Winter Season Takes A Toll on Q1 GDP

first_img Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Bureau of Economic Analysis Commerce Department Forecast GDP in Daily Dose, Featured, Government, Headlines, News Home / Daily Dose / Winter Season Takes A Toll on Q1 GDP The nation’s economy came to a screeching halt in the first quarter as investments in business and residential projects struggled.According to numbers put out by the Commerce Department’s Bureau of Economic Analysis (BEA) Wednesday, real gross domestic product (GDP) grew at an annualized rate of 0.1 percent in Q1, a plunge from the final 2.6 percent growth rate reported for Q4 2013. Economics surveyed byBloomberg projected a consensus forecast of 1.1 percent growth.The sudden slowdown reflects in part the toll this year’s winter season took on economic expansion, though not all changes were weather-related. One anticipated decline was in real private inventories, which knocked more than half a percentage point off of GDP growth as business cut down on supplies.“We really expected the inventories to whack GDP growth fairly significantly,” commented Brendan Lowney, principal and macroeconomist at Forest Economic Advisors (FEA). “They had built up over the past few quarters, and we were due for that correction.”Also continuing on its downward path was residential fixed investment, which declined at an annual rate of 5.7 percent as homebuilding and sales turned up largely disappointing numbers throughout the year’s opening months.Not all of Wednesday’s report was negative, however: Personal consumption expenditures, while slower compared to the fourth quarter, still grew at a rate of 3.0 percent, while federal government spending actually contributed to economic growth after a long period of drag.With other economic indicators showing more positively—in particular employment, which has picked up after a few slow months—analysts don’t expect the early GDP numbers to affect any policymaking at the Federal Open Market Committee’s April meeting, which ends Wednesday. The meeting is expected to end with the announcement of further cuts in the Federal Reserve’s stimulative asset purchases program.Still, even with two more revisions to Q1 growth scheduled for the coming months, final GDP numbers seem poised to come up short of initial expectations. FEA, which had projected a growth rate of 1.5 percent in the government’s advanced estimate, now expects first-quarter GDP to expand at a rate closer to 1 percent.Said Lowney: “I would expect the revisions to more likely than not be positive, but it’s still a weak quarter, no matter how you slice it.” Related Articles  Print This Post The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Federal Reserve Continues Taper; Reduces Purchases by $10 Billion Next: U.S. Home Flipping Drops to 3.7 Percent of All Sales Sign up for DS News Daily center_img Bureau of Economic Analysis Commerce Department Forecast GDP 2014-04-30 Tory Barringer Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago April 30, 2014 605 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Winter Season Takes A Toll on Q1 GDP Subscribe Demand Propels Home Prices Upward 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

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Though Millions Remain in Forbearance, Numbers Are Decreasing

first_imgHome / Daily Dose / Though Millions Remain in Forbearance, Numbers Are Decreasing in Daily Dose, Featured, Loss Mitigation, Market Studies, News  Print This Post Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily March 26, 2021 1,445 Views The Best Markets For Residential Property Investors 2 days ago A week ago we saw forbearance activity drop below 2.6 million for the first time since last April, according to Black Knight’s McDash Flash Forbearance Tracker, and the decline continues this week.Active plans fell again this week, dropping by another 19,000 (-0.7%) from the previous Tuesday. In total, this puts the number of active plans down by 135,000 over the last month, or – a 5% reduction.The monthly decline represents the healthiest rate of improvement since the end of last November.Black Knight’s researchers say it is a direct result of servicers working through the 1.2 million plans that entered this month with scheduled March month-end expirations for extension and/or removal.They stress that even with such strong monthly improvement, there are still more than 46,000 active plans with March month-end expirations, which provides the potential for additional improvement in the coming weeks.As of March 23, 2.57 million homeowners remain in forbearance, representing 4.9% of all homeowners with mortgages.By type of loan:The week’s improvement was driven by decreases among both Fannie Mae/Freddie Mac-backed loans, at -21,000, and FHA/VA plans, which dropped by 10,000. Among portfolio/PLS mortgages, however, activity increased by 12,000.”Early extension activity suggests servicers continue to approach forbearance plans in three-month increments, with the bulk of would-be March expirations being extended out through June,” BK reported. “Plan extensions have accounted for 75% of all extension/removal activity in recent weeks, but removals are up simply as a result of the volume of expirations that were scheduled for this month.”The Federal Housing Finance Agency (FHFA) recently announced extensions of several measures that the agency says will align COVID-19 mortgage relief policies across the federal government. This announcement, which extends temporary measures (previously set to expire March 31) until the end of June follows the White House’s February 16 moratoria extension applied to all federally backed mortgages through the same period.Said measures include provisions for borrowers with Fannie Mae or Freddie Mac-backed mortgages who may be eligible for an additional three-month extension of COVID-19 forbearance, according to a press release. This additional three-month extension allows borrowers to be in forbearance for up to 18 months. Black Knight notes this includes the bulk of would-be March expirations.Finally, the McDash Flash Payment Tracker shows that 90.7% of observed borrowers had made their payment through March 22, up from 89.8% at the same time in February.Find the full weekly forbearance reports on Black Knight’s blog. Servicers Navigate the Post-Pandemic World 2 days ago Previous: Ex-GSE CEO Sees Hope in Toomey’s Housing Reform Plan Next: SFR Markets See Decline in Annual Profits Subscribe Though Millions Remain in Forbearance, Numbers Are Decreasing Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 2021-03-26 Christina Hughes Babb About Author: Christina Hughes Babb Share Savelast_img read more

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Asante Kotoko beaten 2-0 by ten-man Sundowns in friendly

first_imgGhanaian champions Asante Kotoko lost 2-0 to ten-man Mamelodi Sundowns in their international friendly match played on Sunday.The Porcupine Warriors came out to face the Brazilians at the Baba Yara Stadium despite being troubled by the shocking resignation of their chairman Dr. Desmond Sarpong.Kotoko were also without their coach Mas-Ud Dramani whose future remains uncertain despite leading the side to a successful Premier League defence.The Ghanaian champions however held their own against their South African opponents throughout the first half where the match headed into recess goalless.Sundowns were however quickest off the block in the second half and forced the opening goal through Kotoko defender Smallboy Korbah.The hosts tried as much as possible to get back on level terms but their efforts were thwarted by the numerous substitutions. Sundowns also had their fair share of changes which saw Rashid Sumaila make his debut against the team he just won the Ghanaian Premier League title with.The match looked destined for a slim win for Pitso Mosimane’s side until Zungu popped up with a late strike to double the lead for the Brazilians.The win sees Sundowns win two of their three matches played on pre-season tour of Ghana.Sundowns had beaten Liberty Professionals Academy 5-0 in a training match before drawing 1-1 with Hearts of Oak last Wednesday.last_img read more

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