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Saturday, May 21, 2011

Wells Fargo’s Weekly Economic & Financial Commentary

- Housing starts declined 10.6 percent in April, as single-family starts dropped 5.1 percent and multifamily projects fell 24.1 percent.
. The outlook for the housing market remains weak, as housing permits slipped below the three-month moving average to 551,000 in April.
- Existing home sales in April fell to 5.05 million units on an annualized basis, and the supply of existing homes jumped to 9.2 months from 8.3 months during March.
- The Mortgage Bankers Association data on purchase applications fell 3.2 percent during the second week of May, even as mortgage rates declined.
- Manufacturing production fell 0.4 percent in April marking the second consecutive monthly decline, as motor vehicle and parts production plunged 8.9 percent.

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