Shelter Six:  Retail Sales Remain Strong

1. Retail Sales unexpectedly turned negative for 3 months during the winter creating doubts about the strength of the economy. Since then, however, sales have been very strong.

2. June Retail Sales were up .5% from May influencing the Atlanta Fed to bump up the 2nd Quarter GDP forecast to 4.5%, more than double the 1st Quarter’s 2%.

3. June Housing Starts fell 12% from May. Single-family starts reached a 10-year high in November 2017, but they have fallen steadily since.

4. Despite a huge need for more inventory of homes, higher labor, land, and material costs are some of the reasons cited by homebuilders for the slowdown in new construction.

5. The government agency formerly known as the CFPB is now officially known as the BCFP, which stands for the “Bureau of Consumer Financial Protection.”

6. Acting Director, Mick Mulvaney, recently changed the name to reflect the way the name officially reads in the 2010 Dodd-Frank Act, which created the agency.

Rate Update

Last week was relatively quiet for mortgage rates. The major economic data was mixed and rates ended the week a bit higher.

This Week

Existing Home Sales will be released on Monday, New Home Sales on Wednesday, Durable Orders on Thursday.

July 23, 2018 by · Leave a Comment

About James

James A. Williamson is currently the Sr VP of Sales Development for Shelter Lending Services (formerly Fairfield Mortgage). James joined Shelter in 1994 and was the company's top Loan Officer in GA for 20 straight years helping over 2500 families finance their homes. James now oversees an incredible group of Loan Officers in Atlanta while further building Shelter's Atlanta business.

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