Tuesday: Trade Deficit, Job Openings

From Nick Timiraos at the WSJ: Obama to Seek Limited U.S. Mortgage Role

In a speech Tuesday, Mr. Obama will begin making the case that a limited government guarantee is needed to preserve access to the long-term, fixed-rate loans that have become a staple of the U.S. housing market. But he also will call for ending the business model of Fannie and Freddie ...

Mr. Obama is expected to outline other steps that can begin shrinking the federal government's outsized role in the mortgage market, including allowing loan limits in high-cost housing markets to gradually decline. Advisers said the president would also reiterate calls for long-stalled legislation that would help homeowners refinance even if they owe more than their homes are worth.

On Wednesday, President Obama will answer questions on housing. From Yahoo:

Zillow CEO Spencer Rascoff will moderate the event, using questions submitted through a range of social media with the hashtag #AskObamaHousing. Zillow will be looking for especially frequent questions, as well as queries that housing experts think are timely. The White House will not get the questions in advance.

There are three ways to submit a question for Obama:

1. Video: Create a short video submission on YouTube, Instagram or Vine. Share the video on Twitter or Facebook using #AskObamaHousing.

2. Facebook: Visit Zillow’s Facebook page (facebook.com/Zillow) to submit a question.

3. Twitter: Tweet a question to @Zillow using #AskObamaHousing.

Tuesday:
• At 8:30 AM ET, the Trade Balance report for June from the Census Bureau. The consensus is for the U.S. trade deficit to decrease to $43.0 billion in June from $45.0 billion in May.

• At 10:00 AM, Job Openings and Labor Turnover Survey for June from the BLS. Jobs openings increased in May to 3.828 million, up from 3.800 million in April. The number of job openings has generally been trending up, but openings are only up 1% year-over-year compared to May 2012.

• Also at 10:00 AM, the Trulia Price Rent Monitors for July. This is the index from Trulia that uses asking house prices adjusted both for the mix of homes listed for sale and for seasonal factors.