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Last week's economic reports included readings on construction spending, minutes of the most recent meeting of the Fed's Federal Open Market Committee. Labor reports including ADP, Non-Farm Payrolls, and national unemployment were released along with weekly readings on mortgage rates and new jobless claims. Construction Spending Rises; Driven by Residential Building Residential construction drove November construction spending surpassed expectations of a 0.50 percent increase; Overall, construction spending rose by 0.80 percent in November. Residential construction was up 7.90 percent year-over-year. Single-family home construction rose 8.90 percent year-over-year. Rising rates of single-family construction is good news for homebuyers, who have faced…

Last week's economic readings included Case-Shiller Home Price Indices, pending home sales and consumer confidence. Weekly readings on mortgage rates and new jobless claims were also released. Case-Shiller: Home Prices Continue Growth Case-Shiller Home Price Index reports indicated incremental growth in October with home prices growing month-to-month 0.70 percent for the S&P Case-Shiller 30-City Home Price Index. The 20-city index posted 6.20 percent gains year-over-year. Western cities continued to post the largest gains; Seattle, Washington led with a year-over-year growth of 12.70 percent. Las Vegas, NV and San Diego, California rounded out the top three with year-over-year home price growth…