Note: I’ll have more on the employment report soon. The Department of Commerce reported: otal February exports of 6.0 billion and imports of 8.9 billion resulted in a goods and services deficit of .0 billion, down from .5 billion in January, revised. February exports were .6 billion more than January exports of 4.4 billion....
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The housing market may be coming back, but a growing number of policy makers have expressed concerns recently that it’s still too hard to get a mortgage. Federal Reserve governor Elizabeth Duke outlined some of these concerns and their causes in a speech last month. She was quick to note — as is anyone...
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The March ISM Non-manufacturing index was at 54.4%, down from 56.0% in February. The employment index decreased in March to 53.3%, down from 57.2% in February. Note: Above 50 indicates expansion, below 50 contraction. From the Institute for Supply Management: March 2013 Non-Manufacturing ISM Report On Business® Economic activity in the non-manufacturing sector grew in...
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I’m frequently asked if the recent improvement in the economic data might be a seasonal glitch. Not according the analysts at Nomura (who first noticed it): Diminishing seasonal bias We first alerted clients to a pattern of “seasonal bias” in the data in October 2011 and followed closely its implication for financial markets. At that time, we...
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An interesting article in the NY Times: Irish Legacy of Leniency on Mortgages Nears an End Although there are more than 143,000 delinquent home mortgages in Ireland, foreclosures have been so politically and legally difficult that, in the last three months of last year, they numbered 38. To put this in perspective, in the...
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The banks open in Cyprus tomorrow with strict capital controls, from Reuters: G4S Readies Guards as Cypriot Banks Prepare to Open The Central Bank said banks would open their doors at midday (6 a.m. EST) on Thursday after nearly two weeks when Cypriots could only get cash through limited ATM withdrawals. A central bank...
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The first quarter of 2013 is almost over and so far, a few trends have emerged in real estate. These trends are not set in stone, nor can we be sure that they will continue on the same trajectories throughout the rest of the year. As with any other major part of the economy,...
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This will be an interesting case to watch, from Reuters: Stockton, California bankruptcy eligibility trial starts As the biggest U.S. city to file for bankruptcy, the outcome for Stockton will be an important test case for the .7 trillion U.S. municipal debt market. The hearing is expected to last most of this week. Stockton,...
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As we all know, America’s housing market has been in a slump for many years. Years of negative news made home buyers and real estate investors nervous about the future of the U.S. housing market. However, the following infographic should bring optimism back to most people. This infographic reports the opinions of real estate...
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