Existing home sales fell year-over-year, down about 2.2%. Based on this data, it would take 4.3 months to exhaust all available inventory. Though housing inventory is still tight, this reflects a gradual pace to a more normal real estate market.
The FHFA house price index increased 6.4% year-over-year, showing that housing is still appreciating nationwide.
Reflecting the decline in home sales, new purchase mortgage applications declined 1%, but refinance applications increased 1%, indicating that home owners want to take advantage of mortgage rates now, as the feeling is that rates will continue moving up.
And Here’s Your Monday Morning Coffee…
“Labor was the first price, the original purchase-money that was paid for all things. It was not by gold or by silver, but by labor, that all wealth of the world was originally purchased.” ~ Adam Smith
The first Labor Day holiday was celebrated on Tuesday, September 5, 1882, in New York City, in accordance with the plans of the Central Labor Union.
In 1884 the first Monday in September was selected as the holiday, as originally proposed, and the Central Labor Union urged similar organizations in other cities to follow the example of New York and celebrate a “working men’s holiday” on that date.
The idea spread with the growth of labor organizations, and in 1885 Labor Day was celebrated in many industrial centers of the country.
The form that the observance and celebration of Labor Day should take was outlined in the first proposal of the holiday — a street parade to exhibit to the public “the strength and esprit de corps of the trade and labor organizations” of the community, followed by a festival for the recreation and amusement of the workers and their families.
This became the pattern for the celebrations of Labor Day.
Speeches by prominent men and women were introduced later, as more emphasis was placed upon the economic and civic significance of the holiday.
Still later, by a resolution of the American Federation of Labor convention of 1909, the Sunday preceding Labor Day was adopted as Labor Sunday and dedicated to the spiritual and educational aspects of the labor movement.
The character of the Labor Day celebration has undergone a change in of course, especially in large industrial centers where mass displays and huge parades have proved a problem.
This change, however, is more a shift in emphasis and medium of expression.
Labor Day addresses by leading union officials, industrialists, educators, clerics and government officials are given wide media coverage.
The vital force of labor added materially to the highest standard of living and the greatest production the world has ever known and has brought us closer to the realization of our traditional ideals of economic and political democracy.
It is appropriate, therefore, that the nation pay tribute on Labor Day to the creator of so much of the nation’s strength, freedom, and leadership — the American worker.