home affordability: Retail Sales Weak In December; Home Affordability Gets A Boost
- 01/14/11 01:07 AM
Consumers keep spending, the economy keeps growing. Mortgage rates are easing lower this morning on just-released, slightly worse-than-expected Retail Sales data from December 2010. Excluding motor vehicles and auto parts, December’s sales receipts were $1.5 billion higher from November. Analysts had expected a number north of $2 billion. Despite falling short of estimates, however, December’s reading is the highest in Retail Sales history, surpassing the previous record set in July 2008, set during the recession. In addition, December’s strong numbers helped 2010′s year-over-year numbers go positive for the first time in 3 years. Although the data is a mixed bag for Wall … (0 comments)
home affordability: Pending Home Sales Index Points To A Budding Seller’s Market
- 12/07/10 02:14 AM
The Pending Home Sales Index surged 10 percent in October as low mortgage rates and low home prices spurred Bangor buyers into action. A “pending home sale” is an existing home under contract to sell, but not yet closed. The Pending Home Sales Index is at its highest level since April 2010 — the contract deadline date for this year’s federal home buyer tax credit program. The jump may also explain why home builder confidence is rising even as the number of new homes sold fades. Builders are seeing buyers’ renewed interest in housing first-hand and expect the next 6 months … (0 comments)
home affordability: Jobs Data Shows Private Sector Growth, Hints At Lower Mortgage Rates
- 10/08/10 01:58 AM
On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls report from the month prior. This month, though, because the first Friday of the month was also the first day of the month, the report was delayed one week. The report hit the wires at 8:30 AM ET this morning. More commonly called “the jobs report”, the government’s non-farm payrolls data influences stock and bond markets, and, in the process, swings a big stick with home affordability figures in Belfast and nationwide. Especially in today’s economic climate. Although the recession has been deemed over, Wall … (0 comments)
The recent rise in mortgage rates was slowed this week after the government released its Retail Sales report for August. Prior to Tuesday, mortgage rates had been spiking across Maine on the resurgent hope for U.S. economic recovery. The sentiment shift was rooted in reports including the Pending Home Sales Index and Initial Jobless Claims, both of which showed surprising strength last week. August’s Retail Sales, though, after removing motor vehicles, auto parts and gasoline sales, failed to maintain the momentum. Its figures were actually in-line with expectations — it’s just that expectations weren’t all that high. Wall Street now … (0 comments)
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