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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.


New Home Sales Jump 20.7% in March to Highest Level Since 2006

AP News | Equities.com |

Sales of new homes surged 20.7% in March to the highest level since 2006, rebounding from a sharp decline the previous month when severe winter storms wreaked havoc in many parts of the country.

Sales climbed to a seasonally adjusted annual rate of 1.02 million last month after a 16.2% tumble in February, the Commerce Department reported Friday. It was the fastest pace for new home sales since the housing boom of the mid-2000s when sales reached 1.04 million units in August 2006.


Biden Seeks Federal Budget Increases for Schools, Healthcare, Housing and Environment

AP News | Equities.com |

President Joe Biden released a $1.5 trillion wish list for his first federal budget, asking for substantial gains for Democratic priorities including education, health care, housing and environmental protection.

The request by the White House budget office Friday for an 8.4% increase in agency operating budgets spells out Biden’s top priorities as Congress weighs its spending plans for next year. It’s the first financial outline of the Democrats’ broader ambitions since the expiration of a 2011 law that capped congressional spending.


Rocket, Parent of Quicken Loans, Surges 71% Tuesday After Several Volatility Halts

Reuters | Equities.com |

Heavily shorted mortgage provider Rocket Companies saw its stock surge on Tuesday, in an eye-popping move reminiscent of the rallies that powered GameStop and other so-called meme stocks earlier in the year.

Shares of Rocket, the parent company of Quicken Loans, closed up 71.2% at $41.60 after being halted several times for volatility. More than 367 million shares changed hands in the stock’s busiest trading day ever.


New Zealand's Success in Fighting Coronavirus Causes Skyrocketing House Prices

AP News | Equities.com |

New Zealand’s success in battling the coronavirus has unleashed an unanticipated problem: skyrocketing house prices.

When the pandemic first hit, most experts predicted house prices would fall. Instead, prices have risen by more than 19% over the past year, putting them out of reach for many people wanting to buy their first home.

The government, which has come under increasing criticism for its response to the housing squeeze...


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