Lots of excitement from builders! {Market Report} August 24th

August 24, 2020 abryant

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	Minutes from the last Fed meeting affirm obvious coronavirus concerns and underscore the Fed’s recent actions to keep rates low.
	Stocks have continued to rally after hitting a pandemic low in March, with some indices reaching new highs. However, mortgage rates have not risen, as often happens when stocks rally.
	Continuing unemployment claims fell last week, though initial jobless claims unexpectedly rose back above 1 million, perhaps signaling a setback for the struggling job market.


	Builder confidence in the market for newly built, single-family homes jumped 6 points to 78 in August, a record high for the NAHB Housing Market Index.
	Homebuilding picked up for a 3rd straight month in July, with residential starts jumping by 22.6%. Construction surged at the highest rate since 2016, beating expectations.
	Permits for future construction increased 18.8%, the most since January 1990. The 1.5 million annual rate topped the median estimate and is now above the February pre-pandemic rate.

“Nobody ever drowned in his own sweat.”
Ann Landers

Next week’s potential market moving reports are:

Monday, August 24th – No Reports
Tuesday, August 25th – Case-Shiller Home Price Index, New Home Sales
Wednesday, August 26th – Durable Goods Orders
Thursday, August 27th – First Time Jobless Claims, Pending Home Sales
Friday, August 28th – Consumer Spending, Consumer Sentiment

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