First signs of disruption appear in housing; markets 'calm'

Economists have been waiting for the first signs of virus-related disruptions in housing with the expectation that they will be seismic. (MGN)
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(AP) Economists have been waiting for the first signs of virus-related disruptions in housing with the expectation that they will be seismic.

Federal housing data looks further back for trends, meaning there is a lag in real world activity. But details have begun to emerge in private surveys.

The Mortgage Bankers Association reported that mortgage applications plunged 29.4% last week.

Also on Wednesday, Target significantly rolled back efforts to modernize stores and open new ones, given the rapidly changing needs of customers.

Target said it will remodel 130 stores this year, less than half of 300 it has planned.

It will open only 15 to 20 smaller format stores this year, down from the 36 it had hoped to.