Quicken Loans Capital Markets Update for July 27, 2009
This morning’s New Homes Sales Report exceeded economists’ expectations, heralding a possible end to the national housing slump and pointing to a more positive economic outlook. The report was expected to show a 3% increase in new home sales for the month of June, but came in much higher at 11%. According to Bloomberg’s financial news website, this is the largest jump in eight years.
In other economic news, Treasury Secretary Timothy Geithner will meet with Chinese officials today and tomorrow to discuss economic stimulus, global currency reserves, and Chinese foreign investment. The market will be keeping a close eye on these meetings for market-moving developments.
Other economic releases to watch this week include the S&P Case/Shiller Home Price Index and Consumer Confidence reports tomorrow, MBA Mortgage Applications on Wednesday, and Jobless Claims on Thursday.
Stay tuned to Quicken Loans mortgage news for more market updates, mortgage rates and mortgage news!
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