What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Investments

GDP downwardly revised to 3.4% in third quarter

Real GDI growth is up 4.3%

Following revisions, real gross domestic product rose at an annual rate of 3.4% in the third quarter of 2018, according to the third estimate released by the U.S. Bureau of Economic Analysis.

This downwardly revised GDP estimate is based on more complete source data than was available for the second estimate issued last month, which estimated GDP growth at 3.5%. The chart below shows GDP is now up nearly one percentage point and a half from the first quarter, and about one percentage point from the third quarter of 2017.

(Click to enlarge)

GDP Q3

(Source: BEA)

Real gross domestic income growth is up 4.3% in the third quarter, compared to the 0.9% growth seen in the second quarter. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weighs GDP and GDI, increased 3.8% in the third quarter, increasing from 2.5% from the second quarter.

The increase in real GDP in the third quarter reflected positive contributions from non-residential fixed investment, personal consumption expenditures, private inventory investment, federal government spending and state and local government spending. These were partly offset by negative contributions from exports and residential fixed investment. 

Notably, the deceleration in real GDP growth in the third quarter primarily reflects a downturn in exports and decelerations in nonresidential fixed investment and in PCE. That being said, imports climbed in the third quarter after falling in the second, which was partly offset by an upturn in private inventory investment.

An update to GDP released by BEA shows that the third quarter real GDP was revised 0.1 percentage point from the second estimate, which reflects downward revisions to PCE and exports, which were partly offset by an upward revision to private inventory investment.

Here are updates to the previous estimate:

Real GDP: Decreased to 3.4% in the third estimate, down from last estimate’s 3.5%.

Current-dollar GDP: Decreased to 4.9%, down from last estimate’s 5%.

Real GDI:  Increased to 4.3%, up from last estimate’s 4%.

Average of Real GDP and Real GDI: Remained unchanged at 3.8% at the third estimate.

Gross domestic purchases price index:  Remained unchanged at 1.7% at the second estimate.

Personal consumption expenditures: Increased to 1.6%, up from last estimate’s 1.5%.

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