Last week’s economic reports included Labor Department readings on private and public sector jobs, the national unemployment rate. Weekly readings on mortgage rates and first-time jobless claims were also released. Monthly reporting on construction spending was delayed due to the government shutdown.
Home prices rose by 0.40 percent in October according to Case-Shiller’s 20-City Home Price Index and were unchanged from September’s year-over-year reading of 5.50 percent growth.
Last week’s economic reports included readings from Case-Shiller Housing Market Indices, National Association of Realtors(R) on pending home sales and weekly readings on mortgage rates and new jobless claims.
The Commerce Department’s reading on sales of new homes was delayed due to the federal government’s shutdown.
During its post-meeting statement, the Federal Open Market Committee of the Federal Reserve announced that its target range for the Fed’s key interest rate would increase one quarter percent to 2.25 to 2.50 percent. While this rate hike was not expected by the Executive branch, it met analyst expectations.
Forbes and other reputable publications have predicted a continued rise in interest rates over 2019. The initial shock of the Fed’s action caused a slowdown in real estate markets over the final part of 2018. As the shock wears off, experts are divided as to whether more expensive money will continue to translate into lower housing starts and occupancy rates for primary markets.
Last week’s economic reports included readings on inflation and retail sales. Weekly readings on mortgage rates and new jobless claims were also released.
The real estate market does not occupy a space outside the laws of physics. As Sir Isaac Newton so aptly theorized, “for every action, there is an equal and opposite reaction.” When applying the English physicist’s Third Law to today’s rising mortgage rates, anticipating the reaction can be valuable information if you are planning to buy or sell a home or commercial property.
Last week’s economic readings included readings from the National Association of Home Builders Housing Market Index, National Association of Realtors(R) report on sales of pre-owned homes and Commerce Department readings on housing starts and building permits issued. Weekly reports on mortgage rates and first-time jobless claims were also released.
Last week’s economic news included readings on inflation, core inflation and retail sales. Weekly readings on mortgage rates and first-time jobless claims were also released.
Last week’s scheduled economic news was slim last week. The Federal Open Market Committee of the Federal Reserve issued its post-meeting statement, weekly readings on average mortgage rates and first-time jobless claims were also issued.