ECONOMIC UPDATES
Last Week in the News
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Pending home sales, a forward-looking indicator based on signed contracts, rose 2.4% in June after an 8.2% increase in May. On a year-over-year basis, pending sales are up 19.8%.
The Standard & Poor's/Case-Shiller 20-city housing price index - on a non-seasonally adjusted basis - rose 1% in May after a 0.6% increase in April.
The consumer confidence index rose to 59.5 in July from a downwardly revised 57.6 in June. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
New home sales fell 1% in June to a seasonally adjusted annual rate of 312,000 units from a downwardly revised rate of 315,000 units in May.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 22 fell 5%. Refinancing applications decreased 5.5%. Purchase volume fell 3.8%.
Orders for durable goods - items expected to last three or more years - fell 2.1% in June after a revised 1.9% increase in May. Excluding volatile transportation-related goods, orders posted a monthly increase of 0.1%.
The Commerce Department announced that gross domestic product - the total output of goods and services produced in the U.S. - increased at an annual rate of 1.3% in the second quarter of 2011. This follows a 1.9% pace of growth in the first quarter of 2011.
Initial claims for unemployment benefits fell by 24,000 to 398,000 for the week ending July 23. Continuing claims for the week ending July 16 fell by 17,000 to 3.7 million.
Upcoming on the economic calendar are reports on construction spending on August 1, factory orders on August 3 and consumer credit on August 5.
Provided by:
Judy Haller
Prospect Mortgage
3985 Prince William Co. Pkwy., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
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Pending home sales, a forward-looking indicator based on signed contracts, rose 2.4% in June after an 8.2% increase in May. On a year-over-year basis, pending sales are up 19.8%.
The Standard & Poor's/Case-Shiller 20-city housing price index - on a non-seasonally adjusted basis - rose 1% in May after a 0.6% increase in April.
The consumer confidence index rose to 59.5 in July from a downwardly revised 57.6 in June. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
New home sales fell 1% in June to a seasonally adjusted annual rate of 312,000 units from a downwardly revised rate of 315,000 units in May.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 22 fell 5%. Refinancing applications decreased 5.5%. Purchase volume fell 3.8%.
Orders for durable goods - items expected to last three or more years - fell 2.1% in June after a revised 1.9% increase in May. Excluding volatile transportation-related goods, orders posted a monthly increase of 0.1%.
The Commerce Department announced that gross domestic product - the total output of goods and services produced in the U.S. - increased at an annual rate of 1.3% in the second quarter of 2011. This follows a 1.9% pace of growth in the first quarter of 2011.
Initial claims for unemployment benefits fell by 24,000 to 398,000 for the week ending July 23. Continuing claims for the week ending July 16 fell by 17,000 to 3.7 million.
Upcoming on the economic calendar are reports on construction spending on August 1, factory orders on August 3 and consumer credit on August 5.
Provided by:
Judy Haller
Prospect Mortgage
3985 Prince William Co. Pkwy., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
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