Please enjoy this quick update on what happened this week in the housing and financial markets.
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Consumer confidence increased in February. Households report plans to spend more over the next 6 months as they are more optimistic about the labor market and economic recovery. |
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Fed Chair Jerome Powell testified before Congress this week, saying the economy has a long way to go and reassuring that the Fed will remain accommodative. |
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Jobless claims fell more than expected last week to 730,000, much lower than the forecast of 838,000, pointing to a labor market that is slowly recovering as businesses reopen. |
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After a brief pullback in December, existing home sales increased in January despite a record low inventory. Sales were up 0.6% for the month. |
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The inventory shortage did lead to a decline in January’s pending home sales, though, falling for the 5th straight month. They were still up 13% from a year ago. |
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Home prices rose 10.4% in December according to Case-Shiller, the biggest gain in 7 years. The combination of low mortgage rates and low inventory has caused bidding wars across the nation. |
It only takes one slow-walking person in the grocery store to destroy the illusion that I have patience.
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| “Keep your face always toward the sunshine – and shadows will fall behind you.” Walt Whitman Next weeks potential market moving reports are:
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Weekly Expert Update {Market Report} – February 14, 2022
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