Market News 8-17-18
Instability in the Turkish economy has concerned investors in markets globally. A flight to safety in U.S. bonds has helped mortgage rates this week. Bolstered by a strong economy, small business confidence is at a 35-year high. Owners are reporting difficulty in filling positions, a sign of the strong labor market. Jobless claims fell for a 2nd straight week last week. The data suggests there is no impact yet on the labor market from ongoing trade tensions.
New home construction was less than forecast in July, but still increased 0.9%. Permits for future construction were up 1.5% over the previous month. Homebuilder sentiment fell to the lowest point in almost a year as affordability becomes a bigger worry. However, demand remains strong as rates remain low. Home searches are stretching on longer as buyers look for the perfect space. Buyers say they are not finding the features they want or a price they can afford.
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