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Capital Markets Update – Construction Decreases as Pending Home Sales Drop

by Jenny Zhang on December 1, 2009 in Market Update

Quicken Loans Capital Markets Update for December 1, 2009

Today’s economic calendar and news of easing concerns over Dubai’s debt issues should garner most of the market’s attention today. The U.S. manufacturing sector is expected to have grown but at a slower pace in November. ISM index for November is expected to lower to 55 against 55.7 in October.

October reads on construction spending are expected to have lowered by -0.05% versus the previous increase of +0.8%. Pending home sales are less supportive than in the past with a drop of -1.0% versus the previous increase of +6.1%.

In other economic news, President Obama’s administration publicly released a threat yesterday to punish mortgage lenders with fines unless they speed up efforts to give hard-pressed homeowners a permanent break on monthly payments.

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