Mortgage Market Update 10-21-14

The National Association of REALTORS® reported today that sales of Existing Homes rose by 2.4% from August until September to the highest level this year. Sales rose to 5.17 million units on an annualized basis and above the 5.11 million expected. Within the report it showed that cash sales made up 24% of all transactions and down from 33% last year this time. However, sales are down 1.7% from the 5.26 million units recorded in September of 2013.

Consumer spending for candy, costumes and decorations this October is setting up 2014 as the most ever spent for Halloween. Spending is set to hit $7.4 billion this year and is making it the second-fastest growing holiday for consumer spending. The National Retail Federation said that 43% of shoppers start Halloween shopping in the first two weeks of the month, while just under 25% wait until the last minute.

Fast food giant McDonald’s reported on Tuesday that third-quarter earnings were worse than expected as the world’s largest restaurant company struggles with sales in other parts of the globe. President and Chief Executive Don Thompson said that there was a significant decline in the numbers from the same period as last year due to a higher effective tax rate, unusual events in Europe and Asia, as well as under performance here in the U.S. McDonald’s reported a profit of $1.07 billion in the latest quarter compared with $1.52 billion a year earlier.