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Mortgage applications to purchase a home rose for the third straight week, up 7% from a week earlier. Purchase volume was still 19% lower annually, but that annual loss is shrinking by the week. Just three weeks ago, purchase volume was down 35% annually. Demand last week was led by strong growth in Arizona, Texas and California.
-- Diana Olick, CNBC

With tax revenue plunging and unemployment benefit costs skyrocketing, budget shortfalls for state governments alone are projected to swell to more than $650 billion over the next three years, outpacing the Great Recession, according to the Center on Budget and Policy Priorities.
-- Amanda Albright, Danielle Moran and Fola Akinnibi, Bloomberg

Related:
McConnell rules out pension aid for states
Coming soon – pension obligation bonds
Coronavirus Is Making the Public Pension Crisis Even Worse
PDX is in trouble. Your city likely is, too

Two weeks ago we heard from the large banks. A generation ago, we would buy or sell the S&P 500 on what they had to say, but not anymore. Traders aren’t involved with their stocks now the way they once were and long-term investors in bank stocks have begun to regard them as regulated utilities. And regulated utilities rarely engender the kind of passion necessary to make bulls turn bears or vice versa.
-- Joshua M Brown, The Reformed Broker

There's not going to be any desire on the Republican side to bail out state pensions by borrowing money from future generations. We'll certainly insist that anything we'd borrow to send down to the states is not spent on solving problems that they created for themselves over the years with their pension program.
-- Senate Majority Leader Mitch McConnell

Related:
Coming soon – pension obligation bonds
Coronavirus Is Making the Public Pension Crisis Even Worse
PDX is in trouble. Your city likely is, too