Foreclosure activity increased month-over-month from July to August but declined from a year ago. ATTOM Data Solutions reports that that lenders started the foreclosure process for the first time on 27,886 property owners in August, up 7% from July though down 15% from a year ago. Across the nation, one in every 2,554 properties received a foreclosure filing last month.
It's Fed week! Fed members kick off their two-day Fed meeting on Tuesday and end Wednesday at 2:00 p.m. ET with the release of the monetary policy statement. The statement will be accompanied by the Summary of Economic Projections. In addition, Fed Chair Powell will hold a press conference at 2:30 p.m. ET. It is expected that the short-term Fed Funds Rate will be cut from 2.25% to 2.0%.
Tensions in the Mideast ramped up over the weekend after two Saudi Arabian oil refineries were attacked by drones. The price of West Texas Intermediate oil has gushed higher by $6 to $61/barrel. Sources are pointing to Iran as the culprit behind the attacks. Gas prices at US pumps will most likely inch higher during the week. However, with an overabundance of oil flowing through global pipelines, this event could quickly burn out.
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