Condo Sales Main Driver of 2.0% Rise in U.S. Existing Home Sales
Thursday, June 26th, 2008Condominium sales were the main driver of the 2.0%
rise in existing home sales in May, which came in higher than the 1.2%
gain expected by economists.
Condo sales rose 5.5% in May, more than reversing the 5.2% monthly
drop in April, while single family home sales rose 1.6% in the month to
4.99 million units against the 4.95 million sales expected.
“Even with such a massive boost from condos, it did not even make a
dent in the month’s supply of condos which remains at 14.2 months,” noted
Charmaine Buskas, senior economics strategist from TD Securities.
Soaring Gas Price Will Push Millions Off the Road, Says CIBC Report
Thursday, June 26th, 2008Soaring world oil prices will drive the cost of gasoline in the U.S.
into the stratosphere over the next two years, forcing many
Americans off the road and drastically altering the driving
habits of millions more, according to a report released Thursday by CIBC
World Markets.
American driving habits will have to undergo a massive
change, they say, “mimicking the driving habits long adopted by
Europeans who have faced much higher gas prices.”/p>
The most fundamental, and unprecedented, change will be in the number
of vehicles on the road, they contend…
U.S. Existing Home Sales Rise 2.0% to 4.99 Million in May
Thursday, June 26th, 2008U.S. existing home sales rose to 4.99 million units
in May, or 2.0%, following April’s unrevised sales figure of 4.89
million. This is the third month that home sales have remained under the
5 million mark.
Economists were expecting the May data to rise to 4.95 million, or
1.2%, following the 1.0% decline in April. This marks the first monthly
rise in…
Higher Jobless Claims Data Indicate Job Market Deterioration, Economists Say
Thursday, June 26th, 2008Economists say the higher-than-expected initial jobless
claims reading for the week ending June 21 and four-year high
reached in continuing claims illustrates the continued deterioration of
the U.S. labour market.
“Three straight weeks of claims in the mid-380s is not good news; this
is recession territory,” said Ian Shepherdson, Chief U.S. Economist at
HFE. He noted that claims will move higher over the next few weeks as
the…
Thursday’s Events: Final US Q1 GDP, Initial Jobless Claims, U.S. Existing Home Sales
Thursday, June 26th, 2008A final look at U.S. first quarter GDP and initial jobless claims will
be the key releases of the morning followed by the releasing of U.S.
existing home sales. Europeans will be paying attention to comments from
Jürgen Stark of the European Central Bank and energy traders will focus
on the release of weekly U.S. natural gas inventories.
FOMC Holds Target Rate at 2.00%, Cites Uncertainty in Inflation Outlook
Wednesday, June 25th, 2008The Federal Reserve announced Wednesday that it would hold the
Fed funds target rate at 2.00%, as was widely expected.
The accompanying statement was balanced between a concern for slowing
growth and rising uncertainty in inflation.
In the statement, the Fed said “overall economic activity continues to
expand, partly reflecting some firming in household spending.”
New Homes Sales Continue to Fall, Down 2.5% in May
Wednesday, June 25th, 2008After five months of declines in the pace of new home
sales, April’s uptick appears to have been temporary as new home
sales in the U.S. continued to fall back 2.5% down in May, declining to
512k, in line with expectations from economists.
This follows an upwardly revised reading of 525k in April.
Mortgage Rates Continue to Set New 2008 Records, Applications Fall
Wednesday, June 25th, 2008Fixed-rate
interest increased again during the week ended June 19 according to
results from the Primary Mortgage Market Survey released by Freddie
Mac.
The 30-year fixed-rate mortgage (FRM) jumped from 6.32 percent to 6.42
percent with fees and points…
Current Money Saving Tips About Mortgage Lenders!
Wednesday, June 25th, 2008An adjustable mortgage rate is one that changes periodically depending on the current market, specif
Treasury’s Ryan Says Financial System Should Allow Banks to Fail
Tuesday, June 24th, 2008Speaking in London at Euromoney’s Global Borrowers Investors Forum
2008, Assistant Secretary of the Treasury for Financial Markets, Anthony
Ryan said the financial system needs to become robust enough to
allow for bank failures…