Civil Rights group, watchdog formally request Twitter suspend Trump's account over disinformation

November 8, 2020 KANKENNEWS

The Lawyers’ Committee for Civil Rights Under Law and the watchdog group Common Cause issued a joint request Thursday for Twitter to temporarily suspend President TrumpDonald John TrumpBiden pulls ahead of Trump in Georgia Biden takes lead in Georgia, makes gains in Pennsylvania Gore: This election is ‘completely different’ than 2000 MORE’s account over the spread of disinformation about the election.

The groups sent a joint letter to Twitter CEO Jack Dorsey calling for Trump’s account to be suspended over “repeated violations” of the platform’s Civic Integrity Policy.

“We fear that, in the absence of action by Twitter, the President may be successful in his goal of delegitimizing the integrity of our democratic processes for many, and not just Twitter users but other voters and members of the public, sowing uncertainty about the voting and elections process, and potentially inciting violence against civil servants or others,” Common Cause president Karen Hobert Flynn and Lawyers’ Committee for Civil Rights Under Law executive director Kirsten Clarke wrote.

As of Thursday afternoon, Twitter has hidden eight Tweets posted by Trump since Election Day behind a label that warns “some or all of the content shared in this Tweet is doubted and might be misleading about an election or other civic process.” Twitter has also limited the spread of such tweets.

Trump’s post-Election Day tweets are not the first to be flagged by the social media giant, as Flynn and Clarke write in the letter. The platform has labeled misleading or false claims the president has tweeted about the coronavirus as well as mail-in ballots in recent months.

“If Twitter’s rules are to have any meaning, they must be enforced, and we would expect any other Twitter users who repeatedly and deliberately violated Twitter’s terms of service in this manner would also have their account locked,” they wrote.

“President Trump’s continued use of Twitter’s platform to spread disinformation may incite the public in ways that could prove harmful to public safety, if it has not done so already,” they added.

A Twitter spokesperson confirmed in a statement the company received the letter Thursday and said “we intend to respond.”

Their letter comes after several Democratic lawmakers issued similar calls for Twitter to suspend Trump’s account.

“Suspend his account, @Twitter. This is pure disinformation. Valid votes are being counted. This is America, not Russia,” Rep. Gerry ConnollyGerald (Gerry) Edward ConnollyCivil Rights group, watchdog formally request Twitter suspend Trump’s account over disinformation Democrats debate fate of Trump probes if Biden wins IRS closes in on final phase of challenging tax season MORE (D-Va.) tweeted Wednesday in response to one of Trump’s labeled tweets about the election.

Rep. David CicillineDavid Nicola CicillineCivil Rights group, watchdog formally request Twitter suspend Trump’s account over disinformation Democrats try to draft Cardenas to run campaign arm after disappointing night Justice Department charges Google with illegally maintaining search monopoly MORE (D-R.I.), the chairman of the House antitrust subcommittee, also called for Twitter to suspend Trump’s account “for “posting lies and misinformation at a breathtaking clip.”

“It is a threat to our democracy and should be suspended until all the votes are counted,” Cicilline said, according to Politico.

As several battleground states are still counting ballots, Trump and his team have been making statements on Twitter spreading misinformation and in some cases prematurely claiming victory.

The platform labeled posts Wednesday from Eric TrumpEric Frederick TrumpSenate Republicans sit quietly as Trump challenges vote counts Trump Jr. calls out 2024 GOP hopefuls for ‘lack of action’ Civil Rights group, watchdog formally request Twitter suspend Trump’s account over disinformation MORE, one of the president’s two adult sons, claiming “We have won Pennsylvania!” around 3:30 p.m. EST. At that time, more than one million mail-in ballots were still uncounted. Ballots in the key battleground state still remain uncounted as of Thursday afternoon.

White House press secretary Kayleigh McEnany tweeted around the same time claiming “VICTORY” for the president in the state, and her post received the same label.

A spokesperson for the Trump campaign was not immediately available for comment.

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USAID acting administrator required to leave post by midnight

November 8, 2020 KANKENNEWS

The acting administrator for the United States Agency for International Development (USAID) must vacate his position by midnight on Friday as his time as temporary head of the State Department’s international aid agency expires due to federal requirements, according to a report by DEVEX.

USAID’s ethics attorney Jack Ohlweiler sent an email to John Barsa, the agency’s acting administrator, confirming the end of his appointment as of Friday at midnight.

Barsa assumed his post as acting head of the agency on April 11, filling the role left vacant with the departure in March of former head Mark GreenMark GreenUSAID deputy leader ousted in staff shakeup amid vote counting USAID acting administrator required to leave post by midnight Democrats unveil bill creating panel to gauge president’s ‘capacity’ MORE.

Under the Federal Vacancies Reform Act, administration officials serving in acting capacities can only do so for 210 days from the date the position became vacant. For Barsa, that deadline arrived Friday.

The email sent to Barsa affirming his termination recommended issuing a notice of the change in leadership to “maintain calm and stability,” DEVEX reported.

“Obviously this is going to be very confusing for the Agency and our partners. … In order to maintain calm and stability, I recommend an Agency notice that announces this change,” the email reads.

The change in leadership at the State Department’s premier international aid organization amid the COVID-19 pandemic adds more uncertainty to an already tense few days as the country and world wait anxiously for the final results of the U.S. presidential election.

Barsa is expected to be replaced by USAID’s deputy administrator Bonnie Glick and will return to his Senate-confirmed position as head of the agency’s bureau for Latin America and the Caribbean.

Barsa’s time as temporary head of the agency occurred as the world was grappling with the rapidly spreading COVID-19 pandemic and President TrumpDonald John TrumpBiden claims a ‘mandate’ to govern, calls for end to ‘partisan warfare’ Mark Meadows tests positive for coronavirus Georgia Senate race between Perdue, Ossoff heads to runoff MORE’s halting of funding to the World Health Organization.

The agency also came under scrutiny for restrictions imposed on USAID grantees blocking them from buying personal protective equipment that was being sourced to supplement the short supply in the U.S., a prohibition that was later rescinded.

Rebecca Beitsch contributed.

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What's next in the Wisconsin recount

November 8, 2020 KANKENNEWS

Wisconsin will officially recount its presidential ballots as soon as this week as Green Party presidential nominee Jill Stein pushes for recounts in Pennsylvania and Michigan as well.

Scrutiny of the results there comes as President-elect Donald TrumpDonald John TrumpSenate advances public lands bill in late-night vote Warren, Democrats urge Trump to back down from veto threat over changing Confederate-named bases Esper orders ‘After Action Review’ of National Guard’s role in protests MORE on Sunday cast doubt on the overall popular vote tally.

“In addition to winning the Electoral College in a landslide, I won the popular vote if you deduct the millions of people who voted illegally,” Trump, who trails Democratic nominee Hillary ClintonHillary Diane Rodham ClintonWhite House accuses Biden of pushing ‘conspiracy theories’ with Trump election claim Biden courts younger voters — who have been a weakness Trayvon Martin’s mother Sybrina Fulton qualifies to run for county commissioner in Florida MORE by more than 2 million in the popular vote, declared Sunday on Twitter.

There is no evidence to support Trump’s accusation of widespread illegal voting; Stein’s recount effort cites concerns that voting systems in the three states were not secure.

The Badger State’s recount is up against the clock, according to the Milwaukee Journal Sentinel, facing a Dec. 13 deadline.

Wisconsin Elections Commission Administrator Michael Haas told the Sentinel that a recount by hand for the state’s 10 electoral votes would require an order from a judge and would be a lengthier process.

Stein’s representatives insist it must be done by hand and that the campaign is prepared to go to court if the state cannot meet the deadline.

“Doing the recount by hand is the only way to ensure we have a reliable recount of the vote,” said a spokesperson for the Stein recount effort.

“We are confident the hand counting can be done by December 13,” Stein campaign manager David Cobb said in a statement provided to The Hill. “If for some reason WI needs more time to count the ballots, we are prepared litigate this question in the courts to ensure a proper and full counting of all the votes.”

Stein’s campaign announced its fundraising efforts for a recount last week and officially filed the request in Wisconsin on Friday, the deadline in the state.

Clinton’s campaign said Saturday it would participate in the recount, which Trump has said will not change the results of the election.

Haas said in a statement that “county boards of canvassers” will conduct the recounts and will probably need to work nights and weekends to meet the Dec. 13 federal deadline.

Electors will meet on Dec. 19 to cast their votes for the Electoral College.

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“You may potentially have the state electoral votes at stake if it doesn’t get done by then,” Haas told the Sentinel, referring to the Dec. 13 deadline.

Haas noted that “Wisconsin has the most decentralized election system” in the country.

“The system has strong local control coupled with state oversight, resting on the partnership between the Wisconsin Elections Commission, the 72 county clerks, and the 1,854 municipal clerks,” he said. “State law clearly gives each county’s Board of Canvassers the primary authority to conduct the recount, and to decide which ballots should and should not be counted.”

An election law expert at the Moritz College of Law at Ohio State University echoed Haas’s concerns, telling the Sentinel that the Dec. 19 date is “a hard deadline.”

“That is a hard deadline and if a state were to miss that deadline, it would be technically in jeopardy of not having its electoral votes counted,” Edward Foley told the newspaper.

Merkel Victory a Blow to Europe Reeling Under Austerity's Thumb

November 8, 2020 KANKENNEWS

German Chancellor Angela Merkel won a historic third term to office on Sunday, leading the conservative parties most closely aligned with her to their best election results in more than two decades while rivals—both further to the right and those on the left—suffered lost ground at the polls.

As The Guardian reports:

Though Merkel’s victory appears complete, the coalition dynamics going forward remain unclear. Despite their name, the Social Democrats represent the centrist political view in Germany and neither the Left party or the Greens are likely to strike a deal with Merkel with whom they strongly disagree on issues both foreign and domestic.

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“The fact that Merkel is set to stay in office is bad news for Europe.” –Die Tageszeitung

According to Reuters:

In terms of perspective, Germany’s left-wing Die Tageszeitung newspaper offered this editorial on the election results:

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"I Am Free. I Am Free." Prisoner Herman Wallace Dies Just Days After Release

November 8, 2020 KANKENNEWS

Herman Wallace, the “Angola 3” prisoner who was released from jail earlier this week after being held in solitary confinement for 41 years, died early Friday morning after a battle with liver cancer.

Among his last words, according to those in attendance, were: “I am free. I am free.”

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71-year-old Wallace, who was wrongfully accused of murdering a prison guard 41 years ago, maintained his innocence for that duration and finally had his case overturned Tuesday.

However, as he lay on his death bed, Wallace was re-indicted by a Louisiana grand jury on Thursday, according to District Attorney Samuel D’Aquilla who filed for the re-indictment.

Wallace died shortly after on Friday morning at 5:30 am Louisiana time.

“He passed away in my home,” said Ashley Wennerstrom, a long-time friend and program director at Tulane’s School of Medicine. “He was surrounded by friends and family and love in his last few days.”

“He completed that mission,” said longtime friend Parnell Herbert. “And he was able to see himself a free man. He passed away peacefully in his sleep.”

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Following Wallace’s release from prison earlier in the week, Amy Goodman of Democracy Now! wrote of Wallace’s final days:

“Nothing can undo the authorities’ shocking treatment of (Wallace), which led more than 200,000 people to act on his behalf,” said Amnesty International USA Executive Director Steven Hawkins, in reference to an Amnesty campaign for the release of Wallace and the last co-defendant of the Angola 3 case who remains behind bars, Albert Woodfox. “The state of Louisiana must now prevent further inhuman treatment by removing Wallace’s co-defendant Albert Woodfox from solitary confinement.”

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Time to Cash In: Geithner to Head Wall Street Private Equity Firm

November 8, 2020 KANKENNEWS

Ex-US Treasury Secretary Timothy Geithner, President Barack Obama’s key economic adviser since 2009, is joining private-equity firm Warburg Pincus, according to a statement on Saturday.

Geithner, who has spent the last 26 years in ‘public service’, will become president at the Wall Street-based corporate buyout firm starting on March 1st, according to a press release today from Warburg Pincus.

When Geithner left his post with the Treasury Department in January 2013, Matt Taibbi told Democracy Now: “He’s the architect of “too big to fail. When this all blows up — and it’s going to blow up, for sure, because things can’t continue the way they are right now — people are going to look back in history, and they’re going to say, “Who was to blame for this?” And Timothy Geithner is going to be the guy who designed this entire system.”

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Politico reports:

Private-equity firms in the financial sector played a leading role in the 2012 presidential campaign, with Democrats criticizing Republican candidate Mitt Romney over deals involving his firm, Bain Capital, that led to layoffs at different companies.

For instance, in May 2012 the Obama campaign ran an ad concerning Bain’s role in the struggles of American Pad and Paper that featured former employees of the company criticizing Romney.

Defenders of the industry argue it can help turn around struggling companies, but its critics, as the 2012 campaign showed, point to instances where these leveraged buyouts and the efforts to nurse a company back to health can often lead to large layoffs.

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Supreme Court orders separate count of late-arriving Pa. ballots

November 7, 2020 KANKENNEWS

The Supreme Court on Friday ordered Pennsylvania election boards to separately count mail ballots that arrived after Election Day, while rejecting a GOP request to stop counting those votes.

The order, signed by conservative Justice Samuel AlitoSamuel AlitoSupreme Court orders separate count of late-arriving Pa. ballots Supreme Court grapples over Catholic organization’s fight against nondiscrimination law This election is headed to the courts, but Democrats have lawyers too MORE, left open the possibility that the justices could exclude the late-arriving ballots in a subsequent ruling, a move which Alito and at least two other conservative justices have previously signaled they may be inclined to take.

The number of affected ballots is believed to be between 3,000 and 4,000. Election law experts said that even if the justices were to later invalidate them, the only way this would impact the outcome of the race between President TrumpDonald John TrumpBiden claims a ‘mandate’ to govern, calls for end to ‘partisan warfare’ Mark Meadows tests positive for coronavirus Georgia Senate race between Perdue, Ossoff heads to runoff MORE and Democratic nominee Joe BidenJoe BidenBiden claims a ‘mandate’ to govern, calls for end to ‘partisan warfare’ Mark Meadows tests positive for coronavirus Trump supporters scream at Telemundo reporter during live broadcast from Maricopa ballot center MORE is if the election were decided by Pennsylvania and the pair were separated in the state by a very slim margin.

Friday’s order was the first time the Supreme Court has gotten involved in a state count after Election Day. Alito urged Pennsylvania’s Democratic Secretary of State Kathy Boockvar, the respondent in the case, to file any response as soon as possible and no later than Saturday at 2 p.m.

The order granted only part of what was sought by Pennsylvania Republicans, who are challenging the state’s extended Friday mail ballot deadline. The state GOP requested justices halt the counting of late-arriving ballots.

“This preserves the status quo until any further order of the Court, after the possibility of a response,” said Ned Foley, a law professor at Ohio State University. “It’s also significant in that it does not stop the counting of the segregated votes, but rather requires them to be counted separately — which is a sensible way to prevent any possible commingling of ballots that could not be undone later.”

It was unclear how much of an impact the order might have on Pennsylvania election boards, who Boockvar had previously ordered to segregate and separately count late-arriving ballots.

Alito said the boards’ degree of compliance had not been confirmed by either party.

“Neither the [Pennsylvania Republican Party] nor the Secretary has been able to verify that all boards are complying with the Secretary’s guidance, which, it is alleged, is not legally binding on them,” he wrote.

The dispute over Pennsylvania’s relaxed mail ballot due date was one of several hundred lawsuits filed in the months leading up the election, and was among several that reached the Supreme Court.

A common theme emerged in the pre-election litigation: Democrats and their allies sought accommodations across the country for voters, like relaxed deadlines for the receipt of a record number of mail-in ballots amid the coronavirus pandemic and Postal Service delays. Republicans, for their part, tended to push for maintaining strict voting limits.

In late October, the justices denied the state GOP’s request to fast-track consideration of a Pennsylvania Supreme Court ruling that upheld the state’s mail ballot due date extension. Chief Justice John Roberts joined the court’s three liberals in denying the Republican bid.

But the three most conservative justices — Alito, Clarence ThomasClarence ThomasSupreme Court orders separate count of late-arriving Pa. ballots Election’s outcome could depend on faithless electors MSNBC’s Joy Reid: Close presidential race shows ‘great amount of racism and anti blackness’ in US MORE and Neil GorsuchNeil GorsuchSupreme Court orders separate count of late-arriving Pa. ballots Rep. Angie Craig defends Minnesota House seat in race clouded by legal confusion This election is headed to the courts, but Democrats have lawyers too MORE — strongly suggested that they viewed the Pennsylvania state court as having encroached on the legislature’s constitutional authority over state elections.

The conservative trio also held open the possibility of taking up the GOP appeal after Election Day, which prompted Boockvar to issue the ballot-segregation guidance to election boards.

Justice Amy Coney BarrettAmy Coney BarrettSupreme Court orders separate count of late-arriving Pa. ballots Trump surrogate on election legal challenges: ‘Hopefully Amy Coney Barrett will come through’ Brent Budowsky: Democracy in America is on trial MORE, who joined the bench one day before the court denied the GOP’s motion to expedite, took no part in its consideration. She and Justice Brett KavanaughBrett Michael KavanaughSupreme Court orders separate count of late-arriving Pa. ballots Brent Budowsky: Democracy in America is on trial Collins wins Maine race, narrowing Democratic chances for Senate majority MORE would likely hold the decisive votes if the court were to grant the Republican’s pending appeal, which requires the approval of at least four justices.

The Trump campaign on Thursday requested to be added as a party in support of the court’s grant of the GOP’s petition for appeal.

Updated at 9:45 p.m.

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Biden climate agenda would slam into Senate GOP roadblocks

November 7, 2020 KANKENNEWS

A Senate that’s expected to stay in Republican hands is likely to create headaches for a potential Biden presidency on climate legislation and nominees for top environmental posts.

The blue wave anticipated by Democrats failed to materialize, leaving a smaller Democratic majority in the House and what’s likely to remain a GOP-controlled Senate, where Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellThe Memo: Trump hits out as tide moves for Biden Senate Republicans sit quietly as Trump challenges vote counts George Floyd’s brother: Biden ‘deserves a chance to prove himself worthy’ MORE (R-Ky.) has often refused to bring climate-related bills to the floor.

Republican control of the upper chamber could also make it tough for Biden to secure Senate confirmation for potential Cabinet picks and other top administration posts for energy and environment policy.

Nominees who have clashed with the Trump administration might find a steep path to confirmation.

That could pose problems for people like Mary Nichols, one of California’s top environmental regulators who’s considered a contender to lead the Environmental Protection Agency if Biden wins.

California has been one of Trump’s biggest foes, suing the administration 56 times over environmental rollbacks or other issues, including a waiver that stripped the state of its ability to enact tougher vehicle emissions standards.

Nichols, head of the California Air Resources Board, has led the charge in recruiting automakers to sign deals to produce cars that reduce emissions faster than the timetable that was rolled back by Trump.

“Four years of Donald TrumpDonald John TrumpBiden pulls ahead of Trump in Georgia Biden takes lead in Georgia, makes gains in Pennsylvania Gore: This election is ‘completely different’ than 2000 MORE have torn gaping holes in the fabric of this country’s environmental protection laws,” Nichols told Bloomberg earlier this year. “Fixing this damage requires an all-hands-on-deck approach from every citizen, and I stand ready to do my part.”

Gina McCarthyRegina (Gina) McCarthyBiden climate agenda would slam into Senate GOP roadblocks Former EPA chiefs endorse Biden, criticize agency direction under Trump OVERNIGHT ENERGY: Energy Department proposes showerhead standards rollback after Trump complaints | Interior memo scaling back bird protections is ‘contrary to law,’ court rules | Former EPA chiefs call for agency ‘reset’ MORE, an Obama-era EPA administrator, told reporters Wednesday that she hopes Biden will appoint “the Anthony FauciAnthony FauciSteve Bannon’s Twitter account suspended Oxford scientist ‘optimistic’ COVID-19 vaccine will be ready in UK by end of year Second-highest number of new coronavirus cases reported on Election Day MORE” of the EPA and Energy Department, adding that “many people can fit that bill.”

“I’m not suggesting they have to be qualified as a scientist, I am suggesting that they have to be trusted, thoughtful human beings who recognize that the challenge of climate change is not just about our health but it is about the economics, and it is about job growth and it is about racial disparities,” said McCarthy who now serves as the president of the Natural Resources Defense Council.

Other environmentalists argue that GOP rejection of any qualified nominee would be hypocritical.

“The Senate GOP just spent four years insisting and delivering on the absolute prerogative of a president to have their cabinet nominees confirmed, no matter how manifestly unqualified, corrupt, or conflicted,” Sierra Club legislative director Melinda Pierce said in a statement.

“We can’t imagine they would now turn around and credibly reject any cabinet nominees of a President Biden on the basis of policy disagreements, since we know he will only nominate highly qualified individuals,” Pierce added.

On the legislative front, climate bills face a tough road to passage, if they’re even brought to the floor.

House Democrats this year passed measures on rejoining the Paris Climate Accord and banning offshore drilling, but the Senate hasn’t taken them up and has no plans to do so.

Still, environmentalists see windows for opportunity in must-pass legislation like spending bills and coronavirus aid.

This year’s COVID-19 relief packages did not include any renewable energy provisions as some advocates had hoped they would, but having a Democrat in the White House increases the odds of inclusion in future bills.

Environmentalists are also hopeful that lawmakers can find issues where there’s bipartisan support.

“We’ve seen progress be made now and then when an overwhelming rest of the body wants to get stuff done like the Great American Outdoors Act,” said Gene Karpinksi, president of the League of Conservation Voters. “We’ve seen it with Republicans in charge.”

Karpinski said clean energy tax cuts are another bipartisan possibility.

But key players in both the Senate confirmation and legislative process remain something of a wildcard.

The Republican chairs of the Senate Energy and Natural Resources Committee, and possibly the Environment and Public Works Committee, which review nominees and legislation before floor votes, face a potential shakeup.

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Sen. Lisa Murkwoksi’s (R-Alaska) tenure as chair of the Senate Energy and Natural Resources Committee will come to an end next year under conference rules, freeing up a coveted spot that could be of interest to Sen. John BarrassoJohn Anthony BarrassoBiden climate agenda would slam into Senate GOP roadblocks Trump signs bipartisan bill funding conservation grants Senate GOP to drop documentary series days before election hitting China, Democrats over coronavirus MORE (R-Wyo.).

Barrasso’s office did not respond to requests for comment, but any move on his part would in turn open the top spot at the Environment and Public Works Committee he now chairs.

US again breaks daily coronavirus record with 118K new cases

November 7, 2020 KANKENNEWS

The U.S. broke another record of daily coronavirus cases Thursday, topping 118,000 new infections in the second straight day with more than 100,000 new cases.

Health officials have warned that the cold and flu season would spur alarming six-digit figures of cases, though the numbers have spiked sooner than expected, CNN reported.

The Centers for Disease Control and Prevention published an ensemble forecast update Thursday, estimating 266,000 total U.S. fatalities by the end of November.

The exact number of cases Thursday was 118,629, Johns Hopkins University data reported.

There were also around 1,187 reported deaths, a nearly 20 percent increase from the same day last week.

The U.S. states that topped daily case records included Colorado, Illinois, Minnesota, Pennsylvania, Utah and Wisconsin, with some states, such as Connecticut, reinstating some restrictions.

In the 10 months since the outset of the pandemic, more than 9.6 million people in the U.S. have been infected with coronavirus and more than 234,000 have died.

Hospitalizations are also surging throughout the country, with Ohio reporting the highest number of patients in intensive care units (ICU). The state also reported record-setting cases Thursday, with 4,961 new COVID-19 infections, 2,075 hospitalizations and 571 in the ICU.

In Texas, El Paso County Judge Ricardo Samaniego ordered a two-week shutdown of nonessential services last week as over 1,000 COVID-19 patients have been hospitalized throughout the city.

Texas Attorney General Ken Paxton (R) challenged Samaniego’s lockdown order, filing an injunction to stop the judge’s “unlawful lockdown order, which flies in the face of Gov. Greg Abbott’s executive orders on COVID-19.”

In the eastern parts of the U.S., partial restrictions are underway in Massachusetts as Gov. Charlie Baker (R) announced a stay-at-home advisory this week that will take effect from 10 p.m. to 5 a.m.

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Mortgage rates fall to record low for 12th time in 2020

November 7, 2020 KANKENNEWS

Mortgage rates in the United States hit a record low for the 12th time this year amid the coronavirus pandemic, according to data released Thursday by federal home loan organization Freddie Mac.

The group reported that the average for a 30-year, fixed loan dropped to 2.78 percent, a new record as lowered interest rates from the Federal Reserve during the pandemic have led to cheaper mortgage rates for homeowners and buyers.

The new record also marks the lowest mortgage rate Freddie Mac has recorded since it started collecting data in 1971.

Mortgage rates have been on the decline since March, when COVID-19 first began to spread rapidly across U.S. states. According to the Freddie Mac data, the average mortgage rate has remained below 3 percent since July.

Bloomberg reported Thursday that the Federal Reserve’s plan to continue holding its benchmark rate near zero should keep mortgage rates low, but increased demand for homes is now overtaking supply, leading to bidding wars in some areas across the country.

While several industries have suffered economically amid coronavirus lockdown orders, including restaurants, movie theaters and other entertainment centers, the housing market has recorded a flurry of home sales in recent months.

A report released in September from the National Association of Realtors (NAR) recorded that home sales had risen by 2.4 percent in August, marking the highest level since 2006.

The report also noted that the median price of homes purchased in August was $310,600, up 11.4 percent from August 2019, when the median home price was $278,800.

“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market,” Lawrence Yun, NAR’s chief economist, said in a statement at the time. “Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”

The same month, NAR’s monthly survey on home sales reported that the number of pending home sales hit a record high in the survey’s 19-year history, increasing by approximately 8.8 percent since July and up nearly a quarter since last August.

The pending home sales index also reached a high-water mark of 132.8, meaning sales were 32.8 percent higher than the index’s 2001 starting level of 100.

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Monthly Archives: November 2020

Civil Rights group, watchdog formally request Twitter suspend Trump's account over disinformation

USAID acting administrator required to leave post by midnight

What's next in the Wisconsin recount

Merkel Victory a Blow to Europe Reeling Under Austerity's Thumb

"I Am Free. I Am Free." Prisoner Herman Wallace Dies Just Days After Release

Time to Cash In: Geithner to Head Wall Street Private Equity Firm

Supreme Court orders separate count of late-arriving Pa. ballots

Biden climate agenda would slam into Senate GOP roadblocks

US again breaks daily coronavirus record with 118K new cases

Mortgage rates fall to record low for 12th time in 2020