This Month in Real Estate December 2016 (ESP)

Here is some more Economic News from Lauren and my friends at Movement Mortgage.

Last Week’s Economic News in Review

Retail sales saw slight gains ahead of the holidays, while housing starts experienced a predictable drop after hitting a nine-year high, and layoffs were down.

Retail Sales

Retail sales for November notched up to $465.5 billion, a slight gain of 0.1 percent over October, and 3.8 percent higher than November 2015, the Census Bureau reported last week. While posting a gain, November's sales were slightly below market expectations of a 0.3 percent gain for the start of the holiday shopping season.

Key retail growth segments included food services and drinking establishments, which grew 0.8 percent; furniture and home furnishing stores, which gained 0.7 percent; gas stations, which notched up 0.3 percent; and building material and garden equipment and supplies stores, which increased 0.3 percent.

Main economists commented that December could see a larger holiday spike, and particularly among non-store retailers.

"On a year-ago basis, total retail sales were up 3.8 percent in November, indicating that this will be a good year for holiday sales," PNC Financial Services Group Deputy Chief Economist Gus Faucher wrote in a public statement. "However, gains for traditional retailers will be much weaker due to the increasing reach of online sales."

Housing Starts

After seeing a nine-year high in October, starts on construction of private housing in November dropped to an annual rate of 1.09 million, which was a whopping 18.7 percent below October's rate of 1.34 million, which was the highest monthly rate in nine years, according to last week's report from the Census Bureau.

Compared annually, November's pace was 6.9 percent below November 2015's rate of 1.17 million. While the overall monthly figure was a sizable drop, starts on single-family homes fell 4.1 percent from October to a rate of 828,000 in November.

Construction permits for home construction issued in November dropped to an annual rate of 1.2 million, which was 4.7 percent below October's rate of 1.26 million, and was 6.6 percent below the November 2015's pace of 1.28 million. Meanwhile, permits issued for single-family homes in November notched up to a rate of 778,000, which was 0.5 percent higher than October's rate of 774,000.

"The trends in the single-family data still appear to be moving higher over time, which is a favorable signal regarding upcoming single-family construction activity," JPMorgan Economist Daniel Silver told the Reuters news service.

Initial Jobless Claims

First-time claims for unemployment benefits filed by the newly unemployed during the week ending December 10 dropped to 254,000, a decline of 4,000 claims from the preceding week's total of 258,000, the Employment and Training Administration reported last week.

This was slightly below market expectations of 256,000 initial claims, and marked the 93rd straight week that initial claims have fallen below 300,000, a mark that economists consider indicative of a growing job market. This has been the longest such streak since 1970.

The four-week moving average — considered a more accurate gauge of layoffs — totaled 257,750 claims, a gain of 5,250 from the prior week's average of 252,500.

This week we can expect:

Wednesday — Existing home sales for November from the National Association of Realtors.

Thursday — Third quarter GDP, third estimate, and personal incomes and spending for November from the Bureau of Economic Analysis; initial jobless claims for last week from the Employment and Training Administration; durable goods orders for November from the Census Bureau; leading economic indicators for November from The Conference Board.

Friday — New home sales for November from the Census Bureau; consumer sentiment for December from the University of Michigan Survey of Consumers.

Jeff Raupp Keller Williams Realty Clarkson

2654 HATTON Road Auburn Hills, MI 48326

Property Site: http://tour.circlepix.com/home/KAB4X5/2654-HATTON-Road-Auburn-Hills-MI-216112936

Dont miss this distinctive ranch home on a lush half acre tucked back in a beautiful Auburn Hills neighborhood. This prime location brags easy access to I-75, M-59, The Palace, DTE Energy Music Theater, Meadowbrook, Great Lakes Crossing, The Sea Life Aquarium and so much more! This solid & welcoming 2 bedroom features a kitchen that was beautifully redone in 2014, a new brick paver patio to enjoy the sprawling greenspace out back, extended parking off the garage, a roof that is less than two years old and a new water heater. Lots of natural light grabs your attention as you move through as well as the distinctive hardwood floors. A home of this quality, at this price in a city with such a low tax burden is an incredible value and opportunity for buyers so act fast!! Change your address, change your life BATVAI No virtual showings, licensed agent must be physically present for all showings

Bedrooms: 2

Bathrooms: 1

Square feet: 942

Price: $108,000

For more information about this property, please contact Jeff Raupp at 248-515-3968 or jraupp54@gmail.com. You can also text 4015247 to 67299.

See more listings at: www.yourwayhome.biz

MLS ID: 216112936

Residential for sale - 2604 FREEMAN, Orion Twp, MI 48360

2604 FREEMAN Orion Twp, MI 48360

Property Site: http://tour.circlepix.com/home/PTFNUD/2604-FREEMAN-Orion-Twp-MI-216107540

Distinctive & inviting this home is tucked away on a tranquil street in the heart of picturesque Lk Orion. Landscaping, decks to both levels & a fenced in backyard accent the greenspace & add multiple options for family & pets to safely enjoy! Best of all you can walk right down your own street & catch the trailhead into Bald Mtn Rec Area! Just minutes from Downtown, the lake itself, exceptional restaurants, Great Lakes Crossing, DTE and I-75. As you enter this house you recognize the immense living space. The kitchen is exceptional! Recent updates brought custom kitchen cabinets w pullouts & new GE stainless appliances. The bedrooms feature new flooring & built-in closets The main bth features flair & functionality. The lower level is versatile & welcoming with a massive family room space & walkout, newly updated half bth mud room w built in storage new carpet & direct garage entry for ultimate func & convenience & an enormous laundry room w lots of natural light & ceramic tile floor

Bedrooms: 3

Bathrooms: 2

Square feet: 2,193

Price: $239,900

For more information about this property, please contact Jeff Raupp at 248-515-3968 or jraupp54@gmail.com. You can also text 3980920 to 67299.

See more listings at: www.yourwayhome.biz

MLS ID: 216107540

Residential for sale - 20901 BON HEUR Street, St Clair Shores, MI 48081