The big housing news for the week was the data on New Single Family Homes Sales which rose 11.6% in December. Stocks took a dive, dropping 2.77% this past week. Mortgage rates continued to move lower with a 12 basis point drop (0.12%) from the week prior.
Last week in the economy:
- The S&P 500 started the week at 2,052 and dropped 2.77% to end the week at 1,995
- Mortgage rates (The national average) dropped 0.12% (12 basis points) last week.
- The first estimate for Q4 Real GDP growth is 2.6% at an annual rate. Real GDP is up 2.5% from a year ago
- New Orders for Durable Goods declined 3.4% in December. Orders are up 0.3% from a year ago.
- New Single Family Home Sales were up 11.6% in December. Sales are up 8.8% from a year ago.
What's on the economic calendar for the week of February 2, 2015:
- Monday: The ISM Manufacturing Index will be released
- Thursday: International Trade and Jobless claims will be released
- Friday: The employment situation will be released
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Our trusted source for all economic news is First Trust Portfolios out of Wheaton, IL. For greater insights on these figures check out their blog here.