Houtan HormozianExpert on Real Estate, Finance and PropTech

Markets in a Minute: Latest Economy & Housing News Update

29 Jun 2024 · 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: Latest Economy & Housing News Update" (published 2024-06-29). It is a short, single-speaker market update summarizing recent U.S. economic and housing indicators — Fed commentary on pandemic-era excess savings, falling consumer confidence, rising initial unemployment claims, FHFA house-price gains, declines in new and pending home sales — and closes with a motivational quote. The piece serves as a concise news brief on the economy and housing market.

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Markets in a Minute. According to the Fed, the excess savings Americans stored away during the pandemic ran dry months ago, and the economy is feeling the effects. Consumer confidence fell in June amid worries about the economy, though households remained upbeat about the labor market and inflation. Total unemployment Claims rose to the highest level since 2021, a warning sign unemployed workers need longer to find a job. According to the FHFA, house prices rose 0.2% for the month in April and were up 6.3% on the year. New home sales, which make up about 10% of the market, fell to a 6-month low in May. It was the steepest monthly decline since September 2022. Pending home sales unexpectedly fell to an all-time low in May as elevated mortgage rates and rising home prices discouraged buyers. Thanks for watching. The last word: It is our duty as men and women to proceed as though the limits of our abilities do not exist. Pierre Teilhard de Chardin.