1/20: MetroIntelligence Economic Update by P. DUFFY

December new home mortgage applications dip 5.0 percent from November but up 38.7 percent year-on-year

Mortgage applications for new home purchases increased 38.7 percent in December 2019 compared to December 2018. However, compared to November 2019, applications decreased by 5 percent. This change does not include any adjustment for typical seasonal patterns.

https://www.mba.org/2020-press-releases/january/december-new-home-purchase-mortgage-applications-increased-387-percent

 

January Fed’s Beige Book:  Modest economic expansion in final weeks of 2019

Economic activity generally continued to expand modestly in the final six weeks of 2019. Home sales trends varied widely across Districts but were flat overall, while residential rental markets strengthened. Some Districts pointed to low inventories as restraining home sales. New residential construction expanded modestly. In many Districts, tariffs and trade uncertainty continued to weigh on some businesses. Expectations for the near-term outlook remained modestly favorable across the nation.

https://www.federalreserve.gov/monetarypolicy/beigebook202001.htm