Greenway's Markets in a Minute I How do Consumers Feel about the Housing Market?
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Consumer prices rose moderately in January, and underlying inflation remained benign. The pandemic continues to be a drag on the labor market and services industry. |
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Despite a reported unemployment rate that has fallen to 6.3%, Fed chair Jerome Powell said the rate is actually closer to 10% and is “a long way” from where it needs to be. |
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Jobless claims continue to decrease weekly, with 793k new applications last week. That is well below the record 6.867 million applications last March when the pandemic hit. |
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Consumers were more positive about home selling conditions in January. The measure jumped 16 percentage points month over month in a recent FNMA survey. |
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More than 33% of homes are now considered "equity rich," according to a recent ATTOM survey. Equity rich is defined as owing less than 50% of the home's value in loans. |
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Although overall mortgage applications fell slightly last week, purchase applications were down only about 5% from the previous week and were up 17% over last year. |
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