The consumer is alive and well and continues to drive the U.S. economy. October Retail Sales rose 0.3%, higher than the 0.2% gain expected boosted by auto sales and higher gasoline prices. Consumer spending making up nearly 70% of Gross Domestic Product. Retail Sales grew 2.9% year over year. Consumers have been supported by a strong labor market and rising wages.
The Mortgage Bankers Association reports that mortgage delinquencies fell in the third quarter of 2019 as a strong labor market helps Americans to pay their bills on time. The delinquency rate is at 3.97%, the lowest since the first quarter of 2019. “Mortgage delinquencies decreased in the third quarter across all loan types – conventional, VA, and in particular, FHA,” said Marina Walsh, MBA’s vice president of industry analysis. “The labor market remains healthy and economic growth has been stronger than anticipated. These two factors have contributed to the lowest level of overall delinquencies in almost 25 years.”
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