6/28: MetroIntelligence Economic Update by P. DUFFY

May Pending Home Sales up 1.1 percent from April, down 0.7 percent year-on-year

The Pending Home Sales Index climbed 1.1% to 105.4 in May, up from 104.3 in April. Year-over-year contract signings declined 0.7%, marking the 17th straight month of annual decreases.



Mortgage applications rise 1.3 percent, rates slide another 8 basis points

The Market Composite Index increased 1.3 percent on a seasonally adjusted basis from one week earlier (but still up 9.0 percent year-on-year), with purchase loans dipping 1.0 percent and refinance activity up 3.0 percent.   The average contract interest rate for 30-year fixed-rate loans decreased to 4.06 percent from 4.14 percent.



Morgan Stanley Business Conditions Index falls sharply in June

Morgan Stanley’s Business Conditions Index (BCI) fell 32 points in June, landing at 13 from 45 in May.  This drop is the largest one-month decline on record, and the lowest level for the index since December 2008.  The manufacturing subindex business conditions fell sharply to zero, while the services subindex also fell from 35 to 18.