Economic Update

Nice synopsis of this week’s economic news sent to me by United Lending Partners.



The Labor Department's monthly job openings report showed little change in July. Fed policy is likely to remain on its current course in response.


Consumers charged more to credit cards and financed more autos in July. Generally, increased borrowing shows confidence in the economy.


At the same time, U.S. households have stashed $2.15 trillion in savings, about 50% more than five years ago.


Cash sales as a percentage of home purchases continue to fall. The rate is at the September 2008 level and likely is a result of the dwindling REO supply.


A typical seasonal slowdown is showing in the Fannie Mae household survey and mortgage application index. Yet rates remain very low, and affordability still reigns.


Almost half of millennials say they expect to buy a home in the near future. 97% of teens expect to become homeowners one day. 


-Sunil Sethi


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