11/29: MetroIntelligence Economic Update by P. DUFFY

October new home sales declined 8.9 percent from September and 12.0 percent year-on-year

Sales of new single-family houses in October 2018 fell 8.9 percent from September and 12.0 percent year-on-year to the lowest rate in nearly three years, or an annualized rate of 544,000 units.  Meanwhile, inventory rose to 7.4 months, the highest level in 7.5 years.

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November Investor Confidence Index dips another 1.7 points to 82.7

The Global Investor Confidence Index decreased to 82.7, down 1.7 points from October’s revised reading of 84.4. While the sentiment of global consumers and purchasing managers is rolling over gently to reflect the potential of economic headwinds, investor confidence has posted one of its quickest deteriorations in a decade.

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Mortgage applications rebound 5.5 percent as fixed rates slip four basis points

The Market Composite Index increased 5.5 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 9.0 percent and refinance activity up 1.0 percent. The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.12 percent from 5.16 percent.

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