Morning Report: Median home prices rise

Vital Statistics:

 

Last Change
S&P futures 3216 2.1
Oil (WTI) 40.34 -0.22
10 year government bond yield 0.61%
30 year fixed rate mortgage 3.02%

 

Stocks are flattish as we head into the heart of earnings season. Bonds and MBS are flat as well.

 

Aside from earnings, we should have a quiet week on the data front, with only new home sales on Friday. There will be no Fed-speak ahead of the FOMC meeting next week.

 

Quicken disclosed that it earned between $3.35 and $3.55 billion in the second quarter, according to its updated prospectus.

 

The US median home price rose 3% in June, according to Redfin. “The market has remained very competitive even as we’re getting towards the late summer months when things usually begin to cool off,“ said Redfin Detroit agent Tony Orlando. “We saw a spike in homebuying immediately after real estate reopened in May, and ever since then we’ve been busy. At this point, homebuyers are assuming that they’ll have to pay a lot more for a home than they initially expected due to all the competition. Today’s record-low mortgage rates help with that some, but the upfront costs are still a tough pill to swallow.”

 

Redfin median price

 

 

25 Responses

    • And under a Trump appointee no less.

      Like

    • The complaint alleged that statements made about crime in Chicago and support for police discouraged African Americans from applying for loans with Townstone.

      In a press release issued Thursday, Townstone’s co-counsel argues that the bureau took issue with the fact that the company’s CEO and owner Barry Sturner’s weekly radio show was broadcast on a conservative talk radio station.

      Oh, yeah, that’s protecting consumers. Make sure the CEO of a company doesn’t comment on, you know, actual data on an unrelated radio show. How many people who apply for loans have any idea that show is on? Really? Or even listen to talk radio?

      Punishing wrongthink is about the only interpretation that I can see.

      Liked by 1 person

  1. Taibbi’s latest:

    “The Left is Now the Right

    We laughed at the Republican busybody who couldn’t joke, declared war on dirty paintings, and peered through your bedroom window. Now that person has switched sides, and nobody’s laughing

    Matt Taibbi”

    https://taibbi.substack.com/p/the-left-is-now-the-right

    Like

  2. Reading PL today made me realize how much political commentary has become just like the old SNL skit SuperFans:

    Liked by 1 person

    • did a lot of the regulars leave? i feel like i went on vacation and everyone left.

      oh lord that clip:

      Todd O’Conner: What about Ditka? Would he be mini, too?

      Bill Swerski: No, he would be full-grown.

      Todd O’Conner: Oh, then, uh.. Mini Bears 31, Giants 7.

      that was a running gag .. still is with a high school friend.

      Liked by 1 person

      • YouTube search showed that they have an updated one from 2019 that is still a perfect parallel, even referencing fake news:

        Like

      • Washington Post ended HH Round up, so they’ve been camping on various old threads at the end of the day. I haven’t cared enough to post recently because it’s become so mindless.

        Like today’s post:

        “Could Trump’s handling of the pandemic have been any worse?”

        https://www.washingtonpost.com/opinions/2020/07/20/could-trumps-handling-pandemic-have-been-any-worse/

        Imagine it in the SuperFans version of God vs Ditka

        “If you had to compare Trump vs Hitler in the handling of the pandemic and the number of people dead how would estimate he would do?

        That’s a tough one Bob. I’ve got to go with Trump on this one with 500 million dead vs Hitler at 85 million for all of World War II”

        Like

  3. Worth noting. This may be part of what’s driving Trump to push a payroll tax cut.

    “America’s hidden economic crisis: Widespread wage cuts

    Employers are using pay cuts to stay afloat during the recession, an unusual move that could signal deep damage to the labor market.

    By MEGAN CASSELLA
    07/19/2020 07:00 AM EDT”

    https://www.politico.com/news/2020/07/19/wage-cuts-economy-crisis-368508

    Like

  4. In the first quarter, every corporate earnings release paid homage to front line workers. Now every one is talking about racial injustice.

    Bank of NY Mellon, which is in the trust, clearing and investment management business and has no real non-ultra high net worth business to speak of is concerned about racial injustice.

    “I would be remiss if I didn’t reflect on the first half of 2020—a
    period when we have been faced with the gravity of a global
    pandemic and with societal unrest spurred by racial injustice.
    Both have significant implications for how we operate as a
    business and as a corporate citizen. Our clients, communities and
    society at large can continue to rely on BNY Mellon to be a
    trusted steward. We have a relentless ambition to have a more
    profound impact on the world around us—helping us deliver
    sustainable long-term value to our shareholders,”

    Every company is saying the same stuff.

    Like

    • Brent:

      Every company is saying the same stuff.

      Four legs good, two legs bad.

      Liked by 1 person

      • what if I identify as four-legged. what about that!

        Like

        • what if I identify as four-legged. what about that!

          In the west, there would be an open season…

          Like

        • Mark, I still get a chuckle out of you and your business partners threatening to have the thieving chef prosecuted under cattle rustling for stealing steaks because Texas never updated the statute.

          Like

    • I notice today that the Apple website has gone from BLM to climate change again. Wondering if they’ve decided BLM has less overall brand-value in terms of virtue signaling.

      Like

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