Buzz Feed

Economy Grew At a Faster Pace in Q2

By Michael Neal In the second quarter of 2017, the nation’s economy grew at a faster pace than in the first quarter. According to the Bureau of Economic Analysis, real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the second quarter of 2017. In the first quarter, GDP grew at an annual rate of 1.2 …

Read More »

FOMC Balance Sheet Normalization Coming “Relatively Soon”

By Michael Neal In a statement following its two-day meeting covering July 25 and 26, the Federal Open Market Committee (FOMC or the Committee) decided to “maintain the target range for the federal funds rate at 1 to 1.25 percent”. All FOMC members voted in favor of this decision. In its statement, the FOMC maintains that, at this level, “the …

Read More »

New Home Sales Expand Moderately

By Michael Neal Sales of new single-family homes rose by 0.8 percent over the month of June 2017 to 610,000 as reported jointly by the Census Bureau and the Department of Housing and Urban Development. The June increase in sales reflected a downward revision to the estimate of new home sales in May. If the May sales number remained at …

Read More »

Shelter Prices Contribute to Consumer Inflation

By Michael Neal Consumer prices faced by urban consumers nationwide, as measured by the Bureau of Labor Statistics’ Consumer Price Index – Urban Consumer (CPI), rose by 1.6 percent over the past year on a not seasonally adjusted dating back to June 2016. However, over the past month, consumer prices were unchanged (seasonally adjusted basis). The Shelter Price Index was …

Read More »

Residential Construction Loan Growth at Smaller Banks Has Slowed

By Michael Neal Residential construction loans held by banks have grown over the past 4 years. However, in recent quarters, growth in the stock of residential construction loans has slowed. The recent slowdown in residential construction loan volume largely reflects a deceleration in growth across smaller banks, those with assets at or below $10 billion. These banks hold the majority …

Read More »

Quicken Loans Study Shows Appraised Values Slightly Lower Than Homeowner Expectations

By QLAdmin • Quicken Loans’ National HPPI shows appraised values 1.70% lower than homeowners estimated in June • Home values rose 1.25% nationally in June, with a 5.35% year-over-year increase, according to the Quicken Loans HVI DETROIT, July 11, 2017 – Owners think their homes are worth an average of 1.70 percent more than appraisers do, according to Quicken Loans’ …

Read More »

Gap Between Home Appraisals and Owner Estimates Widens for Sixth Consecutive Month

By QLAdmin • Quicken Loans’ National HPPI shows appraised values were 1.93% lower than homeowners estimated in May • Home values rose 0.63% nationally in May, with a 4.92% year-over-year increase, according to the Quicken Loans HVI DETROIT, June 13, 2017 – Home values continue to lag owners’ expectations. Appraised values were an average of 1.93 percent lower than what …

Read More »

Mortgage Rates Fall Again

By Michael Neal Information provided by the Federal Housing Financing Agency’s Mortgage Interest Rate Survey indicates that mortgage rates on purchases of newly constructed homes fell over the month of May to 4.00 percent, from 4.02 percent in April. Since rising by 64 basis points between October 2016 and February 2017, rates have now slipped 18 basis points over 3 …

Read More »