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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