Mar 10, 2020
Trading temporarily halts as stock market plummets, real estate reels
The S&P 500 Index's 7% drop triggered a 15-minute halt in trading. If could be suspended for the day if it hits other marks.
The U.S. stock market started the week on a sour note, with the Dow Jones dropping nearly 1,900 points, or 7.3 percent in value before a halt in trading, within the first half-hour of markets opening.
The plummet followed on the heels of a more than 30 percent drop in oil futures over the weekend, as top producers Russia and Saudi Arabia negotiate over price and demand, as well as the rise in cases of coronavirus (COVID-19).
The drop was so steep, the S&P 500 Index’s nearly 7 percent decline in the morning triggered a 15-minute pause in trading at around 9:30 a.m. Trading will halt once again for 15 minutes if the index drops more than 13 percent from where it closed Friday.
Trading will be suspended for the day if the S&P 500 Index drops more than 20 percent.
As of 10 a.m., Monday, real estate stocks were taking a beating, with Zillow down 7.45 percent, Realogy down 7 percent, RE/MAX down nearly 8 percent, eXp World Holdings down 7.2 percent and Redfin down 8.5 percent.
30-year mortgage rates hit lowest point in 50-year history
The average 30-year mortgage hit an all-time low of 3.29% this week, according to data from Freddie Mac
U.S. housing market is missing 3.3 million homes, Freddie Mac says
The shortage increases by about 300,000 a year as homebuilding lags.
America’s housing market is undersupplied by 3.3 million units, and the shortage is getting worse every year, Freddie Mac said in a report on Friday.
“New housing supply is not keeping up with rising demand,” said Sam Khater, Freddie Mac’s chief economist, who said the shortage is increasing by about 300,000 units a year as homebuilders fail to keep up with demand.
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