CoreLogic reports that home prices, including distressed sales, rose 4.9% year-over-year in June, up from the annual gain of 4.1% in May. Month over month, prices rose 1% from May 2020 to June 2020. Looking ahead, prices are expected to decline by 1%. Dr. Frank Nothaft of CoreLogic said, “Mortgage rates hit record lows this spring, which enhanced affordability for home buyers. First-time buyers, and millennials in particular, have jumped at the opportunity to achieve homeownership.”
Stocks are near unchanged as investors await any stimulus news from D.C. The S&P 500 (3,294) hovers just below its all-time high (3,386) hit back on February 19, 2020, just before the pandemic induced shutdown occurred. Fed intervention, stimulus and a rebound in the economy have helped to push stocks higher since the March lows.
Congress is still locked in talks over what is in and what will not be in the new Phase 4 stimulus package. Whether or not to extend the enhanced $600 federal unemployment benefit is the big issue that has stalled the talks. Both sides know that there has to be a swift agreement to help those Americans truly in need of aid. There should be a deal struck soon.