What could reduce the housing inventory shortage?! {Market Report} November 13

November 16, 2020 abryant

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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.
	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.
	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.


	NAR is exploring ways to reduce tax burdens on home sellers and spur housing development. Changes could help reduce the historic housing inventory shortage.
	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.
	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.

“Your task is not to foresee the future, but to enable it.”
Antoine De Saint-Exupery

Next week’s potential market moving reports are:

Monday, November 16th – Empire State Index
Tuesday, November 17th – Retail Sales, Industrial Production, Home Builders Index
Wednesday, November 18th – Housing Starts, Building Permits
Thursday, November 19th – First Time Jobless Claims, Existing Home Sales
Friday, November 20th – No Reports Scheduled

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