Houtan HormozianExpert on Real Estate, Finance and PropTech

Markets in a minute

10 Nov 2020 · 1 min

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This content was created by Houtan Hormozian. This content was uploaded by Houtan Hormozian. This is a YouTube video titled "Markets in a minute" (posted 2020-11-10) containing a short English market/economic news bulletin delivered by a single narrator. It summarizes October economic and housing data: manufacturing activity and new orders surged (highest in 17 years), comments on stimulus priorities from Senate Majority Leader Mitch McConnell, the Fed holding policy rates steady, coronavirus-related mortgage forbearance falling to a 7-month low with most borrowers continuing payments, construction spending and single-family residential gains, and an optimistic winter housing outlook from NAR's Lawrence Yun.

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Markets in a Minute. The economy. Manufacturing activity accelerated more than expected in October, with new orders jumping to their highest level in 17 years. A pandemic-related spending shift is driving the surge. According to Senate Majority Leader Mitch McConnell, passing a new stimulus package before the end of the year remains a top priority when the Senate reconvenes. The Fed left policy rates unchanged once again at this week's meeting and pledged to continue implementing policy to help the economy recover. Housing news. Coronavirus-related forbearance rates dropped to a 7-month low in October. Data shows that most homeowners who take forbearance actually continue making payments. Construction spending was up 0.3% in September, over August and was 1.5% higher year over year. Residential construction was strong, with single-family home projects up 5.7%. This winter's real estate market is shaping up to be unlike any before. NARS Lawrence Yun predicts the season will be one of the best winter sales years ever. Thank you for watching.