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Economic Data | Pending Home Sales

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Mortgage and Lending with Benchmark Home Loans 173024

This week, the U.S. capital markets will receive a full dose of economic data and risk-filled headlines that will impact investors. Coming up is the the two-day Fed meeting that kicks off on Tuesday and ends Wednesday at 2:00 p.m. ET with the release of the monetary policy statement. The Fed is expected to hold the benchmark Fed Funds Rate steady at the 1.75% - 2% level, but the statement always carries headline risk.

On the economic data front, the inflation reading Core PCE, Personal Income and Spending, housing, manufacturing and service sector data will be released this week. Economic data culminates on Friday with the Jobs Report for July. In addition, a slew of earnings will be released this week. With the month coming to an end, the S&P is up 3.7%, the Dow has gained 4.9% while the tech-heavy NASDAQ is up 3% due in part to strong earnings, solid economic growth, a tight labor market, and high consumer confidence and small business optimism levels.

The National Association of REALTORS® reports that Pending Home Sales in June rose 0.9% rising in all four major regions across the country. The 0.9% was above the 0.2% expected. Despite the increase in June, Pending Home Sales are down 2.5% from June 2017. Lawrence Yun, NAR chief economist, says "Even with slightly more homeowners putting their home on the market, inventory is still subpar and not meeting demand. As a result, affordability constraints are pricing out some would-be buyers and keeping overall sales activity below last year’s pace.” Mr. Yun went on to say that the good news is it is possible that the worst supply crunch affecting most of the country has passed.

Posted by

Steve Reed

Benchmark Home Loans

Branch Manager

NMLS #173024

Ark-La-Tex Financial Services, LLC NMLS #2143 

4138 Bristol Highway, Suite #4

Johnson City, TN 37601

Phone 423-232-0111

steve.reed@benchmark.us

www.stevereed.benchmark.us

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