- Minutes from last month's Fed meeting showed officials were not yet ready to set a timeline for scaling back asset purchases due to high uncertainty around the economic outlook.
- Strong jobs data from June shows the labor market continues to recover. Nonfarm payrolls increased 850,000 for the month, led by job recovery in the leisure and hospitality industries.
- Lower wage workers are seeing higher wages, as businesses struggle to find and retain help. Retailers and restaurants are having to pay more to hire workers to meet demand.
- In a Fannie Mae survey, 64% of respondents said it's a bad time to buy a home, up from 56% last month. However, 77% said it was a good time to sell, up from 67%.
- Mortgage applications dropped for a 2nd week. Refinance apps fell 2% and were 8% lower than a year ago. Purchase apps were down 1% for the week and 14% below last year.
- Widespread shortages on building materials continue to prompt home builders to raise prices. The cost of materials is up 26% year over year
