Daily News 6/30/2015

June 30, 2015

Tuesday – June 30

The Case Shiller 20-city Home Price Index saw gains of 4.9% from April 2014 to April 2015, though the gains are not accelerating. The 4.9% is just below the March annual number of 5%, and well below the double digit gains seen in 2013 and early 2014. “We’ve moved from something we couldn’t sustain to something that’s a lot more reasonable,” said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. Within the report it showed that the numbers for the entire nation were up 4.2% in the year ended in April, just below the 4.3% expected. Month-over-month, the 20-city index saw a gain of 1.1%.

The Conference Board reported on Tuesday that Consumer Confidence in June surged to 101.4, above the May reading of 94.6 and better than the 97.5 expected. The improving job markets was a key reason for the uptick in Consumer Confidence. “Over the past two months, consumers have grown more confident about the current state of business and employment conditions,” said Lynn Franco, director of economic indicators at the Conference Board. Within the report it showed that business conditions are good, while the employment situation saw an increase of those stating that jobs are plentiful.

Equifax reports that due to low mortgage rates in the fourth quarter of last year, total mortgage originations have risen by 75% from the same time a year ago. The big increase came from first mortgages, which rose nearly 80% from the first quarter of 2014. Within the report it also revealed that home equity lines of credit rose 30% in the same time period. Home loan rates have increased in June, but with rates just above 4%, they are still historically low.