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Economy News Today: Mortgage Applications, Same-Store Sales

news.investors.com | June 1, 2014

By IBD Staff

Mortgage applications sink

Even as interest rates ticked down for the 4th straight week, applications to buy a home fell a third straight week during the May 23 week and are down 54% for the year. Refinance applications, which had perked up in line with declining rates, fell and are down 67% for the year.

Freddie: Housing market stalling

Freddie Mac's Multi-Indicator Market Index is at -3.06, which indicates a weak market that seems to be losing ground. Only 13 states plus D.C. improved in March. Most improving markets are areas benefiting from the energy boom, Freddie said. Fewer than half the markets surveyed are improving vs. last year, when over 90% were.

Same-store sales sag

Sales declined 1.2% in the May 24 week, ICSC-Goldman said. They took the yearly gain to 2.1%, from 2.4% in the prior week. Redbook's survey also fell, to 3.2% from 3.9%. But both surveys are gradually trending higher — Redbook is up 0.7% for the month.

CEO pay jumped in '13, per a Wall Street Journal/Hay Group survey. Overall direct compensation, including base salaries, incentives and more, rose 5.5%, the most since '10.

German joblessness jumped by 24,000 in April, not enough to change the jobless rate from 6.7%. Vacancies also declined by 3,000.

French producer prices fell 0.1% for the month, 0.9% for the year in April. It was the 4th straight decline. Separately, French consumer spending on manufactured goods was flat in April, less than expected. It rose 1.2% for the year.

U.K. retail sales plunged in May, as 16% of CBI survey respondents reported higher volumes vs. a year ago, down from 30% in April and from forecasts for 35%.

EU sentiment up again

The European Commission's economic sentiment index rose higher than expected in May, 0.7 point to 102.7, the 12th rise in 13 months. Both components, industrial and consumer, made progress. France was the only large member country to show a decline.

ECB: progress, risk in finance

Bank risk has declined as banks strengthened their balance sheets and sovereigns enacted fiscal changes, the European Central Bank said in its Financial Stability Review. But the bank warned that a global hunt for yield is leading investors into risky assets, creating "pockets of illiquidity."

China's real estate boom is over, said its biggest residential developer, China Vanke Co., but real demand will persist for years.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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