The monthly National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) for builder confidence fell three points to 29 (out of 100) in October, marking the lowest builder confidence in the market since June 2012. NAHB attributed the historically low measure of builder sentiment to rising mortgage rates, energy and material costs, and…
Despite the Federal Reserve’s attempts to combat inflation, the latest data from the U.S. Bureau of Labor Statistics (BLS) reveals that such progress may be minor, or nonexistent. The September CPI report saw a 0.6% monthly increase, with annual inflation gaining traction once again at 3.7%. The latest data is up from August’s report, which…
The latest University of Michigan Consumer Sentiment Index, released Oct. 9, fell to 46.3 in October, down 1.8 points from September’s reading of 48.1. It was a five-month low, as various negative factors weigh on the minds of Americans. “Consumer sentiment was little changed this month, inching down a scant 1.8 index points from September,”…
The mid-September Federal Reserve Open Market Committee (FOMC) meeting came with a unanimous vote to hike interest rates, after many economists predicted that outcome. Minutes from the meeting released today, however, reveal some of the thinking behind that decision. The minutes offer a closer look at the reasoning behind the Fed’s rate hike. Based on…
Editor’s note: Econ Review is a roundup of the housing and economic market data reports released during the month. Typically, the real estate industry enters a slower period as the end of the year approaches. The cold seasons bring a deceleration in sales and other activity, and September ushers in the transition period between the…
The Federal Reserve’s new interest rate increase will likely be felt throughout the real estate industry, with mortgage rates surpassing last week’s data highlighting a two-year peak. According to Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 7.28%, up from last week’s average of 7.03% and up from last year’s…
Unemployment continues to remain steady around the 4% range, according to the Bureau of Labor Statistics (BLS). The latest Employment Situation Summary from the BLS reports that the unemployment rate grew slightly—but not dramatically—to 4.2%, with the addition of 29,000 jobs. Previously, the unemployment rate sat at 4.1% for August. Categories like construction and manufacturing…
The Bureau of Economic Analysis (BEA) reported that inflation grew at a faster rate throughout August, possibly contributing toward the Federal Reserve’s decision to raise rates in mid-September. The Personal Consumption Expenditures (PCE) price index increased 0.3% on a monthly basis, a slight increase from July’s index increase of 0.2%. On a yearly basis, inflation…
Following a not-so-rosy monthly report in August, nonprofit research firm The Conference Board’s Consumer Confidence Index, which measures American opinions of current economic conditions and their outlook for the next six months, wasn’t much better news in September, fell by 6.7 points to 81.9, down from 88.6 in August. The Present Situation Index—based on consumers’…
The latest University of Michigan Consumer Sentiment Index, released Aug. 28, came in at 48.1 in September, falling from 51.7 in August, likely due to inflation worries and a lackluster economic outlook. Current economic conditions and consumer expectations were also slightly lower. “Consumer sentiment ticked down less than four index points in September, reaching the…
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