A national average of home prices increased 1.6% from June to July, according to the S&P/Case-Shiller report
By Phil Mintz
Is the home price recovery real or being artificially supported by the $8,000 first-time home buyer's tax credit that's scheduled to expire at the end of November?
That's one of the questions being raised by the Standard & Poor's/Case-Shiller home price report for July, issued Sept. 29. Home prices increased 1.6% from June to July in the 20 metro markets tracked by the report, though they are still down 13.3% from a year ago. It was the third straight month of price increases for the 20-market average, as well as a narrower 10-city composite.
"The rate of annual decline in home price values continues to decelerate and we now seem to be witnessing some sustained monthly increases across many of the markets," David M. Blitzer, chairman of the index committee at Standard & Poor's, said in a news release. "The two composites and all metro areas are showing an improvement in the annual rates of return, as seen through a moderation in their annual declines."
Click here for the complete story.
Tuesday, September 29, 2009
Home Prices in 20 U.S. Cities Rose by Most Since 2005 (Update3) - Bloomberg.com
Sept. 29 (Bloomberg) -- Home values in 20 U.S. metropolitan areas climbed in July by the most in almost four years, a sign the housing slump that led to the worst recession in seven decades is abating.
The S&P/Case-Shiller home-price index rose 1.2 percent in July from the prior month, the biggest gain since October 2005, the group said today in New York. From a year earlier, values were down 13.3 percent, less than economists anticipated. Another report showed consumer confidence unexpectedly fell.
Foreclosure-driven price declines, low borrowing costs and government tax credits for first-time buyers have lifted home sales for much of this year, helping to slow the decline in prices. Stability in real-estate values and rising stock prices may help prop up spending as American consumers fret over mounting joblessness.
Click here for the complete story.
The S&P/Case-Shiller home-price index rose 1.2 percent in July from the prior month, the biggest gain since October 2005, the group said today in New York. From a year earlier, values were down 13.3 percent, less than economists anticipated. Another report showed consumer confidence unexpectedly fell.
Foreclosure-driven price declines, low borrowing costs and government tax credits for first-time buyers have lifted home sales for much of this year, helping to slow the decline in prices. Stability in real-estate values and rising stock prices may help prop up spending as American consumers fret over mounting joblessness.
Click here for the complete story.
Thursday, September 24, 2009
Existing-Home Sales Ease Following Four Monthly Gains
Existing-home sales in August gave back some of their strong gain in July but remain above year-ago levels, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 2.7 percent to a seasonally adjusted annual rate1 of 5.10 million units in August from a pace of 5.24 million in July, but remain 3.4 percent above the 4.93 million-unit level in August 2008. In the previous four months, sales had risen a total of 15.2 percent.
Lawrence Yun, NAR chief economist, said the tax credit is working. “Home sales retrenched from a very strong improvement in July but continue to be much higher than before the stimulus. The first-time buyer tax credit is having the intended impact of bringing buyers into the market, allowing them to take advantage of very favorable affordability conditions,” he said. “Some of the give-back in closed sales appears to result from rising numbers of contracts entering the system, with some fallouts and a backlog contributing to a longer closing process, but the decline demonstrates we can’t take a housing rebound for granted.”
Click here for the complete story.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 2.7 percent to a seasonally adjusted annual rate1 of 5.10 million units in August from a pace of 5.24 million in July, but remain 3.4 percent above the 4.93 million-unit level in August 2008. In the previous four months, sales had risen a total of 15.2 percent.
Lawrence Yun, NAR chief economist, said the tax credit is working. “Home sales retrenched from a very strong improvement in July but continue to be much higher than before the stimulus. The first-time buyer tax credit is having the intended impact of bringing buyers into the market, allowing them to take advantage of very favorable affordability conditions,” he said. “Some of the give-back in closed sales appears to result from rising numbers of contracts entering the system, with some fallouts and a backlog contributing to a longer closing process, but the decline demonstrates we can’t take a housing rebound for granted.”
Click here for the complete story.
Markets may rise further in the next 6 months- Global Markets-Markets-The Economic Times
NEW YORK: Given that US stocks have rallied nearly 60 percent in just six months, you'd expect valuations were getting a bit prohibitive.
But the resiliency of the latest rally shows that investors are unfazed by the market's current multiples, regarding stocks as still relatively cheap.
With interest rates close to zero, earnings expected to improve in the third quarter, and inflation subdued, stock market bulls have much working in their favor, making it likely that the market will rise further in the next six months.
Click for the complete story.
But the resiliency of the latest rally shows that investors are unfazed by the market's current multiples, regarding stocks as still relatively cheap.
With interest rates close to zero, earnings expected to improve in the third quarter, and inflation subdued, stock market bulls have much working in their favor, making it likely that the market will rise further in the next six months.
Click for the complete story.
Jobless Claims Declined in Latest Week - WSJ.com
WASHINGTON -- The number of U.S. workers filing new claims for jobless benefits unexpectedly declined last week, according to a Labor Department report Thursday.
Meanwhile, total claims lasting more than one week also decreased.
Initial claims for jobless benefits fell 21,000 to 530,000 in the week ended Sept. 19, the department said in its weekly report.
Economists surveyed by Dow Jones Newswires had expected a rise of 5,000. The previous week's level was revised from 545,000 to 551,000.
Click here for the complete story.
Meanwhile, total claims lasting more than one week also decreased.
Initial claims for jobless benefits fell 21,000 to 530,000 in the week ended Sept. 19, the department said in its weekly report.
Economists surveyed by Dow Jones Newswires had expected a rise of 5,000. The previous week's level was revised from 545,000 to 551,000.
Click here for the complete story.
Friday, September 18, 2009
Colorado jobs up, unemployment sharply lower - Denver Business Journal:
In some of the best news about jobs in Colorado since the start of the recession, employment grew 4,900 in August, and the state's jobless rate fell half a percentage point, to 7.3 percent, the lowest since February, the Colorado Department of Labor and Employment reported Friday.
"This improvement is encouraging news for the state," Donald Mares, the department's executive director, said in a statement. "Although we will likely experience some ups and downs over the next several months, employment appears to be stabilizing."
Click here for the complete story.
"This improvement is encouraging news for the state," Donald Mares, the department's executive director, said in a statement. "Although we will likely experience some ups and downs over the next several months, employment appears to be stabilizing."
Click here for the complete story.
Thursday, September 17, 2009
Housing Starts in U.S. Climb to Nine-Month High (Update1) - Bloomberg.com
Sept. 17 (Bloomberg) -- Builders in the U.S. broke ground in August on the most houses in nine months, led by a jump in multifamily dwellings that overshadowed a decrease in construction of single-family homes.
Housing starts rose 1.5 percent to an annual rate of 598,000, as anticipated, figures from the Commerce Department showed today in Washington. Single-family projects dropped 3 percent, the first decrease since January, while work began on 25 percent more multifamily units, such as apartments.
Click here for the complete story.
Housing starts rose 1.5 percent to an annual rate of 598,000, as anticipated, figures from the Commerce Department showed today in Washington. Single-family projects dropped 3 percent, the first decrease since January, while work began on 25 percent more multifamily units, such as apartments.
Click here for the complete story.
Tuesday, September 15, 2009
China economy surprisingly strong; policy intact | Reuters
BEIJING (Reuters) - Chinese industrial output and other economic data surprised on the upside in August, suggesting its recovery is on a solid course but not so strong that Beijing will need to hit the policy brakes anytime soon.
Asian shares edged up as the data supported regional recovery hopes, while the Australian dollar cut losses against the dollar and yen and oil prices rose above $72 a barrel.
Click here for complete story.
Asian shares edged up as the data supported regional recovery hopes, while the Australian dollar cut losses against the dollar and yen and oil prices rose above $72 a barrel.
Click here for complete story.
U.S. recession ends, jobless outlook bleak: survey | Reuters
WASHINGTON (Reuters) – The U.S. employment picture will stay bleak well into next year long after the recession ends, but the worst of the labor market crisis is over, top private economists said on Thursday.
Private economists polled for the Blue Chip Economic Indicators September survey say the unemployment rate will reach at least 10 percent in early 2010 and “recede from that level only grudgingly over the second half of the year”.
Click here for complete story.
Private economists polled for the Blue Chip Economic Indicators September survey say the unemployment rate will reach at least 10 percent in early 2010 and “recede from that level only grudgingly over the second half of the year”.
Click here for complete story.
Thursday, September 10, 2009
Geithner Says Bailout Programs Are Shrinking - NYTimes.com
Geithner Says Bailout Programs Are Shrinking
EDMUND L. ANDREWS
Published: September 10, 2009
WASHINGTON — One of President Obama’s top economic strategists said on Thursday that the government was now starting to shrink many parts of the gigantic financial bailout that followed the collapse of Lehman Brothers last September.
“We must begin winding down some of the extraordinary support we put in place for the financial system,” said the Treasury secretary, Timothy F. Geithner, in written testimony prepared for the Congressional Oversight Panel on the Treasury’s $700 billion rescue program.
Click here for the complete story.
EDMUND L. ANDREWS
Published: September 10, 2009
WASHINGTON — One of President Obama’s top economic strategists said on Thursday that the government was now starting to shrink many parts of the gigantic financial bailout that followed the collapse of Lehman Brothers last September.
“We must begin winding down some of the extraordinary support we put in place for the financial system,” said the Treasury secretary, Timothy F. Geithner, in written testimony prepared for the Congressional Oversight Panel on the Treasury’s $700 billion rescue program.
Click here for the complete story.
Wednesday, September 9, 2009
Full Video of President Obama's Healthcare Speech, 09-09-09
Visit msnbc.com for Breaking News, World News, and News about the Economy
Tuesday, September 8, 2009
The Associated Press: Stocks open higher amid optimism over recovery
Stocks open higher amid optimism over recovery
By IEVA M. AUGSTUMS (AP)
The stock market is opening higher as merger news raised investors' optimism about an economic recovery.
U.S. stocks are rising, following the lead of markets around the world. Investors are encouraged by news that two British mobile phone companies may combine. And while Cadbury PLC has rejected a takeover bid from Kraft Foods Inc., companies' reviving interest in making acquisitions is being seen as a positive sign for the economy.
Click here for the complete story.
By IEVA M. AUGSTUMS (AP)
The stock market is opening higher as merger news raised investors' optimism about an economic recovery.
U.S. stocks are rising, following the lead of markets around the world. Investors are encouraged by news that two British mobile phone companies may combine. And while Cadbury PLC has rejected a takeover bid from Kraft Foods Inc., companies' reviving interest in making acquisitions is being seen as a positive sign for the economy.
Click here for the complete story.
Wednesday, September 2, 2009
Dr. Gupta offers advice to parents on H1N1 - CNN.com
By Dr. Sanjay Gupta
CNN Chief Medical Correspondent
(CNN) -- Over this past week, I had some interesting conversations with colleagues who are also health care professionals. These conversations usually start with, "You know what I hate about the media ... ?"
Now, over the past eight years, I have grown accustomed to being engaged in these sort of discussions where I am asked about everything the "media" have reported over the past few months, and asked to defend things point by point. It can be a challenging task.
Click here for the complete story.
CNN Chief Medical Correspondent
(CNN) -- Over this past week, I had some interesting conversations with colleagues who are also health care professionals. These conversations usually start with, "You know what I hate about the media ... ?"
Now, over the past eight years, I have grown accustomed to being engaged in these sort of discussions where I am asked about everything the "media" have reported over the past few months, and asked to defend things point by point. It can be a challenging task.
Click here for the complete story.
Challenger jobs report shows pace of cuts slowing - Sep. 2, 2009
NEW YORK (CNNMoney.com) -- The pace of U.S. job losses has slowed, but we're not out of the woods yet, suggests a report released Wednesday.
Outplacement firm Challenger, Gray & Christmas Inc. reported that 76,456 jobs were cut in August, 21% fewer than in July. It was the lowest total since June, when 74,393 layoffs were announced.
Though that's encouraging, a possible jobs recovery depends on what happens in the next few months, Challenger said.
Click here for the complete story.
Shared via AddThis
Outplacement firm Challenger, Gray & Christmas Inc. reported that 76,456 jobs were cut in August, 21% fewer than in July. It was the lowest total since June, when 74,393 layoffs were announced.
Though that's encouraging, a possible jobs recovery depends on what happens in the next few months, Challenger said.
Click here for the complete story.
Shared via AddThis
Tuesday, September 1, 2009
Pending home sales rise 3.2% in July, 6th straight increase - Sep. 1, 2009
NEW YORK (CNNMoney.com) -- More Americans signed sales contracts to buy homes in July than in June, marking the longest streak of monthly increases on record, said a report released Tuesday.
The pending home sales index from the National Association of Realtors rose 3.2% in July after rising by 3.6% in June. That's 12% higher than July 2008, and it marks the sixth straight increase since record-keeping began in 2001.
Click here for complete story.
The pending home sales index from the National Association of Realtors rose 3.2% in July after rising by 3.6% in June. That's 12% higher than July 2008, and it marks the sixth straight increase since record-keeping began in 2001.
Click here for complete story.
Stocks Higher to Start September - WSJ.com
Stocks edged higher Tuesday as new data showing that U.S. manufacturing activity has begun to expand for the first time in a year and a half were offset by a slide in construction spending.
The Dow Jones Industrial Average was recently up 23 points at 9520. The S&P 500 gained 0.4%. The Nasdaq Composite Index was up 0.9%, supported by a 1.7% climb for Ebay after it reached a deal to sell 65% of Skype to an investor group.
The Institute for Supply Management said its monthly manufacturing index rose to 52.9 in August, the highest reading since June 2007, from 48.9 in July. The report beat expectations and topped 50, the level indicating growth in the factory sector, for the first time since January 2008.
Click here for the complete story.
The Dow Jones Industrial Average was recently up 23 points at 9520. The S&P 500 gained 0.4%. The Nasdaq Composite Index was up 0.9%, supported by a 1.7% climb for Ebay after it reached a deal to sell 65% of Skype to an investor group.
The Institute for Supply Management said its monthly manufacturing index rose to 52.9 in August, the highest reading since June 2007, from 48.9 in July. The report beat expectations and topped 50, the level indicating growth in the factory sector, for the first time since January 2008.
Click here for the complete story.
US Stocks Edge Higher As US Mfg Activity Expands; DJIA Up 23 - MarketWatch
Stocks edged higher Tuesday as new data showing that U.S. manufacturing activity has begun to expand for the first time in a year and a half were offset by a slide in construction spending.
The Dow Jones Industrial Average was recently up 23 points at 9520. The S&P 500 gained 0.4%. The Nasdaq Composite Index was up 0.9%, supported by a 1.7% climb for Ebay after it reached a deal to sell 65% of Skype to an investor group.
The Institute for Supply Management said its monthly manufacturing index rose to 52.9 in August, the highest reading since June 2007, from 48.9 in July. The report beat expectations and topped 50, the level indicating growth in the factory sector, for the first time since January 2008.
Click here for the complete story.
The Dow Jones Industrial Average was recently up 23 points at 9520. The S&P 500 gained 0.4%. The Nasdaq Composite Index was up 0.9%, supported by a 1.7% climb for Ebay after it reached a deal to sell 65% of Skype to an investor group.
The Institute for Supply Management said its monthly manufacturing index rose to 52.9 in August, the highest reading since June 2007, from 48.9 in July. The report beat expectations and topped 50, the level indicating growth in the factory sector, for the first time since January 2008.
Click here for the complete story.
Subscribe to:
Posts (Atom)
Posts
