Get The Market Buzz

DATELINE:   Across the  U.S.A.

FLASH:  Housing starts (new construction) rise to 7 month high

According to data released by the Commerce Department, housing starts in June rose 3.6%.  Housing starts have risen for 2 straight months including June.  Single-family home starts increased by 14.4% in June, the biggest increase since December 2004.  “The housing starts rise is clear evidence of a rebound of demand for single-family homes,” said Pierre Ellis, an economist at Decision Economics.  Building permits increased by 8.7% to a 563,000 annual rate, the highest level of the year.

DATELINE:  Across the U.S.A.

FLASH:  New home sales rise 11% in June

According to the Commerce Department, sale of new homes rose 11% to a 384,000 annual pace in June; this was the strongest sales pace since last November.  This points to stabilization in the housing sector which has been in slump since 2005.

DATELINE:  West Goshen, PA

FLASH:  Money Magazines “America’s Best Small Towns”

West Goshen, PA is ranked 11th on Money Magazine’s list of the Top 100 Best Small Towns in America.  This family-friendly community has a quiet suburban feel, with no shortage of nearby shopping centers and local businesses, while Philadelphia is less than an hour away.

Among the four area parks around the area, West Goshen Community Park has its own amphitheatre with concerts and outdoor theater.  Summer activities include a fitness boot camp for women, fieldtrips for teens and a Fourth of July bicycle parade.

DATELINE:  Across the U.S.A.

FLASH:  Existing Home Sales

According to the National Association of Realtors (NAR), existing home sales in June rose by 3.6% to an annual rate of 4.89 million…the highest since last October.  Lawrence Yun, NAR chief economist, said: “The increase in existing-home sales occurred in all major regions of the country.”  Analysts say that this signals moderation in the housing slump.

Dateline:  Across the U.S.A.

Flash:  Mortgage Applications Rise for 2nd straight week

The Mortgage Bankers Association (MBA) has reported that’s it’s index of mortgage applications, which includes both purchase and refinance loans, increased 4.3% for the week ending July 10th.  Rates on 30 year fixed rate mortgages, excluding fees, averaged 5% — down .29% from the previous week.  This is the lowest since the week of May 22nd, but higher than the all-time low of 4.61% in the week ending March 27th.   I believe that anything below 6% is a great rate!