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Tax Credit at Work: Existing Home Sales Continue to Improve
Great news for the housing market gave equities a nice boost to a week of up and downs. Sales of Existing Homes in July soared by 7.2% in the month, pushing the annualized pace of sales to 5.420 million, the highest rate in almost two years and the first time past the 5 million mark in nine months.rnrnJuly marks the fourth straight month of increases for Existing Home Sales, including a 3.6% gain in June. Markets were only looking for a 2.5% advance in July.
Housing Data and Bernanke Speech
Investor sentiment is positive as markets anticipate real estate data and a speech from Federal Reserve chairman Ben Bernanke. News from overseas has generally been positive this morning, helping equity futures in the US gain on hopes that the global economy is recovering.rnrnIn Europe, Germany’s Purchasing Manager Index hit its highest level in 12 months with a 49.0 reading, indicating that general conditions are just on the cusp of growth. The equivalent index from France climbed to a 15-month high of 50.2 in August, suggesting slight expansion. The two better-than-anticipated reports helped Euro zone manufacturing beat expectations with a score
Fed Providing Plenty of Liquidity To Mortgage Market
The Fed's daily purchase average was $5.00 billion per day, an increase from last week's daily average of $4.08 billion per day. This is twice the amount of average daily originator selling, illustrating that the Federal Reserve continues to provide ample liquidity to mortgage bankers looking to hedge their pipelines of committed and uncommitted loans.
Latest Articles
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Published by the Federal Reserve Bank of San FranciscoIt was recently published by the Federal Reserve Bank of San Francisco, which is about as official as you can Read More...