{"id":36728,"date":"2015-09-28T09:19:15","date_gmt":"2015-09-28T16:19:15","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=36728"},"modified":"2020-10-06T17:08:26","modified_gmt":"2020-10-07T00:08:26","slug":"boehners-farewell-october-gain-december-pain-for-government-and-housing-market","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/boehners-farewell-october-gain-december-pain-for-government-and-housing-market\/","title":{"rendered":"Boehner's Farewell: October Gain, December Pain For Government and Housing"},"content":{"rendered":"

\"housing
\nNew home sales hit a seven-year high, <\/span>Janet Yellen<\/span><\/a> still wants to raise interest rates this year and John Boehner said <\/span>zip-a-dee-doo-dah<\/span><\/a>. If that wasn\u2019t enough news for you, this week brings Redfin\u2019s <\/span>Demand Index<\/span><\/a>, more congressional budget drama, and data on home sales and jobs. Also, can bean bag chairs save China\u2019s economy?<\/span><\/p>\n

What does John Boehner have to do with my house?<\/h2>\n

Boehner, a Republican, is speaker<\/a> of the House, the guy in charge. He\u2019s had a tough time keeping his conservative troops together. Some of them are itching for a political showdown with President Obama over government spending, the debt and abortion.<\/span>
\nBoehner wants none of that. So he quit on Friday and yesterday <\/span>vowed<\/span><\/a> to pass a short-term spending bill this week to keep the government running. Then he\u2019ll be gone. By November, Congress will be back to the business of brinkmanship.<\/span>
\nAnd that could mean a government shutdown in December, when the Treasury will be maxed out on its credit cards (so to speak). At about the same time, a bunch of tax breaks will expire along with Boehner’s short-term spending bill. Congress will have to do <\/span>something<\/span><\/i> or government will shut down and the U.S. could default on its debts. Bad for the economy, potentially bad for the housing market.<\/span>
\n<\/span>
\nHaven\u2019t we been here before?<\/b> Yes, in 2013, year of the fiscal cliff<\/a>. Things got so bad that the government\u2019s credit score (so to speak) tanked. Weirdly, mortgages got cheaper and the stock market bounced back. The fiscal cliff turned out to be more of a political event than a financial one.<\/span>
\n<\/span>
\n<\/span>But if Congress can\u2019t get its act together, the U.S. risks tarnishing its reputation as a safe haven for the world\u2019s money. If people don\u2019t trust us, the cost of borrowing–including mortgages–goes up. Boehner\u2019s departure increases that risk.<\/span>
\n\u201cWashington is expected to become even more dysfunctional than it is now,\u201d said Scott Brown, chief economist at <\/span>Raymond James & Associates<\/span><\/a>, writing in a note to clients.<\/span><\/p>\n

Bad-guy roundup<\/h2>\n

This one’s a doozy. <\/b>The Consumer Financial Protection Bureau and Justice reached a record settlement with Hudson City Bancorp Inc. over what the government called discriminatory mortgage lending, or <\/span>redlining<\/span><\/a>. Hudson City agreed to pay almost $33 million in fines, loan subsidies and community outreach.<\/span>
\nThe New Jersey bank discriminated against black and Hispanic residents in New Jersey, New York, Connecticut and Pennsylvania, the government said. As part of the settlement, Hudson City will spend $25 million to help minority borrowers get mortgages.<\/span>
\nWhile Hudson City <\/span>took issue<\/span><\/a> with the accusations, <\/span>CFPB Director Richard Cordray<\/a> put lenders on notice that this redlining case won\u2019t be the bureau\u2019s last. That\u2019s important, because credit discrimination hurts more than its direct victims. If big segments of the population can\u2019t get loans, they can\u2019t buy houses. It’s harder for them to build wealth and contribute to the economy.<\/span>
\n\u201cDis<\/span>criminatory practices in the mortgage market undermine people\u2019s ability to buy a home and build long-term wealth,\u201d <\/span>Cordray<\/span> said. \u201cWithout access to affordable credit to buy or improve a home, without a mortgage broker nearby, without a bank branch to offer basic services, neighborhoods deteriorate in the long shadow cast by discriminatory practices.\u201d<\/span>
\nHere are <\/span>maps<\/span><\/a> of the affected areas. Think you\u2019ve been discriminated against? Tell the <\/span>CFPB<\/span><\/a>.<\/span><\/p>\n

Etc.<\/span><\/h2>\n

Seeking happiness?<\/b> Rent an apartment in Memphis, says <\/span>Apartmentlist.com<\/span><\/a>. <\/span>
\nWhat?!? You <\/b>still<\/i><\/b> haven\u2019t refinanced? <\/b>Underwater homeowners who took advantage of a government refi program have saved about $3,500 a year, researchers found. HousingWire sums it up <\/span>here<\/span><\/a>; details are <\/span>here<\/span><\/a>. If you\u2019re having trouble making your mortgage payment or owe more on your house than it\u2019s worth, check out this <\/span>page<\/span><\/a> from the Federal Housing Finance Administration. You have until the end of next year. Do it.<\/span>
\n\u201cUnfriend your neighbor to get a loan?\u201d<\/b> In the future, your Facebook friends might affect your ability to get a mortgage, the <\/span>National Housing Institute<\/span><\/a> reports. Stay tuned on this subject.<\/span>
\nForeclosures and delinquencies are down. A lot.<\/b> Late mortgage payments plummeted more than 18 percent in August from a year earlier. That\u2019s the best annual improvement since 2011, <\/span>Black Knight Financial Services<\/span><\/a> says. <\/span>
\nButton-downs and beanbags:<\/b> Smart suit-wearing people at the World Economic Forum say Asia\u2019s economy can be improved if companies <\/span>rearrange their desks<\/span><\/a> and maybe add bean bag chairs. \u00a0<\/span>
\n

\"bean<\/a>
Bean Bags at Google Developer Day by kentbrew. Licensed under CC BY-SA 2.0 via Wikimedia Commons<\/figcaption><\/figure>
\nQuestions? Input? Lorraine.woellert@redfin.com<\/p>\n","protected":false},"excerpt":{"rendered":"

John Boehner said zip-a-dee-doo-dah last week. What does that have to do with your house? This week brings the Redfin Demand Index, more congressional budget drama, and lots of data on home sales and jobs. And: Can bean bag chairs save China\u2019s economy?<\/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":[32,74,19],"coauthors":[],"class_list":["post-36728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips","tag-politics"],"acf":[],"yoast_head":"\nHousing Market gets reprieve from government shutdown, for now<\/title>\n<meta name=\"description\" content=\"Boehner's zip-a-dee-doo-dah moment increases the risk of a government shutdown in December. 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