New Home Sales Decline 15.4 Percent in March

The Federal Open Market Committee announced that it would lower the target range for the federal funds rate by 50 basis points to 4.75-5%.

The OCC released the second quarter 2024 mortgage metrics report, which showed that 97.3% of first-lien mortgages in the federal banking system were current and performing at the end of the quarter.

Housing starts increased by 9.6% in August from the month prior to a seasonally adjusted annual rate of 1.36 million, the Commerce Department reported.

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Business inventories in July came in at $2.57 trillion, up 0.4% from the month prior and up 2.5% from a year ago, the Commerce Department said.

Builder confidence in the market for single-family homes in September was 41, up two points from the previous month, according to the NAHB/Wells Fargo Housing Market Index.