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The housing market was one of the few success stories during the pandemic, but recent trends indicate that soon may be coming to an end. |
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Housing market cools over concerns of COVID, interest rates The housing market has been riding high throughout the pandemic as remote workers who suddenly have the freedom to work from anywhere are moving out of major cities in droves. But it appears that trend may be starting to cool now for a combination of factors. Mortgage applications dipped 4% for the week ending July 16 after riding on a 16% surge the week prior, the latest indication that the housing boom is leveling off. The resurgence of COVID and scary inflationary trends are pushing interest rates higher as home buyers try to find the right time to pull the trigger amid record-high prices. CHECK OUT THE LATEST CHANGES TO INTEREST RATES
7 in 10 believe their children will be worse off financially Every parents' dream is for their children to be better of than them, but those hopes are fading fast for the next generation, according to a new study from the Pew Research Center. A recent survey of parents showed that 70% think their kids will be worse off financially. The 17-nation survey cites pandemic-related factors -- such as lost time in school and social activities, rising rates of depression, mounting government debt and a dire economic and environmental outlook -- for the sudden downturn in parental confidence. Past generations have shown greater faith in their children's futures. SEE WHERE THE US STACKS UP IN PARENTAL PESSIMISM
COVID-induced recession was the shortest in US history The economic recovery is shaping up to have a couple of things in common with the COVID-19 vaccines -- both are relatively short and painless, and they can prevent a lot more suffering in the long run. New NBER numbers shows the recession induced by the pandemic turned out to be the shortest in history, spanning only two months. From a peak in February 2020 to the nosedive in April 2020, the economy has been on a slow but steady recovery ever since -- or at least enough to prevent it from technically qualifying as a recession. Of course, like many things with the COVID pandemic, traditional models don't always apply. But the recovery seems to be on track. COMPARE THE COVID RECESSION TO OTHERS IN HISTORY
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Markets
| DJIA | 34,798.00 | 0.83% |
| S&P 500 | 4,358.69 | 0.82% |
| Nasdaq Composite | 14,631.95 | 0.92% |
| Japan: Nikkei 225 | 27,548.00 | 0.58% |
| UK: FTSE 100 | 6,998.28 | 1.70% |
| Crude Oil Futures | 70.09 | -0.30% |
| Gold Futures | 1,801.30 | -0.12% |
| Yen | 110.13 | -0.14% |
| Euro | 1.18 | 0.01% | | * As of market close |
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McCarthy withdraws GOP's Jan. 6 nominees
How divided is Congress? So much that it can't even agree on the facts surrounding the Jan. 6 riot on Capitol Hill. In fact, Democrats and Republicans can't even agree on how it should investigate the matter. House Minority Leader Kevin McCarthy (R-Calif.) announced Wednesday that he is withdrawing his five GOP nominees from Senate Majority Leader Nancy Pelosi's (D-Calif.) committee to investigate the attack on Congress and democracy. Pelosi rejected two of McCarthy's picks based on their past statements supporting former president Donald Trump's lies about the 2020 election being stolen and downplaying the Jan. 6 riot. FIND OUT MCCARTY AND PELOSI'S PLANS FOR THE COMMITTEE
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Infrastructure bill fails in first Senate vote
Despite declaring he had a handshake agreement with Republicans to pass a $1.2 trillion infrastructure bill, President Joe Biden's campaign pledge for bipartisan action on the issue appears far from a done deal. In fact, the package received no GOP support in Wednesday's Senate vote. Republicans claim they need more time before signing off on the bill, which will fund repairs, improvements and new projects for America's decaying roads, bridges and railways. But the Dems' attempt to push through "human infrastructure" has the two parties predictably at odds. WHAT'S BIDEN'S NEXT MOVE TO PASS AN INFRASTRUCTURE BILL?
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The crypto show 'Musk' go on at B-Word
Chalk it up to a case of space cadet syndrome or billionaire ego envy. Whatever you call it, Elon Musk just can't seem to avoid the spotlight, especially when he's being overshadowed by net-worth rival Jeff Bezos. One day after Bezos' Blue Origin flight to the edge of space, Musk stole some air time Wednesday by weighing in on digital currency at the B-Word crypto conference. His words helped rally Bitcoin, Ethereum and other cryptocurrencies that took big hits this week. He even hinted about a triple-reverse that would again allow Tesla to accept Bitcoin as payment. SEE WHAT IMPACT MUSK'S COMMENTS HAD ON CRYPTO PRICES
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Dead letter office
On this date in 1975, what former military leader's American citizenship was reinstated by Congress, more than a century after his death? Wednesday's answer: All three modern Olympics that were canceled did so due to wars -- 1916 (World War I) and 1940 and 1944 (World War II). SEND YOUR ANSWER HERE TO SHOW OFF YOUR KNOWLEDGE
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