Home prices continue to push higher spurred on by low rates and as demand for housing continues as many Americans work from home. CoreLogic reports that home prices nationwide, including distressed sales, rose by 7.3% in October 2020 compared with October 2019 and were up monthly by 1.1% in October 2020 compared with September 2020. The housing sector continues to shine.
Renewed hopes of a stimulus package by the end of this month is fueling a rally in stocks and comes after the S&P 500 had its best November ever! Senate Majority Leader McConnell said there is no reason that a stimulus package can't be passed by December 21 when Congress goes on vacation. Also, House Speaker Pelosi and Secretary Mnuchun are expected to resume stimulus talks. Many businesses across the country have closed due to shutdowns. Small businesses are the backbone of the U.S. economy.