Please enjoy this quick update on what happened this week in the housing and financial markets.
- Manufacturing activity rebounded in January, with the ISM index at its highest level since July. The improvement likely reflects ebbing trade tensions with China.
- Fears of a slowdown in the global economy caused by the coronavirus are dissipating. Stocks have recovered, and rates are creeping up on new investor optimism.
- New orders for U.S. made goods saw their highest increase in nearly 1-1/2 yrs in December. The data points to an improving economy, which could pressure rates higher.
- Construction spending dipped in December. However, residential construction spending gained 1.4% as homebuilders grew more confident.
- Realtor.com predicts millennials' share of mortgage originations will surpass 50% for the first time this spring, with Gen X at 32% and baby boomers at 17%.
- Home design and decorating fads that are fading fast include macramé, all-gray interiors, shiplap, tribal prints, concrete countertops, and accent walls.