{"id":34828,"date":"2015-07-06T10:00:45","date_gmt":"2015-07-06T17:00:45","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=34828"},"modified":"2020-10-06T17:08:30","modified_gmt":"2020-10-07T00:08:30","slug":"and-heres-your-housing-news-2","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/and-heres-your-housing-news-2\/","title":{"rendered":"… and Here's The Week in Housing News"},"content":{"rendered":"

\"housing<\/a>
\nHang on to your tweedy cap<\/a>. Despite decent jobs data last week, we detect economic headwinds. Americans are dropping out of the workforce and no one knows whether the Greek drama is a tragedy<\/a> or comedy of errors. The world has China and Puerto Rico to contend with, too. And Greece. GreeceGreeceGreece. This week, there’s more jobs data<\/a>,\u00a0Janet Yellen speaks and Congress will offer a taste of the looming\u00a0fall spending battle. D.C. gets its own beach for the summer and it might be the only shark-free zone in town. Read on.<\/p>\n

If it ain\u2019t one thing\u2026.<\/h2>\n

Employers added 223,000 jobs last month, fewer workers are filing for unemployment and people are spending. That\u2019s good. Unemployment fell to 5.3 percent. That’s bad.
\nWait, what?<\/strong> Unemployment can fall when fewer people go looking for jobs and Americans are dropping out of the workforce in droves. The share of people working or looking for work fell to its lowest in 37 years. Sordid details here<\/a>.
\nWe also saw an unnerving drop in the number of residential construction workers on the job. Homebuilders already aren\u2019t keeping pace with demand for houses and apartments and they\u2019re having a hard time finding skilled workers.
\nMortgage rates rose for the third straight week, clocking in at 4.08 percent<\/a>, which brings us to this week’s important number \u2026.<\/p>\n

61 percent<\/h2>\n

That\u2019s how many Greeks rejected an austerity program imposed by European creditors. No one\u2019s sure what happens next, but unrest is growing and the world\u2019s cash making a beeline for the safe haven of the U.S. For homeowners<\/strong>, the upshot is that mortgage interest rates might not rise as fast or as soon as people thought. We\u2019ll get a better idea Wednesday, when the Fed releases details on its last meeting, and Friday, when Chair Janet Yellen gives a speech. If Fed policymakers get spooked, they’ll be more cautious with rate hikes.
\nMeanwhile, Greeks are draining their ATMs. German business magazine Handelsblatt<\/a> summed it up nicely with this cover, which reads, “Give me the money or I’ll shoot.”\u00a0Some kind souls are ponying up<\/a>, but it won’t be enough. Greece might be a victim of strict German-style austerity measures, but drawing on an inside straight? It’s a losing hand. Now what?
\n\"Handelesblatt-tsipras\"<\/a><\/p>\n

It\u2019s not just Greece<\/h2>\n

The U.S. has its own austerity woes. Remember sequestration? The 2011 law automatically cuts federal spending by about $100 billion a year across the board. It\u2019s an irrational approach to budget cutting (the White House called it \u201cmindless<\/a>\u201d) and never was supposed to happen, but until Democrats and Republicans start playing nice, we\u2019re stuck with it.
\nSo what?<\/strong> Congress is back from vacation and their main agenda will be prepping for another break in August, when the Republican presidential primary gets under way for real<\/a>. But before they can catch their flights, lawmakers face a July 31 deadline to fund expiring housing and transportation projects.
\nGood luck with that. The Senate hasn\u2019t passed a single spending bill this year and there\u2019s growing likelihood of a showdown in September, when the fiscal year ends. Until then, Republicans will try to pass bills that adhere to that pesky austerity plan and President Obama will keep threatening vetoes.
\nDon\u2019t forget, the U.S. Treasury hit its credit limit in March ($18.1 trillion) and has been living catch-as-catch-can to pay the bills<\/a>. Fortunately, we have enough money coming in to keep the lights on for several more months. Oh, but Puerto Rico can’t pay its<\/em> bills ($72 billion) and needs help declaring bankruptcy<\/a>.
\nBTW, affordable housing will be a big topic of discussion. Senate appropriators last week signed off on $37.6 billion<\/a> for the Department of Housing and Urban Development. Housers aren\u2019t happy<\/a>.<\/p>\n

Etc.<\/h2>\n

You still<\/em> haven\u2019t refinanced? Tsk. More than 6 million households could save on their mortgage if they did and another 450,000 could get a lower rate under the government\u2019s HARP<\/a> program. Refis could save more than 3 million homeowners at least $200 a month, according to Black Knight<\/a> Financial Services. It’s not too late.<\/p>\n

The American Dream 2016: RIP. Candidates mourn on the fourth of July, Politico<\/a> reports.
\nCuba is getting a U.S. embassy. The rest of us Americans can’t get our own piece of land<\/a>\u00a0there, but others are jumping in<\/a>.
\nBad guy roundup, yee-hah<\/em>!<\/strong> Bank of America and Citigroup will pay $75 million<\/a> to rehab affordable housing in New York. Mortgage servicers<\/a>\u00a0are cleaning up their act.
\nFun with architecture: A real-life Jenga<\/a> tower. Seriously, look<\/a>.
\nFun with Snarkitecture<\/a>: D.C. gets a bubbly indoor beach<\/a> at the National Building Museum. No sharks!
\n

\"beach_in_DC\"<\/a>
Photo by Noah Kalina, courtesy National Building Museum<\/figcaption><\/figure>
\nThoughts, ideas, want to vent? Lorraine.woellert@redfin.com
\nGet all Redfin<\/a> news and analysis here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hold on to your tweedy cap. Despite decent jobs data last week, the U.S. economy faces headwinds. Americans are dropping out of the workforce and no one yet knows whether the Greek drama is a tragedy or comedy of errors. There’s China and Puerto Rico to contend with, too. In housing news this week, we get more jobs data, Janet Yellen speaks and Congress will give us a taste of their annual fall spending battle. D.C. gets its own beach for the summer and it might be the only shark-free zone in the city.<\/p>\n","protected":false},"author":13355,"featured_media":42742,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74],"coauthors":[],"class_list":["post-34828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips"],"acf":[],"yoast_head":"\n... and Here's The Week in Housing News - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Despite decent jobs data the U.S. economy faces headwinds. 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For more information about working with a Redfin real estate agent to buy or sell a home, visit our \"Why Redfin?,\" page.","sameAs":["https:\/\/www.redfin.com\/blog"],"url":"https:\/\/www.redfin.com\/news\/author\/lorraine-woellertredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/34828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13355"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=34828"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/34828\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/42742"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=34828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=34828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=34828"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=34828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}