ECONOMIC UPDATES
Last Week in the News
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Retail sales rose
0.8% to $411.1 billion in March. This follows a downwardly revised 1% increase
in February. On a year-over-year basis, retail sales increased 6.5%.
The
National Association of Home Builders/Wells Fargo monthly housing market index
fell three points in April to 25 from a reading of 28 in March. It was the first
drop after seven consecutive monthly gains. An index reading below 50 indicates
negative sentiment about the housing market.
The Mortgage Bankers
Association said its seasonally adjusted composite index of mortgage
applications for the week ending April 13 rose 6.9%. Refinancing applications
increased 13.5%. Purchase volume fell 11.2%.
The combined construction of
new single-family homes and apartments in March fell 5.8% to a seasonally
adjusted annual rate of 654,000 units, after a decrease of 2.8% in February.
Compared to a year ago, housing starts are up 10.3%. Applications for new
building permits, seen as an indicator of future activity, rose 4.5% to an
annual rate of 747,000 units.
Existing home sales fell 2.6% in March to a
seasonally adjusted annual rate of 4.48 million units from an upwardly revised
4.6 million units in February. The inventory of unsold homes on the market
decreased 1.3% to 2.37 million, a 6.3-month supply at the current sales
pace.
Initial claims for unemployment benefits for the week ending April
14 fell by 2,000 to 386,000. Continuing claims for the week ending April 7 rose
by 26,000 to 3.29 million.
Upcoming on the economic calendar are reports
on new home sales on April 24, pending home sales on April 26 and gross domestic
product on April 27.
Provided by:
Judy Haller
Prospect
Mortgage
3985 Prince William Co. Pkwy., Suite 104
Woodbridge, VA
22192
Office: (703) 590-7132
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