In a decision rendered on Monday 6-29-20, the Supreme Court said the structure of the Consumer Financial Protection Bureau is unconstitutional.
News in end use
Pending Homes Sales Rebound in May by a Record-Setting 44.3% Monthly Increase
The National Association of Realtors®, has reported that after two months so declines their Pending Homes Sales Index increased 44.3% to a reading of 99.6 in May.
The Bureau of Economic Analysis Reports Personal Income Decreased in May
The Bureau of Economic Analysis (BEA) reports that personal income decreased in May to a seasonally adjusted annual rate (SAAR) of $19.839 billion.
Luxury Homes Sales Outpacing Rest of Housing Market
According to realtor.com’s Luxury Housing Reported, which was released on Thursday, June 25th, the luxury market is actually outpacing the rest of the housing market in both price growth and virtual and in person tours.
Consumer Sentiment Index Edges Higher in June
The University of Michigan’s Survey of Consumers revealed that the Index of Consumer Sentiment edged higher to 78.1 (final) in June from 72.3 in May.
Mortgage Forbearances Increase after Three Consecutive Weeks of Declines
According to Black Knight, a mortgage data research firm, mortgage forbearances rose this week, after three consecutive weeks of declines.
FEA’s Weekly Order Survey Results Showing Show Steady to Strong Sales
Dealers are reporting another week of steady to strong sales. Some dealers are anticipating that their sales might be a bit slower next week, as builders take a few days off to celebrate the 4th of July holiday.
Weekly Jobless Claims Modestly Decline in Week Ending June 20th
The U.S. Department of Labor is reporting that an additional 1.48 million Americans made their initial filing for unemployment benefits during the week ending on Saturday June 20th.
Mortgage Rates Hold Steady for Week Ending June 25th
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 25th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.13% with an average 0.8 point, unchanged from last week.
The Number of Builders Offering Discounts to Increase Sales Dropped 7% in May
A deeper dive into the NAHB/Wells Fargo Housing Market Index report shows that as the COVID-19 stay-in-place orders began to be lifted in May and June, that housing data almost immediately began to rebound.