Houtan HormozianExpert on Real Estate, Finance and PropTech

Markets in a Minute: Latest Economy & Housing News Update

20 Jul 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 short titled "Markets in a Minute: Latest Economy & Housing News Update" (published July 20, 2024). It's a brief narrated market update summarizing June economic and housing data: retail spending held steady, consumers remained resilient, the Fed Beige Book noted softening activity with expected slower growth through the election year, and Fed Chair Powell said rate cuts could occur before reaching the 2% inflation target if inflation continues to fall. The update also covers higher mortgage and construction loan rates depressing builder sentiment, single-family housing starts hitting an 8‑month low while overall new home construction rose 3% driven by multifamily, refinance applications jumping 15% to a two‑year high, and purchase applications falling 3%. It closes with a Frederick Douglass quote.

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Markets in a Minute. Retail spending held steady in June as it has throughout the year. Consumers remained resilient despite forecasts of a pullback. The Fed Beige Book reported softening economic activity and the expectation of slowing growth through the end of this election year. Fed Chair Powell said that rate cuts may occur before the Fed's 2% inflation target is reached, provided inflation is still falling. June's higher mortgage rates for consumers and elevated rates for construction loans continued to put a damper on builder sentiment. Though single-family housing starts hit an 8-month low in June, new home construction rose 3% overall, with an increase in multifamily homes. Last week's interest rate drop pushed refinance applications up 15% for the week, to a 2-year high. Purchase apps were down 3% for the week. Thanks for watching. Last word: There is no struggle, there is no progress. Frederick Douglass.