Daily News 6/26/2015

June 26, 2015

Friday – June 26

The crisis surrounding Greece and its creditors may be getting kicked down the road as a possible extension may be struck to avert the troubled country from defaulting on debt payments. Greece has until Tuesday, June 30 to reach a deal to make a $1.7 billion payment to the International Monetary Fund. Rumors are swirling that if no agreement is reached, a form of bridge financing may be granted that will extend Greece a few more months. The sides will be meeting in Brussels on Saturday to avert a default by Greece.

Consumer Sentiment rose to its highest level since January in the final reading in June, signaling that spending will continue to bolster the U.S. economy. The University of Michigan’s Consumer Sentiment Index rose to 96.1 for June, from the 90.7 recorded in May. Within the data, consumer optimism hit its highest level in June and improved at the fastest pace since 2004. In addition, consumer spending shows growth of 3% in 2015. Recent economic data in May has been on the positive side, which is fueling the optimistic tone for U.S. consumers.

The recent talk of home buying for millennials has taken center stage in the housing market world. A recent report from Realtor.com revealed that millennials are now looking seriously into purchasing their first homes and are set to gain market share in the second half of the year. Realtor.com said a metric is showing that in mid-June, 65% of 25 to 34-year-olds intend to purchase a home within the next three months, up from 54% in January. The millennial sector is large and can be just what is needed to bolster the housing market.