Greenway's Markets in a Minute I What are Predictions for Recovery?
Please enjoy this quick update on what happened this week in the housing and financial markets.
A recent Reuters poll shows a majority of economists believe we will see a "U-shaped" economic recovery, in which the economy will stabilize a while before climbing to previous levels. |
After the first round of paycheck protection funding disappeared quickly, Congress approved a new $484 billion relief package. It includes $310 billion for small businesses. |
4.4 million workers joined the ranks of the unemployed last week, bringing total new jobless claims to 26.5 million in the last 5 weeks. |
According to the FHFA, house price growth continued to accelerate through February, with the Housing Price Index posting a gain of 0.7%, which is a 5.7% increase year over year. |
Existing home sales dropped 8.5% in March as sellers took properties off the market. Expectations for upcoming months' sales will be dictated by overall economic conditions. |
New home sales also fell in March, as the coronavirus outbreak battered the economy. The 15.4% drop was the largest in more than 6 years. |