Jobless Claims Fall As Money Managers Begin To Move Into Real Estate - RealCrowd Recap

July 6, 2021
Jobless Claims Fall As Money Managers Begin To Move Into Real Estate - RealCrowd Recap

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Weekly Metrics

20192020Rent Payments Collected by April 6th82.9%78.0%Rent Payments Collected by May 6th81.7%80.2%Rent Payments Collected by June 6th81.6%80.8%Rent Payments Collected by July 6th79.7%77.4%Rent Payments Collected by August 6th81.2%79.3%*Data brought to you by NHMC Rent Payment Tracker

CurrentPrior Week Change10 Year Treasury0.703%+0.137%DOW27,896.72+509.74S&P 5003,373.43+24.27Unemployment Rate10.2%--Total US COVID-19 Cases5,258k+372kTotal US COVID-19 Tests64,610k+4,960k*Metrics as of 11am EST on Friday, August 14

RealCrowd's Thoughts

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What's Happening Now
We’ll start with some good news! For the first time since March, the US weekly jobless claims fell below 1 million, clocking in at a seasonally adjusted 963,000. This is the second consecutive week those claims have decreased, which hopefully points to an increase in people actually finding work, not a reflection of the lack of continued federal benefits that may have weighed into whether or not somebody filed.

It will be important to watch consumer spending over the next few months to see how much the federal programs may have been supporting the increases in spending that have occurred in the past few months.

In the real estate world, we’re still hearing cautious optimism from lots of the managers we work with. We’re seeing more deals get into escrow and overall things are more positive than we would’ve anticipated at this stage. We’re hearing more interest in industrial, data centers and even office properties as workers are reaching the end of their ability to keep it together working from home!

What To Watch
Well, one thing we’re not watching is any progress on a new stimulus package coming out of Congress. The Senate closed the current session Thursday afternoon and, unless an agreement is reached, they won’t return until September.

We’ve been watching this development so closely as it has pretty well insulated a lot of the real estate markets. We could be heading into a pretty dangerous storm of federal unemployment benefits not coming back coinciding with the opening of schools and a new wave (or more likely an extension of still the first wave) of COVID-19 infections, which will be disastrous for the economy. With over 5.2 million cases in the US and counting, we’re still far from out of the woods.

Hopefully you are able to enjoy what remains of summer, step out in the sunshine to top up those Vitamin D levels and stay safe out there. We’ll keep putting one foot in front of the other and come out of this together!

-Adam Hooper, CEO

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Predictions For The Real Estate Industry

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