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On The Money: Judge denies Trump's request for a stay on subpoena for tax records | Home sales skyrocket amid pandemic | S&P 500 sets new record


Happy Friday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

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THE BIG DEAL—Judge denies Trump’s request for a stay on subpoena for tax records: A federal judge in New York on Friday denied President TrumpDonald John TrumpFive takeaways from the Democratic National Convention What we’ll remember from the 2020 Biden convention Chris Wallace labels Biden’s acceptance speech ‘enormously effective’ MORE’s request to temporarily halt a grand jury subpoena for his tax returns from taking effect.

The ruling by District Judge Victor Marrero comes a day after he dismissed Trump’s latest attempt to block a New York grand jury subpoena for eight years of Trump’s financial documents, including his personal and corporate tax returns.

Trump’s personal attorneys had asked Marrero, a Clinton appointee, to pause his Thursday decision from taking effect while Trump appealed to the New York-based federal appeals court — a request Marrero shot down Friday in a nine-page decision.

The takeaway: The recent rulings against Trump move Manhattan prosecutors closer to obtaining the president’s tax returns, though it’s unlikely the public will see them before the November election. The Hill’s John Kruzel breaks it down here.

LEADING THE DAY

Home sales rise 25 percent in July as housing market booms amid pandemic: Sales of existing homes skyrocketed in July as Americans who were able to weather the start of the coronavirus-driven recession helped fuel a boom in the U.S. housing market, according to data released Friday by the National Association of Realtors (NAR).

  • Sales of single-family homes, condominiums and co-ops rose 24.7 percent across the U.S. from June to July and 8.7 percent since July 2019. 
  • The median sale price of existing homes also rose 8.5 percent from July 2019 to $304,100, according to the NAR, breaching $300,000 for the first time ever.

“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” said NAR chief economist Lawrence Yun.

I explain here.

Quick recovery: The housing market has been among the quickest sectors of the economy to recover from the initial shock of the coronavirus pandemic. 

  • Massive declines in interest rates driven in part by Federal Reserve rate cuts and months of working from home have prompted households who’ve held on to their jobs and wealth to find larger living spaces.
  • July marks the second straight month with a record-breaking increase in existing home sales, which rose 20.7 percent in June. Housing prices also rose in 174 of 181 metropolitan statistical areas, or 96 percent of all localized housing markets, according to data released by the NAR last week.

“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” said NAR chief economist Lawrence Yun.

But risks abound for the vulnerable: Even so, the housing and renovation boom comes as more than 20 million Americans hit hardest by the recession face eviction or foreclosure

  • A federal ban on evictions and foreclosures enacted through the Coronavirus Aid, Relief and Economic Security Act in March expired on July 31 without an extension from Congress.
  • While President Trump has issued executive orders meant to expand those protections, affordable housing advocates say they will do little to solve the problem.

Read more: Mortgage delinquencies of at least 90 days rise to highest level in 10 years

S&P sets new high as stocks recover: Stocks rebounded on Friday, leading the S&P 500 to a new record close.

The S&P closed up 12 points, or 0.3 percent, at 3,397, breaking its record from earlier this week, which erased all its pandemic losses. The Dow Jones Industrial Average closed up 190 points, or 0.7 percent, nearing its highest point since markets crashed in March.

The swift stock market recovery amid the worst economic downturn since the Great Depression had relied on significant stimulus from both the Federal Reserve and the federal government.

The Hill’s Niv Elis has more here.

GOOD TO KNOW



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