Is Consumer Sentiment Improving?
After dropping sharply in July, the University of Michigans consumer sentiment index improved a bit in Augusts preliminary reading, rising from 67.8 to 69.6. Also, there was a modest rise in the percentage of consumers who believe that now is a good time to buy a house from 75% to 76% a return to the June number and its highest reading since March. The most common reasons cited for favorable home buying conditions were low prices (63%) and low interest rates (44%). Meanwhile, mortgage applications have generally been on the rise, with the four-week moving average for applications up in nine of the last 10 weeks. Mortgage purchase applications are also showing some improvement, with the four-week moving average up in three of the last four weeks. Residential Construction on Hold With the economy advancing at a snails pace and consumer confidence rebounding hesitantly, most potential home buyers remain on the sidelines despite low interest rates and affordable house prices. As a result,
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