Recap last week economic news:
- Fed Chair reiterated the fight against inflation (Fed has raised the Fed FUnds Rate 25, 50, 75, and 75 Bps in the last 4 meetings
- Pending home sales report was lower but Lawrence Yun, chief economist for the National Association of Realtors, said he believes we “may be at or close to the bottom in contract signings,”
- Existing homes sit a 3.3 months of supply
- New Home Sales dropped 12.6% from June to July
- "Completed" new homes sit at less than 1 month supply
- Supply should support home prices
- PCE Year over Year dropped from 6.8 to 6.3. Core PCE dropped Year over year from 4.8 to 4.6 - basically inline with expectations
Main Topic:
- Differences between now and 2008
- Home Equity (Insulates against foreclosure)
- Reasonable lending practices
- Limited inventory vs. record inventory
- Looking ahead:
- Case-Shiller and FHFA home price index comes out Tuesday
- ADP Jobs Data Wednesday
- BLS Jobs Report on Friday
- Next Fed Meeting is Sept 20-21
Jay Alexander
Mortgage Loan Originator
Office: (678) 552-1513
Direct: (404) 409-5784
Fax: 678-456-1593
Email: jay.alexander@homestarfc.com
6588 Church St.
Douglasville GA 30134
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