Week’s Economic Indicator Calendar
Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.
All "Betts" on Brian! The only Realtor you want!
Daily Quotes!
Daily Quotes Aug. 23 2010!
"Never say no when a client asks for something, even if it is the moon.
You can always try, and anyhow there is plenty of time afterward to
explain that it was not possible."
-- Cesar Ritz, Hotelier
"Not only strike when the iron is hot, but make it hot by striking."
-- Oliver Cromwell, military leader
"In times like these, it helps to recall that there have always been
times like these."
-- Paul Harvey, broadcaster
"The more informative your advertising, the more persuasive it will be."
-- David Ogilvy, Advertising Executive
"Stay committed to your decisions, but stay flexible in your approach.
It's the end you're after."
-- Anthony Robbins, Motivational Speaker
All "Betts" on Brian! The Only Realtor you want!
"Never say no when a client asks for something, even if it is the moon.
You can always try, and anyhow there is plenty of time afterward to
explain that it was not possible."
-- Cesar Ritz, Hotelier
"Not only strike when the iron is hot, but make it hot by striking."
-- Oliver Cromwell, military leader
"In times like these, it helps to recall that there have always been
times like these."
-- Paul Harvey, broadcaster
"The more informative your advertising, the more persuasive it will be."
-- David Ogilvy, Advertising Executive
"Stay committed to your decisions, but stay flexible in your approach.
It's the end you're after."
-- Anthony Robbins, Motivational Speaker
All "Betts" on Brian! The Only Realtor you want!
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