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Schedule for Week of Apr 23, 2017

The key economic reports this week are Q1 GDP and March New Home sales.----- Monday, Apr 24th -----8:30 AM: Chicago Fed National Activity Index for March. This is a composite index of other data.10:30 AM: Dallas Fed Survey of Manufacturing Activity for April. ----- Tuesday, Apr 25th-----9:00...

OIl: Decent increase for Oil Rig Count

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Apr 21, 2017:• Total US oil rigs were up 5 to 688 • US horizontal oil rigs added 9 to 581 ...• The US horizontal oil rig count is now within two weeks of the entire number necessary to cover the US contribution to...

A Few Comments on March Existing Home Sales

Earlier: NAR: "Existing-Home Sales Jumped 4.4% in March"A few key points:1) As usual, housing economist Tom Lawler's forecast was closer to the NAR report than the consensus.  See: Lawler: Early Read on Existing Home Sales in March "I project that US existing home sales as estimated by the...

NAR: "Existing-Home Sales Jumped 4.4% in March"

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, ascended 4.4 percent to a seasonally adjusted annual rate of 5.71 million in March from a downwardly revised 5.47 million in February. March's sales pace is 5.9 percent above a year ago and surpasses January as the strongest month of sales since February 2007 (5.79 million). Total housing inventory at the end of March increased 5.8 percent to 1.83 million existing homes available for sale, but is still 6.6 percent lower than a year ago (1.96 million) and has fallen year-over-year for 22 straight months. Unsold inventory is at a 3.8-month supply at the current sales pace (unchanged from February)...

Black Knight: Mortgage Delinquencies Declined in March to 11 Year Low

Delinquencies declined 14 percent month-over-month, hitting their lowest level since March 2006 and the fourth lowest point since the turn of the century; Total non-current inventory – all loans 30 days or more past due or in active foreclosure – fell below 2.3 million, the lowest volume in 11 years; After hitting a three-year low in February, prepayment speeds (historically a good indicator of refinance activity) rose 20 percent in March; still 26 percent below last year’s level...

Friday: Existing Home Sales

I expect existing home sales to be above the consensus forecast, see: Lawler: Early Read on Existing Home Sales in April Friday:• At 10:00 AM ET, Existing Home Sales for March from the National Association of Realtors (NAR). The consensus is for 5.61 million SAAR, up from 5.48 million in...

Hotels: Hotel Occupancy Rate Decreases Year-over-Year

From HotelNewsNow.com: STR: US hotel results for week ending 15 April The U.S. hotel industry reported negative results in the three key performance metrics during the week of 9-15 April 2017, according to data from STR. Opposite from previous weeks, performance growth was negatively affected by the Easter calendar shift from 27 March 2016 to 16 April 2017. In comparison with the week of 10-16 April 2016, the industry reported the following: Occupancy...

NMHC: Apartment Market Tightness Index remained negative in April Survey

From the National Multifamily Housing Council (NMHC): Apartment Markets Sluggish in the April NMHC Quarterly Survey

Despite moderate improvements over the first quarter of 2017, all four indexes of the National Multifamily Housing Council’s (NMHC) Quarterly Survey of Apartment Market Conditions remained below the breakeven level of 50. The Market Tightness (41), Sales Volume (30), Equity Financing (42), and Debt Financing (41) all indicated continued softening conditions in apartment markets even as demand for apartment residences remains strong...