Housing is poised for another exceptional year. Housing starts rebounded in March owing to record low rates and more seasonal weather, and we expect starts will remain at current levels for at least the next few months.
More Quotes from Frank Nothaft:
Continuing low rates will keep the housing industry abuzz. As a matter of fact, both new and existing housing sales figures in April are expected to come in at or near record levels.Frank Nothaft
As a matter of fact, housing directly contributed to real GDP growth of 19 percent in the first quarter of the year and 23 percent in the second quarter. To put this in perspective, this would compare to 17 percent of real GDP growth over all of 2004.
Frank Nothaft
Not only did the market get good news about September employment last week, but it was further bolstered by the upward revision of jobs in August, ... This inspired a little optimism in the market that we may have bottomed out as far as job losses are concerned.
Frank Nothaft
Meanwhile, home construction remains strong and home sales continue to break records easily. In fact, total home sales should end the year two percent higher than 2003's all time record level.
Frank Nothaft
There was little activity during this holiday week to move mortgage rates one way or another,
Frank Nothaft
Market concerns over weak economic indicators and an increased risk of war in the Middle East pushed mortgage rates even lower this week. That and falling stock prices raised investors' appeal for U.S. Treasury bonds, which in turn allowed most interest rates to drift even lower.
Frank Nothaft
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