U.S. used car and truck prices rise the most since 1969

WASHINGTON — U.S. consumer prices increased for a fourth straight month in September, with the cost of cars and trucks rising by the most since 1969, but inflation is slowing amid excess capacity in the economy as it gradually recovers from the COVID-19 recession.



a man in a police car parked in a parking lot


A 6.7% jump in the average prices of used cars and trucks again accounted for most of the increase in the CPI last month. That was the biggest gain since February 1969 and followed a 5.4% advance in August. The strong increases likely reflect a shortage of used motor vehicles amid an aversion to public transportation because of fears of contracting COVID-19.

New motor vehicle prices rose 0.3%. There were also increases in the costs of recreation. But prices for motor vehicle insurance, airline fares and apparel fell.

Though the benign report from the Labor Department on Tuesday will have no direct impact on

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Consumer prices rise 0.2% in September, used vehicles spike

Updated

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Home sales rise despite low inventory and pandemic

New-home sales also rose sharply in August to their highest level since September 2006. Sales of newly built homes reached an annual rate of 1.01 million in August 2020, 43.2 percent higher than in August 2019, according to the Census Bureau. New-home sales were also up 4.8 percent compared to July 2020.

Low inventory and high prices

While demand for houses is strong despite the coronavirus pandemic, the shortage of homes for sale means that prices are rising rapidly in many markets. The number of existing homes for sale dropped by 18.6 percent in August 2020 compared to August 2019, according to NAR. Inventory of newly built but unsold homes also dropped dramatically by 40 percent compared to August 2019 to the lowest supply since the data has been tracked beginning in 1963.

For the Washington area, the median listing price was up 9.2 percent for the week ending Sept.

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Montana’s care homes struggle with staffing and ever-changing regulations as COVID-19 cases rise | State & Regional

During the first three months of the pandemic, Coe kept a bed in his office because he didn’t want to infect his family and wanted to reassure his staff he was there for them.

“Health care and our industry didn’t bring this to the state, but we’re living with choices everybody makes whether you gown up, mask up, you wash your hands — whatever happens, if it gets into the facility, we have to live with whatever happens,” Coe said.

‘Staff doesn’t grow on trees’

The Montana Health Care Association serves long-term care facilities in the state, and many have reached out to get answers and support, according to Rose Hughes, the association’s executive director.

“To me it has just brought forth a whole new experience and lots of questions about how should these things be handled,” Hughes said in an interview in September. “What can you do? Because staff

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Rise of coronavirus in nursing homes has Muskegon County probing possible reinfections

MUSKEGON COUNTY, MI – A concerning uptick in coronavirus cases among nursing homes is under investigation by Muskegon County health officials, who are exploring whether there may be some reinfections.



a person standing in front of a building talking on a cell phone: A concerning uptick in coronavirus cases among nursing homes is under investigation by Muskegon County health officials, who are exploring whether there may be some reinfections. In this file photo, residents of Metron of Cedar Springs nursing home wave to members of City Impact, a faith-based organization from Cedar Springs, who paid them a visit in March.


© Cory Morse | cmorse1@mlive.com/Cory Morse | MLive.com/mlive.com/TNS
A concerning uptick in coronavirus cases among nursing homes is under investigation by Muskegon County health officials, who are exploring whether there may be some reinfections. In this file photo, residents of Metron of Cedar Springs nursing home wave to members of City Impact, a faith-based organization from Cedar Springs, who paid them a visit in March.

That’s according to Kathy Moore, director of Public Health-Muskegon County, who said she’s concerned about the continuing growth in new COVID-19 cases.

There is one known case of COVID-19 reinfection in the county, in which the two episodes of illness were about four months apart, Moore said.

Muskegon County statistics show a surge of

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Commercial-Property Foreclosures Are Poised to Rise as Covid-19 Lingers

The coronavirus pandemic came at a bad time for the Burnsville Center mall near Minneapolis. In May,

Macy’s Inc.

said it would close its store. J.C. Penney Co., which also has a store at the mall, filed for bankruptcy.

Owner

CBL & Associates Properties Inc.

risked losing the mall if it stopped making payments on the $63 million mortgage. Instead, the company overseeing

CBL’s

securitized mortgage agreed to defer payments for three months, according to the loan servicer’s commentary collected by data firm Trepp LLC.

But CBL didn’t pay off the loan after three months. Now, Burnsville Center is one of hundreds of properties across the country heading to foreclosure.

CBL didn’t respond to requests for comment.

Lenders, for the most part, were initially happy to grant debt forbearance and hope that the pandemic would end soon. But many now expect the pandemic and its aftereffects to linger for

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Canada’s home prices to rise 12% by the end of 2022, economists predict

Canada’s housing market has been defying gravity lately, and there has been no shortage of warnings of a reckoning to come.

But while some see double-digit declines ahead, Capital Economics believes that despite areas of weakness, home prices will rise 12% by the end of 2022.

Home sales and prices saw record gains during the summer, but not all types of housing are seeing the same demand, said Capital economist Stephen Brown.

Though the Canada Real Estate Association does not break down its data into housing type, Capital has learned from local real estate data that house sales are exceeding apartment sales.



chart, line chart:  Not all types of housing are seeing the same demand.


© Capital Economics
Not all types of housing are seeing the same demand.

In the Greater Toronto area, for example, house sales were up 50% in August from the year before, while apartment sales were 11% higher.

Year to date, house sales were 1% higher, while apartment sales

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Singapore Property Market Weathers Recession as Home Prices Rise

Views of Singapore as Prime Minister says Covid-19 to ‘Weigh Heavily’ on City-State's Economy

Photographer: Wei Leng Tay/Bloomberg

Singapore home prices rose last quarter as low interest rates and huge government stimulus helped the property market weather the city-state’s worst recession.

Property values increased 0.8% in the three months ended Sept. 30, according to the Urban Redevelopment Authority’s preliminary estimate released Thursday.

The stronger-than-expected result prompted analysts to revise forecasts, saying prices may rise as much as 1.5% this year, having previously estimated declines of as much as 6%.

The figures, which come on the back of an 11-month high in home sales, signal the property market is recovering after a two-month lockdown to combat the coronavirus. To cushion the economic fallout, the government unleashed more than S$100 billion ($73.3 billion) of stimulus. It has since relaxed virus curbs and lifted travel restrictions for tourists from Australia and Vietnam.

“The property market remained resilient in spite of the uncertainties in

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S&P CoreLogic Case-Shiller: US home prices rise 3.9% in July

U.S. home prices rose at a faster pace in July as the housing market continued to show strength during the coronavirus outbreak

The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, rose 3.9% in July from a year earlier, up from a 3.5% annual gain in June. The July gain was slightly higher than economists had expected.

The 20-city index excluded prices from the Detroit metropolitan area index because of delays related to pandemic at the recording office in Wayne County, which includes Detroit.

Phoenix (up 9.2%), Seattle (7%) and Charlotte, North Carolina (6%), reported the biggest year-over-year

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POLL-China home prices to rise faster in 2020, but growth seen slowing as Beijing talks tough

By Lusha Zhang and Ryan Woo

BEIJING, Sept 29 (Reuters)China’s home prices are expected to rise slightly more this year than expected, though at a slower pace than last year, as Beijing shifts to de-leverage the sector amid an economic recovery, a Reuters poll showed.

The pick-up could offer much-needed support to the country as it emerges from a coronavirus-induced economic slump. But policymakers are conscious of a property bubble risk, with new restrictions rolled out recently to prevent sharp price rises and control financing activity by developers.

Average residential property prices are estimated to rise 4.8% in 2020, according to 13 analysts and economists surveyed from Sept. 21-29.

The forecast was firmer than a 3.75% gain found in a June survey, but down from 6.6% growth in 2019. Home prices are seen slowing to 3% in the first half of 2021.

Daniel Yao, head of research

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