LA Times: Nationwide home prices shot up 3.8% in July, making their largest year-over-year leap since 2006…. The gain marks the fifth straight rise in the gauge, part of a positive swing following a year and a half of slumps. The last time prices rose so much was in August 2006, when they jumped 4.1%.
Prices in California bounded up 4.4%. Without distressed sales – including foreclosures and short sales – national prices were up 4.3% compared with last July.
The report, coming as a glut of house-hunters clamor after a shrinking inventory, suggests that the real estate market is “clearly seeing the light at the end of a very long tunnel,” said CoreLogic Chief Executive Anand Nallathambi in a statement.
The Oval: President Obama celebrated working people on this Labor Day, but also blitzed Mitt Romney’s economic plan with football metaphors.
“There’s a flag on the play,” Obama told crowd of auto workers in Toledo, Ohio, at one point.
Riffing on Romney’s weekend claim that the economy needs “a new coach” in the White House, Obama said that “the problem is that everybody’s already seen his economic playbook … we know what’s in it.”
The “first down” is tax cuts for the wealthy that will lead to tax hikes for the middle class, Obama said. “Second down” is an audible” ending financial and environmental regulations. Romney’s “third down” is a “Hail Mary” of cuts that would “end Medicare as we know it.”
Obama’s suggestion for the fourth down of the Romney plan: “Punt it away! … It won’t work! It won’t win the game!
“You don’t need that coach,” he said of Romney. “That’s a losing season!”
Msg from The Obama Diary: Genuine bloggers who create their own posts in support of PBO are welcome to use anything from TOD – rebloggers, who only copy others in an attempt to up their traffic, are not. eg the reblogger who treats women like this – explicit – while copying TOD posts on women’s rights. He belongs in the GOP.
Thanks again to Clint for the best ‘Four More Years!’ ad yet produced. The best bit? The last 10 seconds
9:30: President Obama departs the White House
11:0: VP Biden travels to Lordstown, Ohio, to deliver remarks at a campaign event at UAW Local 1714
1:30: President Obama arrives in El Paso, Texas
2:15: Participates in a roundtable discussion with service-members and military families
3:00: Delivers remarks to troops
4:10: Departs El Paso en route Joint Base Andrews
President Barack Obama and Vice President Joe Biden talk before having lunch on the patio outside the Oval Office, Aug. 30, 2012. (Official White House Photo by Pete Souza)
Chat away everyone …. and to those who can stomach watching the Tampa hate-fest, I salute your courage!
SacBee: General Motors Co. says its U.S. sales rose 11 percent in May on strong sales of trucks and the new, pint-size Chevrolet Sonic.
GM sold 245,256 cars and trucks in May, its highest monthly total since the Cash for Clunkers deal in August 2009.
Sales of small cars rose 16 percent compared with last May thanks to the Sonic subcompact. Buick sales rose 19 percent due to demand for the new Verano small car.
Pickup truck sales were also strong as construction activity picks up. Chevrolet Silverado sales rose 22 percent.
Obama campaign co-chair and ex-Ohio Gov. Ted Strickland:
“Today’s report that the auto industry is surging ahead is good news for our state and the 1 in 8 Ohioans who depend on the auto industry for their livelihood. Despite what the polls, pundits, and prominent Republicans like Mitt Romney said, President Obama bet on the American worker to spur the comeback of the American auto industry. Now, we have a critical choice in this election between President Obama, who is fighting for us and working to create an economy built to last, and Mitt Romney who would have ‘Let Detroit go bankrupt,’ with devastating consequences for Ohio.”