COVID-19 will change how we live -- some of it forever — and education may be one of the more affected areas of life. Out of necessity, K-12 schools, colleges and universities have transitioned to remote “virtual learning.” Teachers and instructors are now communicating with students via personal computers, and lesson plans have been altered to online formats. Despite these … [More]
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Tech Industry Remains Biggest Force in Office-Leasing Activity Despite Pandemic-Induced Slowdown
CBRE
The tech industry’s share of U.S. office-leasing activity in this year’s first half inched down to 20 percent from 21 percent last year, as tech employment has proven resilient during the pandemic, according to CBRE’s annual Tech-30 report. Phoenix scored well in most categories in the report, as office-rent growth notched up 8.7 percent in the two years ended June 30 and a … [More]
U.S. Jobless Claims Remain High Despite Recent Weekly Decreases
U.S. Department of Labor
In the week ending October 24, the advance figure for seasonally adjusted initial claims was 751,000, a decrease of 40,000 from the previous week's revised level. The previous week's level was revised up by 4,000 from 787,000 to 791,000. The 4-week moving average was 787,750, a decrease of 24,500 from the previous week's revised average. The previous week's average was revised … [More]
Third-Quarter GDP Record Increase on Heals of Worst in Second Quarter
U.S. Bureau of Labor Statistics
Real gross domestic product (GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 31.4 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the … [More]
SBA Achieves Historic Small Business Lending for Fiscal Year 2020
U.S. Small Business Administration
The U.S. Small Business Administration announced Fiscal Year 2020 summary loan data of the financial assistance provided through traditional loan program lending as well as aid provided via the CARES Act. Loans guaranteed through traditional SBA lending programs exceeded $28 billion; however, enactment of the CARES Act dramatically increased loan volume guaranteed by the … [More]
COVID-19 is Driving the Housing Inventory Crisis in Unexpected Ways
Zillow
A historic inventory crisis is driving up home prices to new highs, but understanding why would-be sellers are sitting on the sideline had been guesswork. Now a new Zillow survey is shedding light on how the pandemic is influencing homeowners who are considering selling in the next three years, and the reasons why they're staying put. Life uncertainty, likely caused by … [More]
Deepening Inventory Shortage Slows Home Sales Even Further
Zillow
The housing market's recent record of superlatives marches on according to Zillow's Weekly Market Report1, as prices soared to new heights and inventory reached record lows — down nearly 50% annually in some major metros. The lack of available homes and an overdue seasonal slowdown may finally be pulling pending sales down after a scorching hot few months. Time on market … [More]
U.S. Weekly Jobless Claims Fall Below 800K, Sign of Leveling Off
U.S. Department of Labor
In the week ending October 17, the advance figure for seasonally adjusted initial claims was 787,000, a decrease of 55,000 from the previous week's revised level. The previous week's level was revised down by 56,000 from 898,000 to 842,000. The 4-week moving average was 811,250, a decrease of 21,500 from the previous week's revised average. The previous week's average was … [More]
Small Businesses Are Counting on Congress to Pass Critically Needed Relief
NFIB
The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, announced that it will consider a vote to advance the Continuing the Paycheck Protection Program Act, offered by U.S. Senators Marco Rubio and Susan Collins, an NFIB Key Vote for the 116th Congress in a letter sent to Members of the United States Senate. “Across … [More]
Update: U.S. Single-Family Rent Price Growth Moves toward Stabilization, Phoenix Tops List
CoreLogic
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across more than 20 metropolitan areas. Data collected for August 2020 shows a national rent increase of 2.1% year over year, down from a 2.9% year-over-year … [More]
Competition Is Most Fierce for Entry-Level Home Sales
Zillow
Only the weather is cooling down this fall, as the speed of home sales continues to accelerate, especially for shoppers seeking entry-level homes. New Zillow® research shows many homes sold just days after hitting the market in September, regardless of price, with the typical1 U.S. home going under contract in just over two weeks. This is one day quicker than August, about … [More]
U.S. Home Price Gains Continue through End of Third Quarter, Home Price Index Reports
Red Bell Real Estate, LLC
Home prices across the United States continued to climb in September, rising 7.8 percent in the twelve months since October 2019, according to Radian Home Price Index (HPI) data released by Red Bell Real Estate, LLC, a Radian Group Inc. company (NYSE: RDN). The Radian HPI is the most comprehensive and timely measure of U.S. housing market prices and conditions. Since the … [More]
Global Artificial Intelligence Spending to Surge by 120% and Hit $110B by 2024, Retail and Banking Top List
BuyShares
Recent years have witnessed a swell in the adoption of artificial intelligence solutions, revolutionizing industries, and helping businesses boost growth. The rising volume and complexity of business data are set to continue driving AI adoption in the following years, causing a surge in global AI spending. According to data presented by BuyShares.co.nz, global artificial … [More]
Governor Paints Rosy Picture as Arizona Leads Nation in Homeownership Growth
State of Arizona Office of the Governor
Arizona is adding homeowners faster than any state in the nation, a sign of continued growing economic momentum in the state. The state’s quarter-over-quarter homeowner rate change increased by 7.7 percentage points in Q2 2020, according to data from the U.S. Census Bureau, the best in the nation. “The American dream of owning a home is alive and well in Arizona,” said … [More]
NEW Poll: Nearly Half of Black-Owned Small Businesses Closed Permanently Or Will Soon Shutter Due to Insufficient Federal COVID Relief
inbusinessPHX.com
As critical federal coronavirus relief legislation remains stalled in negotiations between lawmakers and the White House, a new poll from Color Of Change and Main Street Alliance out today reveals Black-owned small businesses are being decimated by government inaction and racial inequities. Barring swift and decisive action by Congress to provide direct grants to Black small … [More]
U.S. Loan Serious Delinquencies Spiking Despite Strong Housing Demand
CoreLogic
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for July 2020. On a national level, 6.6% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure). This represents a 2.8-percentage point increase in the overall delinquency … [More]
Home Values Are Growing at a Pace Not Seen Since the Recovery from the Great Recession
Zillow
The housing market has seen record-breaking growth since June, further cementing its strength amid an uncertain economy, according to the latest Zillow® Real Estate Market Report1. The typical home value rose to $259,906 in September. That incredible growth includes: A month-over-month growth rate of 0.8%, the biggest jump since November 2005. Quarterly growth of … [More]
Jobless Claims Rise amid Growing Urgency for Stimulus Package
U.S. Department of Labor
In the week ending October 10, the advance figure for seasonally adjusted initial claims was 898,000, an increase of 53,000 from the previous week's revised level. The previous week's level was revised up by 5,000 from 840,000 to 845,000. The 4-week moving average was 866,250, an increase of 8,000 from the previous week's revised average. The previous week's average was revised … [More]
