Money Talk Podcast, Friday July 24, 2015
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Landaas & Company newsletter July edition now available.
Advisors on This Week’s Show
Brian Kilb
Steve Giles
Isabelle Denton
(with Max Hoelzl and Joel Dresang)
Week in Review (July 20-24, 2015)
Significant economic indicators & reports
Monday
No significant reports released
Tuesday
No significant reports released
Wednesday
Posting the highest pace in more than eight years, sales of existing houses rose 3% in June, up nearly 10% from the year before. The National Association of Realtors said steady job growth, an improving economy and rising interest rates are combining to boost demand for houses at the same time limited supply pushed the median sales price to an all-time high. Another sign of the continued housing recovery was that first-timers for 30% or more of the homebuyers for the fourth month in a row.
Thursday
Leading economic indicators rose in June more than analysts expected, largely because of the interest rate spread and gains in housing permits. The Conference Board said its monthly index suggests U.S. economic momentum gaining through the end of the year.
The four-week moving average of initial unemployment claims dipped for the first time in four weeks. Filings are down 7% from the same time last year, the narrowest gap since March, but Labor Department data show claims remaining below historical levels, suggesting employers generally don’t want to let their workers leave.
Friday
The annual rate of new-home sales fell nearly 7% in June from a lower estimate for May, the Commerce Department reported. As a result, the supply of new houses on the market rose to the highest since November, and the median sales price dropped from June 2014. Despite the setback, sales of newly built houses were 18% ahead of the year-ago pace.
Where the Markets Closed for the Week
- Nasdaq – 5,089, down 121 points or 2.3%
- Standard & Poor’s 500 – 2,080, down 47 points or 2.2%
- 10-year U.S. Treasury Note – 2.26%, down 0.09 point
- Dow Jones Industrial – 17,568, down 518 points or 2.9%
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