Hmmm….is this the bottom?

 

While the economic data released during the week generally matched expectations, the outlook for future economic growth improved due to strong earnings reports, tame inflation data and a revised forecast from the Fed.

 

Stronger economic growth was good news for the stock market, and the Dow rose over 500 points. But it was unfavorable for the bond market, however, and mortgage rates ended the week moderately higher. With hints of topping 6% popping back into the news.

 

The housing sector data released during the week showed improvement. June Housing Starts rose 4% to the highest level in seven months. Building Permits, a leading indicator, jumped 9%. The national Association of Home Builders (NAHB) sentiment index increased to the highest level since September 2008. According to the NAHB, the first-time homebuyer tax credit, low mortgage rates, and "attractive" home prices are helping home sales.

 

Ok buyers…you keep asking where the bottom is….don’t blink.