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Lumber prices fall & homebuilder optimism rises {Market Report} October 22nd

Lumber prices fall & homebuilder optimism rises {Market Report} October 22nd
October 22, 2018 abryant

Market Report - American Family Funding

 

 

 

My mind is like lighting, one brilliant flash, then its gone.

Old age doesn’t make you forget. Its all the silly stuff you try to remember.

Before giving a piece of your mind, be sure you have enough to spare.

 

Now The Market Report . . .

 

Minutes from last month’s Fed FOMC meeting showed officials broadly agreed on raising interest rates further. The next anticipated rate hike is in December.

Retail sales rose slightly in September. Consumer spending ended the 3rd quarter with strong momentum and should boost further economic growth.

Jobless claims dropped last week, suggesting a further tightening in the labor market. Americans on jobless rolls fell to the lowest levels seen since 1973.

 

Homebuilder sentiment improved in October as lumber prices fell. Builders still struggle with labor shortages but are generally optimistic.

Housing starts fell slightly more than expected in September. However, most of the drop is in the South and is likely due to Hurricane Florence.

Mortgage applications continued to drop from the previous week, though purchase applications were still 2.5% higher year-over-year.

 

Last week I quit my job at the helium gas factory. I simply refuse to be talked to in that tone of voice.

 

This week’s potential market moving reports are:

 

Monday, October 22nd:         Chicago Fed National Activity Index

Tuesday, October 23rd:         No Reports Scheduled

Wednesday, October 24th:    New home Sales

Thursday, October 25th:        First Time Jobless Claims, Pending Home Sales

Friday, October 26th:             Consumer Sentiment, Gross Domestic Product

Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly mortgage advisor will make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.