Lucky Number 7 Strikes On Weekly Home Sales & Initial Jobless Claims

Peoples Home Equity informs readers about this week influential economic updates.

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first time home buyers have been lucky year to date in that home prices slowed their pace higher and that mortgage rates have noticeable declined

Chicago, IL (PRWEB) May 15, 2014

They say 7 is a lucky number, on Thursday, May 15th both weekly homes sales and initial jobless claims showed positive changes including this number. In DQnew’s latest “National Home Sales Snapshot” release this Thursday, May 15th, the real estate data provider showed that weekly home sales increased for the 7th consecutive week! In other news initial jobless claims were announced to have declined to a 7 year low. Peoples Home Equity finds that both of these events are positive for the economy and especially the housing recovery.

Weekly home sales posted yet another gain this week catching up with the uptrend in the market has seen in home prices. Peoples Home Equity noted that while home sales increased the pace was slower than previous weeks. By comparison, median home prices did not change at all week over week; this is a big positive for first time home buyers looking to purchase a property before values increase further. In fact, first time home buyers have been lucky year to date in that home prices slowed their pace higher and that mortgage rates have noticeable declined. The environment really seems favorable and opportune for first time home buyers. Indeed, prospective home buyers may understand the current opportunity the market is providing has the TradingEconomics.com showed mortgage applications increased 3.6% for last week. This is big news considering that applications had already risen 5.3% the week prior and that demand was predicted to be light this year.

Americans seem to be doing better,on Thursday, May 15th the market confirmed this thought. Initial jobless claims hit 297,000 hitting a 7 year low. This was this a -7.47% week over week decline. Before Thursday’s announcement, the 4 week average in claims was 325,250 now it has fallen -0.61% to 323,250. If initial jobless claims remain this low for the next consecutive months then the unemployment rate will almost surely continue its decline.

Based on the data announced on both Wednesday and Thursday, lenders like Peoples Home Equity are confident that the housing recovery is still on a constructive path to prosperity.    

If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: 262-563-4026