The economy grew at a 3.4% pace in the second quarter, a big improvement over the 0.6% showing in the first three months of 2007 and better than the 3.2% growth rate economists were expecting, the Commerce Department reported July 27. Also in the second quarter, core prices — excluding food and energy — rose at a rate of just 1.4%, sharply down from a 2.4% pace in the first quarter and the smallest increase in four years.

Meanwhile, consumer sentiment registered 90.4 in July, a shade below the median forecast of 91.2, but well ahead of June’s reading of 85.3, a 10-month low. The gain was tied to consumers’ favorable outlook about the economy, particularly regarding future employment and income prospects, the Reuters/University of Michigan Survey of Consumers said July 27.

Orders for durable goods — manufactured to last three years or more — increased by 1.4% in June, the best performance in three months, the Commerce Department reported July 26. Soaring demand for commercial airplanes helped fuel the rise.

Sales of new single-family homes dropped by 6.6% last month, a decline more than triple what analysts had expected, the Commerce Department reported July 26. New home sales are 22.3% below the level of a year ago.

Sales of existing homes fell 3.8%, a decline about twice what had been anticipated. Yet the median price of an existing home edged up to $230,100, 0.3% more than a year ago, the National Association of Realtors said July 25.

This week look for updates on personal income on July 31 and the unemployment rate on August 3.

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713