Saturday, August 22, 2020

 Quick Overview is up to date
  • The National Association of Realtors said on Friday sales of existing homes rose 24.7% to a seasonally adjusted annual rate of 5.86 million units last month from 4.7 million in June. 

  • The average time on the market fell to 22 days in July, a record low, from 24 in June -- nearly 70% sold in less than a month. 

  • The 30-year fixed-rate mortgage at 2.99% for the week ending Aug. 20 is clearly helping and creating a bit of a Real Estate sugar high. However, the surge in home prices is threatening to make buying a home unaffordable once again.

  • Meanwhile across the pond, the UK housing market has had its busiest month in more than 10 years in July.

  • Americans filing a new claim for unemployment benefits rose unexpectedly back above the 1 million mark.

  • Guardian: A temperature of 54.4C – or 129.9F – has been recorded in Death Valley, CA in what some extreme weather watchers believe could be the hottest reading ever reliably recorded on the planet.
  • If you are pondering why one of the strongest commodity markets is lumber? Well, millions of Beetles Are Wiping Out Forests All Across the World.

  • The Trump administration is taking the final steps to let oil and gas companies drill in the Arctic national wildlife refuge.

  • Meanwhile, this BIG DEAL! Aussie insurance giant Suncorp says it won't invest in or insure oil or gas companies and projects.

  • Goldman Sachs cut their default forecast for the US Junk sector to 10.5% from 13% for the full year.
  • Goldman Sachs is the latest firm to boost its year-end price target for the S&P 500 to 3,600 from 3,000.

  • China drought, heavy rains spark concern over grain supply as Xi Jinping launches campaign against food waste. Concerns are mounting about China’s grain supply this year, despite government assurances that the summer harvest was at ‘an all-time high ‘Output has been hit by drought and heavy rains and many farmers are hoarding crops in expectation that prices will continue rising because of low supply, traders say.

  • The #Ebola outbreak in DRC's Équateur province has now hit 100 cases & 43 deaths. Efforts to stop it are not going well. It is evolving in a concerning way,” said Dr Matshidiso Moeti, WHO regional director for Africa.

  • Looks like a new #Solar Cycle 25 is truly underwayPerhaps providing the Fuel for a new “solar powered” Roaring twenties? 

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