By the end of the week, home buyers may have a more positive outlook of the housing market.
(PRWEB) February 16, 2014
Peoples Home Equity reminds readers that next week will be a shorted week with Presidents' day on Monday. However, after Monday, the week will heat up with plenty of housing news. First, on Tuesday, February 18th, the markets will see the latest index reading from the National Association of Home Builders (NAHB). Then on Wednesday, the market will see weekly mortgage applications, building permits, housing starts, and year-over-year producer price index. On Thursday, we will receive initial jobless claims and to finished things off on Friday will be existing home sales.
Tuesday starts things off with the NAHB’s housing market index which has recovered considerably but is still 28% below its high of 78 in 2002. As explained on TradingEconomics.com the housing market index is calculated using a monthly survey of home builders. A number over 50 indicates more builders view sales conditions as good than poor. The current reading is 56.
Wednesday will be the most important day of the week as the market will is building permits and housing start will continue near annual highs. Peoples Home Equity will also be anxiously to see weekly mortgage applications in hopes if a positive number over last Wednesday. Lastly, both equity and lending markets will be watching the monthly producer price index since it’s an inflationary number which may influence the Federal Reserve to raise interest rates.
Thursday’s initial jobless claims reading, which are always of key interest to Peoples Home Equity, will hopefully be reported fewer than 339,000. It will be important for this number to remain low around the 300,000 level to see continued declines in unemployment.
Friday’s existing home sales report will be the second most important reading of the week (housing starts being the first). While monthly existing home sales were positive in January, they have declined considerably since July and lenders like Peoples Home Equity as well as home buyers are waiting to see when the housing market will become more active.
By the end of the week, home buyers may have a more positive outlook of the housing market, but only time will tell. Stay tuned for Tuesday’s initial announcement.
Please contact Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300.