US Q4 GDP Forecast (Trump’s Final Reading) Is 7.541% While Home Prices Growth At 10.2% YoY

According to the Atlanta Fed’s GDPNow forecast, US GDP forecast for Q4 is 7.541%. This combined with elevated U-3 unemployment (6.7% thanks to state and local government shutdowns) and slowing growth for low-wage workers (those most impacted by government shutdowns) shows that the US economy is still strong. Despite the AP saying “Biden inherits damaged economy, with signs of hope emerging”.

FHFA’s purchase-only house price index is soaring at 10.2% YoY, thanks in part to massive money printing by The Federal Reserve (25.4% YoY).

The Biden Administration is already altering the employment landscape by cancelling the Excel Pipeline deal (killing 10,000 jobs) and trying to raise the minimum wage to $15 per hour (that the CBO claims could cause 3.7 million jobs to be lost). Let’s see how Biden and Company regulate their way to economic growth. /sarc

And good luck trying to increase homeownership rates with historic low housing inventory and skyrocketing home prices.

Deep In The Heart of … COVID! Case-Shiller Home Price Index Rises 8.41% YoY In October (Phoenix AZ Fastest Growing, NYC Slowest Growing)

We are “Deep in the heart of Covid.”

US home prices, according the S&P CoreLogic Case-Shiller US National Home Price Index, rose 8.41% YoY in October.

My old home town of Phoenix AZ is growing at 12.7% YoY. The slowest growing city? New York City at 6% YoY.

I am still trying to recover from pneumonia due to Covid-19 in one of the economic shutdown states, Virginia.

Speaking of Covid, The Federal Reserve responded to Covid with expanding their balance sheet … again … helping to drive the 30 year mortgage rate to near all-time lows.