US home price gains accelerate as pandemic shakes up housing

U.S. home prices jumped in September as strong demand, low interest rates and the smallest number of available homes on record combined to push up housing costs

WASHINGTON — U.S. home prices jumped in September as strong demand, low interest rates and the smallest number of available homes on record combined to push up housing costs.

The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, showed that home prices rose 6.6% in September from a year earlier, much higher than its 5.3% increase in August. That is the biggest increase since April 2018.

The viral pandemic disrupted the spring home buying season, pushing many sales into the late summer and fall. Home sales jumped to the highest level in 14 years in September, a sign

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US Home Price Gains Accelerate as Pandemic Shakes up Housing | Business News

By CHRISTOPHER RUGABER, AP Economics Writer

WASHINGTON (AP) — U.S. home prices jumped in September as strong demand, low interest rates and the smallest number of available homes on record combined to push up housing costs.

The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, showed that home prices rose 6.6% in September from a year earlier, much higher than its 5.3% increase in August. That is the biggest increase since April 2018.

The viral pandemic disrupted the spring home buying season, pushing many sales into the late summer and fall. Home sales jumped to the highest level in 14 years in September, a sign that the increased ability of some Americans to work from home and the desire for more space is spurring greater demand.

Prices skyrocketed 11.4% in Phoenix compared with a year earlier, the biggest gain nationwide. Seattle reported the second highest increase, at 10.1%, followed

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Oil Prices Extend Gains on COVID Vaccine Hopes | Investing News

SINGAPORE (Reuters) – Oil prices extended their gains on Monday as traders were optimistic about a recovery in crude demand thanks to successful coronavirus vaccine trials, but price gains were contained by renewed lockdowns in several countries.

Sentiment was also bolstered by hopes that the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, will keep crude output in check.

Brent crude futures rose 17 cents, or 0.4%, to $45.13 a barrel by 0039 GMT while U.S. West Texas Intermediate crude gained 4 cents, or 0.1%, to $42.46 a barrel. Both benchmarks had increased by 5% last week.

“Positive sentiment continues to be driven by the recent good news about the efficacy of coronavirus vaccines in development and the expectation that the OPEC+ meeting at the end of this month could see the group extend current cuts by 3-6 months,” said Stephen Innes,

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U.S. Home Prices Kick Off the 4th Quarter with Slightly Slower Gains, Radian Home Price Index Reports

PHILADELPHIA–(BUSINESS WIRE)–Nov 20, 2020–

After a very strong third quarter, home prices across the United States continued to climb in October albeit at a slower rate than in September, rising 7.5 percent in the twelve months since November 2019, according to Radian Home Price Index (HPI) data released today by Red Bell Real Estate, LLC, a Radian Group Inc. company (NYSE: RDN). The Radian HPI is the most comprehensive and timely measure of U.S. housing market prices and conditions.

Since the start of the year, the estimated median home price has increased by an absolute, not annualized, rate of 6.7 percent, which was higher than the increase recorded in the same period of 2019. The monthly annualized increase recorded in October, while slower than September, was still the second-best appreciation month in 2020. The Radian HPI is calculated based on the estimated values of more than 70 million unique addresses

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Despite huge D-FW gains, nationwide home prices growing even faster

Dallas-Fort Worth home prices grew by the fastest rate in more than three years in the latest nationwide comparison.

But North Texas’ 8.5% third quarter annual price increase was still behind the 12% nationwide year-over-year home price rise, according to the National Association of Realtors.

Home prices in the third quarter rose at a double-digit percentage rate in 65% of the 181 metro areas the Realtors track in their quarterly survey.

“Favorable mortgage rates will continue to bring fresh buyers to the market,” Lawrence Yun, NAR chief economist, said in the latest report. “However, the affordability situation will not improve even with low interest rates because housing prices are increasing much too fast.”

The greatest annual home price gains were in Bridgeport, Conn. (27.3%); Crestview, Fla. (27.1%) and Pittsfield, Mass. (26.9%).

The D-FW area had the smallest quarterly price increase among the major Texas metros.

Austin saw the largest price

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Oil gains on vaccine hopes, even as nations reimpose lockdowns

NEW YORK (Reuters) – Oil prices rose on Tuesday as hopes that a COVID-19 vaccine is on the horizon outweighed worries about a drop in fuel demand from new lockdowns to contain the virus.

FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo

Brent crude LCOc1 futures rose 94 cents, or 2.2%, to $43.34 by 12:33 EDT. U.S. West Texas Intermediate (WTI) crude CLc1 futures gained 89 cents, or 2.2%, to $41.18.

Both contracts jumped 8% on Monday, their biggest daily gains in more than five months, after drugmakers Pfizer PFE.N and BioNTech 22UAy.F said their experimental COVID-19 treatment was more than 90% effective based on initial trial results.

Oil bounced again Tuesday afternoon after the director of the U.S. National Institute of Allergy and Infectious Diseases, Anthony Fauci, said doses of

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Global stocks rise, but caution over Pfizer’s COVID-19 vaccine and US political uncertainty limit gains

  • Global stocks rose Tuesday, extending the rally built on Pfizer’s vaccine news and the US election, but investor caution on the depth of the pandemic and political uncertainty capped gains.
  • Pfizer on Monday said its phase 3 vaccine trial showed a high degree of efficacy, giving investors hope that some kind of normality could be regained.
  • UBS’ chief investment officer, Mark Haefele, said investors needed to pivot away from big tech and the primary stay-at-home beneficiaries.
  • Senate Majority Leader Mitch McConnell declined to acknowledge President-elect Joe Biden’s election victory on Monday, adding more disorder to President Donald Trump’s call to weigh up legal options.
  • Visit Business Insider’s homepage for more stories.

The rally in global equities extended Tuesday, a day after Pfizer said its late-stage trial of its COVID-19 vaccine had shown promising results, but caution over the depth of the coronavirus pandemic and an uncertain US

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Nikkei gains as hospitality shares jump, stay-home winners lose footing

TOKYO, Nov 10 (Reuters) – Japan’s Nikkei share average rallied to a 29-year high on Tuesday as battered airlines, railway and department store operator shares jumped on news of progress in the development a COVID-19 vaccine.

Investors switched to beaten-down value shares while dumping those which benefited from the stay-at-home trend during the pandemic, such as internet service firms and game companies.

The Nikkei rose 1.17% to 25,131.71, hitting its best level since June 1991 and rising for a sixth straight session. The broader Topix gained 1.62% to 1,709.06.

Airliner ANA Holdings jumped 16.9%, while the country’s three big railway operators — East Japan Railway , West Japan Railway and Central Japan Railway — all vaulted more than 10%.

Department store chain J.Front Retailing gained 10.7%, while rival Isetan Mitsukoshi soared 8.9%.

Pfizer and German partner BioNTech SE said its experimental COVID-19 vaccine was more than 90% effective based on

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Jaguar Return to Profit With Sales Gains Expected

(Bloomberg) — The fortunes of Jaguar Land Rover Automotive Plc are improving with sales already back at pre-Covid levels in some markets and the British luxury carmaker posting its first profit in three quarters.



a car parked on the side of a building: New automobiles, manufactured by Jaguar Land Rover, a unit of Tata Motors Ltd., sit parked at the Port of Southampton, operated by Associated British Ports (ABP) Holdings Ltd., in Southampton, U.K., on Wednesday, Sept. 30, 2020. Bank of England Governor Andrew Bailey urged the U.K. government and the European Union to reach a trade deal or risk seeing their economies suffer.


© Bloomberg
New automobiles, manufactured by Jaguar Land Rover, a unit of Tata Motors Ltd., sit parked at the Port of Southampton, operated by Associated British Ports (ABP) Holdings Ltd., in Southampton, U.K., on Wednesday, Sept. 30, 2020. Bank of England Governor Andrew Bailey urged the U.K. government and the European Union to reach a trade deal or risk seeing their economies suffer.

While its Indian owner Tata Motors Ltd. reported a wider quarterly loss of 3.14 billion rupees ($43 million) on Tuesday, Jaguar eked out a profit of 65 million pounds ($85 million) before tax for the three months ended Sept. 30 and said it expects cash flow to be positive in the second half.

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Home Price Gains Highest in 25 Months

The last time that the S&P CoreLogic Case-Shiller’s National Composite Index matched August’s 5.7% growth rate was 25 months ago, in July 2018. If it grows at similar rates in the following months, S&P Dow Jones Indices is ready to conclude that the COVID-related deceleration is behind us.

“A trend of accelerating increases in the National Composite Index began in August 2019 but was interrupted in May and June, as COVID-related restrictions produced modestly-decelerating price gains,” Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices said in a prepared statement. “We speculated last month that the accelerating trend might have resumed, and August’s results easily bear that interpretation.”

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index was up from 4.8% in July. The 10-City Composite annual increase came in at 4.7%, up from 3.5% in the previous month. The 20-City

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