Mortgage Tech Demo Day

In a half-day format, technology companies will demo their platforms and answer questions. You can tune in for the whole demo day, or strategically drop in on sessions to learn about specific solutions.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

Road to the one-click mortgage

This white paper will outline how leveraging a credential-based data provider can save money for lenders, reduce friction for borrowers, speed time to close, and overall bring lenders one step closer to a one-click mortgage.

Politics & Money

Unemployment rate surprises, declining to 13.3% in May

Homebuilders and remodelers added 226,000 jobs, Labor Department data shows

The U.S. unemployment rate unexpectedly declined to 13.3% in May, down from a record 14.7% in April, as the economy added 2.5 million jobs, the Labor Department said on Friday.

It was the second-highest unemployment rate in data that goes back to 1948. Economists expected the number to rise to 19.8%, according to a survey by Trading Economics.

President Donald Trump described the numbers as “stupendous” and “joyous” on Twitter, adding “Really Big Jobs Report. Great going President Trump (kidding but true)!”

The Hispanic unemployment rate was 17.6%, the rate for black Americans was 16.8%, and the rate for white workers was 12.4%, according to the Labor Department.

“We’re in a massive and deep hole, and it’ll take a while to climb out, but at least the hole isn’t getting any deeper,” said Justin Wolfers, a University of Michigan economist.

The numbers for the construction industry show builders are hiring again, said Robert Dietz, chief economist for the National Association of Home Builders. Homebuilders and remodelers added 226,000 jobs in May, Dietz said. The level is 148,400 lower than a year ago, he said.

“This is a strikingly strong turnaround, although the sector employment count remains lower,” Dietz said.

The unemployment rate is dropping as many states begin phased opening of their economies, lifting stay-at-home orders that closed businesses in March.

Even with extreme measures to stop the spread of COVID-19, the pandemic’s death toll passed 107,000 on Friday, according to Johns Hopkins University. That’s a fraction of what public health experts projected would happen if no measures had been taken.

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