The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Rising mortgage rates, overheating home prices, nothing for sale, pre-election jitters — the list of reasons to lose confidence in the housing market is growing.
In fact, the share of consumers who think now is a good time to buy a home fell 5 percentage points in September in a monthly housing sentiment survey (known as HPSI) by Fannie Mae. The only drop that was bigger was the share of consumers who think mortgage rates will fall.
"The decline in the HPSI over the past two months from the survey-high in July ... adds a note of caution to our moderately positive housing outlook," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "The starter home tight supply and rising home prices as well as the unsettled political environment are likely giving many consumers a reason to pause or question their home purchase sentiment."
The September employment report was mixed for housing. Wage growth is strengthening, but not as much as home price growth. Construction jobs increased, suggesting more housing supply in the future, but housing starts for single-family homes are not exactly robust. Construction spending fell in August and July's numbers were revised down.
"A blah September jobs report gives no impetus for anything on the economy's to do list: There's no sign of an overheating economy that would justify a rate hike; no groundswell of construction hiring that would finally hint at a return to a normal pace of housing starts; no big wage gains that would give hope for renewed productivity gains. Just a stubbornly average report at a time when the economy is looking for a jolt of the spectacular," wrote Redfin's chief economist, Nela Richardson.
Pending home sales, which represent signed contracts to buy existing homes, have fallen for three straight months, according to the National Association of Realtors. Housing demand is strong, but supply is historically weak and getting weaker, as fewer homes come on the market in the fall and winter.
"Housing seems to have hit a soft patch, with residential investment likely posting a second consecutive quarterly decline last quarter despite positive labor market and mortgage rate trends," said Duncan.