{"id":1004084352,"date":"2013-10-01T06:21:38","date_gmt":"2013-10-01T14:21:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004084352"},"modified":"2022-12-08T20:18:53","modified_gmt":"2022-12-09T04:18:53","slug":"economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\/","title":{"rendered":"Economy Watch: Federal Government Shuts Down; Fannie Mae: Serious Delinquencies Down"},"content":{"rendered":"

By Dees Stribling, Contributing Editor<\/em><\/p>\n

Congress was unable to agree on legislation authorizing money for the continued operations of the federal government by midnight on Monday and, as has been expected for some days now, a shutdown began on Tuesday, the beginning of the government\u2019s fiscal year. The last time the federal government shut down was in 1996, which lasted 21 days.<\/p>\n

If the shutdown is short, the impact on the economy is likely to be minor. The immediate impact will be the furloughing of certain federal employees (an estimated 800,000 workers), delays in the processing by some federal agencies (such as passport applications), and the closure of non-essential federal operations \u2013 things are going to be lonely on Tuesday in national parks and at the Smithsonian in Washington, for instance.<\/p>\n

As of Monday night, the two houses of Congress hadn\u2019t agreed even on the conditions of a conference to end the stalemate. The Senate wanted a short (perhaps two-month) continuing resolution on spending to be passed before the conference, while the House wasn\u2019t keen on the idea.<\/p>\n

The shutdown is also likely to affect the publication of certain economic indicators in the near future, most notably the monthly report by the Bureau of Labor Statistics on the employment situation. Normally that report comes out on the first Friday of the month. A report on construction spending is due from the government on Tuesday, which may or may not be released since it has been prepared in the days leading up to the shutdown.<\/p>\n

Fannie Mae: Serious Delinquencies Down\u00a0<\/strong><\/p>\n

Fannie Mae reported on Monday that the single-family serious delinquency rate for mortgages it owns or controls declined from 2.7 percent in July to 2.61 percent\u00a0in August . That\u2019s the lowest level since December 2008, and a considerable drop since a year ago, when the rate was 3.44 percent.<\/p>\n

Like its sister GSE Freddie Mac, which reported its serious delinquency rate last week, the Fannie Mae rate has been slowly creeping down since a peak in early 2010, when it was 5.59 percent. At the current rate of decline, the rate will be approaching a more historic \u201cnormal\u201d of around 1 percent in two years or so. According to both Fannie Mae and Freddie Mac, seriously delinquent mortgage are those \u201cthree monthly payments or more past due or in foreclosure.”<\/p>\n

Wall Street reacted to the prospect of a government shutdown on Monday by dropping, but not precipitously (stocks were temporarily down more during the recent Syrian war scare, for instance). The Dow Jones Industrial Average lost 128.57 points, or 0.84 percent, while the S&P 500 and the Nasdaq were down 0.6 percent and 0.37 percent, respectively.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Congress was unable to agree on legislation authorizing money for the continued operations of the federal government by midnight on Monday, and so a shutdown began on Tuesday, the beginning of the government’s fiscal year. Fannie Mae reported that the single-family serious delinquency rate for mortgages it owns or controls declined from 2.7 percent in July to 2.6 percent in August.<\/p>\n","protected":false},"author":1023,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004084352","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nEconomy Watch: Federal Government Shuts Down; Fannie Mae: Serious Delinquencies Down - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy Watch: Federal Government Shuts Down; Fannie Mae: Serious Delinquencies Down\" \/>\n<meta property=\"og:description\" content=\"Congress was unable to agree on legislation authorizing money for the continued operations of the federal government by midnight on Monday, and so a shutdown began on Tuesday, the beginning of the government's fiscal year. Fannie Mae reported that the single-family serious delinquency rate for mortgages it owns or controls declined from 2.7 percent in July to 2.6 percent in August.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-10-01T14:21:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:18:53+00:00\" \/>\n<meta name=\"author\" content=\"Dees Stribling\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\\\/\"},\"author\":{\"name\":\"Dees Stribling\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/dc1e9fa4ee0430d86f8e60cd697c953c\"},\"headline\":\"Economy Watch: Federal Government Shuts Down; Fannie Mae: Serious Delinquencies Down\",\"datePublished\":\"2013-10-01T14:21:38+00:00\",\"dateModified\":\"2022-12-09T04:18:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\\\/\"},\"wordCount\":447,\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\\\/\",\"name\":\"Economy Watch: Federal Government Shuts Down; Fannie Mae: Serious Delinquencies Down - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"datePublished\":\"2013-10-01T14:21:38+00:00\",\"dateModified\":\"2022-12-09T04:18:53+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/dc1e9fa4ee0430d86f8e60cd697c953c\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy Watch: Federal Government Shuts Down; Fannie Mae: Serious Delinquencies Down\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/dc1e9fa4ee0430d86f8e60cd697c953c\",\"name\":\"Dees Stribling\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/42add8af9e9229ed27332ad13f5b8c6f6ae89de868a41cf81baaac4ad46e589a?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/42add8af9e9229ed27332ad13f5b8c6f6ae89de868a41cf81baaac4ad46e589a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/42add8af9e9229ed27332ad13f5b8c6f6ae89de868a41cf81baaac4ad46e589a?s=96&d=mm&r=g\",\"caption\":\"Dees Stribling\"},\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/dcstribling\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Economy Watch: Federal Government Shuts Down; Fannie Mae: Serious Delinquencies Down - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\/","og_locale":"en_US","og_type":"article","og_title":"Economy Watch: Federal Government Shuts Down; Fannie Mae: Serious Delinquencies Down","og_description":"Congress was unable to agree on legislation authorizing money for the continued operations of the federal government by midnight on Monday, and so a shutdown began on Tuesday, the beginning of the government's fiscal year. Fannie Mae reported that the single-family serious delinquency rate for mortgages it owns or controls declined from 2.7 percent in July to 2.6 percent in August.","og_url":"https:\/\/www.commercialsearch.com\/news\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2013-10-01T14:21:38+00:00","article_modified_time":"2022-12-09T04:18:53+00:00","author":"Dees Stribling","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\/"},"author":{"name":"Dees Stribling","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/dc1e9fa4ee0430d86f8e60cd697c953c"},"headline":"Economy Watch: Federal Government Shuts Down; Fannie Mae: Serious Delinquencies Down","datePublished":"2013-10-01T14:21:38+00:00","dateModified":"2022-12-09T04:18:53+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\/"},"wordCount":447,"articleSection":["News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\/","url":"https:\/\/www.commercialsearch.com\/news\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\/","name":"Economy Watch: Federal Government Shuts Down; Fannie Mae: Serious Delinquencies Down - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"datePublished":"2013-10-01T14:21:38+00:00","dateModified":"2022-12-09T04:18:53+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/dc1e9fa4ee0430d86f8e60cd697c953c"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-federal-government-shuts-down-fannie-mae-serious-delinquencies-down\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Economy Watch: Federal Government Shuts Down; Fannie Mae: Serious Delinquencies Down"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/dc1e9fa4ee0430d86f8e60cd697c953c","name":"Dees Stribling","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/42add8af9e9229ed27332ad13f5b8c6f6ae89de868a41cf81baaac4ad46e589a?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/42add8af9e9229ed27332ad13f5b8c6f6ae89de868a41cf81baaac4ad46e589a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/42add8af9e9229ed27332ad13f5b8c6f6ae89de868a41cf81baaac4ad46e589a?s=96&d=mm&r=g","caption":"Dees Stribling"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/dcstribling\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004084352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1023"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004084352"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004084352\/revisions"}],"predecessor-version":[{"id":1004627369,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004084352\/revisions\/1004627369"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004084352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004084352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004084352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}