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Mark Hemingway

Mortgage Market Update for October 6th

Wednesday, October 7, 2020 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The housing sector continues to produce positive headlines due in part to low rates along with an improving labor market. CoreLogic reports that home prices, including distressed sales, rose 5.9% from August 2019 to August 2020. It was the highest level since June 2018. Monthly, prices rose 1% from July to August. In addition, lower supplies of homes on the market for sale is also helping to boost prices. Frank Martell, president and CEO of CoreLogic said, "With heightened activity putting a strain on the current for-sale inventory, strong demand should help spur new homebuilding activity."

News that a stimulus package may be in the works along with President Trump being discharged from Walter Reed Hospital buoyed positive sentiment across global equity markets. House Speaker Nancy Pelosi and Treasury Secretary Mnuchin spoke yesterday on a coronavirus relief package and will resume talks today. Members of Congress know that many Americans need an aid package. An aid package should be passed to help those truly in need. President Trump was released from the hospital last night saying that he feels fine though of course not out of the woods completely.

Fed Chair Powell will be made comments on the U.S. economy this morning in front of the National Association of Business Economists in D.C. Powell said the risk that the pace of rapid recovery could slow. Mr. Powell went on to say that the recovery will be stronger if fiscal and monetary policy work together which equates to more stimulus needed from Congress. In conclusion, the Fed Chair said financial markets have returned to normal functioning while the economic outlook is highly uncertain and depends on the course of virus.

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