Posted on March 8, 2012 in
economy with
no comments
Federal Reserve chairman Ben Bernanke sparked some controversy in the economic community last Wednesday when he told Congress that unless growth accelerated the improvements in U.S. unemployment rates could not continue. Bernanke did not call for further stimulus or economic easing, but he essentially threw a wet blanket on the notion that the economy is [...]
Posted on February 22, 2012 in
economy with
no comments
The Social Security Administration reported at the end of 2011 that the retirement fund will probably run out of cash by 2036. In 2008 the estimate was that the fund would fall short by 2041. Some analysts believe that Congress will eventually be unable to raise enough funds to fully fund the retirement account in [...]
Most were expecting the President to announce a breakthrough in the AG negotiations with the major lenders over robo-signing in his State of the Union. That announcement did not come. Instead the President Obama announced a program to help more homeowners refinance to today’s low interest rates in order to save about $3000 per year [...]
Posted on January 19, 2012 in
economy,
housing news with
no comments
A Houselogic survey demonstrates that voters are most concerned about jobs and housing policy as election year issues for 2012. Respondents were asked: “What issue area will have the greatest impact on your vote in 2012?” Jobs were mentioned as the top issue by 54% of respondents. The next most critical issue was housing, which [...]
Ron Stuzenegger, head of Bank of America’s legacy asset servicing division, has indicated that the bank is in the process of preparing a rental program for former homeowners of property it is taking back as REOs. BOA is currently looking through 1.1 million loans that are 60 days or more delinquent to determine which might [...]
Even though 2011 home values dropped an average of 5.1% and prices fell in 302 of 384 housing markets tracked by the Fiserv Case-Shiller Indexes, the picture should get considerably brighter as housing approaches 2013. Fiserv’s chief economist, David Shiff, believes that the housing market will see greater stability in 2012 than in the past [...]
The Wall Street Journal broke a story last week that the AG group and major servicers are nearing agreement on a new plan that would allow under water mortgagees to refinance. The plan, reportedly, will not include any extensive principal forgiveness element, a strategy that has been a major roadblock for agreement on a robo-signing [...]
Posted on November 10, 2011 in
economy with
no comments
The quarterly report from the Federal Reserve branch banking system called “The Beige Book” is out with its latest round of observations about the In most regions the pace of growth is described as “modest” or “slight” and general business conditions are considered weak but moving forward on some fronts. Notably, auto sales and tourism [...]
Posted on November 4, 2011 in
economy with
no comments
Despite the generally glooming housing market and a shaky world economy, the 3rd quarter preliminary gross domestic product report released Oct. 27 by the Commerce Department is actually pretty good news. The preliminary data shows a growth rate of 2.5% in the 3rd quarter after a 1.3% second quarter GDP. The preliminary report is based [...]
Posted on November 4, 2011 in
arizona,
california,
colorado,
economy,
florida,
housing news,
illinois,
michigan,
minnesota,
washington,
washington dc with
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The S&P/Case-Shiller Home Price Index continues to show modest increase in home prices in 10 of 20 markets on a month to month basis, and in 16 of 20 markets on an annual basis in August. The monthly increase in both the 10 and 20 city composites was .2%. Annual returns remain negative: -3.5% for [...]