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New Home Sales Jump in June
The morning began with great news for the housing market. Sales of new single-family homes shot up 11% in June ― the biggest one-month jump in eight years ― bringing the annual pace of sales to 384,000, well above the market consensus of just 350,000. rnrn“This report along with recent data on housing starts and existing home sales tells us the housing sector is finally in recovery mode,†said Joseph LaVorgna, chief US economist at Deutsche Bank. “This will go a long way to eventually helping to stabilize the economy in the second half of this year and to provide
Housing Data, Treasury Auctions, Q2 GDP Estimates
Housing data and Treasury auctions totaling $115 billion dominate the calendar between Monday and Thursday, but the big news this week will be the first official estimate of second-quarter GDP, which comes out Friday. Analysts look for a quarterly drop of 0.7%, a significant improvement following a -5.5% drop in Q1.
Mid-Day Recap: Stocks Struggle to Maintain 9-Day Rally
Federal Reserve chairman Ben Bernanke made it clear earlier in the week that the central bank wouldn’t be taking the punch bowl away any time soon, but more talk of increased regulation from Treasury Secretary Tim Geithner appears to be scaring off investors from drinking the punch anyway following a nine-day rally.
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By John Gittelsohn August 24, 2020, 4:00 AM PDT Some of the largest real estate investors are walking away from Read More...
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Published by the Federal Reserve Bank of San FranciscoIt was recently published by the Federal Reserve Bank of San Francisco, which is about as official as you can Read More...