Peoples Home Equity would not be surprised of June's new home sales report is higher than expected.
Chicago, IL (PRWEB) July 24, 2014
Peoples Home Equity is expecting to have a summary of positive housing data by the end of Thursday. This week has been quite good towards lenders as the Mortgage Bankers Association (MBA) announced on Wednesday, July 23rd that weekly mortgage applications increased 2.4% week over week. This rise was uplifting considering the week prior had been a disappointing -3.6%. This afternoon, Peoples Home Equity is expecting to see another positive new home sales announcement released from the U.S. Census Bureau for June. An easy visual of this new home sales report will be posted on TradingEconomics.com.
Mortgage applications have been struggling to hold above 0% week over week, this has been a sign of weakness in the housing market according to some experts. However, Peoples Home Equity begs the differ considering the context of the labor market. American's are finally getting jobs but this cannot immediately translate into a home loan approval until individuals begin to build/re-build their credit history with their new found income.
Despite a lackluster mortgage application report in the past, Peoples Home Equity is confident that the current number of prospective home buyers and mortgage applicants may be sufficient to push weekly home sales above their 2013 peak. Speaking of weekly home sales, in today’s DQnews.com “National Home Sales Snapshot” unfortunately reported a -0.8% fall in weekly home sales, but sales are just -2.1% off last year’s peak and holding up strong. Median home prices rose by a weekly amount of 0.9% to yet another all time high of the year.
Peoples Home Equity is confident the summer surge in weekly home sales will be reflected in this afternoons June new home sales report from the U.S. Census Bureau. May new home sales were reported at 504,000 which was a 6 year higher, while the forecast for June is only 461,000. However, Peoples Home Equity would not be surprised of June's new home sales report is higher than expected given the strong continued rise of weekly home sales seen on DQnews.com.
Peoples Home Equity has been processing many mortgage applications during the summer surge in home sales. If interested in applying for a home loan, contact a Peoples Home Equity (PHE) loan officer today at 262-563-4026.