Unemployment Rate Surprises, Declining to 13.3% in May

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. […]

Summer Home-Buying Set to Take Off

Applications for purchase mortgages gained for the seventh consecutive week to a level that was 18% higher than a year ago, further evidence that we’re headed into a strong summer home-buying season. A seasonally adjusted index measuring purchase applications jumped 5% last week, according to a report from the Mortgage Bankers Association. Just as mortgage applications progressively […]

Three Mortgage Leaders Pump Up the Hiring Volume

A trio of leading mortgage companies are wrapping up the first half of the year on a hiring spree, each taking on thousands of new employees to meet the sales demands of their respective operations. Detroit-headquartered Quicken Loans hired more than 1,500 people since the coronavirus pandemic took root in mid-March. The company is on track to […]

The Number of New Yorkers Who Can’t Pay Rent This Month Has Doubled

It’s the first of June, and rent is due. Nearly three months into the COVID-19 pandemic, more people are struggling to make rent payments. Last month, 80.2% of apartment households still managed to make a full or partial rent payment by May 6, according to The National Multifamily Housing Council’s Rent Payment Tracker for April. Now, according to PropertyNest, 36.9% of […]

Newly Pending Sales Up Almost 50% from Same Period in April

In the week ending May 10, newly pending sales nationwide were up almost 50% from the same period in April, according to Zillow’s April 2020 Market Report. And in four large metros — Cleveland, Cincinnati, Houston and Dallas-Fort Worth, newly pending sales were up from the same time last year. Does this mean that we’ve seen the […]

Mortgage Demand from Homebuyers Shows Unexpectedly Strong and Quick Recovery

It’s not as if the coronavirus pandemic has gone away, but after a sharp pullback, homebuyers are now piling back into the housing market much faster than expected. Mortgage applications to purchase a home rose 9% last week from the previous week and from a year earlier, according to the Mortgage Bankers Association’s seasonally adjusted […]

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