5/15: MetroIntelligence Economic Update by P.DUFFY

Gallup:  Americans hoping to buy a home in the next 5 years exceeds home sellers

Slightly less than half of U.S. non-homeowners, 45%, say they plan to buy a home within the next five years. But their ability to do so may be hampered by a limited supply of homes, as 22% of current homeowners plan to sell within that time frame. Similarly, 18% of all U.S. adults do not own a home and plan to buy one in the next five years. Meanwhile, 13% of U.S. adults own a home and plan to sell in the same time frame.

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CoreLogic:  March home prices up 1.4 percent from February and 7.0 percent year-on-year

CoreLogic HPI:  Home prices increased nationally by 7.0 percent year over year from March 2017 to March 2018, while on a month-over-month basis, prices increased by 1.4 percent in March 2018. The CoreLogic HPI Forecast is projected to continue to increase by 5.2 percent year-over-year by March 2019.

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February mortgage delinquency share dips to 4.8 percent, down 0.2 points year-on-year

In February, 4.8 percent of mortgages were in some stage of delinquency, down from 5.0 percent a year ago. The foreclosure inventory rate was 0.6 percent, down 0.2 percentage points year-on-year.  Since August 2017, the foreclosure inventory rate has been steady at 0.6 percent, the lowest level since June 2007, when it was also 0.6 percent.

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March wholesale inventories rose another 0.3 percent

March wholesale inventories increased 0.3 percent from the prior month after posting significant gains in January and February. The ratio of inventories to sales for merchant wholesalers was 1.26 in March, meaning it would take merchants 1.26 months to clear shelves of their inventories. It’s a slight decline from the year-ago ratio of 1.28.

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Consumer sentiment remains flat in mid-May survey

Consumer sentiment remained unchanged in early May from the April survey.  What is likely to capture attention, however, are the small uptick in near term inflation expectations, the downward slippage in income expectations, and the expected stabilization of the national unemployment rate at decade lows.

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