Permit for construction for private housing units decreased to a rate of 551,000, which is 4% below the March rate of 574,000 and 12.8% below the April 2010 estimate of 632,000. Construction permits for single-family homes decreased to a rate of 385,000, which is 1.8% below the March figure of 392,000.

The housing starts and construction permits were not the only area where decreases were seen. According to the National Association of Realtors sales of existing single-family homes, townhomes, condominiums and co-ops decreased 0.8% to a seasonally adjusted annual rate of 5.05 million in the month of April, which is down from the numbers seen in March at 5.09 million. April’s figure was 12.9% below what was seen in April of 2010 at 5.8 million.

NAR chief economist Lawrence Yun stated, “Given the great affordability conditions, job creation and pent-up demand, home sales should be stronger,” and went on to say, “although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations.”

According to reports by the Federal Reserve, industrial production for the month of April was unchanged after seeing an increase of 0.7% in the month of March.

Manufacturing also decreased 0.4% in the month of April after seeing nine months of increases. The auto industry saw total motor vehicle assemblies decrease from an annual rate of 9 million units in the month of March to 7.9 million units in the month of April, mainly due to parts shortages that were the direct result of the earthquake in Japan. Not including motor vehicles and parts, factory production increased 0.2% in the month of April.

 April’s total industrial production was at 93.1% of the 2007 average and is still 5% higher than the 2010 level. The overall rate of capacity utilization for all industry production decreased 0.1% to 76.9 percent, which is a rate 3.5% below its average from 1972 to 2010.

There was good news. First unemployment claims for the week that ended on May 14 dropped to 409,000, a decrease of 29,000 from the prior week’s figure of 438,000, as reported by the Employment and Training Administration. The four-week moving average was at 439,000, which is an increase of 1,250 from the prior week’s average of 437,750.

The entire number for seasonally adjusted insured unemployment during the week that ended on May 7 was 3,711,000, which is a drop of 81,000 from the prior week’s level of 3,792,000. The four-week moving average was at 3,728,250, which was an increase of 750 from the prior week’s average of 3,727,500.

Upcoming reports

New home sales for April – May 23

Durable good orders – May 25

1^st quarter gross domestic product – May 26

First jobless claims – May 26

Personal Income and expenditures for April – May 27

Consumer sentiment for May – May 27

According to the Mortgage Bankers Association the seasonally adjusted composite index of mortgage applications decreased the week that ended on October 0.2 percent while refinancing applications decreased 2.5 percent and purchase volume rose 9.3 percent which is the highest seen since the beginning of May.

Factory orders decreased in the month of August to hit a seasonally adjusted $408.9 billion. There was an increase of 0.5 percent in the month of July. The decrease is blamed on a 40.2 decrease in demand for commercial aircraft but excludes volatile transportation, which increased 0.9 percent.

The monthly composite index of non-manufacturing activity according to the Institute for Supply Management increased to 53.2 in the month of September from 51.5 in the month of August. Any reading above 50 shows expansion. This was the ninth consecutive month of seeing growth.

Increased inventory of 0.8 percent was seen with wholesalers in the month of August after an increase of 1.5 percent in the month of July. At the wholesale level, sales increased 0.5 percent in the month of August after seeing a 0.8 percent rise in the month of July. Economists had expected a rise of 0.5 percent for the month of August.

First claims for unemployment benefits decreased by 11,000 to 445,000 for the week that ended on October 2, while continuing claims for the week that ended on September 25 decreased by 48,000 to 4.45 million. The unemployment rate remained the same at 9.6 percent in the month of September.

What to look for on the economic calendar – International trade on October 14 and on October 15 retail sales.

Consumer debt fee in July by $3.6 million as reported by the Federal Reserve. Economist had believed this would decrease $3.5 billion in July. In June, consumer credit debt decreased by $1.3 billion, in May $5.3 billion, and in April $14.9 billion.

ICSC-Goldman Sachs index showed retail sales decreased 0.4 percent for the week that ended on September 4. On a year-over-year basis, retailers saw sales rise 1.8 percent, which is the lowest, reading seen since May.

The trade deficit fell 14 percent to $42.8 billion for the month of July. Economists had predicted it to increase to $46.8 billion. Exports increased 1.8 percent to $153.3 billion which is the best reading noted since August of 2008. Civilian aircraft, industrial machinery, computers and telecommunications equipment sales reported gains while imports decreased by 2.1 percent to 196.1 billion.

Wholesaler’s inventory rose 1.3 percent in the month of July after a 0.3 percent increase in June. Wholesale sales level increased 0.6 percent in the month of July which is the best seen since April. Economists had expected inventories would increase 0.4 percent in the month of July.

Unemployment benefits claims decreased by 27,000 to 451,000 for the week that ended on September 4. Economists predicted claims would decrease to 470,000. Continuing claims for unemployment for the week that ended on August 28 decreased by 2,000 to 4.47 million.

What economic calendar reports to look forward to include retail sales on September 14, consumer inflation September 17, and industrial production September 15.

An increase of 0.8% was seen in April with a 0.1% decrease in March on The Standard & Poor’s/Case-Shiller 20-city housing price index.

The National Association of Realtors accounted that the pending home sales index, which is a forward-looking indicator based on signed contracts, decreased 30% in May while a revision was made in April with a 6% increase.

Spending for total construction declined 0.2% to $841.9 billion in May, after a revised 2.3% rise in April. Economists had predicted a larger drop of 0.5% in May.

Consumer confidence index declined to 52.9 in the month of June while the revised number for May was 62.7. Economist believed the reading was going to be 62.8. The index was benchmarked in 1985 at 100; this year was chosen, as it was neither a peak nor a low in consumer confidence.

The Institute for Supply Management stated that the monthly composite index of manufacturing activity was 56.2 in June while in May it was at 59.7. Any reading above 50 is a sign of expansion. This made 11th months of expansion in a row.

In May, factory orders declined 1.4%, which was more than the 0.5% decrease from what economists had anticipated. This was the largest drop since March 2009, which ended 8 straight monthly gains.

Initial claims for unemployment benefits increased by 13,000 to 472,000 for the week that ended on June 26. Continuing claims for the week that ended on June 19 increased by 43,000 to 4.62 million. The unemployment rate decreased in June to 9.5% from a 9.7% in the month of May.

Economic calendar upcoming include reports on wholesale trade on July 9 and chain store sales on July 7.

The monthly composite index of manufacturing activity was at 59.7 in May as reported by the Institute for Supply Management following 60.4 in April. Any reading above 50 is a sign of expansion. This was a 10th month of expansion in a row.

Total construction spending increased 2.7 percent in April to $869 billion after an increase in March of 0.4 percent. The gain in April was the highest seen since August of 2008.

Factors orders increased in April 1.2% which was below the economists expectation of 1.8%. On the good note, it was the 8th month in a row a gain was seen after a 1.7% in March.

The monthly composite index of non-manufacturing activity was 55.4 in May as reported by the Institute for Supply Management as it was in April. Any reading above 50 is a sign of expansion. Economists believed a reading of 55.6 would occur, but with this reading, this was the 5th month in a row for growth.

The first quarter as reported by the Labor Department rose at an annual rate of 2.8% while labor costs fell at 1.3% annual rate.

Unemployment benefit initial claims fell a whopping 10,000 to end up at 453,000 for the week ending on May 29. Continuing claims for the week ending on May 22 rose to 4.66 million with 31,000 claims added. In May, 431,000 jobs were added by employers while in April that figure was 290,000. This in itself decreased the unemployment rate seen in April of 9.9% to May at 9.7%.

Reports are due on the wholesale trade on June 9 with international trade reports on June 10 and on June 11 retail sales.

The Commerce Department said wholesalers increased their inventories by 0.4% in March, following a 0.6% rise in February. Sales at the wholesale level rose a robust 2.4% in March, marking the 12th straight monthly gain.

The trade deficit increased 2.5% to $40.4 billion in March, from a revised $39.4 billion gap in February. Economists had expected the trade deficit to widen to $40.1 billion. Exports rose 3.2% to $147.87 billion. Imports increased 3.1% to $188.3 billion.

Retail sales rose 0.4% in April, following an upwardly revised 2.1% increase in March. Economists had anticipated retail sales to rise 0.2% in April. On a year-over-year basis, retail sales increased 8.8%.

Industrial production at the nation’s factories, mines and utilities increased 0.8% in April, following a 0.1% gain in March. It was the 10th consecutive monthly increase. The overall factory-operating rate rose to 73.7% of capacity in April, the highest reading since November 2008.

Total business inventories rose 0.4% in March, following an upwardly revised 0.5% increase in February. All components showed nearly uniform increases in March: manufacturers up 0.3%, retailers up 0.4%, wholesalers up 0.4%.

Initial claims for unemployment benefits fell by 4,000 to 444,000 for the week ending May 8. Continuing claims for the week ending May 1 rose by 12,000 to 4.627 million.

Upcoming on the economic calendar are reports on the housing market index on May 17, housing starts on May 18 and the index of leading economic indicators on May 20.

Consumer spending did indeed rise 0.5% to approximately $52.4 billion in January, slightly more than economists had anticipated. Personal income had increased 0.1% to right at $11,400,000,000 billion.

The Institute for Supply Management reported that the monthly index of manufacturing activity was 56.5 in February after reaching 58.4 during January. Nevertheless, it was the seventh straight month of expansion. A reading above 50 generally signals expansion.

The Commerce Department reported that total construction spending fell 0.6% in January after falling 1.2% during the month of December. Economists had expected a decrease of 0.7%.

The monthly index of non-manufacturing activity rose to 53 in February from 50.5 in the month of January. A reading above 50 usually signals expansion. Economists had anticipated a reading of 51. The reading was the highest since October 2007.

The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, fell 7.6% in January after a revised 0.8% increase in December.
The Labor Department reported productivity rose at an annual rate of 6.9% for our fourth quarter. Labor costs fell at an annual rate of 5.9%.

Factory orders rose approximately 1.7% in January, slightly below the 1.8% increase economists had anticipated. It was the fifth straight gain and follows a 1% increase in December.

The unemployment rate held at approximately 9.7% during February. Employers cut approximately 36,000 jobs in February, far fewer than expected. The four-week average for continuing jobless claims fell 134,000 to 4.500,000 million jobless claims.

Upcoming on the economic calendar are reports on wholesale trade on March 10, international trade on March 11 and retail sales on March 12

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The monthly index of activity in the manufacturing industry as reported by the Institute for Supply Management was an increase from 54.9 in December to 58.4 in January. This is a good sign as it is the fastest growth seen since the summer of 2004 and the sixth month of expansion in a row. A show of more than 50 signals expansion.

Spending in the construction sector fell just a bit over 1 percent in December after down turning in November of the same percentage of 1.2 percent. It was speculated by economists to see a .5 percent decrease.

In the non-manufacturing sector in the United States, January saw a rise to 50.5 in January after in December seeing a revised 49.8. Once again, any reading over 50 shows expansion. This time economists were wrong again expecting a reading of 51.

Pending home sales index as reported by the National Association of Realtors, which was based on contracts that have been signed showed a rise of 1 percent in the month of December. At this time a year ago, the amount of homes sales was up 11 percent.

The seasonally adjusted index seen by the Mortgage Bankers Association for mortgage application during the last week of January saw an increase of 21 percent to 620.7. An increase of 10.3 percent was seen in the purchase volume bringing it to 237.8. Refinancing applications increased a great amount to 2,854.8, which was a 26.3 percent increase.

Productivity increased as stated by the Labor Department at a yearly rate at 6.2 percent in the 4th quarter, which followed a 3rd quarter increase of 7.2 percent. Overall, labor costs decreased at a yearly rate of 4.4 percent.

Factory orders was up 1 percent in December as reported by the Commerce Department, which was double the increase economists believed of 0.5 percent. This was the fourth time in a row we saw a gain and it followed a 1 percent increase in November, which was revised.

Construction spending as reported by the Commerce Department decreased 1.2 percent in December after a decrease of 1.2 percent in November. Economist believed a 0.5 decrease would be seen.

New economic calendars will be reporting on wholesale trade on February 9, February 11 is for retail sales reports and February 12 consumer sentiment.

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A decline of around 10% was the industry consensus.

Here’s the full announcement from the National Association of Realtors

The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 5.7% in the fourth quarter of 2009. It was the second consecutive quarter of growth and the fastest pace since the third quarter of 2003.

The Standard & Poor’s/Case-Shiller 20-city housing price index rose a seasonally adjusted 0.2% in November. It was the sixth consecutive monthly gain and follows a 0.4% increase in October. On a year-over-year basis, the gauge was down 5.3% from November 2008.

The consumer confidence index rose to 55.9 in January from an upwardly revised 53.6 in December. The index was bench marked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.

Orders for durable goods — items expected to last three or more years — rose 0.3% in December after a 0.2% increase in November. Excluding volatile transportation-related goods, orders posted a monthly gain of 0.9%.

New home sales fell 7.6% in December to a seasonally adjusted annual rate of 342,000 units from an upwardly revised rate of 370,000 units in November.

Initial claims for unemployment benefits fell by 8,000 to 470,000 in the week ending January 23. Continuing claims for the week ending January 16 fell by 57,000 to 4.6 million.

Upcoming on the economic calendar are reports on construction spending on February 1, pending home sales on February 2 and factory orders on February 4.

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First, NAR is contributing $550,000 to charities that will help bring much-needed supplies and care to the people of Haiti. Included in that sum is $100,000 donated by our REALTOR Benefits® Program partner, Lowe’s®, which NAR matched at $100,000. From they will donate $50,000 to The Harvest of Haiti, founded by REALTOR® Patrick Moore, a 2007 Good Neighbor Award winner. Patrick has done great work for several years in Haiti supporting orphans, delivering clean water and providing medical care for more than 3,500 people a year.

NAR is also contributing $500,000 to the Clinton Bush Haiti Fund, which is supporting earthquake recovery efforts with immediate relief and long-term support to earthquake survivors. For up-to-the-minute information about these efforts, visit NAR’s Haiti relief page on REALTOR.org.

Second, NAR is asking for our support and accepting donations from REALTORS® through the REALTORS® Relief Foundation. Please consider giving today. To make a donation, go to , and complete the contribution form.

Dr. Martin Luther King, Jr. once said: “An individual has not started living until he can rise above the narrow confines of his individualistic concerns to the broader concerns of all humanity.”

Our fellow REALTORS® have earned a reputation for our compassionate work on behalf of others – both here in the United State and around the world. I hope you will join our latest efforts and bring that same compassion and hope to people who desperately need it.

As we all know this is a great cause, and many Haitian families and children are in great need. I must say if you have not done your part as a REALTOR® I would highly recommend taking a few minutes and contributing to this REALTORS® Relief Foundation and please take action now as Haiti really needs all of the worlds support.

I have asked my fellow Tulsa area REALTORS®, to please take a moment and help the Haitian families and children as they are such need, especially with the current tragedy and historic devastation.

So, let’s all stand up as REALTORS® not only Tulsa area REALTORS®, but throughout the nation with the compassionate hearts we are known for and do our part to help this country in need.

Once again, please take a few moments, and  go to www. realtor.org/relief to make your donation.

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