The housing sector continues to produce solid gains due in part to the ultra-low rate environment. The October S&P Case-Shiller 20-City Index rose 7.9% annually, up from a gain of 6.6% in September. And where the numbers are somewhat backward-looking, the headlines garnered attention. The National Index, which covers all nine U.S. Census divisions, jumped 8.4% from 7% in the previous month. On a monthly basis, the National Index saw a 1.4% increase, while the 20-City rose 1.3%. A spokesperson said, "Data from the last several months are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes. We’ll continue to monitor what the data can tell us about this question."
Despite the recent signing of the COVID relief bill, stimulus remains a hot topic on Capitol Hill. The House passed a bill last night to increase the $600 direct payments to $2,000 but it now has to go to the Senate where it will be met with push back. President Trump wants the increase to $2,000 and has asked the bill to be brought to the floor of the Senate for a vote. If the increase to $2,000 doesn't happen this week, it could garner more strength in 2021.