Housing Rebound? The Wall Street Journal commented on a new release from the National Association of Realtors, which stated that single-family housing prices rose 4.4% in the 12 month-period that ended in the second quarter; the slowest annual pace since 2012. Basically the Journal said good news for buyers, bad news for underwater homeowners.
The Financial Times found in a study that the income gap between the richest and poorest U.S. metro areas has widened to its largest-ever margin, also slowing any type of housing recovery.
The New York Times reported that Moody’s firmly stated that auto lending will not be the next subprime mortgage meltdown. Banks have been conservative in their lending, with lending standards tight and only 10% of total auto loans going to borrowers with sub-620 credit scores. Even better delinquency rates have not risen.
And last of all, something all bankers will be concerned about. The Washington Post reported a speech by a top federal official who stated that the rules governing pot (marijuana) sales and banking are working. What a relief!!