Posts Tagged ‘housing

29
Sep
14

More Positive Economic News? Thanks, President Obama

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NYT: Business Spending, Exports Spur Big Bounce In U.S. Economy

The U.S. economy grew at its fastest pace in 2-1/2 years in the second quarter with all sectors contributing to the jump in output in a bullish signal for the remainder of the year. The Commerce Department on Friday raised its estimate of growth in gross domestic product to a 4.6 percent annual rate from the 4.2 percent pace reported last month. The United States is bucking a spate of weaker overseas growth with the euro zone and Japan slumping, and growth in China slowing as well. the expansion in consumer spending, combined with strong business investment,

was nevertheless enough to push domestic demand ahead at its fastest pace since 2010. That suggests the economy’s recovery is becoming more durable after output slumped at a 2.1 percent rate in the first quarter because of an unusually cold winter. So far, data covering manufacturing, trade and housing suggest that much of the second quarter’s momentum spilled over into the third quarter. Growth estimates for the July-September quarter range as high as a 3.5 percent pace. When measured from the income side, the economy grew at a 5.2 percent pace during the second quarter…export growth was raised to an 11.1 percent pace, the fastest since the fourth quarter of 2010, from a 10.1 percent rate.

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Jason Furman: Third Estimate of GDP For The Second Quarter Of 2014

1. Real gross domestic product (GDP) increased 4.6 percent at an annual rate in the second quarter of 2014, the fastest pace since the fourth quarter of 2011, according to the third estimate from the Bureau of Economic Analysis. The strong second-quarter growth represents a rebound from a first-quarter decline in GDP that largely reflected transitory factors like unusually severe winter weather and a sharp slowdown in inventory investment. Growth in consumer spending and business investment picked up in the second quarter, and residential investment increased following two straight quarters of decline. Additionally, State and local government spending grew at the fastest quarterly rate in five years. However, net exports subtracted from overall GDP growth, as imports grew slightly faster than exports.

Real gross domestic income (GDI), an alternative measure of the overall size of the economy, was up 5.2 percent at an annual rate in the second quarter. 3. Over the past four quarters, real GDP has risen 2.6 percent, faster than the 2.0 percent annualized pace observed over the preceding eight-quarter period. Looking at four- and eight-quarter changes to smooth some of the quarter-to-quarter volatility, it is clear that many components of GDP are showing improvement. The growth rates of consumer spending, business investment and exports have all picked up, and the pace of declines in the Federal sector have moderated a bit. In addition, the State and local government sector has turned positive, after several years of steady cutbacks. One area that has slowed over the last four quarters is residential investment, although it did rebound in the second quarter.

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30
Aug
14

President Obama’s Policies Aren’t Working? Tell Us Another Lie, GOP

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22
Aug
14

Team Obama-Holder: Getting The Job Done

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AP: Bank Of America Agrees To Nearly $17B Settlement

The government has reached a $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis, the Justice Department announced Thursday. The deal calls for the bank, the second-largest in the U.S., to pay a $5 billion cash penalty, another $4.6 billion in remediation payments and provide about $7 billion in relief to struggling homeowners. The settlement is by far the largest deal the Justice Department has reached with a bank over the 2008 mortgage meltdown.

In the last year, JPMorgan Chase & Co. agreed to a $13 billion settlement while Citigroup reached a separate $7 billion deal. At a news conference, Attorney General Eric Holder said the bank and its Countrywide and Merrill Lynch subsidiaries had “engaged in pervasive schemes to defraud financial institutions and other investors” by misrepresenting the soundness of mortgage-backed securities. The penalties, Holder said, go “far beyond the cost of doing business.”

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Bloomberg: Housing Starts Rebound In U.S. As Inflation Eases

Home construction rebounded in July and the cost of living rose at a slower pace, showing a strengthening U.S. economy has yet to generate a sustained pickup in inflation. A 15.7 percent jump took housing starts to a 1.09 million annualized rate, the strongest since November, and halted a two-month slide, the Commerce Department said in Washington. The consumer price index increased 0.1 percent after rising 0.3 percent in June, the Labor Department also reported. An improving job market and cheaper borrowing costs are helping revive residential real estate, helping boost sales at companies such as Home Depot Inc. (HD) As inflation continues to run below the Federal Reserve’s target, it gives the central bank room to keep interest rates low well after the projected end of its bond-buying program in October.

The pickup in housing starts in the U.S. exceeded all estimates in a Bloomberg survey of 75 economists. The median projection called for 965,000, within a range of 898,000 to 1.03 million. The Commerce Department also revised June’s reading up to a 945,000 pace from a previously reported 893,000. The report also indicated the building industry will probably consolidate gains in coming months as permits for future projects advanced 8.1 percent to a 1.05 million pace, about in line with the current level of starts. The gain reflected the most applications for single-family dwellings since November.

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Bloomberg: Job Market Tilts Toward U.S. Workers In Virtuous Cycle

The balance of power in the job market is shifting slowly toward employees from employers. Bob Funk sees it firsthand from his position as chief executive officer of staffing agency Express Employment Professionals. “We’re short of people in a number of cities,” he said. So he’s changing the focus of his $2.5 billion, Oklahoma City-based business. Instead of concentrating on finding jobs for those who want them, Express Employment is putting more effort into finding workers for companies that need them. “We’re back in the recruiting market again,” Funk said. The 74-year-old industry veteran isn’t the only one to notice the change. Americans who have been hunting for employment for more than six months

are finding they’re having better luck landing a job, while people who had given up looking are returning to the labor force to resume their search. Companies, meanwhile, are beefing up their in-house recruiting teams and increasingly using complicated computer algorithms to scour the Web for prospective job candidates. This is all good news for the economy, according to Nariman Behravesh, the Lexington, Massachusetts-based chief economist for IHS Inc. He said the U.S. has entered a “virtuous cycle” where job gains are leading to increased household expenditures, encouraging employers to hire more workers. Consumer spending rose in June by the most in three months, according to Commerce Department data published Aug. 1.

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22
Aug
14

Rise and Shine

 On This Day: “A man salutes the President as he travels from Seneca Falls to Syracuse, N.Y. during the college affordability bus tour. Aug. 22, 2013 (Photo by Pete Souza)

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NYT: Obama Cares. Look At The Numbers.

AS the predominantly black, disproportionately poor community of Ferguson, Mo., erupted in protest after the shooting death of Michael Brown, critics excoriated President Obama for his failure to empathize. Michael Eric Dyson, for example, called the president’s statement about the case on Monday a “stunning epic failure.” Mr. Obama’s defenders point to his second-term commitment to issues that touch the lives of poor communities of color, especially his initiative to assist young minority men, My Brother’s Keeper. But what both sides are ignoring is the president’s first-term record.

A true measure of a president’s priorities lies hidden in plain sight in his budget proposals. Under that standard, Mr. Obama has been more committed to communities like Ferguson than any Democratic president in the past half century. … …. Even after accounting for the higher numbers of poor people caught in the Great Recession, Mr. Obama’s record outshines his predecessors’. His proposed first-term spending per poor individual was $13,731 to Mr. Clinton’s $8,310 and Mr. Carter’s $4,431, in 2014 dollars.

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Slate: Advice For Ferguson From The Supreme Court

Kyle Niere, 23, was arrested on Monday night in Ferguson, Missouri, for “refusing to disperse” as he attempted to leave the QuikTrip station, where hundreds have gathered to protest the police shooting of Michael Brown, an unarmed black teen. As he later relayed to NBC News, Niere, along with 12 other protesters, was arrested after cops told him and his friends that they “looked like the type that were going to stir up drama and go start looting.” According to Niere, police officers dragged him “face-first on the ground” and were “stepping on the back of our heads.” Niere and the others were held overnight and released. This has been the pattern for more than a week: Dozens of legitimate protesters arrested for essentially doing it wrong, which can be variously described as protesting about issues of race, refusing to stop protesting about issues of race, and in many cases, perhaps most outrageously, protesting while black.

It’s virtually impossible to square the law enforcement definition of illegal protest with the snuggly warm vision of political protest put forth by a unanimous Supreme Court only two months ago in McCullen v. Coakley. That was the case in which the high court struck down a Massachusetts law barring any protests within 35 feet of an abortion clinic. That law was passed after two clinic workers were shot and killed at clinics in 1994. But there is a crucial difference between the abortion opponents whose speech rights were feted by the court in McCullen and the garden variety protesters who can still be rounded up in free speech pens and summarily arrested on the streets of Ferguson: The court was careful to explain that the protesters in Massachusetts are not actually “protesters.” They are “counselors.” This presents an obvious solution for the outraged citizens who have taken to the streets of Ferguson and been met with tear gas, rubber bullets, and incarceration: rebranding. From this day forth you should consider yourself “sidewalk counselors.”

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Brian Lord: A Little Known Robin Williams Story

Years ago I learned a very cool thing about Robin Williams, and I couldn’t watch a movie of his afterward without thinking of it. I never actually booked Robin Williams for an event, but I came close enough that his office sent over his rider. For those outside of the entertainment industry, a rider lists out an artist’s specific personal and technical needs for hosting them for an event- anything from bottled water and their green room to sound and lighting requirements. You can learn a lot about a person from their rider. When I got Robin Williams’ rider, I was very surprised by what I found.

He actually had a requirement that for every single event or film he did, the company hiring him also had to hire a certain number of homeless people and put them to work. I never watched a Robin Williams movie the same way after that. I’m sure that on his own time and with his own money, he was working with these people in need, but he’d also decided to use his clout as an entertainer to make sure that production companies and event planners also learned the value of giving people a chance to work their way back. Thanks, Robin Williams- not just for laughs, but also for a cool example.

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Nick Timiraos: Foreclosed-Property Sales Fall to Lowest Levels Since 2008

Thursday’s home-sales report offers the clearest evidence that the housing market is moving out of the emergency ward and into a rehab facility. The National Association of Realtors reported that home sales rose for the fourth straight month in July to the highest seasonally adjusted annual rate since last September. But the real sign that the housing market is out of critical condition comes courtesy of a separate survey the NAR does of its members. That survey estimates the share of distressed home sales in July fell to 9% of all sales, the lowest level since the trade group’s tally began in October 2008.

the drop in foreclosed-property sales deserves attention. Sales of non-distressed homes, using crude estimates derived from the NAR’s survey, are up slightly from a year ago. Prices are still rising, but not as sharply as they were a year ago. And higher prices could be drawing out more sellers. Inventories are at their highest levels in nearly two years—and this time, they appear to be rising because Joe and Jane Homeowner, not a bank or mortgage-processing company, wants to sell.

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