The U.S. Department of Labor is reporting that an additional 1.3 million Americans made their initial filing for unemployment benefits during the week ending on Saturday July 11th.
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Strong Housing Rebound Underway but Experts Say There Are Risks
Fannie Mae’s Economic and Strategic Research (ESR) Group is pointing to the reopening of the economy in several states from the COVID-19 pandemic shutdowns, as a reason for their raising their estimates for the 2020 full year GDP from the current -5.4% decline it predicted in June to a -4.2% downturn in July.
New Home Purchase Mortgage Applications Jump 54.1%
The Mortgage Bankers Association (MBA) Builder Application Survey (BAS), which tracks application volume from mortgage subsidies of home builders across the U.S., reports that for June 2020, mortgage applications for new home purchases increased 54.1% year-over-year.
Mortgage Applications Increase in Week Ending July 10th 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending 10th July 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 5.1% on a seasonally adjusted basis from one week earlier.
Despite Dire Post COVID Predictions New Zealand Home Prices and Sales Activity Grow in June
The Real Estate Institute of New Zealand is reporting that in spite of the COVID-19 pandemic and the predictions of a decline in housing values and sales, in June housing prices increased nationally 9.2%, while sales volume grew by 7%.
Consumer Price Indices Rise in June
The Bureau of Labor Statistics (BLS) is reporting that after three continuous months of declines, the Consumer Price Index (CPI) and “Core” CPI rose 0.6% in June, on a seasonally adjusted basis, as the U.S. economy reopened.
Over 50% of All Home Sales Involved in a Bidding War in June
According to data from Redfin, the Seattle based real estate brokerage, more than half of the offers for homes on their website were part of a bidding war for the second month in a row in June.
Gross Domestic Product Falls in First Quarter of 2020 in all 50-States and D.C.
The U.S. Bureau of Economic Analysis is reporting that real gross domestic product (GDP) fell in all 50 states and the District of Columbia, in the first quarter of 2020, when compared to the fourth quarter of 2019.
Construction Input Prices Rise in June, with Softwood Lumber up 11%
According to the Associated Builders and Contractors (ABC) analysis of the recently released U.S. Bureau of Labor Statistics (BLS) Producer Price Index (PPI), construction input prices increased 2.2% in June.
Mortgages in Forbearance Drops to 2-Month Low
According to a report released by Black Knight, a provider of integrated data and analytics for the mortgage and home equity lending service, there were 4.14 million mortgages in forbearance for the week ending July 10th.