The Fed Speaks and the Housing Market Braces for Friday’s Jobs Report

by Real estate financingMission+
6 minutes read

housing market
Whee! August has never been so thrilling. This week, we’ll ride the financial roller-coaster into Friday, when we get the most important jobs report of all time. Fortunately, the sun is shining somewhere, Google says. Speaking of sun, there’s a Florida mansion that’s just not big enough for the both of us: Serena and Venus are getting their own crash pads. Read on.

Mud Season in Jackson Hole

Global stocks fell after Fed VIP Stanley Fischer said over the weekend that there was a “pretty strong case” for raising interest rates in September. He made no promises (Fed VIPs never do) and we still don’t know what the central bank will do when they meet Sept. 16 and 17. 
Fischer spoke at the Fed’s annual confab in Jackson Hole, where everyone was looking for A Sign. If there was one, it was clear as mud. That never stops traders, though, and it looks like we’re in for another rough-and-tumble week in financial markets.
It’s been almost a decade since the Fed raised rates, which is what you’re supposed to do when the economy is doing well. The U.S. is doing pretty well. We’re creating jobs, buying stuff, and home prices are rising. Things aren’t perfect though, and now folks worry that big trouble in not-so-little China will throw us off course.
We’ll get an important read on the economy Friday from the monthly jobs report. Here’s a rundown from FTN Chief Economist Chris Low.

Sellers, read this

Homebuyers might be tuning out. The market usually cools off in August, but we see signs of a more enduring slowdown as high prices turn off house hunters.
Demand fell for the fourth-straight month in July, the Redfin Housing Demand Index  shows. The index tracks home tour requests, purchase offers and other metrics to give an early look at what’s happening in the market.
Our forecast for September isn’t terrible, but we expect buyers will continue to lose interest into the fall.
housing market

Etc.

Poof! $60 billion, gone. Don’t worry, it’s a good thing. Budget gurus said the U.S. deficit isn’t as bad as we thought–only $426 billion instead of the $486 billion estimated earlier this year. It’s a sign the economy is doing better. Still, we’re headed for another spending brouhaha this fall.
NOT junk mail. You might be one of 1.2 million households getting a Census form this week. Fill it out! Even with the invention of the interwebs, the plain ol’ Census is still our best measure of the U.S. economy. It also helps Congress figure out where to spend our tax dollars.
Google knows. Do you live on the sunny side of the street? If your house is in the Bay Area, Fresno or greater Boston, Google will tell you if it’s worth it to go solar. Looks like Sunnyside Country Club lives up to its name. (Coolness factor: Very high.)
sunnyside country club
How They Live. Longtime roomies Serena and Venus sold their cool New York loft and are building their own mansions after sharing an estate near Palm Beach Gardens.
Shameless Plug Dept. Redfin agents move into North Carolina’s Greensboro, Winston-Salem and High Point.
Get all Redfin news & analysis here.
What do you want to know? Email me. Lorraine.woellert@redfin.com

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