U.S. Economic News
August 21, 2020
U.S. Economic Indicators
Existing home sales rose 24.7% to a seasonally adjusted annual rate of 5.86 million in July – a record-setting monthly increase – and were up 8.7% compared to a year ago. Monthly home sales increased by double-digits in all major regions. NAR Report
U.S. News
The Washington Post reports that despite improvement in the overall number of mortgage delinquencies last month, serious delinquencies – characterized by three or more missed payments – surged 20% to a 10-year high. The divergence between easing new delinquencies and worsening serious delinquencies is another indication of how the COVID crisis has bifurcated the housing market and the economy more broadly. WaPo
According to the Wall Street Journal, natural gas prices have soared over the last two months but have not triggered a surge in production as producers remain cautious about the trajectory of future demand. Producer reticence to chase high prices will help support the market in the near term, while investors continue to anticipate even higher prices on expectations of a global economic recovery coinciding with the beginning of heating season in the Northern Hemisphere. WSJ