A look at Biden’s first week in office

This episode reviews last week’s inauguration of President Joe Biden, examining which housing issues the new administration has already taken action on.

Mortgage Tech Demo Day

Tune in to our live Virtual Demo Day on February 2nd to experience demos from the most innovative loan origination and valuation tech companies in the industry.

If consumers aren’t holding lenders back, then who or what is?

The challenge for lenders and investors is understanding how to meet borrowers where they are without layering on risk or getting bogged down in third-party intermediation.

HomeBridge’s Brian White on diversity at a practical level

HomeBridge's Brian “Woody” White discusses ways to increase diversity within the housing finance industry.

CoronavirusPolitics & Money

Jobless claims fell to 1.2 million last week

Continuing claims measuring people receiving unemployment benefits dropped to 16.1 million

Initial jobless claims fell to 1.2 million last week, down from 1.4 million in the prior period, declining to a pandemic low that was almost twice as high as the worst measure during the financial crisis a decade ago.

Continuing claims, a tally of the number of Americans receiving unemployment benefits, dropped to 16.1 million in the week ended July 25, the lowest since mid-April, the Labor Department said in a Thursday report.

“The threshold on what is good news has shifted dramatically down,” said Diane Swonk, chief economist of Grant Thorton in Chicago. “Good news that initial and continuing claims fell. Bad news that they are still larger – by a significant amount – than anything we have seen in past recessions.”

Lawmakers are continuing negotiations in Washington D.C. on COVID-19 relief legislation, including the issue of the extra $600 a week benefit for jobless Americans, aimed at fully replacing prior salaries, that expired on July 31 as part of the CARES Act.

Typically, unemployment benefits only replace about 50% of a person’s prior salary, which would make it difficult to pay mortgages and rents at a time when many industries are not hiring.

U.S. GDP contracted a record 32.9% in the second quarter from a year ago, the Commerce Department said last week. Federal Reserve officials including Chairman Jerome Powell have said the U.S. economy won’t be on firm footing until the COVID-19 pandemic is controlled.

“The path of the economy will depend significantly on the course of the virus,” the Fed’s rate-setting Federal Open Market Committee said on July 31. “The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term.”

The U.S. leads the world in COVID-19 infections with more than 4.8 million confirmed cases as of Thursday, according to data from Johns Hopkins University. That’s 2 million more than the world’s No. 2 nation, Brazil.

Leave a comment

Most Popular Articles

Zillow: Expect another record year for home sales

Zillow predicts 6.82 million existing home sales in 2021, the most recorded in a single calendar year since 2005 and a 21.1% increase from 2020.

Jan 25, 2021 By

Latest Articles

The Fed plots a slow, stable path on mortgage rates

The FOMC left future economic policies virtually unchanged at its Wednesday meeting, indicating plans that short-term mortgage rates will stay low for years to come.

Jan 27, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please