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Mortgage applications fell 6.6% last week and 3.5% higher than a year ago, according to the Mortgage Bankers Association. Applications to refinance fell 7% for the week and were 2.8% higher than a year ago. Mortgage applications to purchase a home fell 6% for the week and were 3% higher than a year ago.

The National Association of Realtors says existing home sales dropped 3.2% in January. Existing home sales, which account for about 90% of U.S. home sales, declined 4.8% on a year-on-year basis. At January's sales pace, it would take 3.4 months to exhaust the current inventory. A six-to-seven-month supply is viewed as a healthy balance between supply and demand. The median house price increased 5.8% from a year ago to $240,500.

Davos Brands, a New York wine and spirits firm has acquired House Spirits Distillery's Aviation American Gin brand. House Spirits will continue to produce the gin at its distillery in Portland. (PBJ)

Sometimes it is not all rainbows and unicorns in the market but it is somewhere.  Lucky Charms the magically delicious cereal is adding a new charm to the mix for the first time in ten years. A unicorn with pink-and-blue striped mane and horn.  It will appear staring in March. (FBN)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

If you would like an audio version for use every business morning contact Troy Reinhart at Northwest Quadrant Wealth Management

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