Homeowners are $1 trillion richer thanks to the pandemic-driven housing boom
American homeowners are $1 trillion richer as the pandemic-driven housing boom pads their pockets. As prices rise, home equity multiplies. In the past year, homeowners with mortgages, representing about 63% of all properties, have seen their equity increase by 10.8%,...
Trend shows home price growth at record high, rising at fastest pace since early 2000s
Housing is doing something it hasn’t done since the bubble. According to economic forecaster Lakshman Achuthan, home prices across the country are rising at the fastest pace since 2004. Plus, he finds price growth is at a record high. “This...
Mortgage rates set 14th record low of the year, driving even more refinance demand
Mortgage rates fell again, falling to a record low for the 14th time this year, defying their usual correlation to Treasury yields, which have recently been moving higher. And that is sending ever more borrowers to their lenders looking to...
Stocks making the biggest moves in the premarket: FireEye, GameStop, United Natural Foods & more
Take a look at some of the biggest movers in the premarket: Campbell Soup (CPB) – The food maker reported quarterly profit of $1.02 per share, 11 cents a share above estimates. Revenue topped forecasts as well. Campbell also raised...
Universal basic income could decimate cities next year, one bank says in its ‘outlandish forecasts’
LONDON — Saxo Bank says universal basic income could become a permanent reality next year, triggering a “seismic rebalancing” of society as workers wave “bye-bye” to big city life. In a report entitled “Outrageous Predictions,” the Danish bank on Tuesday...
Stock futures flat after markets reach record highs, S&P 500 tops 3,700
U.S. stock futures rose slightly in overnight trading on Tuesday, building on recent strength that’s pushed the major averages to record highs. Dow futures rose 77 points. S&P 500 futures and Nasdaq 100 futures gained 0.19% and 0.16%, respectively. Fueling...
Even with a Covid vaccine, U.S. economy will likely get worse before it gets better: Ned Davis Research
We still haven’t seen “the storm before the calm.” So says Alejandra Grindal, senior international economist at Ned Davis Research, despite the market’s run to record highs, reignited Tuesday by positive announcements around a Covid-19 vaccine. The U.K. began rolling...
Economic growth will be better than expected thanks to the resilient services sector, Goldman says
Teresa Nguyen, a respiratory therapist, goes over a patient’s charts inside a room for people with the coronavirus disease (COVID-19) at a hospital in Hutchinson, Kansas, November 20, 2020. Callaghan O’Hare | Reuters The U.S. economy will recover faster than...
Borrowers looking to use Fed’s Main Street lending program run into dead end
Treasury Secretary Steven Mnuchin listens to a question during a House Financial Services Committee hearing on “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response” in the Rayburn House Office Building in Washington, December 2, 2020. Greg Nash |...
Wells Fargo CEO Scharf sees swift recovery for US economy in 2021 as vaccines are rolled out
Charles Scharf Qilai Shen | Bloomberg | Getty Images Wells Fargo CEO Charlie Scharf said Tuesday that the U.S. economy will probably rebound quickly from the coronavirus next year after vaccines are widely distributed. As head of the fourth-biggest U.S....