The Housing Chronicles Blog

Thursday, October 19, 2017

Less than one week left to register for the 8th annual Inland Empire Economic and Forecast Conference on 10/25/17

It's less than one week away!

The Housing Chronicles Blog and MetroIntelligence are pleased to partner as a sponsor with the UC Riverside School of Business' Center for Economic Forecasting & Development for their next economic conference on October 25, 2017 in Riverside, CA.

Entitled "Urban Inland Empire: California's Next Metropolis? Re-Imagining Economic Growth in the IE," this afternoon-long program will bring together economists, elected officials and academics.

Click here to register and save $25! You can also key in the code mrea17 at check-out to receive this discount.

What you can expect from this conference:

The Inland Empire is different from similarly sized markets like Atlanta and Houston in a critical way. It has no central downtown or 'urban core' where jobs are densely located.
  • What does this dynamic mean for business creation and economic development in the region?
  • Is the creation of an urban core the way to develop and grow the local economy?
  • Would an urban core appeal more to new businesses and do more to expand current ones?

Join some of the state's leading experts for a new economic forecast and a data-driven discussion about the region's urban future. 

Click here to register and save $25! You can also key in the code mrea17 at check-out to receive this discount.

Initial unemployment claims fall to lowest level since March 1973 in most recent report

In the week ending October 14, initial unemployment claims were 222,000, a decrease of 22,000 from the previous week's revised level. This is the lowest level for initial claims since March 31, 1973 when it was 222,000. The 4-week moving average was 248,250, a decrease of 9,500 from the previous week's revised average.


Mortgage applications rise 3.6 percent in latest survey

The Market Composite Index increased 3.6 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 4 percent and refinances up 3 percent. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.14 percent.


October Philadephia Fed's Manufacturing Business Outlook Survey rises to highest level since May

The index for current manufacturing activity in the region increased 4 points to a reading of 27.9 and is now at its highest reading since May. The indexes assessing the six-month outlook suggest that firms remained optimistic about future growth.


October Empire State Manufacturing Survey index rises to highest level in three years

The headline general business conditions index climbed six points to 30.2, its highest level in three years.Indexes assessing the six-month outlook suggested that firms remained optimistic about future conditions.


Fed's September Beige Book: Continued overall growth even with hurricane impacts

Reports from all 12 Federal Reserve Districts indicated that economic activity increased in September through early October, with the pace of growth split between modest and moderate. Residential construction continued to increase, and growth in commercial construction was up slightly on balance. Low home inventory levels continued to constrain residential sales in many areas, while nonresidential real estate activity increased slightly overall.


Leading Economic Index dipped slightly in September, partly due to hurricanes

The US LEI declined slightly in September for the first time in the last twelve months, partly a result of the temporary impact of the recent hurricanes. The source of weakness was concentrated in labor markets and residential construction, while the majority of the LEI components continued to contribute positively.


Wednesday, October 18, 2017

September building permits down 4.5 percent from August and 4.3 percent year-on-year

Privately-owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,215,000. This is 4.5 percent below the revised August rate of 1,272,000 (down 5.6 percent in the South) and is 4.3 percent below the September 2016 rate of 1,270,000 (down 5.3 percent in the South).


September housing starts dipped for third month to lowest level in a year

Privately-owned housing starts in September were at a seasonally adjusted annual rate of 1,127,000. This is 4.7 percent below the revised August estimate of 1,183,000, but is 6.1 percent above the September 2016 rate of 1,062,000. This was the lowest level since September 2016 and marked the third monthly decline in starts.


Tuesday, October 17, 2017

CoreLogic: July serious mortgage delinquency rate at 10-year low of 4.6 percent

According to CoreLogic, 4.6 percent of mortgages were in some stage of delinquency nationally (30 days or more past due including those in foreclosure) in July 2017. This represents a 0.9 percentage point year-over-year decline in the overall delinquency rate compared with July 2016 when it was 5.5 percent.

As of July 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.7 percent, down from 0.9 percent in July 2016 and the lowest since the rate was also 0.7 percent in July 2007.


September industrial production rebounded in spite of hurricane impacts

September industrial production in the U.S. rebounded by 0.3 percent in September after two straight declines. Capacity utilization rose to 76% from 75.8% but remained below summer levels.


Builder confidence rises to 68 in October, highest level since May

Builder confidence in the market for newly-built single-family homes rose four points to a level of 68 in October on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This was the highest reading since May.


Monday, October 16, 2017

October Empire State Manufacturing Survey climbs to highest level in 3 years

Business activity grew at a robust pace in New York State, according to firms responding to the October 2017 Empire State Manufacturing Survey. The headline general business conditions index climbed six points to 30.2, its highest level in three years.


Friday, October 13, 2017

August business inventories rose 0.7 percent, largest increase in 9 months

U.S. business inventories recorded their biggest increase in nine months in August, suggesting that inventory investment could boost economic growth in the third quarter.


October consumer sentiment surges to highest level since early 2004

Consumer sentiment surged in early October, reaching its highest level since the start of 2004. The October gain was broadly shared, occurring among all age and income subgroups and across all partisan viewpoints. The data indicate a robust outlook for consumer spending that extends the current expansion to at least mid 2018, which would mark the 2nd longest expansion since the mid 1800s.