Adam Constantine on MLK Jr.’s impact on housing equality

During the interview, Constantine explains why the industry needs to focus on evoking intentional change rather than launching lackluster initiatives.

Navigating capacity concerns amidst record-high volumes

High loan volumes continues to loom large in the new year, making the “one-stop-shop” approach to the servicing and lending process even more appealing.

Amid record-high origination volumes, mortgage fraud risk is down

CoreLogic's recently released Mortgage Fraud Report is the industry standard for nationwide fraud monitoring and analysis. Read the findings here.

How student loan debt impact homeownership

Student loan expert Catalina Kaiyoorawongs shares her practical and tangible advice for people who feel overwhelmed by their student loan debt.

CoronavirusPolitics & Money

U.S. GDP plunges a record 32.9% as jobless claims rise

Layoffs rise for the second straight week as COVID-19 infections surge

U.S. GDP contracted a record 32.9% in the second quarter from a year ago, the Commerce Department said on Thursday, while a separate report showed jobless claims rising for the second consecutive week as the COVID-19 pandemic spins out of control.

The economic contraction caused by the pandemic was four times worse than the most devastating quarter of the financial crisis when annualized GDP fell 8.4% in 2008’s final three months.

Jobless claims rose to 1.43 million for the week ended July 25 from 1.42 million, the Labor Department said Thursday in a report. Continuing claims measuring the number of people receiving unemployment benefits rose to 17 million from 16.2 million for the week ended July 18, the first increase since May, the report said.

Federal Reserve Chairman Jerome Powell said on Wednesday the path forward for a U.S. recovery depends on how well the COVID-19 pandemic is contained. Infections began surging after states began reopening in May.

“The path forward for the economy is extraordinarily uncertain and will depend in large part on our success in keeping the virus in check,” Powell told reporters on Wednesday.

The U.S. broke the 150,000 threshold for deaths from COVID-19 on Wednesday, as measured by Johns Hopkins University. The U.S. has about 4.2% of the world’s population and has recorded 23% of COVID-19 fatalities.

“After declining gradually from a peak near the end of April, the number of COVID-19 cases has increased sharply in many parts of the country since mid-June,” Powell said. “We have thus entered a new phase in containing the virus, which is essential to protect both our health and our economy.”

Leave a comment

Most Popular Articles

Prepare for the rise in mortgage rates

Economists offer their takes on how high mortgage rates will climb, how lenders will respond and what impact this will have on the housing market. HW+ Premium Content

Jan 18, 2021 By

Latest Articles

2020 ends with 3.4 million loans in delinquency

The final delinquency tally for December is in, with data revealing that by end of 2020, 1.54 million more mortgages were reported delinquent.

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

Log In

Forgot Password?

Don't have an account? Please