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Home sales down, but prices still rising {Market Report} August 27th

Home sales down, but prices still rising {Market Report} August 27th
August 28, 2018 abryant

 

 

 

Did my Yoga today…well I bent over to pick up my keys off the floor…that counts as Yoga…right?

You can teach a cat to do anything that it wants to do.

That moment when you dip your cookie in milk for too long and it breaks off, then you wonder why bad things happen to good people.

I don’t care when people honk at me, but when geese do, I get out of the way!

 

Now The Market Report . . .

 

The minutes released from the Fed’s meeting last month reflected a belief that the economy was growing and a rate hike will be appropriate “soon.”

Economists anticipate the Fed will raise rates twice more this year. Markets have already priced in the increases, so mortgage rates likely won’t be affected.

Although talks have resumed between the U.S. and China, the trade war continues to escalate. Tariffs are inflationary and could contribute to higher rates.

 

Existing home sales tumbled to a 2-1/2-year low in June, the 4th month of declines. Tight inventory and high prices have some buyers throwing in the towel.

New home sales were also down. A 1.7% drop in July brought them to a 9-month low. However, reports indicate the inventory of new homes is increasing.

Prices continue to rise, up 1.1% from the previous 3 months and up 6.5% from a year earlier. Price gains did slow from the first quarter though.

 

The evening news is where they begin with “Good evening” and then proceed to tell you why it isn’t.

 

This week’s potential market moving reports are:

 

Monday, August 27th:          Chicago National Activity Indexons

Tuesday, August 28th:         Case-Shiller home Price Index

Wednesday, August 29th:    Pending Home Sales

Thursday, August 30th:        First Time Jobless Claims, Consumer Spending

Friday, August 31st:             Consumer Sentiment

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