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  • Fri, Aug 28 2020
  • 11:51 AM » Economy, jobs, cost of living top Covid-19 fears as voters worry about their finances, CNBC/Change Research poll finds
    Published Fri, Aug 28 2020 11:51 AM by CNBC
    A CNBC poll finds that one-third of likely U.S. voters describe their finances as "poor" or "not so good." Here are five money moves to make now to help shore up your own situation amid a pandemic, economic downturn and contentious national election.
  • 10:36 AM » FHFA Announces Public Listening Sessions on Re-Proposed Capital Rule for the Enterprises
    Published Fri, Aug 28 2020 10:36 AM by FHFA
    FHFA's re-proposed capital rule for the Enterprises, published in the Federal Register on June 30, 2020 is designed to strengthen the Enterprises so they can continue to serve the mortgage market and help low- and moderate- income households access credit throughout the economic cycle.
  • 10:23 AM » Fed's Harker says it will take 'a while' for jobs market to heal, would be OK with inflation at 2.5%
    Published Fri, Aug 28 2020 10:23 AM by CNBC
    Philadelphia Federal Reserve President Patrick Harker joined CNBC's "Squawk Box" to discuss the central bank's new inflation goal.
  • 9:20 AM » Improvement in coronavirus mortgage bailout stalls, as more borrowers struggle to make payments
    Published Fri, Aug 28 2020 9:20 AM by CNBC
    After improving markedly in July, the number of borrowers struggling to make their monthly mortgage payments has essentially flatlined and now threatens to move higher.
  • 8:46 AM » Personal Income increased 0.4% in July, Spending increased 1.9%, Core PCE increased 0.3%
    Published Fri, Aug 28 2020 8:46 AM by Calculated Risk Blog
    The BEA released the Personal Income and Outlays report for July: Personal income increased $70.5 billion (0.4 percent) in July according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $39.9 billion (0.2 percent) and personal consumption expenditures (PCE) increased $267.6 billion (1.9 percent) . Real DPI decreased 0.1 percent in July and Real PCE increased 1.6 percent. The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.3 percent. The July PCE price index increased 1.0 percent year-over-year and the July PCE price index, excluding food and energy, increased 1.3 percent year-over-year. The following graph shows real Personal Consumption Expenditures (PCE) through July 2020 (2012 dollars). Note that the y-axis doesn't start at zero to better show the change . Click on graph for larger image. The dashed red lines are the quarterly levels for real PCE. The increase in personal income and the increase in PCE were below expectations. Even if PCE stayed at this level in August and September, PCE growth would be around 35% annualized compared to Q2 (since PCE was so low in April).   But PCE would still be far below the levels at the beginning of 2020.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:17 AM » Fed's Mester says recovery will be 'a slow one' and more economic support is needed
    Published Fri, Aug 28 2020 8:17 AM by CNBC
    The Fed will have to keep supporting the economy as the recovery from the coronavirus pandemic "is going to be a slow one," a top official at the central bank said.
  • 8:05 AM » Treasury yields tick higher as markets digest Fed's 'robust' policy change
    Published Fri, Aug 28 2020 8:05 AM by CNBC
    U.S. government debt prices slipped after Federal Reserve Chairman Jerome Powell said Friday that the central bank was willing to allow inflation to run hotter than normal.
  • 8:03 AM » Next up for the Federal Reserve: Convincing the markets it can do what it says it will do
    Published Fri, Aug 28 2020 8:03 AM by CNBC
    While markets rallied on the sentiment that the new policy would keep short-term rates anchored near zero well into the future, there also was plenty of skepticism that the Fed would be able to reach its goal.
  • Thu, Aug 27 2020
  • 3:44 PM » Fed pledges to look at if the economy is working for lower-income communities when setting policy
    Published Thu, Aug 27 2020 3:44 PM by CNBC
    The Fed wants to go far deeper to get lower income and underemployed Americans to work, before it pulls back from its easy policies.
  • 1:50 PM » Zoom is now critical infrastructure. That's a concern
    Published Thu, Aug 27 2020 1:50 PM by webfeeds.brookings.edu
    It's a cybersecurity vulnerability that would have been unimaginable as recently as last year: A single California-based company, Zoom, is now the foundation for education access from elementary school up through graduate school. It has also become a critical tool for many businesses. When Zoom goes down, teachers can't teach, students can't learn, and business…             
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 1:47 PM » Fed Prepared To Let Economy Run Hotter
    Published Thu, Aug 27 2020 1:47 PM by www.npr.org
    The Federal Reserve is adjusting its long-range policy on inflation and employment. The central bank said it's now more concerned with prices that are too low than with runaway inflation.
  • 10:52 AM » A Quarter of San Francisco Home Sellers Are Dropping Their Prices, the Highest Rate on Record
    Published Thu, Aug 27 2020 10:52 AM by www.redfin.com
    San Francisco has seen a greater increase in price drops than any other U.S. metro, with the share of sellers slashing prices more than doubling from a year ago as the pandemic drives homebuyers out of the Bay Area. The post A Quarter of San Francisco Home Sellers Are Dropping Their Prices, the Highest Rate on Record appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 10:01 AM » Fed Chair Jerome Powell: Monetary Policy Framework Review
    Published Thu, Aug 27 2020 10:01 AM by Calculated Risk Blog
    From Fed Chair Powell: Monetary Policy Framework Review Federal Open Market Committee announces approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy This is on YouTube here .
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:23 AM » Federal Open Market Committee announces approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy
    Published Thu, Aug 27 2020 9:23 AM by Federal Reserve
    Federal Open Market Committee announces approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 9:06 AM » Watch Fed Chair Powell discuss the inflation outlook from annual symposium — with live updates
    Published Thu, Aug 27 2020 9:06 AM by CNBC
    This is CNBC's live coverage of Fed Chair Powell's virtual speech from the central bank's annual Jackson Hole, Wyoming symposium.
  • 9:06 AM » Q2 GDP Revised up to -31.7% Annual Rate
    Published Thu, Aug 27 2020 9:06 AM by Calculated Risk Blog
    From the BEA: Gross Domestic Product, 2nd Quarter 2020 (Second Estimate); Corporate Profits, 2nd Quarter 2020 (Preliminary Estimate) Real gross domestic product (GDP) decreased at an annual rate of 31.7 percent in the second quarter of 2020 , according to the "second" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the decrease in real GDP was 32.9 percent. With the second estimate, private inventory investment and personal consumption expenditures (PCE) decreased less than previously estimated. emphasis added Here is a Comparison of Second and Advance Estimates . PCE growth was revised up to -34.1% from -34.6%. Residential investment was revised up from -38.7% to -37.9%. This was close to the consensus forecast.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:05 AM » Top Products Used in New Residential Construction
    Published Thu, Aug 27 2020 9:05 AM by eyeonhousing.org
    In a recent article, NAHB analysis of government data found that new single-family and multifamily construction used a total of roughly $94.93 billion in building products in 2019. Although the vast majority of the $94.93 billion was produced domestically, supporting jobs in the U.S. manufacturing sector, about 6.4 percent ($6.12 billion) was imported from other countries. It may seem a... Read More › The post Top Products Used in New Residential Construction first appeared on Eye On Housing .
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 8:34 AM » U.S. weekly jobless claims total 1 million, as expected
    Published Thu, Aug 27 2020 8:34 AM by CNBC
    U.S. weekly jobless claims total 1 million, as expected<br/>https://www.cnbc.com/2020/08/27/weekly-jobless-claims.html
  • 8:04 AM » Nearly 35 million households will lose their utility shutoff protections over the next month
    Published Thu, Aug 27 2020 8:04 AM by CNBC
    Throughout the coronavirus pandemic, state and local governments have barred utility companies from shutting off services such as gas, electric and water. But the majority of these orders are expiring over the course of the next month, leaving 34.5 million households without shutoff protections.
  • 8:03 AM » The Typical Home Pending Sale Is 3.7% Bigger Than Last Year, Sales of Large Homes Up 21% as People Seek More Space Amid Pandemic
    Published Thu, Aug 27 2020 8:03 AM by www.redfin.com
    We delved into July housing market data to analyze whether homebuyer interest in additional space has translated to a hotter housing market for bigger homes. The answer? Yes-but only slightly. The post The Typical Home Pending Sale Is 3.7% Bigger Than Last Year, Sales of Large Homes Up 21% as People Seek More Space Amid Pandemic appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 8:03 AM » Treasury yields flat ahead of Powell's Jackson Hole speech
    Published Thu, Aug 27 2020 8:03 AM by CNBC
    U.S. government debt prices were hovering around the flatline Thursday, as traders await a speech by Federal Reserve Chairman Jerome Powell.
  • Wed, Aug 26 2020
  • 4:03 PM » The Fed is expected to use a new pandemic-era tool to fight a long-running battle against low inflation
    Published Wed, Aug 26 2020 4:03 PM by CNBC
    Chairman Jerome Powell is expected to discuss how the Fed hopes to remedy the years-long dilemma of low inflation with a new pandemic-era tool.
  • 4:03 PM » FHFA Further Extends Buying Loans in Forbearance & COVID-Related Loan Processing Flexibilities
    Published Wed, Aug 26 2020 4:03 PM by FHFA
    Washington, D.C. - The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend buying qualified loans in forbearance and several loan origination flexibilities until September 30, 2020. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on August 31, 2020. "Extending these COVID-19 flexibilities helps keep the mortgage market moving and borrowers safe during the pandemic," said Director Mark Calabria.
  • 1:22 PM » Dow vs S&P 500: Traders face off after Dow's most significant shake-up in years
    Published Wed, Aug 26 2020 1:22 PM by CNBC
    As the Dow Jones Industrial Average changes its stripes, two traders are split as to whether the S&P 500 or the Dow is more defining of the times.
  • 9:01 AM » Multifamily Family Built-for-Rent Share Reaches New High
    Published Wed, Aug 26 2020 9:01 AM by eyeonhousing.org
    According to NAHB analysis of quarterly Census data, the market share of rental multifamily construction starts increased to 96% during the second quarter of 2020. In contrast, the historical low share of 47% was set during the third quarter of 2005, during the condo building boom. An average share of 80% was registered during the 1980-2002 period. During the second... Read More › The post Multifamily Family Built-for-Rent Share Reaches New High first appeared on Eye On Housing .
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 8:27 AM » Framework review complete, Fed's Powell starts hard sell for higher inflation
    Published Wed, Aug 26 2020 8:27 AM by Reuters
    Framework review complete, Fed's Powell starts hard sell for higher inflation
  • 8:05 AM » As U.S. makes progress on the virus front, Peter Boockvar predicts inflation will become a serious headwind - with or without Fed involvement
    Published Wed, Aug 26 2020 8:05 AM by CNBC
    Bleakley Advisory Group's Peter Boockvar believes a new inflation cycle is starting.
  • 8:04 AM » Every American home is getting a flood risk score – and many are at higher risk than previously known
    Published Wed, Aug 26 2020 8:04 AM by CNBC
    Starting this week, every homeowner and potential homebuyer in America will be able to see a new analysis of their property's flood risk. It could have a huge impact on the national housing market.
  • Tue, Aug 25 2020
  • 4:06 PM » Adverse Market Refinance Fee Implementation now December 1
    Published Tue, Aug 25 2020 4:06 PM by FHFA
    The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac (the Enterprises) to delay the implementation date of their Adverse Market Refinance Fee until December 1, 2020. The fee was previously scheduled to take effect September 1, 2020.
  • 2:39 PM » Can you be evicted during the pandemic? It depends on your ZIP code
    Published Tue, Aug 25 2020 2:39 PM by CNBC
    In the absence of any sweeping national ban on evictions during the pandemic, many tenants will find themselves at the mercy of temporary and narrow local laws. That can be tricky.
  • 1:11 PM » Sales of New-Construction Homes Rebound to Pre-Coronavirus Levels, Rising 10% in July
    Published Tue, Aug 25 2020 1:11 PM by www.redfin.com
    A surge in homebuilding before the pandemic is now driving growth in new-home sales. A shift to the suburbs and record-low mortgage rates are also contributing factors. The post Sales of New-Construction Homes Rebound to Pre-Coronavirus Levels, Rising 10% in July appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 11:43 AM » 'Hundreds of thousands' of people looking for suburban homes — Sternlicht on exodus from cities
    Published Tue, Aug 25 2020 11:43 AM by CNBC
    Safety, the coronavirus and tax policy are factors contributing to people wanting to leave major U.S. cities, Starwood Capital founder Barry Sternlicht told CNBC on Tuesday.
  • 10:38 AM » August Employment Report Will Show an Increase of 237,800 Temporary Census Workers
    Published Tue, Aug 25 2020 10:38 AM by Calculated Risk Blog
    The Census Bureau released an update today on 2020 Census Paid Temporary Workers As of the July BLS employment report reference week , there were 50,404 decennial Census temporary workers. As of August  reference week there were 288,204 temp workers. This means the August employment report will show an increase of 237,800 in temporary Census hiring under Federal employment. Click on graph for larger image. This is the 2020 Census Paid Temporary Workers report released today. The temporary employment for the July and August reference weeks are circled in red. Since these are temporary, and only happen every ten years with the decennial Census, it makes sense to adjust the headline monthly Current Employment Statistics (CES) by Census hiring to determine the underlying employment trend. The correct adjustment method is to take the headline number and subtract the change in the number of Census 2020 temporary and intermittent workers. For more, see: How to Report the Monthly Employment Number excluding Temporary Census Hiring
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:21 AM » New Home Sales increased to 901,000 Annual Rate in July
    Published Tue, Aug 25 2020 10:21 AM by Calculated Risk Blog
    The Census Bureau reports New Home Sales in July were at a seasonally adjusted annual rate (SAAR) of 901 thousand. The previous three months were revised up, combined. Sales of new single-family houses in July 2020 were at a seasonally adjusted annual rate of 901,000 , according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 13.9 percent above the revised June rate of 791,000 and is 36.3 percent above the July 2019 estimate of 661,000. emphasis added Click on graph for larger image. The first graph shows New Home Sales vs. recessions since 1963. The dashed line is the current sales rate. This is the highest sales rate since 2007. The second graph shows New Home Months of Supply. The months of supply decreased in July to 4.0 months from 5.5 months in June. The all time record was 12.1 months of supply in January 2009. This is in the normal range (less than 6 months supply is normal). "The seasonally-adjusted estimate of new houses for sale at the end of July was 299,000. This represents a supply of 4.0 months at the current sales rate." On inventory, according to the Census Bureau : "A house is considered for sale when a permit to build has been issued in permit-issuing places or work has begun on the footings or foundation in nonpermit areas and a sales contract has not been signed nor a deposit accepted." Starting in 1973 the Census Bureau broke this down into three categories: Not Started, Under Construction, and Completed. The third graph shows the three categories of inventory starting in 1973. The inventory of completed homes for sale is still somewhat low, and the combined total of completed and under construction is close to normal. The last graph shows sales NSA (monthly sales, not seasonally adjusted annual rate). In July 2020 (red column), 78 thousand new homes were sold (NSA). Last year, 55 thousand homes were sold in July. The all time high for July was 117 thousand...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:19 AM » Home prices rose 4.3% in June, according to Case-Shiller index
    Published Tue, Aug 25 2020 9:19 AM by CNBC
    Home prices rose 4.3% annually in June, unchanged from the gain seen in May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.
  • 8:45 AM » Here's why new cases of the coronavirus are down across most of the U.S.
    Published Tue, Aug 25 2020 8:45 AM by CNBC
    "I would not be surprised if we see an uptick after Labor Day in cases," Catherine Troisi, an infectious disease epidemiologist at UTHealth School of Public Health in Houston, said.
  • 8:03 AM » U.S. and China hold phone call on phase one trade agreement
    Published Tue, Aug 25 2020 8:03 AM by CNBC
    The trade negotiators' discussion came after a planned six-month review of the deal set for Aug. 15 was delayed to an unspecified date.
  • 8:02 AM » Treasury yields move higher as investors await housing data
    Published Tue, Aug 25 2020 8:02 AM by CNBC
    U.S. government debt prices were lower on Tuesday as traders awaited for a key speech from Federal Reserve Chairman Jerome Powell later this week.
  • Mon, Aug 24 2020
  • 1:41 PM » More than half of states are now approved for the extra $300 per week in unemployment insurance
    Published Mon, Aug 24 2020 1:41 PM by CNBC
    The majority of U.S. states, 26, are now approved to send workers the extra $300 weekly unemployment benefit from the federal government.
  • 12:27 PM » Federal student loan payments have been deferred through December
    Published Mon, Aug 24 2020 12:27 PM by CNBC
    "All borrowers with federally held student loans will have their payments automatically suspended until 2021 without penalty," reads a statement from Secretary of Education Betsy DeVos.
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