|For the Week Ending December 22, 2017|
Please enjoy this quick update on what happened this week in the housing and financial markets.
The Stock Market and Investing:
The reality check has happened. Friday morning Bitcoin investors in the United States woke up to find that the value of the cryptocurrency tanked 18 percent overnight. This is the fourth consecutive day of losses
The Housing Market Index:
New home sales surged back in the month of September. Builders are excited, and it is showing in the housing market index. The latest reading showed a much larger than expected 5 point jump in builder confidence.
Existing Home Sales:
More great housing news comes from November’s existing home sales data. The latest numbers show a jump of 5.6 percent. This brings the annualized rate to 5.810 million, which is by far the strongest level of the
As expected, the jump in sales has eliminated even more inventory in the housing market. The housing supply in October was 3.9 months. This latest surge in purchases has brought the available supply down to only
The trifecta of positive housing reports comes in the latest data on housing starts. In November builders increased construction by 3.3 percent. Additionally, single-family permit rose 1.4 percent, which is the most
Next week’s potential market moving reports are:
• Monday December 25th – Christmas Day – All Markets Closed
As your mortgage and real estate professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends. I welcome the opportunity to serve you in any way
|The final version of the tax reform plan has been approved by both chambers of Congress. President Trump should sign it into law on or before January 3rd.|
|Third quarter economic growth estimates were lowered slightly from 3.3% to 3.2%. Even still, the economy grew at its fastest pace in more than 2 years.|
|Despite a jump in the number of filings for unemployment benefits last week, the underlying trend in jobless claims remained consistent with a strong labor
|Existing home sales hit an 11-year high in November, despite tight inventory. They rose 3.8% on a year-over-year basis, rising for the 3rd straight month.|
|New home starts were above expectations for November, at 1.297 million (annualized rate). Single-family housing units surged to a more than 10-yr high.|
|Pointing to further future increases in inventory, single-family home permits rose 1.4% to 862,000. This is a level not seen since August 2007.|
Why does Scrooge love reindeer so much?
Please note: We will not publish The Markets in a Minute during Christmas week. Hope your holiday is great, and we’ll see
Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These
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