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Existing Home Sales, which measures closings on existing homes, rose 1.3% in July to an annualized pace of 3.95M units, which was in line with market estimates and broke a four-month losing streak. Sales were down 2.5% year over year. This report likely measured people shopping for homes in May and June, when rates were above […]

Fed Chair Jerome Powell spoke at the Jackson Hole Economic Symposium on Friday.  His speech was definitely dovish as he confirmed a September 18 rate cut.  Powell said, “the time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, […]

August 24 is National Waffle Day, and this recipe courtesy of the Food Network makes for a delicious breakfast treat. Yields 8 waffles. Preheat waffle iron to the regular setting. In a large bowl, sift together 2 cups all-purpose flour, 1/4 cup sugar, 1 tablespoon baking powder, and 1/2 teaspoon salt. In a separate bowl, […]

Initial Jobless Claims fell 7,000 in the latest week, with 227,000 people filing for unemployment benefits for the first time. Continuing Claims fell by 7,000, as 1.864 million people are continuing to receive benefits after filing their initial claim. What’s the bottom line? Though both Initial and Continuing Claims fell last week, Continuing Claims are […]

Retail Sales rose 1% in July, above the 0.3% increase the market was expecting. Sales in June were downwardly revised from 0% to -0.2%, which slightly tempers the July gain. The Core reading, which gets plugged into GDP, rose 0.3%, which was 0.2% above estimates. Sequentially, it has moderated from a 0.9% increase in June […]

Starts and Permits fell again in July, with single-family units taking the largest hit. Single-family Starts fell 14% to 850,000 units from June. This points to tighter supply for the foreseeable future, which would be supportive of higher home prices ahead. Permits, the forward-looking indicator for new home inventory, are only at 1.4 million, which […]

Confidence among home builders remains below the key breakeven threshold of 50, per the National Association of Home Builders (NAHB), as their Housing Market Index dropped two points to 39 in August. This marked the fourth consecutive monthly decline and the lowest reading since December as higher rates continue to dampen sentiment. One bright spot […]

There was more positive news as the Producer Price Index (PPI), which measures inflation on the wholesale level, was also lower than expected in July. Headline PPI rose 0.1% last month, with the annual reading falling from 2.7% all the way down to 2.2%. Core PPI, which strips out volatile food and energy prices, was […]

The latest Consumer Price Index (CPI) showed more progress on inflation, as consumer prices rose 2.9% for the 12 months ending in July. This marked a slowing from June’s 3% annual gain and the first time CPI fell below 3% since March 2021. The Core measure, which strips out volatile food and energy prices, increased […]

Plums are in season and this Honey Plum Parfait courtesy of Allrecipes makes for a light and refreshing breakfast. You can also substitute the Greek yogurt for frozen yogurt or ice cream to enjoy a delicious dessert. Yields 2 servings. Pit and chop 2 plums. In a large bowl, combine the plums, 2 tablespoons chopped […]

After hitting the highest level of the year, Initial Jobless Claims fell 17,000 in the latest week, with 233,000 people filing for unemployment benefits for the first time. Continuing Claims rose by 6,000, as 1.875 million people are continuing to receive benefits after filing their initial claim. What’s the bottom line? Both Initial and Continuing […]

Active listings in July rose 5.3% from June and are now up 37% when compared to a year ago. While some media reports have claimed that the increase in inventory could lead to a housing crash, analyzing the figures in context is crucial. The increases we saw last month are from very low levels, as […]

CoreLogic’s Home Price Index showed that home prices nationwide rose 0.3% in June after rising 0.6% in May, 1.1% in April and 1.2% in March, as appreciation gains are slowing but remain strong. Prices are also 4.7% higher when compared to June of last year. CoreLogic forecasts that home prices will rise 0.3% in July […]

Mortgage Bonds surged higher last week on the heels of friendly inflation and weak job data, ending Friday above the ceiling of resistance at 101.76. The 10-year broke beneath 4% last Thursday, which is meaningful from a psychological standpoint, and moved lower still on Friday, ending the week down near the next floor at 3.78%.

It’s National Peach Month and this easy and delicious Peach Crisp from Allrecipes is a perfect choice for a summertime dessert. Yields 8 servings. Preheat oven to 350 degrees Fahrenheit. Evenly arrange 4 cups sliced peaches in an 8×8-inch baking dish. Mix 1/2 cup all-purpose flour, 1/2 cup brown sugar, 1/2 cup cold butter, 1 […]