This week's report of economic events is shortened due to the Christmas holiday. Economic news through Wednesday included Existing Home Sales, New Home Sales and Consumer Spending.
Last week's scheduled economic news included reports on new and existing home sales, the FHFA House Price Index, and weekly reports on mortgage rates and new jobless claims. The week finished with a report on consumer sentiment.
Last week's economic reports included reports on new and existing home sales and FHFA's monthly home price index for properties associated with Fannie Mae and Freddie Mac mortgages. The details:
The Department of Commerce reported July sales of new homes dropped by 2.40 percent over June to a four month low. Analysts noted that although July's reading of 412,000 new homes sold fell short of expectations and June's reading, the new homes sector is volatile and subject to change.
Last week brought mixed news; while the Department of Commerce reported a dip in new home sales, mortgage rates also fell. The Federal Reserve's FOMC statement revealed that quantitative easing would be further reduced by an additional $10 billion monthly.