{"id":37027,"date":"2015-10-05T08:24:07","date_gmt":"2015-10-05T15:24:07","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=37027"},"modified":"2020-10-06T17:08:26","modified_gmt":"2020-10-07T00:08:26","slug":"bizarro-world-the-debt-ceiling-and-the-housing-market","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/bizarro-world-the-debt-ceiling-and-the-housing-market\/","title":{"rendered":"'Bizarro World', the Debt Ceiling and the Housing Market"},"content":{"rendered":"

\"housing<\/a>
\nLast week, the apocalypse didn\u2019t happen. The U.S. government didn\u2019t shut down and new <\/span>consumer-protection rules<\/span><\/a> didn\u2019t bring home sales to standstill. Whew. This week: House Republicans pick a new leader and wouldn\u2019t it be funny (not) if mortgage rates rise because of Congress, not the Fed? Also: Deciding where refugees will live.<\/span> <\/a><\/p>\n

We\u2019ll keep the lights on<\/span><\/h2>\n

For now. Congress and the president agreed on an 11th-hour budget deal to keep government open until Dec. 11. That\u2019s dandy, but the U.S. is set to run out of cash and max out its credit card — the debt ceiling — by <\/span>Nov. 5<\/span><\/a>. <\/span>
\nWhat does the debt ceiling have to do with my house?<\/b> If the U.S. hits the debt ceiling, we can\u2019t pay our bills. If we can\u2019t pay our bills, it gets more expensive for us to borrow. <\/span>
\nIf it gets more expensive for the U.S. to borrow, it <\/span>might<\/span><\/i> get more expensive for home buyers to borrow. That\u2019s because mortgage rates generally track the cost of U.S. borrowing (Treasury bonds).<\/span>
\nDetails <\/span>here<\/span><\/a> from the Senate Budget Committee\u2019s chief economist (Geek level: high). <\/span><\/p>\n

Hey guys! Tell us what you <\/span>really<\/span><\/i> think . . .<\/span><\/h2>\n

… about last week’s\u00a0jobs report<\/a>.<\/span>
\n\u201cA complete whiff.\u201d — Douglas Holtz-Eakin, president of the <\/span>American Action Forum<\/span><\/a> and former advisor to John McCain\u2019s presidential campaign.<\/span>
\n\u201cA body blow.\u201d Diane Swonk, chief economist, <\/span>Mesirow Financial<\/span><\/a>.<\/span>
\n\u201cVery recession-like.\u201d — Anthony Sanders, <\/span>George Mason University<\/span><\/a> and former Deutsche Bank mortgage guru.<\/span>
\n\u201cYou know it\u2019s a lousy jobs report when Labor Secretary Perez says, \u2018We can do better.\u2019 His job, after all, is to find the silver lining.\u201d — Chris Low, chief economist, <\/span>FTN Financial<\/span><\/a>.<\/span>
\n\u201cFull of downside surprises.\u201d — Doug Duncan, chief economist, <\/span>Fannie Mae<\/span><\/a>.<\/span>
\n\u201cRight out of Bizarro World.\u201d — Tom Porcelli, chief U.S. economist at <\/span>RBC Capital Markets<\/span><\/a>.<\/span><\/p>\n

“Bizarro World”?<\/span><\/h2>\n

Yes. Something doesn\u2019t add up. Car sales are at their highest since 2005, mortgage applications are up 20 percent from a year ago and <\/span>home sales<\/span><\/a> are healthy. The \u201chousehold psyche\u201d must be in decent shape, Porcelli said.<\/span>
\n\u201cConsumers do not commit on these types of purchases if the jobs landscape is all of a sudden crumbling beneath their feet,\u201d Porcelli said.<\/span>
\nThe upshot?<\/b> We don\u2019t know yet.<\/span>
\n

\"housing<\/a>
Source: Bureau of Labor Statistics<\/figcaption><\/figure><\/p>\n

Etc.<\/h2>\n

Buying a home is complicated<\/b>. We knew that, but NeighborWorks America puts numbers on it. For example, 40 percent of house hunters don\u2019t know about no-money down loans. Get help\u00a0<\/span>here<\/span><\/a>.<\/span>
\nRefugees are moving to the U.S.<\/b> How do they get here and where do they go? A government agency and <\/span>nine non-profits<\/span><\/a> are driving the show. Affordable housing plays into the decision-making, <\/span>Pew<\/span><\/a> reports. Last year, the U.S. welcomed almost 70,000 refugees. Here\u2019s <\/span>where<\/span><\/a> they landed.<\/span>
\nPassive houses of Portland<\/b>. ICYMI, a nice <\/span>slide show<\/span><\/a> from Politico\u2019s What Works series.<\/span>
\nAnarchy and crochet.<\/b> Fun read on the gentrification backlash backlash from <\/span>CityLab<\/span><\/a>. <\/span>
\nTaylor Swift is 25<\/b>. When she turns 50, will she buy a <\/span>$50 million house<\/span><\/a>? Just askin\u2019.<\/span>
\nLorraine.woellert@redfin.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Last week’s jobs report catapulted us into Bizarro World – Why is labor so weak when cars and the housing market are robust? We’re not sure. And Congress – not the Fed – might be the biggest risk to mortgage rates right now.<\/p>\n","protected":false},"author":13355,"featured_media":39447,"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":[73,32,74],"coauthors":[],"class_list":["post-37027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-finance","tag-housing-market-tracker","tag-mortgage-tips"],"acf":[],"yoast_head":"\nBizzaro World and Congress Weigh on Housing Market<\/title>\n<meta name=\"description\" content=\"Last week's jobs report catapulted us into Bizarro World - Why is labor so weak when cars and the housing market are robust? 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