ECONOMIC UPDATES
In the News
The CoreLogic home price index rose 1.9% in March. On a year-over-year basis, when compared with March 2012, prices rose 10.5%. It was the largest annual gain since March 2006 and the 13th consecutive monthly increase in home prices nationally.
Retail sales fell 1% for the week ending May 4, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 2.4%.
According to the Federal Reserve, monthly consumer credit debt rose $7.97 billion in March for a total credit debt level of $2.807 trillion. Revolving debt, which includes credit cards, decreased $1.71 billion to $846.2 billion. Non-revolving debt, including loans for cars, rose $9.68 billion to $1.961 trillion.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending May 3 rose 7%. Refinancing applications increased 8%. Purchase volume rose 2%, the highest level since May 2010.
Wholesalers increased their inventories 0.4% to $503.1 billion in March. Sales at the wholesale level fell 1.6% to $414.7 billion in March. On a year-over-year basis, sales were 1.3% higher than March 2012. The seasonally adjusted wholesale inventories/sales ratio in March was 1.21.
Initial claims for unemployment benefits for the week ending May 4 fell by 4,000 to 323,000, the lowest level since January 2008. Continuing claims for the week ending April 27 fell by 27,000 to 3.005 million, a new recovery low. The less volatile four-week average of claims for unemployment benefits was 336,750.
Upcoming on the economic calendar are reports on retail sales on May 13, the housing market index on May 15 and housing starts on May 16
Provided
by:
Judy Haller
Prospect Mortgage
3985 Prince William Co. Pkwy., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
Comments