Housing is up, so could the rates be following that trend soon?
INFO THAT HITS US WHERE WE LIVE... The beloved catcher and aphorist could well be commenting on the housing market. Its future may not be booming like it once was, but it does look better. Fannie Mae's May 2015 National Housing Survey reports the share of people who say now is a good time to sell hit a survey high of 49%, six points higher than the same time last year.
INFO THAT HITS US WHERE WE LIVE... The beloved catcher and aphorist could well be commenting on the housing market. Its future may not be booming like it once was, but it does look better. Fannie Mae's May 2015 National Housing Survey reports the share of people who say now is a good time to sell hit a survey high of 49%, six points higher than the same time last year.
Also, the share of consumers whose household income is significantly higher than a year ago grew 6% in two months, to 28%. With these two indicators, Fannie's chief economist said, "Things are looking up for housing....Fannie's forecast of moderate improvement in the housing market in 2015 is on course."
The positive economic data, while good news for the recovery, is bad news for interest rates, since a stronger economy will encourage the Fed to start hiking rates sooner. Chief among the good reports, Retail Sales posted a 1.2% gain in May, 1.9% including upward revisions to prior months, and this measure of consumer spending is now up 2.7% from a year ago.
Business inventories were up 0.4% in April, a nice spike for GDP growth. Initial Unemployment Claims stayed under 300,000 for the 14th week in a row. Finally, Friday saw an unexpected boost in the preliminary University of Michigan Consumer Sentiment reading for June, soaring to 94.6, up from 90.7 in May.
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