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Economic Update – September 27, 2010

Monday, September 27th, 2010




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Last Week in the News
________________________________________
The National Association of Home Builders/Wells Fargo housing market index was unchanged in September at 13. An index reading below 50 indicates negative sentiment about the housing market.
The combined construction of new single-family homes and apartments in August rose 10.5% to a seasonally adjusted annual rate of 598,000 units. The increase was largely due to a boost in the construction of multi-family homes. Applications for new building permits, seen as an indicator of future activity, rose 1.8% to an annual rate of 569,000 units.
Existing home sales rose 7.6% in August to a seasonally adjusted annual rate of 4.13 million units from an upwardly revised 3.84 million units in July. The inventory of unsold homes on the market declined 0.6% to 3.98 million, an 11.6-month supply at the current sales pace, down from a 12.5-month supply in July.
The index of leading economic indicators — designed to forecast economic activity in the next three to six months — rose 0.3% in August after a 0.1% increase in July.
Orders for durable goods — items expected to last three or more years — fell 1.3% in August after increasing a revised 0.7% in July. Excluding volatile transportation-related goods, orders posted a monthly increase of 2%.
New home sales were unchanged in August at a seasonally adjusted annual rate of 288,000 units, matching July, which was revised up from 276,000. Economists had expected a pace of 290,000 units.
Initial claims for unemployment benefits rose by 12,000 to 465,000 for the week ending September 18. Continuing claims for the week ending September 11 fell by 48,000 to 4.49 million.
Upcoming on the economic calendar are reports on the housing price index on September 28 and construction spending on October 1.

Click here to visit my website and apply on line:
www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Economic Update   September 27, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 27, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 27, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 27, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 27, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 27, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 27, 2010 | CT Real Estate
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Economic Update – September 20, 2010

Monday, September 20th, 2010




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Last Week in the News
________________________________________
Retail sales rose 0.4% in August after a revised 0.3% increase in July. It was the biggest gain since March. Economists had anticipated retail sales to rise 0.3% in August.
Total business inventories rose 1% in July, following a revised 0.5% increase in June. Total business sales rose 0.7% in July after falling 0.5% in June and 1.2% in May.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending September 10 fell 8.9%. Refinancing applications fell 10.8%. Purchase volume decreased 0.4%.
Industrial production at the nation’s factories, mines and utilities rose 0.2% in August, following a downwardly revised 0.6% increase in July. Capacity utilization rose to 74.7% in August after a revised 74.6% in July.
The producer price index, which tracks wholesale price inflation, rose 0.4% in August, following a 0.2% increase in July. Core prices — excluding food and fuel — rose 0.1% after a 0.3% increase in July. For the year, seasonally adjusted wholesale prices are up 3%.
The Reuters/University of Michigan consumer sentiment index for September’s preliminary reading fell to 66.6 from 68.9 in August. It was the lowest reading since August 2009.
Initial claims for unemployment benefits fell by 3,000 to 450,000 for the week ending September 11. Continuing claims for the week ending September 4 fell by 84,000 to 4.49 million.
Consumer prices rose a seasonally adjusted 0.3% in August, matching a 0.3% increase in July. For the year, seasonally adjusted consumer prices are up 1.2%.
Upcoming on the economic calendar are reports on the housing market index on September 20, housing starts on September 21 and existing home sales on September 23.

Click here to visit my website and apply on line:
www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Economic Update   September 20, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 20, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 20, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 20, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 20, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 20, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 20, 2010 | CT Real Estate
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Economic Update – September 13, 2010

Monday, September 13th, 2010




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Last Week in the News
________________________________________
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending September 3 fell 1.5%. Refinancing applications fell 3.1%. Purchase volume rose 6.3%. Refinancing made up 81.9% of total applications.
The Federal Reserve announced consumer credit debt fell in July by $3.6 billion. Economists had forecast that consumer credit debt would fall $3.5 billion in July. Consumer credit debt fell in June by $1.3 billion, $5.3 billion in May and $14.9 billion in April.
According to the ICSC-Goldman Sachs index, retail sales fell 0.4% for the week ending September 4. On a year-over-year basis, retailers saw sales increase 1.8%, the lowest reading since May.
The trade deficit decreased 14% to $42.8 billion in July. Economists had expected the trade deficit to rise to $46.8 billion. Exports rose 1.8% to $153.3 billion, the best reading since August 2008. Sales of civilian aircraft, industrial machinery, computers and telecommunications equipment all posted gains. Imports fell by 2.1% to $196.1 billion.
Wholesalers increased their inventories 1.3% in July, following a 0.3% rise in June. Sales at the wholesale level rose 0.6% in July, the most since April. Economists had anticipated inventories would increase 0.4% in July.
Initial claims for unemployment benefits fell by 27,000 to 451,000 for the week ending September 4. Economists had projected claims would fall to 470,000. Continuing claims for the week ending August 28 fell by 2,000 to 4.47 million.
Upcoming on the economic calendar are reports on retail sales on September 14, industrial production on September 15 and consumer inflation on September 17.

Click here to visit my website and apply on line:
www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Economic Update   September 13, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 13, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 13, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 13, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 13, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 13, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   September 13, 2010 | CT Real Estate
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Economic Update – August 30, 2010

Monday, August 30th, 2010




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Last Week in the News
________________________________________
Existing home sales fell 27.2% in July to a seasonally adjusted annual rate of 3.83 million units from a downwardly revised 5.26 million units in June. The inventory of unsold homes on the market increased 2.5% to 3.98 million, a 12.5-month supply at the current sales pace, up from an 8.9-month supply in June.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 20 increased 4.9%. Refinancing applications rose 5.7%. Purchase volume rose 0.6%. Refinancing made up 82% of total applications.
Orders for durable goods — items expected to last three or more years — rose 0.3% in July after decreasing a revised 0.1% in June. The increase was largely due to improved demand for commercial aircraft. Excluding volatile transportation-related goods, orders posted a monthly decrease of 3.8%.
New home sales fell 12.4% in July to a seasonally adjusted annual rate of 276,000 units from a revised rate of 315,000 units in June. It was the lowest reading since recordkeeping began in 1963. Economists had expected a pace of 330,000 units.
In its second report, the Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 1.6% in the second quarter of 2010, rather than the 2.4% increase initially reported.
Initial claims for unemployment benefits fell by 31,000 to 473,000 for the week ending August 21. Economists had projected claims would fall to 490,000. Continuing claims for the week ending August 14 fell by 62,000 to 4.46 million.
Upcoming on the economic calendar are reports on the housing price index on August 31, construction spending on September 1 and pending home sales on September 2.
Click here to visit my website and apply on line:

www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Economic Update   August 30, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 30, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 30, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 30, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 30, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 30, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 30, 2010 | CT Real Estate
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To Rent or To Buy??

Sunday, August 29th, 2010




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If you are wondering if you should rent or buy in Stamford, CT (or Beyond!) this video we found by the NAR® might help icon smile To Rent or To Buy?? | CT Real Estate

Source: Homes: Rent or Buy, (YouTube Video, Feb. 12, 2009).



  • wp socializer sprite mask 16px To Rent or To Buy?? | CT Real Estate
  • wp socializer sprite mask 16px To Rent or To Buy?? | CT Real Estate
  • wp socializer sprite mask 16px To Rent or To Buy?? | CT Real Estate
  • wp socializer sprite mask 16px To Rent or To Buy?? | CT Real Estate
  • wp socializer sprite mask 16px To Rent or To Buy?? | CT Real Estate
  • wp socializer sprite mask 16px To Rent or To Buy?? | CT Real Estate
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Ecomnomic Update – August 23, 2010

Monday, August 23rd, 2010




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Last Week in the News
________________________________________
The National Association of Home Builders/Wells Fargo housing market index fell one point in August to 13. Economists had anticipated a reading of 15. It was the lowest reading since March 2009. An index reading below 50 indicates negative sentiment about the housing market.
The combined construction of new single-family homes and apartments in July rose 1.7% to a seasonally adjusted annual rate of 546,000 units. Applications for new building permits, seen as an indicator of future activity, dropped 3.1% to an annual rate of 565,000 units.
The producer price index, which tracks wholesale price inflation, rose 0.2% in July, following a 0.5% decrease in June. Core prices — excluding food and fuel — rose 0.3% after a 0.1% increase in June. For the year, wholesale prices are up 4.1%.
Industrial production at the nation’s factories, mines and utilities increased 1% in July, following a revised 0.1% drop in June. Economists had anticipated a gain of 0.6%. Capacity utilization rose to 74.8% in July, the highest level since November 2008.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 13 increased 13%. Refinancing applications rose 17.1%. Purchase volume fell 3.4%.
Initial claims for unemployment benefits rose by 12,000 to 500,000 for the week ending August 14. It was the highest level since November 2009. Economists had projected claims would fall to 480,000. Continuing claims for the week ending August 7 fell by 13,000 to 4.48 million.
Upcoming on the economic calendar are reports on existing home sales on August 24, new home sales on August 25 and gross domestic product on August 27.

Click here to visit my website and apply on line:
www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Ecomnomic Update   August 23, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Ecomnomic Update   August 23, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Ecomnomic Update   August 23, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Ecomnomic Update   August 23, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Ecomnomic Update   August 23, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Ecomnomic Update   August 23, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Ecomnomic Update   August 23, 2010 | CT Real Estate
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Economic Update – August 16, 2010

Monday, August 16th, 2010




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Last Week in the News
________________________________________
According to the ICSC-Goldman Sachs index, retail sales fell 0.2% for the week ending August 7. On a year-over-year basis, retailers saw sales increase 3.7%.
The Labor Department reported that in the second quarter productivity fell at an annual rate of 0.9%, labor costs rose at an annual rate of 0.2% and hours worked climbed at a 3.6% rate. This is a likely signal that employers have reached efficiency limits out of leaner staffs. In 2009, productivity rose 3.5%, the highest rate in six years.
Wholesalers increased their inventories 0.1% in June, following a 0.5% rise in May. Sales at the wholesale level fell 0.7% in June, the most since March 2009. Economists had anticipated inventories would increase 0.4% in June.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 6 increased 0.6%. Refinancing applications rose 0.6%. Purchase volume rose 0.3%.
The trade deficit increased 18.8% to $49.9 billion in June. It was the highest level since October 2008 and follows a $42 billion gap in May. Economists had expected the trade deficit to rise to $42.1 billion. Exports fell 1.3% to $150.5 billion. Imports increased 3% to $200.3 billion.
Initial claims for unemployment benefits rose by 2,000 to 484,000 for the week ending August 7. It was the highest level since mid February. Economist had projected claims would fall to 465,000. Continuing claims for the week ending July 31 fell by 118,000 to 4.45 million.
Upcoming on the economic calendar are reports on the housing market index on August 16, housing starts on August 17 and the index of leading economic indicators on August 19.
Click here to visit my website and apply on line:

www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Economic Update   August 16, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 16, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 16, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 16, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 16, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 16, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 16, 2010 | CT Real Estate
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Economic Update – August 9, 2010

Monday, August 9th, 2010




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Last Week in the News
________________________________________
The Institute for Supply Management reported that the monthly composite index of manufacturing activity was 55.5 in July after reaching 56.2 in June. A reading above 50 signals expansion. It was the 12th straight month of expansion.
Total construction spending rose 0.1% to $836 billion in June, following a downwardly revised $834.8 billion in May. Economists had anticipated a drop of 0.8% in June.
Factory orders fell 1.2% in June to a seasonally adjusted $406.4 billion. The decline was more than double the 0.5% economists had anticipated and follows a revised decrease of 1.8% in May.
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, fell 2.6% in June after a 30% decrease in May. On a year-over-year basis, pending home sales are down 18.6%.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 30 increased 1.3%. Refinancing applications rose 1.3%. Purchase volume rose 1.5%.
The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity rose to 54.3 in July from 53.8 in June. A reading above 50 signals expansion. It was the seventh consecutive month of growth. Economists had anticipated a reading of 53.
Initial claims for unemployment benefits rose by 19,000 to 479,000 for the week ending July 31. Continuing claims for the week ending July 24 fell by 34,000 to 4.54 million. The unemployment rate remained unchanged at 9.5% in July.
Upcoming on the economic calendar are reports on wholesale trade on August 10, international trade on August 11 and retail sales on August 13.
Click here to visit my website and apply on line:
www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Economic Update   August 9, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 9, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 9, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 9, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 9, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 9, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   August 9, 2010 | CT Real Estate
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Econimic Update – August 2, 2010

Monday, August 2nd, 2010




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Last Week in the News
________________________________________
New home sales rose 23.6% in June to a seasonally adjusted annual rate of 330,000 units from a revised rate of 267,000 units in May. Economists had expected a pace of 310,000 units. On a year-over-year basis, sales of new homes have fallen 16.7%.
The Standard & Poor’s/Case-Shiller 20-city housing price index — on a seasonally adjusted basis — rose 1.3% in May after a 0.9% increase in April. On a year-over-year basis, property values increased 4.6%, the largest gain since August 2006.
The consumer confidence index fell to 50.4 in July from an upwardly revised 54.3 in June. Economists had anticipated a reading of 51. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 23 dropped 4.4%. Refinancing applications fell 5.9%. Purchase volume rose 2%.
Orders for durable goods — items expected to last three or more years — fell 1% in June after decreasing a revised 0.8% in May.
Initial claims for unemployment benefits fell by 11,000 to 457,000 for the week ending July 24. Continuing claims for the week ending July 17 rose by 81,000 to 4.57 million.
The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 2.4% in the second quarter of 2010. Economists had expected a slightly larger 2.5% increase. This follows a revised 3.7% pace of growth in the first quarter of 2010.
Upcoming on the economic calendar are reports on construction spending on August 2, pending home sales on August 3 and consumer credit on August 6.

Click here to visit my website and apply on line:
www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Econimic Update   August 2, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Econimic Update   August 2, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Econimic Update   August 2, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Econimic Update   August 2, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Econimic Update   August 2, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Econimic Update   August 2, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Econimic Update   August 2, 2010 | CT Real Estate
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Economic Update – July 26, 2010

Monday, July 26th, 2010




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Last Week in the News
________________________________________
The National Association of Home Builders/Wells Fargo housing market index fell two points in July to 14. Economists had anticipated a reading of 16. It was the lowest reading since April 2009. An index reading below 50 indicates negative sentiment about the housing market.
According to the ICSC-Goldman Sachs index, retail sales rose 1.4% for the week ending July 17. On a year-over-year basis, retailers saw sales increase 4.2%, the best showing in two months.
The combined construction of new single-family homes and apartments in June fell 5% to a seasonally adjusted annual rate of 549,000 units. Applications for new building permits, seen as an indicator of future activity, rose 2.1% to an annual rate of 586,000 units.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 16 increased 7.6%. Refinancing applications rose 8.6%. Purchase volume rose 3.4%.
Existing home sales fell 5.1% in June to a seasonally adjusted annual rate of 5.37 million units from 5.66 million units in May. The inventory of unsold homes on the market increased 2.5% to 3.99 million, an 8.9-month supply at the current sales pace, up from an 8.3-month supply in May.
Initial claims for unemployment benefits rose by 37,000 to 464,000 for the week ending July 17. Continuing claims for the week ending July 10 fell by 223,000 to 4.567 million.
The index of leading economic indicators — designed to forecast economic activity in the next three to six months — fell 0.2% in June after a revised 0.5% gain in May.
Upcoming on the economic calendar are reports on new home sales on July 26, the housing price index on July 27 and gross domestic product on July 30.
Click here to visit my website and apply on line:
www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Economic Update   July 26, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 26, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 26, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 26, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 26, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 26, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   July 26, 2010 | CT Real Estate
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