Only five of the eight monthly construction spending reports have been positive for 2013.
Chicago, IL (PRWEB) December 02, 2013
Lots of important economic data will be released this week regarding housing. Peoples Home Equity is specifically waiting to see the results from construction spending, new home sales, and unemployment especially given that recent data in home sales and mortgage applications has been weak.
Construction spending reports, which according to TradingEconomics.com refers to as “monthly estimates of the total dollar value of construction work done on new structures or improvements to existing structures for private and public sectors each month” has been mixed this year. Only five of the eight monthly construction spending reports have been positive for 2013. This morning the housing market will see the monthly construction spending change from August to September. Since building permits reached 3 year high in October, Peoples Home Equity is expecting construction spending to show another positive change for September.
New Home Sales for September are being reported on Wednesday, December 4th. Peoples Home Equity does not expect to see anything too positive as September existing home sales were at record annual highs, yet pending home sales continued lower for the month. The lender sees less demand among new home sales versus used properties, thus it does not expect anything dramatic to the positive side.
On Friday, December 6th, the November unemployment report will be issued. While unemployment is less correlated to housing than construction spending or new home sales, it is the most important repot for lenders such as Peoples Home Equity. The current US unemployment rate stands at 7.3% from October. The rate climbed in October for the first time since reporting declines in July, August, and September. More jobs mean more Americans able to earn for a home purchase. If the rate falls below 7.3% for November, the mortgage market could see the number of mortgage applications resuming higher. Peoples Home Equity is unclear whether or not the unemployment will show a decline.
Contact a Peoples Home Equity loan officer today to discuss multiple home loan options.