Succinct Summations for the week ending July 24th, 2020

Succinct Summations for the week ending July 23rd, 2020

Positives:

1. All time record low mortgage rates are encouraging home sales and construction;
2. Existing home sales rose 20.7% m/o/m.
3. New home sales increased to an annual rate of 776k in June.
4. Home mortgage apps rose 2.0% w/o/w.
5. PMI Composite stands at 50.0 for July.

Negatives:

1. Ferocious U.S. coronavirus surge adds 1 million new cases in July, now 3 million+.
2. Jobless claims rose 109k w/o/w from 1.307M to 1.416M.
3. Index of leading economic indicators rose 2.0% m/o/m.
4. FHFA House Price Index fell 0.3% m/o/m, below expectations.
5. Same store sales fell 7.5% w/o/w.

Thanks, Matt.

 

 

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