Housing Approvals

The number of owner-occupied housing finance approvals rose 1.7% in July, after a 3.2% fall in June. The July outcome is only the second rise in owner-occupied approvals since September 2009, as the regular interest rate rises between October 2009 and May 2010 led to consecutive declines in the series.

The total value of loans rose 0.7% in July, with owner-occupier values up 2.3% while investment approvals fell 2.3%, the second consecutive monthly fall. Investor approvals had been trending higher in early 2010, but with house price growth moderating after the rate rise, investor approvals have eased back

US Fed Beige Book
The Federal Reserve’s Beige Book reported ‘continued growth’ in economic activity through late July until the end of August, ‘but with widespread signs of a deceleration compared with preceding periods.’ Of the Fed’s 12 Districts, five of them highlighted mixed conditions or a deceleration in activity