Houtan HormozianExpert on Real Estate, Finance and PropTech

Markets in a minute - Sept 3, 2020

9 Sept 2020 · 2 min

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1:31

In this brief market news segment, the narrator reports on several U.S. economic data points for August‑September 2020. Manufacturing activity rose in August, driven by a surge in new orders—the highest in over 16 half‑years—indicating stronger demand for goods. Construction spending increased 0.1% in July, ending a streak of declines caused by COVID‑19 disruptions, with residential construction up 2.1%. Initial jobless claims fell to 881,000, the lowest level since the pandemic’s full impact began in March. The CDC announced a temporary, nationwide eviction moratorium through the end of 2020, extending protection to all rental properties. Mortgage demand surged: home‑buyer applications were 28% higher year‑over‑year, and refinance applications were 40% higher, reflecting low interest rates. A shortage of existing homes is pushing buyers toward new construction, as new single‑family home sales rose 14% in July from June, reaching their highest level since December 2006. The segment closes with a thank‑you to viewers.

Chapters

Markets in a Minute. The Economy. Manufacturing activity increased in August as new orders surged to their highest level in over 16 half-years. Factory activity is being driven by increased demand for goods. Construction spending was up 0.1% in July, breaking a string of losses due to disruptions caused by the coronavirus pandemic. Spending included a 2.1% rise in residential construction. Jobless claims fell even more than expected last week, down to 881,000. This is the lowest level since the economy began feeling the pandemic's full impact in March. Housing news. The CDC this week issued a sweeping temporary halt on evictions through the end of 2020. Unlike previous protections, this one applied to all U.S. rental properties. Mortgage demand from homebuyers last week was 28% higher than last year as rates remain low. Refinance mortgage applications were 40% higher than a year ago. A shortage of existing homes is driving shoppers to new construction. New single-family home sales jumped 14% in July from June and are at the highest level since December 2006. Thank you for watching.