Learn more about the economy's bright spot! {Market Report} August 28th — American Family Funding - Home Loans | Mortgage

Learn more about the economy’s bright spot! {Market Report} August 28th

August 28, 2020 abryant

Dogs come when they’re called, cats try and work you into their schedule.

When your parents ask, ‘Do you want a piece of advice?’ it is a mere formality. It doesn’t matter if you answer yes or no. You’re going to get it anyway.

I choked on a carrot this afternoon, and all I could think was “I bet a donut wouldn’t have done this to me”

Don’t be so hard on yourself. The mom in E.T. had an alien living in her house for days and she never even noticed.

I am not an early bird or night owl. I am some form of permanently exhausted pigeon.

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Now The Market Report . . .

The Fed announced a new strategy this week to restore the labor market to full employment and lift inflation. Rising inflation typically pressures rates higher.

A second reading of the 2nd quarter GDP showed the economy plunged by a worst-ever 31.7%. However, this was actually better than the initial estimates.

Initial jobless claims last week came in at roughly 1 million, suggesting the labor market recovery could be stalling. Numbers should improve as businesses continue to reopen.

The housing market remains a bright spot in the economy, with July’s existing home sales up a record 24.7%. However, tight inventory continues to be a problem.

Pending home sales were also up, jumping more than 15% annually. Properties are going under contract in record time, with 9 new contracts for every 10 new listing

Low mortgage rates, strong demand, and low inventory are driving home prices higher. The median price of a home sold in July rose 8.5% annually to $304,100.

“All of our dreams can come true, if we have the courage to pursue them.”
Walt Disney

Next week’s potential market moving reports are:

Monday, August 31st – No Reports
Tuesday, September 1st – ISM Manufacturing Index, Construction Spending
Wednesday, September 2nd – Factory Orders, ADP Employment Report
Thursday, September 3rd – First Time Jobless Claims
Friday, September 4th – National Employment Data

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