In this Real Estate News Brief for the week ending August 3rd, 2024... why concern is growing about the job market, how home affordability just got a little better, and what’s happening with commercial property foreclosures.

We begin with economic news from this past week. It’s been a bumpy ride for stock traders. The latest reports on the job market sent Wall Street into somewhat of a tailspin, but as fast as that happened, a report from the Institute of Supply Management helped soften the blow...

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REFERENCES:

1 - https://www.marketwatch.com/story/u-s-economy-improves-in-july-ism-finds-despite-fresh-worries-over-recession-b6a269e4?mod=newsviewer_click   2 - https://www.cnbc.com/2024/07/31/fed-rate-decision-july-2024.html   3 - https://www.marketwatch.com/story/fed-holds-rates-steady-wanting-to-see-more-progress-on-inflation-before-cutting-8b0849d5?mod=home-page   4 - https://www.marketwatch.com/story/jobless-claims-jump-to-nearly-one-high-of-249-000-but-its-not-as-bad-as-it-looks-0b16ff15?mod=home-page   5 - https://www.cnbc.com/2024/08/02/job-growth-totals-114000-in-july-much-less-than-expected-as-unemployment-rate-rises-to-4point3percent.html   6 - https://www.marketwatch.com/story/job-openings-fall-slightly-labor-market-is-still-strong-but-cooling-6c455a01?mod=economy-politics   7 - https://www.marketwatch.com/story/home-prices-climb-to-set-another-record-high-in-may-case-shiller-says-but-rise-is-losing-steam-44f0ede7?mod=economy-politics   8 - https://www.marketwatch.com/story/pending-home-sales-post-surprise-jump-in-june-due-to-rising-number-of-home-listings-b6a7d263?mod=economic-report   9 - https://www.cnbc.com/2024/08/02/mortgage-rates-lowest-level-in-a-year.html?__source=realestate%7cnews%7c&par=realestate   10 - https://www.cnbc.com/2024/07/30/here-are-the-signs-of-an-improving-housing-market.html 11 - https://www.bisnow.com/national/news/capital-markets/foreclosures-surge-as-some-investors-call-bottom-others-say-pain-is-just-starting-125277