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August 27th, 2008

Businesses Propping Up Economy



New orders for durable goods, products meant to last three years or more, posted their third consecutive increase in July, raising 1.3%, the same increase reported in June. With consumers holding back from supporting the economic structure, businesses — along with consistently strong exports — have supported the wounded economy recently. Yet, as foreign markets continue to slow, the question is: how long can American exports and business spending prop up the fragile economy? Consumer spending and the housing market will have to improve first and foremost to keep the wheels turning.

The good news is that the housing market began to stabilize in July: existing-home sales rose by 3.1%, lifting annual home sales to the 5 million mark. Single-family home sales rose 2.4% in July as well. Cheaper energy prices were the main cause for consumer confidence to rebound to 56.9 in August, up from a reading of 51.0 in June, the lowest level in 16 years.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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