U.S. consumer confidence ebbs; house prices surge

WASHINGTON (Reuters) – U.S. consumer confidence fell more than expected in November amid a widespread resurgence in new COVID-19 infections and business restrictions, reinforcing expectations for a sharp slowdown in economic growth in the fourth quarter.

FILE PHOTO: Shoppers browse in a supermarket while wearing masks to help slow the spread of coronavirus disease (COVID-19) in north St. Louis, Missouri, U.S. April 4, 2020. REUTERS/Lawrence Bryant

The survey from the Conference Board on Tuesday followed on the heels of reports this month showing the smallest job gains and retail sales growth in October since the recovery from the pandemic recession started in May. The number of people filing new claims for unemployment benefits increased in mid-November.

The economy is losing speed as more than $3 trillion in government coronavirus relief has lapsed. The fiscal stimulus helped millions of unemployed Americans cover daily expenses and small-to-medium sized companies keep workers on

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Home prices see biggest spike in 6 years in September

People walk into a house for sale in Floral Park, Nassau County, New York, on Sept. 6, 2020.

Wang Ying | Xinhua News Agency | Getty Images

Covid-induced demand from homebuyers over the summer caused an exceptionally strong spike in home prices.

Values jumped 7% annually in September, up from a 5.8% annual gain in August, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. That is the largest annual gain since September 2014. Prices are now nearly 23% higher than their last peak in 2006.

The 10-City Composite was up 6.2% year over year, up from 4.9% in the previous month. The 20-City Composite posted a 6.6% gain, up from 5.3% in the previous month. There was no reading for Detroit, due to data collection issues resulting from the pandemic.

This index is a three-month running average, so it represents prices from July through September, when

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Dallas home prices see best growth in three years in latest national report

Dallas-area home prices grew at the fastest rate in more than three years in the latest nationwide comparison.



a stop sign in front of a house: Dallas-area home prices rose by almost 5% year-over-year.


© G.J. McCARTHY/Staff Photographer/The Dallas Morning News/TNS
Dallas-area home prices rose by almost 5% year-over-year.

Dallas prices were up 4.9% from a year ago in the latest Standard & Poor’s CoreLogic Case-Shiller Home Price Index.

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Nationwide prices were 7% higher than in September 2019 – the largest such increase since 2014.

Home prices in North Texas and across the country have seen significant gains as demand for houses has risen, even with the pandemic.

“Our three monthly readings since June of this year have all shown accelerating growth in home prices, and September’s results are quite strong,” Standard & Poor’s Craig J. Lazzara said in the report. “The last time that the national composite matched September’s 7% growth rate was more than six years ago, in May 2014.

“This month’s

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U.S. home prices surge to 6-year high in September, Case-Shiller index shows

Home prices are still rising during the pandemic owing to historically low interest rates and more people leaving big cities.


saul loeb/Agence France-Presse/Getty Images

The numbers: The cost of buying a house rose sharply again in September and by one measure hit a six-year high, a Case-Shiller index showed, signaling that prospective buyers are unlikely to find better deals any time soon.

A measure of home prices in 20 large cities rose at a 6.6% yearly pace in October, according to the S&P CoreLogic Case-Shiller price index. That’s up from 5.3% in the prior month.

Wall Street economists had forecast a 5.4% increase.

A broader measure by Case-Shiller that covers the entire country showed a similarly large 7% increase in home prices over the past year, marking the fastest 12-month gain since 2014.

Home prices have actually risen faster during the worst pandemic in a century instead of getting cheaper.

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Home prices see biggest spike in 6 years in September, according to S&P Case Shiller

  • Strong, Covid-induced demand from homebuyers over the summer caused an exceptionally strong spike in home prices.
  • The 10-City Composite was up 6.2% year-over-year, up from 4.9% in the previous month. The 20-City Composite posted a 6.6% gain, up from 5.3% in the previous month.



a man standing in front of a fence: People walk into a house for sale in Floral Park, Nassau County, New York, on Sept. 6, 2020.


© Provided by CNBC
People walk into a house for sale in Floral Park, Nassau County, New York, on Sept. 6, 2020.

Strong, Covid-induced demand from homebuyers over the summer caused an exceptionally strong spike in home prices.

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Values jumped 7% annually, in September, up from a 5.8% annual gain in August, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. That is the largest annual gain since September 2014. Prices are now nearly 23% higher than their last peak in 2006.

The 10-City Composite was up 6.2% year-over-year, up from 4.9% in the previous month. The 20-City Composite posted a

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Oil prices hit highest level since March on vaccine hopes

Oil prices touched their highest level since March on Tuesday, rising towards $47 a barrel after a raft of positive vaccine news sparked a comeback in one of the sectors hardest hit by the pandemic.

Brent crude, the international benchmark, hit a high of $46.72 a barrel in Asia trading, as traders bet that travel and other energy-intensive industries would pick up in 2021 if coronavirus can be brought under control. The marker is up 24 per cent so far in November, putting it on course for one of its largest monthly percentage gains in recent decades.

Analysts at PVM oil brokerage in London said that traders were increasingly treating the prospect of vaccines as a “game changer” for the energy sector, though prices still remain well below the near $70 a barrel they traded at before the pandemic.

“The fight against the coronavirus is intensifying and is proving to

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Down payments rise as home prices climb | Business

LOS ANGELES – Even with mortgage rates hovering near all-time lows, rising home prices are putting more pressure on buyers to come up with a bigger down payment.

In the April-to-June quarter, the median down payment on a single-family U.S. home was $13,955, a 15.3% increase from a year earlier, according to industry tracker Attom Data Solutions. In the first three months of 2020, it vaulted 29% from the same period in 2019.

The trend follows a steady climb in U.S. home prices this year. As of August, they were up 5.2% from a year earlier.

The rise in home prices is stretching the limits of affordability for many Americans already struggling to save for a down payment.

“Home values are increasing approximately twice as fast as typical incomes,” said Chris Glynn, senior economist at Zillow. “There’s this divergence between home values and the salaries and incomes that buyers have

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NZ government asks central bank on stabilizing soaring house prices

Deputy Prime Minister Grant Robertson speaks to media during a post cabinet press conference at Parliament on Nov. 09, 2020 in Wellington, New Zealand.

Hagen Hopkins | Getty Images News | Getty Images

New Zealand Finance Minister Grant Robertson said on Tuesday the government was reviewing policies relating to the housing market and has sought advice from the central bank on how it could help stabilize property prices.

Robertson confirmed he has written to the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr seeking his advice, and has proposed including stabilizing house prices as a factor for consideration in the remit when formulating monetary policy.

“I expect to receive that advice towards the end of the year, and will discuss it with cabinet as soon as possible after that,” Robertson said.

The news sent the New Zealand dollar soaring to $0.6985, its highest since mid-2018, as it reinforced expectations

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When Will Home Prices Stop Increasing?

When COVID-19 first appeared, people speculated there could be another 2008-like recession that could affect the housing market; after all, much of the country was in lockdown and not out shopping. Not only did a recession not happen then but the United States has been in a seller’s market ever since COVID-19 hit. That’s led many to wonder if we’re in another housing bubble. With nationwide double-digit (nearly 13%) home price appreciation from last year, we might be. And if we are, when will the bubble burst?

Prices not expected to drop soon

The housing market usually corrects itself, finding the right balance between a buyer’s and seller’s market. And it probably will this time as well, but housing prices might not drop anytime soon. Former Fannie Mae chief credit officer Ed Pinto told Fortune magazine in October 2020 that prices will continue to rise for another six months to

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Winter Home Sales Prices Yield Best Bargains For Buyers

IRVINE, Calif., Nov. 23, 2020 /PRNewswire/ — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its annual analysis of the best days of the year to buy a home, which shows that days that fall in December and January will offer homebuyers the best deals.

According to the analysis, buyers who close on December 4th or January 26th will get the best deal and pay exactly market value for a property, as opposed to above market value in an extremely competitive market that has been on the rise. This analysis of more than 27 million single family home and condo sales over the past seven years is evidence of the continuation of a hot sellers’ market (see full methodology below).

2013 to 2019 Sales of Single-Family Homes and Condos

Month



Day

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