Could the Housing Inventory Shortage be Causing Compliance Concerns?

Join DataVerify and industry experts for a conversation about how the current housing inventory shortage could cause compliance concerns now and in the future.

Side’s Spencer Krull on brokerages, Los Angeles real estate

During this episode of HousingWire Daily, we pressed Spencer Krull on the modern-day purpose and economic viability of a brokerage, and what Side’s distinctive model specifically offers.

eXp CEO loves Glenn Stearns’ star power

Residential real estate brokerage eXp continues to be profitable, and company CEO Glenn Sanford became a fan of Glenn Stearns through reality television. HW+ Premium Content.

Why female leadership is crucial to the mortgage industry

HousingWire recently spoke with Keri Stichler about why female leadership is crucial in the mortgage industry and how companies can advocate for inclusivity.

Politics & MoneyMortgage

Does November jobs report signal December interest rate hike?

Jobs increase by 211,000

November job creation increased by 211,000 in November, giving the final confirmation that the Fed will likely raise rates this month, the Bureau of Labor Statistics said.

This comes after last month’s positive report that jobs surged to 271,000.

“Today’s November jobs report continues to show an upbeat picture of the labor market. A solid job gain of 211,000 following sizable upward revisions in the prior two months boosted the average job gain over the past three months to a respectable 218,000, the best showing since July,” said Doug Duncan, chief economist with Fannie Mae.

The unemployment rate was unchanged at 5%, and the number of unemployed came in at 7.9 million, essentially unchanged.

Over the past 12 months, the unemployment rate and the number of unemployed persons are down by 0.8 percentage point and 1.1 million, respectively.

Duncan added, “The unemployment rate held steady amid the first rise in the labor force participation rate since May. Annual wage gains decelerated slightly but remain near the upper-end of the range observed over the past several years. The implication for housing is also encouraging, as construction payrolls posted the best back-to-back gains since January. Today’s report reinforces our view that underlying domestic demand appears to be solid enough for the Fed to finally depart from its zero interest rate policy this month.”

Hourly earnings for all employees slightly increased, rising 4 cents to $25.25, following a 9-cent gain in October.

Labor force participation rate barely changed and came in at 62.5% in November.

“The November jobs report showed another strong month of job gains, along with upward revisions to prior months,” said National Association of Federal Credit Unions Chief Economist Curt Long.

“Wage growth moderated somewhat, but the labor force participation rate ticked up for the first time since May. This should put to bed any doubts about whether the Fed will announce a rate increase later this month. Barring something completely out of left field between now and then, liftoff will commence with a quarter-point rate increase to the target federal funds rate,” said Long.

In a Congressional committee hearing on the U.S. economy on Thursday, Federal Reserve Chair Janet Yellen said the current outlook and the flow of data since the central bank's last meeting in October are "consistent" with the rate hike criteria spelled out by U.S. policymakers.

And back in November, in a speech before the House Financial Services Committee, Yellen formalized the possibility of a rate hike in December, telling the Committee that December’s meeting is a “live possibility” for a rate increase.

Most Popular Articles

Home prices are still rising, but relief for buyers is coming

Domestic home prices increased 2.3% from May to June, and 17.2% year-over-year, per CoreLogic. Twin Falls, Idaho had the highest annual increase at 40.2%.

Aug 03, 2021 By

Latest Articles

Purchase orders give boost to Fidelity’s title segment in Q2

Title firm Fidelity National reported $3.9 billion in total revenue for the second quarter, up from $2.4 billion year over year and $2 billion in the first quarter.

Aug 05, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please