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Succinct Summation of Week’s Events 5.29.15
Succinct Summation of Week’s Events: Positives: 1) Pending home sales in April rose 3.4% m/o/m, better than expectations of a gain of .9%. Y/o/y improvement was 13.4%. 2) Purchase applications were up 1.2% w/o/w off a 5 week low last week. The index though is still up 13.8% in the important spring selling season. 3) New home sales in April totaled 517k annualized, slightly above the estimate of 508k and up from 484k in March (revised up by 3k). Months supply fell to 4.8 from 5.1 in March and vs 4.6 in February. Home price gains were aggressive, rising by 8.3% y/o/y and 4.1% sequentially. 4) Durable goods orders ex ... (full story)