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Moody's Sees Long-Term Economic Benefit to Fuller Racial Integration

Kimberly Redmond | Equities.com |

Fuller racial integration across the US could have a positive impact on the nation’s long-term economic growth, according to a new study.

In an analysis released Wednesday by Moody’s Analytics, researchers estimated the US real gross domestic product growth (GDP) over the next decade would increase from 2.4% to 2.7% annually if more communities became as integrat...


Supreme Court Blocks Eviction Moratorium, Ending Protections for 3.5 Million Tenants

AP News | Equities.com |

The Supreme Court’s conservative majority is allowing evictions to resume across the United States, blocking the Biden administration from enforcing a temporary ban that was put in place because of the coronavirus pandemic.

The court’s action late Thursday ends protections for roughly 3.5 million people in the United States who said they faced eviction in the next two months, according to Census Bureau data from early August.


Most of Available Federal Rental Assistance Has Not Been Distributed: Treasury Department

AP News | Equities.com |

States and localities have only distributed 11% of the tens of billions of dollars in federal rental assistance, the Treasury Department said Wednesday, the latest sign the program is struggling to reach the millions of tenants at risk of eviction.

The latest data shows that the pace of distribution increased in July over June and that nearly a million households have been helped.


Biden Administration To Let Nationwide Eviction Ban Expire on July 31

AP News | Equities.com |

The Biden administration announced Thursday it will allow a nationwide ban on evictions to expire Saturday, arguing that its hands are tied after the Supreme Court signaled the moratorium would only be extended until the end of the month.

The White House said President Joe Biden would have liked to extend the federal eviction moratorium due to spread of the highly contagious delta variant of the coronavirus. Instead, Biden called on “Congress to extend the eviction moratorium to protect such vulnerable renters and their families without delay.”


Treasury Secretary Yellen Concerned About Housing Prices But Says Inflation Is Transitory

AP News | Equities.com |

U.S. Treasury Secretary Janet Yellen expressed concerns about housing affordability on Thursday and said she expected several more months of high inflation readings, but it remained transitory, adding that the Federal Reserve was doing a good job under Chair Jerome Powell.

Yellen, in an interview with CNBC, said she also was not certain whether Amazon.com would meet the profitability threshold for inclusion in a new global reallocation of taxing rights agreed by 132 countries.


Mortgage Applications Fall Again to Lowest Level Since Before Pandemic

Kimberly Redmond | Equities.com |

Demand for mortgages fell for a second week in a row, as low inventory and rising home prices continue to weigh on the housing market.

On Wednesday, the Mortgage Bankers Association (MBA) reported that applications fell last week by almost 2% and are down 14% year-to-year — the lowest level since early 2020, before the COVID-19 pandemic began taking a toll on the economy.


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