Congress to Return to Battle over Stimulus Package

By
Mortgage and Lending with The Federal Savings Bank/Lending in 50 states NMLS # 109616

The housing sector has rebounded from the brief dip it took during the pandemic induced shutdown. June Housing Starts jumped 17% from May to an annual rate of 1,186,000 units versus the 1,180,000 expected. Starts are down 4% from last year which is attributed to the declines seen during the shutdown. Building Permits, a sign of future construction, rose 2% to 1,241,000. The housing sector continues to be a bright spot in the U.S. economy.

Hopes of fresh stimulus from Congress along with strong housing data is offsetting the big surge in virus cases as the week comes to a close. Congress will be back from its July recess on Monday and with Democratic and Republican leaders agreeing that some type of coronavirus stimulus needed, they are $2 trillion apart. Many Americans are still unemployed and the enhanced $600 federal benefit is set to expire at the end of this month so Congress will have to act quickly before its August recess. The U.S. financial markets are on the quiet side today, typical for a summer Friday.

 

Housing Starts surge in June. Building Permits rise. Stimulus being discussed to battle COVID-19.

Comments (0)