For the Week Ending December 22, 2017
Please enjoy this quick update on what happened this week in the housing and financial markets.
The final version of the tax reform plan has been approved by both chambers of Congress. President Trump should sign it into law on or before January 3rd.
Third quarter economic growth estimates were lowered slightly from 3.3% to 3.2%. Even still, the economy grew at its fastest pace in more than 2 years.
Despite a jump in the number of filings for unemployment benefits last week, the underlying trend in jobless claims remained consistent with a strong labor market.
Existing home sales hit an 11-year high in November, despite tight inventory. They rose 3.8% on a year-over-year basis, rising for the 3rd straight month.
New home starts were above expectations for November, at 1.297 million (annualized rate). Single-family housing units surged to a more than 10-yr high.
Pointing to further future increases in inventory, single-family home permits rose 1.4% to 862,000. This is a level not seen since August 2007.
Why does Scrooge love reindeer so much?
Please note: We will not publish The Markets in a Minute during Christmas week. Hope your holiday is great, and we'll see you in the new year.
Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends candiffer from our own and are subject to change at any time.
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