Dearth of Credit Starves Detroit's Housing Market

Lenders shun the city's low-priced properties, making it hard for Black residents to access homeownership. The city of nearly 700,000 saw barely 1,700 mortgages made last year. The post Dearth of Credit Starves Detroit's Housing Market appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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Las Vegas Visitor Authority: No Convention Attendance, Visitor Traffic Down 51% YoY in September

From the Las Vegas Visitor Authority: September 2020 Las Vegas Visitor Statistics Gradual increases continued in September as the destination hosted approx. 1.7M visitors, just under half of last year's estimated tally but up 10.9% from last month. While operating at varying capacities, open properties in September represented an inventory of 133,079 rooms.* Total occupancy reached 46.8% for the month as weekend occupancy improved to 66.1% and midweek occupancy reached 38.5%. Average daily rates among open properties reached $108.13 (+9.0% MoM, -21.1% YoY) while RevPAR came in at roughly......(read more)

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Q3 2020 GDP Details on Residential and Commercial Real Estate

The BEA has released the underlying details for the Q3 advance GDP report this morning. The BEA reported that investment in non-residential structures decreased at a 14.6% annual pace in Q3. This is the fourth consecutive quarterly decline (weakness started before the pandemic). Investment in petroleum and natural gas exploration decreased sharply in Q3 compared to Q2, and was down 60% year-over-year. Click on graph for larger image. The first graph shows investment in offices, malls and lodging as a percent of GDP. Investment in offices decreased in Q3, but was only down 5.9%......(read more)

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Fed lowers minimum loan level for small business lending program

The Fed said it is reducing the minimum loan size to $100,000and will ease restrictions on the debt load for companies....(read more)

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Jobless Claims Continue to Fall

Weekly initial jobless claims decreased for the week ending October 24, and continuing claims, which lag initial jobless claims by one week, fell for the week ending October 17. The decreases in initial and continuing claims reflect that labor market continues to recover from the COVID-19 pandemic gradually. According to the Unemployment Insurance Weekly Claims Report released by the U.S.... Read More › The post Jobless Claims Continue to Fall first appeared on Eye On Housing ....(read more)

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Personal Income increased 0.9% in September, Spending increased 1.4%

The BEA released the Personal Income and Outlays report for September: Personal income increased $170.3 billion (0.9 percent) in September according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $150.3 billion (0.9 percent) and personal consumption expenditures (PCE) increased $201.4 billion (1.4 percent). Real DPI increased 0.7 percent in September and Real PCE increased 1.2 percent. The PCE price index increased 0.2 percent (table 9). Excluding food and energy, the PCE price index increased 0.2 percent. The September PCE price......(read more)

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The ECB hinted at more monetary stimulus — analysts expect it to go all in

The ECB hinted that it would consider implementing more monetary stimulus in December. Analysts expect more bond purchases and lower costs for banks....(read more)

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Pelosi presses Mnuchin for answers on coronavirus stimulus as she pushes to restart talks

Nancy Pelosi and Steven Mnuchin may not reach a coronavirus stimulus deal before the 2020 election, but Pelosi is pushing to restart talks....(read more)

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Earnings for apartment owners show the pain of urban flight

Decidedly weak quarterly earnings reports from major apartment REITs this week paint a bleak picture for some of the largest urban rental markets....(read more)

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Hotels: Occupancy Rate Declined 31.7% Year-over-year

From HotelNewsNow.com: STR: US hotel results for week ending 24 October U.S. weekly hotel occupancy fell back below the 50% mark, according to the latest data from STR through 24 October. 18-24 October 2020 (percentage change from comparable week in 2019): • Occupancy: 48.0% (-31.7%) • Average daily rate (ADR): US$95.49 (-29.4%) • Revenue per available room (RevPAR): US$45.83 (-51.8%) emphasis added Since there is a seasonal pattern to the occupancy rate, we can track the year-over-year change in occupancy to look for any improvement. This table shows the year-over-year change since the week......(read more)

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Watch ECB President Christine Lagarde speak after latest policy move

European Central Bank President Christine Lagarde is giving a press conference after the institution's latest monetary policy decision....(read more)

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U.S. GDP grew 33.1% in the third quarter, vs 32% estimate

U.S. GDP grew 33.1% in the third quarter, vs 32% estimate<br/>https://ift.tt/2HJ3tmoread more)

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U.S. weekly jobless claims total 751,000, vs 778,000 expected

U.S. weekly jobless claims total 751,000, vs 778,000 expected<br/>https://ift.tt/3oAasyFread more)

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Sharp third-quarter growth will show the economy regaining ground, but it's still in a hole

Third quarter GDP is expected to grow at a sharp pace, but the economy is still behind where it was and may be challenged by a lack of stimulus. ...(read more)

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Freddie Mac: Mortgage Serious Delinquency Rate decreased in September

Freddie Mac reported that the Single-Family serious delinquency rate in September was 3.04%, down from 3.17% in August. Freddie's rate is up from 0.61% in August 2019. Freddie's serious delinquency rate peaked in February 2010 at 4.20%. These are mortgage loans that are "three monthly payments or more past due or in foreclosure". Click on graph for larger image Mortgages in forbearance are being counted as delinquent in this monthly report, but they will not be reported to the credit bureaus. This is very different from the increase in delinquencies following the housing bubble.  ......(read more)

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Germany announces new Covid restrictions, France braces for more as virus surges across Europe

"We must act, and now, to avoid an acute national health emergency," German Chancellor Angela Merkel said....(read more)

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Some Buyers Perceive an Improvement in Housing Affordability

For some home buyers, housing affordability improved in the last 12 months.   According to the Housing Trends Report for the third quarter of 2020, 27% of buyers report being able to afford half or more of the homes available for-sale in their markets. A year earlier, that share was 20%. The increase is an indication that lower mortgage rates have... Read More › The post Some Buyers Perceive an Improvement in Housing Affordability first appeared on Eye On Housing ....(read more)

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Real estate fintech CoreLogic receives multiple bids at more than $80 a share, sources say

Property data and analytics firm CoreLogic has received multiple takeover bids at north of $80 a share....(read more)

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Former NY Fed Pres: The Fed Is Really Running Out of Firepower

Central bank officials aren't bluffing when they say that only government spending can rescue the U.S. economy....(read more)

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Zillow Case-Shiller House Price Forecast: "Annual growth in September as reported by Case-Shiller is expected to accelerate"

The Case-Shiller house price indexes for August were released yesterday. Zillow forecasts Case-Shiller a month early, and I like to check the Zillow forecasts since they have been pretty close. From Matthew Speakman at Zillow: August Case-Shiller Results and September Forecast: No Signs of Cooling The remarkable surge in home prices continued into August as prices showed no signs of cooling down heading into the fall. ... By some measures , home prices are rising at a faster pace than they ever have – an incredible feat considering the market is rising from an already elevated level. The......(read more)

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As Washington delays stimulus, the Fed appears to be running out of ways to help the actual economy

While no Fed official ever would acknowledge that monetary policy ammunition is running low, and in fact would insist to the contrary, there appear to be few weapons left in its arsenal...(read more)

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What American workers have gainedâ€"and lostâ€"from more than 200 days of remote work

CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, Harvard Business School's Ethan Bernstein breaks down his recent study on how the remote work transformation has affected rank-and-file employees during the coronavirus pandemic....(read more)

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HVS: Q3 2020 Homeownership and Vacancy Rates

The Census Bureau released the Residential Vacancies and Homeownership report for Q3 2020. It is likely the results of this survey were significantly distorted by the pandemic.  See note from Census below. This report is frequently mentioned by analysts and the media to track household formation, the homeownership rate, and the homeowner and rental vacancy rates.  However, there are serious questions about the accuracy of this survey. This survey might show the trend, but I wouldn't rely on the absolute numbers. he Census Bureau is investigating the differences between the......(read more)

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The psychology of buying a house: Is it a key to happiness or just a source of stress?

Buying a house is seen as a major life moment, and a sign of the "American dream." But here's what the research says....(read more)

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Struggling Rental Market Could Usher in Next American Housing Crisis

Some 30 million to 40 million people from New York City to San Francisco face potential eviction once moratoriums expire, according to estimates. The post Struggling Rental Market Could Usher in Next American Housing Crisis appeared first on Real Estate News & Insights | realtor.com® ....(read more)

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Note: October Employment Report Will Show a Decrease of 147,000 Temporary Census Workers

The Census Bureau released an update today on 2020 Census Paid Temporary Workers As of the September reference week , there were 246,801 decennial Census temporary workers. As of the October reference week, October 11th - 17th, there were 99,490 temp workers. That is a decrease of 147,311 temporary jobs . In August, the employment report showed a gain of 238,000 temporary 2020 Census workers, boosting the headline number. In September, the employment report showed a decrease of 41,000 temporary 2020 Census workers, reducing the headline number. The October employment report will show a......(read more)

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Homeownership During the Third Quarter: Technical Issues

The Census Bureau's Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate declined to 67.4% in the third quarter of 2020, from 67.9% in the prior quarter. The elevated homeownership rates are line with increases in both existing and new home sales in the second quarter. The national rental vacancy rate increased, while the homeowner vacancy rate remained unchanged. However,... Read More › The post Homeownership During the Third Quarter: Technical Issues first appeared on Eye On Housing ....(read more)

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Home prices in August see biggest gains in more than two years, S&P Case Shiller says

Strong demand and very limited supply of homes have caused home price gains to accelerate dramatically....(read more)

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Millions poised to lose unemployment benefits in 'enormous cliff' at year's end

Federal programs enacted by the CARES Act coronavirus relief law to help unemployed workers are ending after Dec. 31. Lapsing benefits will directly impact millions of people....(read more)

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MBA Survey: "Share of Mortgage Loans in Forbearance Decreases Slightly to 5.90%"

Note: This is as of October 18th. From the MBA: Share of Mortgage Loans in Forbearance Decreases Slightly to 5.90% The Mortgage Bankers Association's (MBA) latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 2 basis points from 5.92% of servicers' portfolio volume in the prior week to 5.90% as of October 18, 2020 . According to MBA's estimate, 3.0 million homeowners are in forbearance plans . ... "The share of loans in forbearance declined only slightly in the prior week, after two weeks of a flurry of borrowers exiting as they......(read more)

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Stock market turbulence could last until the election, followed by a relief rally, strategists say

Stock market turbulence could be the setup for a post-election rally....(read more)

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Dallas Fed: "Texas Manufacturing Expands for Fifth Straight Month" in October

From the Dallas Fed: Texas Manufacturing Expands for Fifth Straight Month Texas factory activity expanded in October for the fifth month in a row following a record contraction due to the COVID-19 pandemic, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose three points to 25.5, indicating a slight acceleration in output growth. Other measures of manufacturing activity also point to stronger growth this month. The new orders index advanced five points to 19.9, and the growth rate of ......(read more)

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It 'looks like the clock has run out' on a new stimulus, says Fundstrat's Washington strategist

It 'looks like the clock has run out' on a new stimulus, says Fundstrat's Washington strategist    CNBC...(read more)

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Expectations for Housing Availability Improve

Strong new and existing home sales in the summer of 2020 may have been a factor contributing to buyers' improved expectations for housing availability. According to the latest Housing Trends Report**, 28% of prospective buyers in the third quarter of 2020 expect their search for a home to become easier in the months ahead, while 61% percent expect it will... Read More › The post Expectations for Housing Availability Improve first appeared on Eye On Housing ....(read more)

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Stimulus check facts: Eligibility, payment amount, IRS schedule to send a second relief payment

Stimulus check facts: Eligibility, payment amount, IRS schedule to send a second relief payment    CNET...(read more)

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Banks may have to brace for heavy losses as commercial property prices plunge

Commercial real estate prices have plunged this year as people stopped going into offices, and retail businesses were disrupted. That could lead to a significant losses for banks, according to a recent report....(read more)

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There's a big week ahead for the market with an earnings deluge, GDP data and stimulus negotiations

Apple and Microsoft are among a flood of expected earnings, but the presidential election could loom larger for markets in the week ahead....(read more)

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Long-term unemployment spikes for millions of Americans. Aid that's kept them afloat may end soon

As of September, 2.4 million Americans have been unemployed for more than 27 weeks due to the coronavirus pandemic. The aid that many have relied on may soon end....(read more)

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NMHC: "October Apartment Market Conditions Showed Some Rebound from COVID-19 Impacts"

The National Multifamily Housing Council (NMHC) released their October report: October Apartment Market Conditions Showed Some Rebound from COVID-19 Impacts Apartment market conditions moderated in the National Multifamily Housing Council's Quarterly Survey of Apartment Market Conditions for October 2020, as the industry continues to cope with the ongoing Covid-19 pandemic. While the Sales Volume (72), Equity Financing (62) and Debt Financing (73) indexes all came in above the breakeven level (50), the index for Market Tightness (35) indicated continued weakness . " The ongoing Covid-19......(read more)

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77% of Remodelers Report A Framing Lumber Shortage

With the recent increases in the price of many residential construction materials, and in particular softwood lumber, NAHB wanted to get a better understanding of how these price increases are impacting remodelers. In the Q3 2020 Remodeling Market Index (RMI), remodelers were asked to report on material shortages, if any, as well as material price changes over the last six... Read More › The post 77% of Remodelers Report A Framing Lumber Shortage first appeared on Eye On Housing ....(read more)

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As stimulus talks drag on in Washington, millions of small busineses await guidance on PPP loan forgiveness

Small business owners are not just waiting for additional stimulus money from Washington, they need clarity on how the IRS will tax their PPP loans....(read more)

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10-year Treasury yield at four-month high on stimulus hopes

U.S. Treasury yields rose on Friday morning with investors hoping that a stimulus deal in Washington could soon be reached....(read more)

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National home prices have increased at almost 3x the rate of wages since 2012

Did you know national home prices have increased at almost 3x the rate of wages since 2012? Click to see our approach to #MakeHousingAffordable: https://ift.tt/31BoINR (Feed generated with FetchRSS )...(read more)

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Housing Boom: Sales of Million-Dollar Homes Double

The housing market is on a tear setting all kinds of records including prices. But it's also a reflection of the uneven economic recovery and more first-time homebuyers are getting priced out....(read more)

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NMHC: Rent Payment Tracker Shows Households Paying Rent Declined in October

From the NMHC: NMHC Rent Payment Tracker Finds 90.6 Percent of Apartment Households Paid Rent as of October 20 The National Multifamily Housing Council (NMHC)'s Rent Payment Tracker found 90.6 percent of apartment households made a full or partial rent payment by October 20 in its survey of 11.4 million units of professionally managed apartment units across the country. This is a 1.8-percentage point, or 199,224-household decrease from the share who paid rent through October 20, 2019 and compares to 90.1 percent that had paid by September 20, 2020. These data encompass a wide variety of......(read more)

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COVID-19 Has Impacted Home Purchasing Plans

According to NAHB's latest Housing Trends Report, the share of Americans who are considering the purchase of a home in the next 12 months was 13% in the third quarter of 2020, one percentage point higher than a year earlier and the first year-over-year gain in the 3-year history of this series. The gain shows the COVID-19 crisis has impacted... Read More › The post COVID-19 Has Impacted Home Purchasing Plans first appeared on Eye On Housing ....(read more)

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Black Knight: National Mortgage Delinquency Rate Decreased in September

Note: Loans in forbearance are counted as delinquent in this survey, but those loans are not reported as delinquent to the credit bureaus. From Black Knight: Serious Delinquencies Improved in September for the First Time Since the Start of the Pandemic • The number of seriously delinquent mortgages (90+ days) fell by 43,000 in September, marking the first such improvement in serious delinquencies since the start of the pandemic • More than 2.3 million homeowners – five times the number entering 2020 – remain 90 or more days past due, but not in foreclosure • The national delinquency rate fell ......(read more)

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Hamptons real estate prices break records as New York City wealthy flee to the beach

The average sales price in the Hamptons soared 46% in the quarter, to just over $2 million, according to a report from Douglas Elliman and Miller Samuel....(read more)

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U.S. weekly jobless claims total 787,000, vs 875,000 estimate

First-time claims for unemployment benefits were expected to total 875,000 last week, according to economists surveyed by Dow Jones....(read more)

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Treasury yields edge lower as stimulus talks drag

U.S. government debt prices were slightly higher Thursday morning as talks between Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi over a new fiscal stimulus package dragged on....(read more)

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