Governor Martin, good morning. Good morning once again. Thanks for being here. Thanks for having me back.We've got to start with the labor market. Your reflections on what we saw yesterday. Does it lean one way or the other.Yeah, I mean, I think the implications of yesterday were obviously dovish. And if anyone was on the fence, I would hope that this would move them in the direction of cutting. I mean, you saw the unemployment rate edged up a bit.You know, you saw some other indicators like an increase in ...

Housing Market Competition & Affordability - FHFA emphasizes the need for increased competition in the housing market to lower costs for consumers [2][4][8] - The director believes fostering competition is key to lowering costs, moving away from a perceived "cartel" situation with credit bureaus and FICO [4][8] - FHFA aims to create a competitive market where businesses lower costs and pass savings to consumers [4] - The director disputes claims that the new FICO program will add $99 to the cost of a typical mortgage [7] Credit Bureaus & FICO - FHFA encourages credit bureaus to be creative and competitive [5] - FICO is recognized for developing creative and constructive solutions [3] - The director denies having a personal vendetta against FICO [3] Mortgage Market & Interest Rates - The director expresses concern about the rise in mortgage rates from approximately 2-3% to 7% and hopes for a decrease [10][11] - The director believes the Fed's actions on interest rates will impact mortgage rates [9] - The director acknowledges a recent setback in mortgage applications and refinancing activity [9] Industry Collaboration - The director calls on all stakeholders, including FICO, credit bureaus, title companies, mortgage insurers, and homebuilders, to contribute to a competitive, safe, and sound market [6][7]

Economic Downturn - The report explores the rapid decline of the strong American economy following the 2008 housing market crash [1]

Financial Performance - Lennar's earnings missed estimates [1] Market Trends - The report points to weakness in the housing market [1] - Lennar's shares slid on Friday [1]

All right, good afternoon and welcome to Asking for a Trend. I'm Miles Alen filling in for Josh Lipton. For the next half hour, we're breaking down the trends of today that'll move stocks next week.There's a lot to keep track of. So, we're focusing on what you need to know to get ahead of the curve. Here are some of the trends we'll be diving into.Wall Street ending the week on a high note. Stocks in record territory after President Trump and China's Xiinping have a seemingly productive call on Friday morni ...

Federal Reserve Policy & Interest Rates - The Federal Reserve cut interest rates by 0.25 percentage points, a decision characterized as "risk management" [1] - The vote for the rate cut was 11 to 1, with one Fed Governor voting for a 0.5 percentage point reduction [1] - The Fed is signaling the possibility of two more rate cuts before the end of the year [2] - The concept of a "risk management cut" suggests the balance of risk has shifted towards weakness in the labor market [7] Economic Outlook & Risks - The economy faces two-sided risk, with a weak labor market and high inflation, creating a difficult situation for policymakers [2][6] - Inflation remains high, potentially increasing gradually, while the labor market shows some weaknesses [5] - Recent retail sales data surprised on the upside, indicating some remaining strength in the economy [13] - The economy is more complicated than headlines suggest, with consumption largely driven by wealthier Americans [16][17] Housing Market - The US is estimated to be 2 to 3 million houses short of the required amount, making it a complex supply and demand story [16] - A 0.25 percentage point rate reduction is not expected to dramatically change the housing outlook [16]

Interest Rate Expectations & Monetary Policy - The market anticipates the Federal Reserve funds rate to be around 3% in the future, potentially influencing the housing market [5] - A neutral rate around 3% to 375% suggests current monetary policy remains tight [3] - The market is pricing in events 6 to 8 months ahead, indicating forward-looking expectations beyond current observations [9] Housing Market Dynamics - Approximately 85% of mortgage holders have rates below 55%, creating a barrier to moving unless rates narrow considerably [5] - A rate of 55% is seen as a potential catalyst to unlock the housing market [7] - Refinancing below 3% in January 2021 highlights the sensitivity of homeowners to mortgage rates [6] Market & Sector Implications - Small caps, particularly the Russell 2000, are up 19% [7] - Lower interest rates are expected to benefit tech investments and consumer discretionary sectors like Best Buy, Home Depot, Ford, and GM [10] - 40% of the Russell 2000 is unprofitable, making them highly reliant on interest rates and variable margins [9]

Federal Reserve & Monetary Policy - Discusses the Federal Reserve and what is going on with Lisa Cook [1] - Explores how to prepare for a federal reserve regime change [1] Housing Market - Analyzes the current state of the housing market and potential solutions [1] Inflation - Examines real inflation expectations [1] Market Outlook - Considers how the market could perform for the remainder of the year [1]

Economists and real estate professionals see changes that might bring potential buyers into the housing market. https://t.co/fXpx9FEKxp ...

Market Trends - Existing home sales climbed 2% from June to July [1] - Home price growth slowed to 0.21% for the month [1] - Inventory levels are at their highest since May 2020 [1] - Redfin is seeing a 30-35% increase in the number of offers [6] Affordability & Mortgage Rates - Lower mortgage rates have made it approximately $20,000 cheaper to buy a house [2] - Monthly mortgage payments are about $200 less [2][5] - The market is improving, but off a very low base [6] - The market is expected to improve even in the low sixes for interest rates [7] - To reach 5 million to 5.5 million home sales, interest rates likely need to drop below 6% [7] Regional Variations - Home prices are holding up in Pittsburgh, Milwaukee, and Cleveland [9] - Prices are softening in Dallas, Orlando, and Tampa [9] - High home insurance costs in Florida are impacting affordability and softening the market [9][10]