Economic News Lately
Monday, December 2, 2013, 12 Months Ago, Comments 
As 2013 draws to a close, the luxury real estate market has shown continued strong sales.
As 2013 draws to a close, the luxury real estate market has shown continued strong sales. Los Angeles county has been a solid market in the U.S., with issued permits for construction and renovations at some of the highest levels in years. A lot of investors flocked to markets that showed solid sales figures.
The U.S. economy expanded 1.6% in the year ending in Q3 of this year. Since the 2009 recovery, the average annual growth rate of 2.3% was a clear indication that a slow recovery is still occurring. This is why, according to the Bureau of Economic Analysis, the Federal Reserve has elected to keep it's $85 billion a month financial asset purchases intact.
The home-ownership rate in the U.S. remained the same, at a mere 65.1% during Q3 of this year, which is at its lowest level in 18 years. This according to the U.S. Census Bureau in their Advance Monthly Retail Trade Report.
30-year fixed-rate mortgage rates in Freddie Mac's survey averaged 4.35%, ending November 14. This marks an increase from an average of 4.16% the previous week. The average rate for the previous month hovered at 4.19% Rates have been a moving target for the past few weeks, but the consensus is that they will remain relatively flat to finish out the year.
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