Senior Housing Market

The fastest growing segment in population in the US is the elderly. As a group, it is believed that senior citizens over the age of 85 will double between 2013 and 2030. While most people are worried about the social security and what will occur over the coming years, senior housing is another rising concern.

A few families are in a position and are willing to provide a home for their older family members, however, for those that cannot for whatever reason are looking at assisted living facilities or nursing homes. Assisted living facilities are preferred 5 to 1 over nursing homes, thus the market for new assisted living properties is growing.

The demand for these types of facilities will continue to grow as the population becomes older. In addition, the need is being driven for seniors that are unable to live alone due to specific conditions such as Alzheimer’s. This demand for senior housing makes the investment opportunities great.

Gary Langendoen, senior managing director of Madison Realty Companies stated, "Whenever we look at the rapidly aging population in America and the lack of meaningful new construction, we realize how strong the assisted living market will be for the next decade," and went on to say, "The opportunity to expand assisted living properties by adding more beds and to include memory care sections in properties provides significant value-added opportunities to this asset class."

Whether you are looking for investment property, commercial property, or your dream home in the San Diego area, contact one of our expert Realtors today at 888-865-5055.

Homebuyer’s iPhone App Introduced

At the end of 2009, as reported by Apple, 40 million people had an iPhone in their possession. This is why you will find so many different apps available; to ensure that all individuals that use the iPhone can find all the resources they need at a touch of a button.

The good news is for homebuyers, that a new iPhone is making the scene with promises to those in the buyers market a simple way to find a new home.

Realtor.com Home Search iPhone App

The iPhone app, "Home Search" iPhone app from Realtor.com provides users with access to 4 million homes across the nation that updates new listings every fifteen minutes. According to their website, the new app will help users that more to find more specific information, wish to make an offer on a listing, along with contacting the listing agent through the "ask a question" button on the app

For those that want to see the property in person, the app even offers an "Open Houses Nearby" tab that will show all the open houses within a twenty mile radius. The app even provides a map of the area and will guide you directly to the home via the embedded GPS tool.

All homebuyers will be able to search the listing by the size of the home, price, location, or other factors. The app actually pulls the home listings from the network of over 900 multiple listing services with updates every 15 minutes including any and all price changes.

The app works with iPhone 3.0 or higher and the iPod Touch.

Now, homebuyers will have a tool to help them find their dream home. Once you have a list of homes you would like to see that may not have an open house, contact one of our professional realtors, we would love to help you find your dream home.

So if you want to view San Diego Homes, down load the new app or call one of our highly knowledgeable San Diego Real Estate Agents toll free at (888) 865-5055 and start the journey to owning your new dream home.

The Top 10 Homebuyers Bargain Markets

For homebuyers looking for a bargain there are enticing markets all across the nation. In the following cities, reports show the prices have dropped by double digits during the last year.

1. Stockton, California

Stockton along with Vallejo, Fresno, Modesto, Merced, Bakersfield, Madera, and Riverside were the hardest hit when the real estate bubble burst. Last year in Stockton, home prices decreased 40.19% due to foreclosures on the market.

With Stockton, the area is close enough to the San Francisco Bay Area that it offers a few advantages that are not seen in other areas of the country. Those looking for affordable homes outside the bay area but close enough to commute are buying up the homes. When prices here become stable, Stockton will more than likely have affordable homes instead of rock bottom prices.

2. Naples, Florida

Naples at one time was hot on the market due to the energetic art scene as well as the Everglades. However, the real estate bubble burst and prices in 2011 declined 32.87%, which now offers bargains to homebuyers that want to live in a beach town.

3. Las Vegas, Nevada

Las Vegas was another area in which investors flocked during the boom. Now, the hype has died down and prices declined 32.60% in 2011. This may be the best bargain market as Las Vegas is on the top foreclosure markets as reported by RealtyTrac.

4. Ft Lauderdale, Florida

One time known as the spring break destination, Ft. Lauderdale has changed its image to a pedestrian friendly community offering unique shopping, Old Florida communities, and a vibrant nightlife. Prices of homes in this area fell 25.95%.

5. Miami, Florida

Tropical weather, vibrant nightlife, and beaches are the attractive features found in Miami, and with the home prices down 24.15% – it is a bargain hunters dream come true.

6. Napa, California

Prices during the boom were pretty much out of sight in Napa, as this is a very sought after area of California in wine country. Now, these luxurious million dollar homes can be purchased at 20.11% below the price last year.

7. Phoenix, Arizona

Investors in Phoenix are willing to bargain since the bubble burst. For those that love the summer like weather and all kinds of outdoor activities, the drop of 18.85% will certainly help you find that dream home at a huge bargain.

8. San Diego, California

San Diego may be one of the most beautiful places to live offering summer like weather year round, the beach, family activities, and so much more. Home prices in 2011 dropped 18.03% allowing homebuyers the opportunity to find a home within their budget and still live in the prestigious area of the city.

9. Detroit, Michigan

Unemployment, job losses, and the burst of the real estate bubble caused home prices in Detroit to drop 16.42% in 2011 due to foreclosures. The city is revitalizing and restoring many of the homes as well as providing a unique blend of new developments and historic areas.

10. Washington, D.C.

Washington D.C along with other commuter areas in West Virginia, Virginia, and Maryland may be the place you desire for your bargain home. This area of the country offers one of the lowest unemployment rates in the nation along with culture and a vibrant nightlife. Home prices here dropped 12.5% in 2011, making it a great time to purchase.

Time to Buy?

While inventory is up, prices are down and mortgage rates at historic lows this is a great time to start looking at the available San Diego Homes for sale with one of our highly knowledgeable San Diego Real Estate Agents. Call today (888) 865-5055 toll free to start looking for your new Southern California Dream Home.

Winter REO Sale by Freddie Mac

HomeSteps, which is a real estate sales unit for Freddie Mac, started a promotion to sell some of the foreclosed inventory in several cities across the United States.

The "Winter Sales Promotion" for owner/occupant home buyers includes:

For initial offers received between November 15 and January 31, paying up to 3% of the final sales price for the homebuyers closing costs. The escrow must be closed no later than March 15, 2012 in order to qualify.

Selling Bonus

During the same time frame, a $1,000 selling agent bonus will be available. The bonus is available in "District of Columbia, Colorado, Connecticut, Delaware, Iowa, Idaho, Illinois, Indiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Montana, North Dakota, Nebraska, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Dakota, Utah, Virginia, Vermont, Wisconsin, West Virginia, and Wyoming."

The last promotion includes a 2-year Home Protect limited warranty that will cover things like electrical, air conditioning, heating, plumbing, appliances, and other main systems. Home Protect will also offer a discount to homebuyers of up to 30% on appliances purchased. To learn more about requirements to be eligible for the discount you can visit www.HomeSteps.com/smartbuy.

National Poverty Rate at 15.1% for 2010

The hot topic in the economy was the national poverty rate, which hit 15.1% for 2010. This is the highest rate seen in history according to the Census Bureau.

Last year the rate was up 14.3% over 2009 and marked the third consecutive annual increase. In 2010, there were 46.2 million Americans living in poverty, which is up from 43.6 million in 20009, which marked the fourth consecutive annual increase and the largest number ever seen of American living in poverty since the beginning of the Census Bureau’s reports in 1959.

The Bureau also released information on the real median household income in the United States in 2010, which was $49,445, a 2.3% fall from the figure seen in 2009.  Since 2007, the year prior to the recent recession, real median household income has fallen 6.4% and is 7.1% below the median household income peak that was seen in 1999, before the 2001 recession, the Bureau stated. This is the very first time since the Great Depression that the median household income after adjusting for inflation did not raise for an extended period.

Lawrence Katz, Harvard economics professor, stated, “This is truly a lost decade,” and went on to say, “We think of America as a place where every generation is doing better, but we’re looking at a period when the median family is in worse shape than it was in the late 1990s.”

In addition, the figure of Americans that do not have health insurance increased from 49 million in 2009 to 49.9 million in 2010, with the overall percentage still at 16.3%, according to the Census report.

Retail sales hit $389.5 billion in August, which is the same as was seen in July and is 7.2% higher than what was seen in August of 2010 as reported by estimates by the Census Bureau.

Total sales for the period of June through August 2011 were up 7.9% from the same time a year ago. Retail trade sales were up 0.1% from July 2011 and 7.5% higher than last year. Gasoline station sales were up 20.8% t from August 2010 and non-store retailer’s sales were up 10.4% over last year.

The Consumer Price Index for All Urban Consumers rose 0.4% in the month of August, as reported by the Bureau of Labor Statistics. The seasonally adjusted rose in the “all items” index was broad-based, with continuing raise in the indexes for gasoline, food, shelter and apparel. The gasoline index increased for the 12th time in the last 14 months which led to a 1.2% rise in the energy index, while the food index increased 0.5%, which is the largest increase seen since the month of March.

The Bureau reported the Producer Price Index for finished goods was unchanged in the month of August. A 1.1% rise in finished consumer foods prices and a 0.1% advance in the index for finished goods less foods and energy offset a 1.0% fall in prices for finished energy goods.

The Producer Price Index for intermediate materials, supplies, and components declined 0.5% in the month of August, the first decrease since the month of July 2010. The Producer Price Index for crude materials for further processing rose 0.2% in the month of August.

First unemployment claims was at 428,000 for the week that ended on Sept 10, a rise of 11,000 from the prior week’s revised figure of 417,000, according to the Employment and Training Administration. The four-week moving average was 419,500, a rise of 4,000 from the previous week’s average of 415,500.

Insured unemployed workers during the week that ended on September 3 were 3,726,000, a decline of 12,000 from the prior week’s level of 3,738,000. The four-week moving average was 3,741,000, a rise of 1,250 from the prior week’s average of 3,739,750.

Upcoming financial news
August construction starts
Building permit totals
Existing homes sales for august
Initial jobless claims data for last week
Leading economic indicators report for August

Retail Sales Decreased

As reported by the ISCS-Goldman Sachs Index, retail sales dropped for the week that ended on July 30. On a year over year basis, retailers enjoyed an increase in sales of 4 percent.

The monthly composite index of manufacturing activity report from the Institute for Supply Management showed a fall to 50.9 in the month of July after seeing a 55.3 reading in the month of June. Any reading that is above 50 shows expansion. This was the 24th month in a row of expansion.

The monthly composite index of non-manufacturing activity as reported by the Institute for Supply Management decreased to 52.7 in the month of July from the figure of 53.3 seen in the month of June. This was the 19th month in a row for seeing expansion in the services sector.

An increase in total construction rose 0.2 percent to bring the amount to $772.3 billion in the month of June, after seeing a gain of 0.3 percent in the month of May. Economists believed there would an increase of 0.1 percent in the month of June.

Factory orders dropped 0.8 percent in the month June to a seasonally adjusted $440.7 billion, after seeing a 0.6 percent increase in the month of May. Not including the volatile transportation sector, orders increased 0.1 percent in the month of June.

The seasonally adjusted composite index of mortgage applications according to the Mortgage Bankers Association increased 7.1 percent for the week that ended on July 29, refinancing applications rose 7.8 percent, and purchase volume increased 5.1 percent.

First claims for unemployment benefits decreased by 1,000 to 400,000 for the week that ended on July 30, continuing claims for the week that ended on July 23 increased by 10,000 to 3.7 million. The monthly unemployment rate decreased to 9.1 percent in the month of July from the figure of 9.2 percent in the month of June.

Forward Look at the Economic Calendar
August 10 – wholesale trade on August 10
August 11 – international trade
August 12 – retail sales

Ups and Downs on the Dow

The markets are still swinging in all directions, which put investors wondering if this volatility is going to be normal for the next few weeks on Wall Street. During the last week, the Dow had wild ups and downs – On Monday it dropped 634 points and on Wednesday it fell 519 points – Tuesday it went the other way up 429 points the same on Thursday with a rise of 423 points. At the end of Friday, the stocks had seen a gain and were holding on.

These swings are making investors quite leery, with the Chicago Board Options Exchange’s Market Volatility Index (VIX) also showing irregular shifts throughout the week. At the close on Monday, the VIX saw a two-year high of 48, however, on Tuesday it fell 27 percent, then Wednesday it made a come back to 32.99. Fear is at the top of the list when it comes to market today.

Adam Sussman, director of research at financial data firm Tabb Group, told the Los Angeles Times stated, “People are afraid of things that could happen rather than things that have already occurred”.

Productivity in the labor sector for the second quarter showed a slightly different story as reported by the Bureau of Labor Statistics.

The Bureau, reported that non-farm business sector labor productivity fell at a 0.3% annual rate during the second quarter, while output increased 1.8% and hours worked increased 2.0%.

If you look at the long term, productivity is on the rise. For the second quarter of 2010 to the second quarter of 2011, output rose 2.5% and hours increased 1.6%, providing an increase in productivity of 0.8%.

Manufacturing was hit hard, with the sector showing a productivity decrease of 2.0% during the second quarter of 2011, while output increased 0.6% and hours rose 2.6%. Durable goods manufacturing saw productivity drop 3.5%. During the second quarter, this sector saw a 5.1% rise in hours outpace a 1.4% rise in output. Nondurable goods manufacturing productivity rose 1.2% while hours fell quicker than output.

Sales for merchant wholesalers in the month of June, not including branches and sales offices, rose 0.6% from May and 15.4% from June of 2010 hitting $395.8 billion as reported by the Census Bureau. Prominent performances were durable goods, up 1.6% and motor vehicles up 8.7%.

Wholesale inventories were also up 0.6% from what was seen in the month of May, putting the months’ total value at $459.7 billion. June’s inventories were up 15.8% from what was seen in the month of June 2010. Durable goods and motor vehicles were the prominent sectors, with inventories for both durable goods up 1.3 % and motor vehicles up 4.3%.

Robert Brusca, president of Fact & Opinion Economics, during a public statement explained, “Inventories are likely desired at a much lower level so they’re probably excessive given new expected future economic growth,” and went on to say, “That’s one of the reason we’re seeing the manufacturing industry wind down.”

As reported by the Employment and Training Administration, first claims for unemployment benefits for the week that ended on August 6 fell to 395,000, which is a decrease of 7,000 from the prior week’s figure of 402,000. The four-week moving average was 405,000, a fall of 3,250 from the prior week’s average of 408,250.

The total number of insured unemployed workers during the week that ended on July 30 was 3,688,000, which is a decrease of 60,000 from the prior week’s figure of 3,748,000. The four-week moving average was 3,718,750, a fall of 15,250 from the prior week’s average of 3,734,000.

Upcoming Economic Reports
Housing construction starts
Housing construction permits
Export and import prices for July
Industrial production and capacity utilization data
July’s producer price index
The consumer price index for July
First unemployment claims for the week
Existing home sales totals for July
Leading economic indicators for July

Volatile Market

We saw another week of volatile trading due to a combination of the United States debate being a bit unresolved, foreign debt crisis, anxious investors with losses in the market, and not great performances by tech industries like IBM and Hewlett Packard.

Todd Colvin, vice president at MF Global, explained to the Wall Street Journal, “Investor angst remains very high,” and went on to say, “Good volume associated with a down move typically isn’t a fluke. We’re probably in store for lower prices from here.”

Real estate was a in the news with construction starts for new homes and existing home sales that showed a decrease in the month of July.

As reported by the National Association of REALTORS, existing town homes, co-ops, condos, and single-family home sales dropped 3.5% to an annual rate of 4.67 million in the month of July from seeing a rate of 4.84 million in the month of June. The figures seen last month were 21% higher than what was seen in July of 2010 at 2.86 million sales, which was quite a bit lower after the homebuyer tax credit expired.

Lawrence Yun, NAR’s chief economist stated, “Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers,” and went on to say, “Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could stimulate additional economic activity and create jobs.”

When it came to prices, the national median existing-home price for all housing types was $174,000 in the month of July, dropping 4.4% from what was seen in the month of July 2010. Distressed homes, like short sales and foreclosures were 29% of the sales seen in the month of July, whereas in June, it was 30% and in July of 2010, it was 32%.

The Census Bureau reported building permits for privately owned housing units issued in the month of July dropped to an annual rate of 597,000. This figure was 3.2% below what was seen in June at 617,000, but 3.8% higher than July 2010′s figure of 575,000. Permits for single-family in the month of July were at a rate of 404,000, was a bit higher, 0.5%, above the June figure of 402,000.

Privately owned housing construction starts for the month of July decreased to an annual rate of 604,000, which was 15% lower than June’s estimate of 613,000, however it is 9.8% higher than the July 2010 rate of 550,000. Construction starts for single-family homes in the month of July were at a rate of 425,000, which is 4.9% lower than June’s figure of 447,000.

New homes completions increased. Construction completions of privately owned housing in the month of July hit an annual rate of 636,000, which is 11.8% higher than the June estimate of 569,000, and 9.5% higher than the July 2010 rate of 581,000. Completions of single-family housing units in the month of July were at a rate of 470,000, which is 6.1% higher than the June rate of 443,000.

As reported by the U.S. Bureau of Labor Statistics, the Consumer Price Index for All Urban Consumers rose 0.5% in the month of July. Over the last 12 months, prices for the “all-items” index rose 3.6% before seasonal adjustment.

The gasoline index rose in July, which accounted for around half of July’s all-items increase. Groceries saw an overall increase with fruit and dairy prices seeing the most gains.

The index for all items except food and energy rose as well, by 0.2%. The gain was attributed to the shelter index, which gained in July, and the apparel index, which increased as well.

No change was seen in new vehicles or in household furnishings and operations while recreation dropped a tad.

The Census Bureau reported the Producer Price Index for finished goods increased 0.2% in the month of July after seeing a 0.4% drop in the month of June and a 0.2% increase in the month of May. Prices received by manufacturers of intermediate goods inched up 0.2% in the month of July, and the crude goods index dropped 1.2%.

The Employment and Training administration reported first unemployment benefit claims for the week that ended on August 13 reached 408,000, a rise of 9,000 from the prior week’s figure of 399,000. The four-week moving average was 402,500, a drop of 3,500 from the prior week’s average of 406,000.

The figure for insured unemployed workers during the week that ended on August 6 was 3,702,000, a rise of 7,000 from the prior week’s level of 3,695,000. The four-week moving average was 3,716,000, a drop of 4,500 from the prior week’s average of 3,720,500.

Looking Forward
New home sales totals
July’s durable goods orders
First jobless claims
Second quarter’s gross domestic product
Consumer sentiment figures for August

Change is still the top trend in the real estate industry

The 2nd quarter of 2011 still shows the real estate market is up and down which means that change is still occurring and nothing is impossible.

When it comes to real estate today, you will hear different stories according to the person talking and where your home is located. The bottom line is that homebuyers are few and far between with the main reason being the falling prices.

Yes, lower prices encourage those looking for a great deal, but it can cause those looking for a home to back off. Who wants to buy a home to have the price drop lower than what they paid?

The good news is that in major cities home prices were back to the levels seen in the summer of 2003. Home prices may be on the rise however, the housing market is still the weakest link in the United States economy.

Home prices have not fully recovered and will not until the number of foreclosures are reduced, companies being hiring in larger numbers, banks have some slack in lending rules, and more families feel comfortable about buying a home.

Barry Newman, a HouseHunt agent working for @properties in Deerfield, Illinois stated, “Prices are going down, and they have to go down,” and went on to say, “I don’t think we’ve hit the bottom, and I think there are a lot of people holding back because of all the foreclosures on the market.”

Other agent across the US that was polled by HouseHunt.com stated the 2nd 2quarter of 2011 was about the same as the 1st quarter with numbers steady but a bit from prosperous times.

Joyce Pettit of Keller Williams Realty in Boiling Springs, South Carolina stated, “It’s slower this year than last year for me, and if I’m judging from the previous few quarters, people are still looking and still buying, but, overall, they’re a lot more particular,” and went on to say, “I’m hoping that prices have pretty much stabilized here. I don’t think they can fall a whole lot more.”

Sixty four of those that responded to the poll said that prices were down from the first quarter at 56%, but went on to say that 19% said that appreciation is up 0 to 5% when in the 1st quarter the figure was 21%. Seven percent of respondents said prices were up around 5 to 10 percent when compared to the 1st quarter at 9%. Five percent said prices were up 5% when compared to the 6% seen in the 1st quarter.

HouseHunt agent Kristen Malcolm of Coldwell Banker in Cherry Hills Village stated, “Houses are moving, inventory has dropped because so many houses have gone under contract and sold, and in Cherry Hills there have been quite a few instances where people have gotten full asking price and multiple offers,” and went on to say, “There’s so much demand; so much is going under contract and selling. There are lots of buyers.”

There are still more home sellers being seen than buyers with 52% saying there are more in sellers in their communities.

When it comes to inventory, 82% of respondents stated that there is a good supply only down a bit from the 1st, which was 87%. Asking prices are better with more home sellers receiving around 95% of their target price.

Clyde Thomas, an agent with Coldwell Banker stated, “We lost more than 4,000 homes because of flooding. It’s not a good situation right now, and there’s a real fight when it comes to homes coming up on the market.”

“There are far more sellers than buyers,” Thomas said. “It’s been pretty hard.”

In May, the national median price for existing homes was $166,500, which was close to 5% below the comparable price seen in May 2010, as reported by the National Association of Realtors. The average interest rate for a 30-year fixed-rate mortgage was 4.5%, which is a bit above the four-decade low of 4.17% seen in November.

Mike Bearden, president and CEO of HouseHunt Inc. stated, “I don’t yet see the light at the end of the tunnel.  Prices are still declining in most areas despite incredibly low prices and interest rates. Many sales these days are all cash investor sales. Banks must start lending money to more prospective home purchasers for housing prices to stabilize and begin to increase. The banks are waiting for a better economy and stronger employment, but those cannot be achieved without housing participating in the recovery. We will see how the rest of 2011 plays out; then we may have a clearer picture as to when housing will recover.”

Other important results from the 2nd quarter 2011 survey by HouseHunt.com

84% average days on the market, was over 60 days and is closer to 4 months.
66% most customers were repeat buyers or investors, which is up from what was seen in the 1st quarter of 58%.
65% stated they are seeing more multiple offers on their listings.

Drop in Existing Home Sales

June saw a drop in existing home sales but an increase in construction and new home permits. Existing home sales, which include town homes, condos, and single-family homes, decreased 0.8% in the month of June to an annual rate of 4.77 million. In May, the figure was 4.81 million. This figure was 8.8% lower than the 5.23 million-unit level seen in June of 2010 as reported by the National Association of Realtors.

The National Association of Realtors explained that this low figure was due to cancellations of contracts. In addition, the National Association of Realtors the Midwestern and southern US saw gains in sales however, this activity was offset by the drops seen in the western and western US. Single-family home sales stayed the same while condos dropped a bit. Lawrence Yun, NAR’s chief economist stated that overall, any recovery in the market has stayed uneven.
 
“Home sales had been trending up without a tax stimulus, but a variety of issues are weighing on the market, including an unusual spike in contract cancellations in the past month,” he explained. “The underlying reason for elevated cancellations is unclear, but with problems including tight credit and low appraisals, 16 percent of NAR members report a sales contract was cancelled in June, up from 4 percent in May, which stands out in contrast with the pattern over the past year.”
 
Existing home sales did not perform well; there is still some optimism for June’s market. Building permits that were issued for private homes for the month of June increased to an annual rate of 624,000, which is a 2.5% rise over the figure seen in the month of May at 609,000 as reported by the Census Bureau. Building permits for single-family homes saw a 0.2% gain at 407,000 over May’s figure of 406,000. Permits for all homes in the month of June were 6.7% over the estimated figure of June 2010 at 585,000.

Construction of private housing starts for the month of June were at 629,000 which is an increase of 14.6 over what was seen in May at 549,000 and 16.7% above the figure seen a year ago of 539,000. Construction of single-family home starts for June rose to 453,000, which is 9.4% higher than the figure seen in May at 414,000.
 
Building permits may have seen a rise, but completion in the construction market was down in June which was 535,000 being 1.7% below the estimate in May of 544,000 and 39.3% below a year ago at 881,000. Single-family home construction completion for the month of June was at 436,000, which is the same as May’s rate of 436,000.
 
First claims for unemployment benefits were up for the week that ended on July 16, after seeing a drop the prior week, as reported by the Employment and Training Administration. Claims for the week rose to 418,000, a rise of 10,000 from the prior week’s figure of 408,000. The four-week moving average was at 421,250, a drop of 2,750 from the prior week’s average of 424,000.  

The week that ended on July 9 saw a total number of insured unemployed workers at 3,698,000, as published by the Employment and Training Administration reported, which is a drop of 50,000 from the prior week’s level of 3,748,000. The four-week moving average was 3,720,500, a drop of 4,000 from the prior week’s average of 3,724,500.

Even though the recovery in the housing market is uneven, consumer sentiment rose in the month of June but only very small. The Leading Economic Index for the month of June rose 0.3% to 115.3, after seeing a 0.8% rise in the month of May, and a 0.3% drop in the month of April, as reported by the Conference Board reported last week.
 
Looking forward into the coming week reports
New home sales for June reported by the Census Bureau
Consumer confidence data for July reported by the Conference Board
First unemployment claims for the last week reported by the Employment and Training Administration
Q2 gross domestic product information reported by the Bureau of Economic Analysis consumer sentiment data for the month of July reported by the University of Michigan.

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