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MarketMinute | How are builders feeling about the market?

May 20
5:14
AM
Category | Markets in a Minute

  • Stocks continued to sell off in anticipation of an economic slowdown expected with future Fed actions, helping mortgage rates this week.
  • Retail spending increased 0.9% in April, despite inflation. This 4th straight monthly increase signals the economy is still strong.
  • Unemployment claims rose last week to 218K, the highest since January. However, continuing claims fell to the lowest level since 1969.

  • Existing home sales dropped in April to the lowest level since the start of the pandemic due to the ongoing lack of inventory.
  • Homebuilder sentiment dipped to a 2-year low in May, as declining demand and rising costs raised concerns. It is expected to bounce back.
  • Last week’s purchase mortgage applications fell 12% week to week and 15% year over year.