W MarketMinute | Renovations push construction spending - Greenway Mortgage Blog
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  • Jobless claims last week came in at 200k, lower than expected. The 4-week moving average of new applications hit a 2-year low.
  • The Fed's main gauge of inflation drifted higher in November, reaching 2.8%. The reported rate was in line with expectations.
  • Google searches for “No Buy January” hit a 5-year high, as Gen Zers and millennials committed to a freeze on buying nonessential goods.

Housing News

  • Pending home sales dropped sharply in December, down 9.3% from November and 3% year over year. Homes averaged 39 days on the market.
  • President Trump signed an executive order detailing a multi-part process designed to limit institutional purchases of single-family homes.
  • Construction spending rose more than expected in October, likely due to home renovations. Spending fell for new single- and multi-family projects.

Market Minute Report - Mortgage News