The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Zillow analyst on whether home prices can keep climbing

Today’s episode of HousingWire Daily features an interview with Nicole Bachaud, as she discusses annual and monthly home price appreciation growth, rising inventory levels and rent prices.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

CoronavirusPolitics & Money

Another 3 million Americans file jobless claims

Seven-week pandemic job toll now stands at 33.5 million

Another 3.17 million Americans filed for unemployment insurance last week, bringing the seven-week total of jobless claims during the COVID-19 pandemic to 33.5 million, the Labor Department said on Thursday.

While last week’s number is almost five times the worst week of the financial crisis, it does mark the fifth consecutive decline after claims hit an all-time high of 6.87 million in the last week of March.

The focus now shifts to Friday’s labor report that crunches the weekly data into an unemployment rate for the month of April. Economists expect the rate to be about 16%, surpassing the all-time high of 10.8% set in December of 1982, according to the average estimate in a poll by Trading Economics.

“As industries grind to a halt and businesses are forced to temporarily close their doors, we expect the labor market to shed millions of jobs in the second quarter,” Wells Fargo economists said in a report on Thursday. “As a result, the unemployment rate will skyrocket.”

Most people, however, don’t expect to be out of work for long, according to the Wells Fargo report. The pandemic hit an economy that was firing on all cylinders, as seen in February’s 3.5% unemployment rate, a six-decade low.

“Consumers view the current lockdown situation as temporary,” the report said. “Expectations of the labor market improved, driven by the likelihood that shelter-in-place measures will be loosened along with a re-opening of the economy.”

California, Texas and Georgia reported the highest levels of unadjusted jobless claims last week, though all of those were lower than the prior week. The only U.S. states that posted increases were Connecticut, Maine, Maryland, New Jersey and New Mexico.

States that began reopening their economies saw the biggest reduction in jobless claims. Florida was No. 1, with a drop of almost 260,000 from the prior week, according to the Labor Department report.

Leave a comment

Most Popular Articles

These are the hottest housing markets in America

A housing market report from RE/MAX found that 36 of 51 metro areas had double-digit year over year sale price increases in August. Boise led the way.

Sep 17, 2021 By

Latest Articles

Refis stubbornly make a bit of a comeback

The week following Labor Day saw a flurry of mortgage loan application activity, with volume jumping by 4.9% for the seven days ending Sept. 17, according to the MBA. Refis were on the front foot again.

Sep 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please