Daily News 7/20/2015

July 20, 2015

Monday – July 20

Realtor.com reports that in more than one-third of the 300 largest metropolitan areas, homes listed for sale in June had been on the market for a median of less than two months, a signal that indicates rapid turnover in inventory as the demand for homes exceeds supply. Bidding wars are now popping up in many areas due to the shortage of homes. A few reasons for the supply problems are a slower than expected recovery in home construction and owners not listing their homes for sale because they feel they won’t qualify for a new mortgage.

The specter of rising interest rates has pushed the U.S. dollar to the highest levels in three months, which in turn is weighing on gold prices. As the dollar rises against foreign currencies, it pushes the price of gold lower, making it more expensive to buy the yellow metal. This momrning, gold hit a five year low of $1,090 per ounce, which is also due to large sellers from Asia, especially China.

For the first time since 1961, the U.S. Cuban Embassy in Washington D.C. has reopened and the Cuban flag has been raised outside the building. Diplomatic relations have been restored after the Cold War severed ties back in the early 1960s. Since he took office, President Obama has worked to restore relations with Cuba.