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Now The Market Report . . . |
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The consumer price index was unchanged in October, missing forecasts that called for a modest gain. Low inflation helps keep mortgage rates low. |
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Stocks rallied to new highs early this week on positive COVID-19 vaccine news but fell later due to concerns about possible lockdowns to curb a resurgence in cases. |
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Jobless claims fell by the most in 5 weeks to a 7-month low. The drop signals a continued recovery in the labor market despite COVID-19’s recent surge. |
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NAR is exploring ways to reduce tax burdens on home sellers and spur housing development. Changes could help reduce the historic housing inventory shortage. |
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Mortgage demand from homebuyers dropped to its lowest level in 6 months last week. Purchase applications fell 3% but were still 16% higher than a year ago. |
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Reduced turnover in the construction labor market is a positive sign for home building. Construction sector layoffs have been low since May and continue to decline. |
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“Your task is not to foresee the future, but to enable it.” Antoine De Saint-Exupery
Next week’s potential market moving reports are:
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