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Markets in a Minute – 10/31/2014

For the Week Ending October 31, 2014
Please enjoy this quick update on what’s happening this week in the housing and financial markets.

The advance estimate of third quarter GDP growth is slightly higher than expected. Good economic news can lead to higher rates.
As expected, the Fed’s Quantitative Easing ends this month. Members are positive about labor and inflation. Policy rates will likely remain low for some time.
Consumer confidence is at a recovery high. Expectations for jobs and income lead the October increase. More confident consumers could mean more buyers.

Pending home sales were up slightly last month. For the first time in 2014, they were higher than last year.
New home sales set a recovery high for the second consecutive month. A drop in median price shows builders may be helping buyers with price concessions.
In more good news for buyers, Case-Schiller reports slower price gains. Prices are marginally higher over the last month and a little stronger over last year.

An investment counselor realized that she needed an in-house counsel and began to interview young lawyers. “As I’m sure you can understand,” she said to one of the first applicants, “in a business like this, our personal integrity must be beyond question.”

She leaned forward. “Mr. Mayberry, are you an honest lawyer?”

“Honest?” replied the job prospect. “Let me tell you something about honest. Why, I’m so honest that my father loaned me $15,000 for my education, and I paid back every penny the minute I tried my first case.”

“Impressive. And what sort of case was that?” asked the investment counselor.

The lawyer squirmed in his seat and admitted, “He sued me for the money.”

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

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