The Commerce Department says single-family homebuilding climbed 5.3% to highest level since September 2007. Single-family home permits rose 1.4%.
The S&P 500 is officially up 20% for the year. Although you might think a big gain one year might mean weakness the next, that isn't usually the case. In fact, since 1950, the S&P 500 has logged an annual gain of 20% or more 18 times and was higher the next year 16 times, with 10 of those up double digits. Compare that to the 19 times it closed down for the year and one could argue there's about the same chance as a 20% gain versus a negative year. (LPL)
According to the Mortgage Bankers Association total mortgage application volume dropped 4.9% this week. Applications are now 8% percent lower than one year ago.
Mortgage applications to purchase a home fell 6% for the week and are up 1% from a year ago. Applications to refinance were down 3% for the week.
Michael Saltsman, with the Employment Policies Institute, wrote in Forbes that California is raising the minimum wage to $15 per hour statewide by 2022 for large businesses. His recently released study says “California will lose approximately 400,000 jobs by 2022 when the $15 rate is phased in.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.