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MarketMinute | Will the government shutdown impact housing?

Oct 3

4:18

AM

Category | Markets in a Minute

According to ADP, private payrolls saw their biggest decline in 2 1/2 years during September, a sign of labor market weakening.

Despite essential services staying open, the government shutdown means key reports won’t be released, including Friday’s jobs report.

Markets are already betting the shutdown will contribute to weakening the economy. There's increasing speculation of further Fed rate cuts.

Housing News

Pending sales of existing homes increased solidly in August to the highest level in 5 months, helped along by lower mortgage rates.

Data suggests home price growth is cooling nationwide. Appreciation is decelerating amid affordability pressure.

Real estate transactions that rely on government services, such as tax record confirmation, may be delayed while the government is closed.

MarketMinute | Prices and new home sales rise

Sep 26

8:16

AM

Category | Markets in a Minute

Initial jobless claims dropped last week to the lowest level since mid-July, signaling that most companies are hesitant to lay off current staff.

The U.S. economy grew at its fastest pace in nearly 2 years last quarter after consumer spending was revised higher.

Businesses say tariffs are driving up input costs, but weak demand keeps them from raising prices, squeezing margins across sectors.

Housing News

New-home sales jumped in August to a 3 1/2-year high, helped by lower mortgage rates and strong builder incentives.

Existing home sales were flat in August. Homes took longer to sell, averaging 31 days on market, and supply slipped 1.3% from July.

NAR reports that the median home sales price hit $422,600 in August, up 2% from a year ago. It was the 26th consecutive month of gains.

MarketMinute | The Fed rate cuts rates

Sep 19

4:21

AM

Category | Markets in a Minute

The Fed cut its policy rate by a quarter point this week. Forecasts from Fed members indicate 2 more cuts could be coming this year.

However, Fed Chair Powell noted the Fed's job could get more difficult as members balance the tension between rising inflation and a worsening job market.

After an unusually large jump the previous week, initial jobless claims dropped last week by the most in nearly 4 years, falling by 33K.

Housing News

Builder confidence in the housing market remained unchanged in September, despite higher expectations of future sales in coming months.

Single family housing starts plunged to a near 2 1/2-year low in August amid a glut of unsold new homes. Permits dropped 2.2%.

As mortgage rates fell ahead of the Fed meeting, purchase mortgage applications rose by 3% for the week. Refi apps jumped 58%.

MarketMinute | Lower rates helped move some potential homebuyers off the fence

Sep 12

4:31

AM

Category | Markets in a Minute

Consumer inflation rose in August to 2.9% year-over-year, the fastest pace of inflation since January. Tariffs are seen as the primary driver.

After jumping in July, wholesale inflation decelerated in August and was weaker than expected. The slowdown supports possible Fed rate cuts.

Jobless claims last week reached their highest level in 4 years, signaling layoff activity may be on the rise amid a sharp slowdown in hiring.

Housing News

Lower rates helped move some potential homebuyers off the fence. Purchase apps rose 7% for the week and were 23% higher than a year ago.

ICE's September Mortgage Monitor shows buying a home takes 31.1% of a buyer’s median income, down from October 2023's recent peak of 35.2%.

FNMA reports consumers grew less confident about housing in August, due to job worries, tougher selling conditions, and concern over future prices.

MarketMinute | Purchase apps continue year-over-year trend

Sep 5

4:46

AM

Category | Markets in a Minute

The Fed's Beige Book shows economic activity and hiring mostly flat in recent weeks, with tariffs weighing on businesses and consumers.

Job openings dropped sharply to 7.18 million in July, the second lowest since the pandemic. Slower hiring signals labor market weakness.

Factory orders slid in July, hit hard by plunging aircraft bookings. However, non-transportation orders rose more than expected.

Housing News

Spending on new singleâ€‘family housing edged up in July. Overall construction continues to wane due to rates and rising inventories.

Homebuyers are backing out of deals more often, and purchase deals are now falling through at rates not seen in years, signaling growing caution.

Purchase mortgage apps fell 6% from a week ago but were up 17 percent year over year. Refi apps rose 1% for the week and 20% over last year.