Economic Update

By
Real Estate Mortgage Broker with Nima Rezvan Prospect Mortgage NMLS#110681

http://www.myprospectmortgage.com/NRezvan/article.asp?articleID=1438

Pending home sales, a forward-looking indicator based on signed contracts, rose 2% in January after a revised 1.9% decrease in December. It was the highest reading since April 2010. On a year-over-year basis, pending home sales are up 8%.

Orders for durable goods — items expected to last three or more years — fell $8.6 billion or 4% to $206.1 billion in January. Economists had anticipated a 0.7% decrease. This follows a 3.2% increase in December. Excluding volatile transportation-related goods, orders posted a monthly decrease of 3.2%.

The Standard & Poor's/Case-Shiller 20-city housing price index — on a non-seasonally adjusted basis — fell 1.1% in December after a 1.3% decrease in November. On a year-over-year basis, prices fell 4% compared with December 2010.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending February 24 fell 0.3%. Refinancing applications decreased 2.2%. Purchase volume rose 8.2%.

The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at a revised annual rate of 3% in the fourth quarter of 2011, compared to the initial estimate of 2.8%. This follows a 1.8% pace of growth in the third quarter of 2011.

Total construction spending fell 0.1% to $827 billion in January from a revised $827.6 billion in December. Economists had anticipated an increase of 1% in January. Compared to a year ago, construction spending rose 7.1%.

Initial claims for unemployment benefits for the week ending February 25 fell by 2,000 to 351,000, the lowest level since March 2008. Continuing claims for the week ending February 18 fell by 2,000 to 3.402 million.

Upcoming on the economic calendar are reports on factory orders on March 5 and international trade on March 9.

http://www.myprospectmortgage.com/NRezvan/article.asp?articleID=1438

 

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Topic:
Lending / Financial
Location:
Connecticut Fairfield County Stamford
Groups:
New England Professionals
Connecticut Club
Tags:
purchase
fairfield county
connecticut
ct
loans
sales
homes
home
refinancing
interest rates
mortgage rates
weekly economic update

Comments 2 New Comment

Ambassador
1,704,040
George Souto
Your Connecticut Mortgage Expert
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut

Nima, I haven't seen you face pop up on my screen in a long time.  I hope things are going well for you!!!

March 19, 2012 06:19 PM
Rainer
33,766
Rocky Progano
MediaCOM Inc

Hi Nima!  We all hope the home sales continue to grow, this would be a great indication that our economic status as a country will grow and more people will aquire jobs.  Wish you the best of luck in the future!

March 26, 2012 06:37 AM
Rainmaker
493,793

Nima Rezvan

First Time Home Buyer Expert - CT FHA Loans - FHA 203k - CT Mortgage
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