16th May 2007

Drop in home sales slows to 6.6 percent

 

Associated Press
May. 15, 2007 07:42 AM

WASHINGTON - Existing home sales rose at an annual rate of 6.4 million units last quarter, down 6.6 percent from a year ago, the National Association of Realtors said Tuesday.

In the trade group’s quarterly survey of housing market conditions, the national median existing single-family home price was $212,300, down 1.8 percent from a year ago when the median price was $216,100.

"It appears the worst of the price correction is behind us," said Pat V. Combs, NAR’s president and vice president of Coldwell Banker-AJS-Schmidt in Grand Rapids, Mich.

Existing home sales were 2.4 percent higher at an annual rate than they were in the last quarter of 2006.

Fourteen states and the District of Columbia showed an increase in the rate of home sales last quarter compared to only six states showing gains a quarter earlier.

The median is a typical market price where half the homes sold for more and half the homes sold for less.

At least part of the decline in the median prices of homes in the United States is because sales have shifted away from more expensive homes, the NAR said.

Regionally, existing home sales took the biggest hit in the West, where the sales pace fell 11.9 percent to an annual rate of 1.3 million units and the median home price was 1.8 percent below a year ago at $336,200.

Existing home sales in the South fell 7.3 percent to an annual rate of 2.5 million units and the median home price was $177,800, just 0.6 percent below a year ago.

In the Midwest, existing home sales fell 6.1 percent to a pace of 1.5 million units. The median single-family home price was $154,600, down 2.8 percent from a year earlier.

The Northeast fared the best with sales rising at a 1.2 percent annual rate to 1.1 million units last quarter with a median price of $268,900, down 2.5 percent from a year ago.

 




2 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 5 (2 votes, average: 5 out of 5)
Loading ... Loading ...

525 Views

Tags: , , , , , , , , , , , ,

del.icio.us:Drop in home sales slows to 6.6 percent digg:Drop in home sales slows to 6.6 percent spurl:Drop in home sales slows to 6.6 percent simpy:Drop in home sales slows to 6.6 percent furl:Drop in home sales slows to 6.6 percent fark:Drop in home sales slows to 6.6 percent Y!:Drop in home sales slows to 6.6 percent segnalo:Drop in home sales slows to 6.6 percent gifttagging:Drop in home sales slows to 6.6 percent
posted in Market Watch, Real Estate News | 1 Comment

14th May 2007

Phoenix Area Market and Mortgage Watch

"HEY KIDS, SHAKE IT LOOSE TOGETHER - THE SPOTLIGHT’S HITTING SOMETHING THAT’S BEEN KNOWN TO CHANGE THE WEATHER…" Elton John, "Benny and the Jets" And sure enough, B-B-B-Benny and the Fed held the spotlight last week, as Chairman Bernanke and his team of inflation fighters at the Fed released their latest Interest Rate Decision and Policy Statement. And the tone of the Statement did indeed change the weather for Bonds and home loan rates.

As expected, the Fed voted to leave the Fed Funds Rate holding steady at 5.25%. However, it was the tone of the Policy Statement that was not so nice for Bonds or home loan rates, which worsened a bit following the release. Why? Because the market was looking for some loving lyrics from the Fed, particularly in regards to inflation. Recent inflation and wage data has all been friendly, and the economy is slowing a bit as well. So the markets were expecting a nice ballad from the Fed about inflation being under control…but instead, the Fed said their predominant concern is that inflation will "fail to moderate as expected". While the Fed’s primary mission is to be on guard against inflation, the market was hoping for a little more love on this front, and was a bit displeased with the tone of the Statement.

Retail Sales slipped lower in April, bringing the worst reading in seven months. The declines were seen in clothing, restaurants, sporting goods, cars and home products. Possible reasons? The price of gasoline is back up, and this means consumers may be forced to cut back on their buying of other retail products. Additionally, food costs are significantly higher in recent months, due to a variety of factors including crop freezes early in the year, and many corn products being diverted for use as fuel. Because they are so volatile, neither food nor energy costs show up in the important Core inflation numbers - but when it comes to a consumers actual day-to-day spending habits which will always include gas and groceries, these factors will absolutely have an impact on spending. The weak Retail Sales report was good news for Bonds, but not good enough, and home loan rates still ended slightly higher on the week overall.

BUT IF YOU’RE THINKING ABOUT SAVING A FEW BUCKS BY WASHING YOUR CAR AT HOME RATHER THAN THE LOCAL CAR WASH…THINK AGAIN, AS IT COULD COST YOU BIG IN THE LONG RUN. READ THIS WEEK’S MORTGAGE MARKET VIEW FOR THE WHOLE SCOOP.

 

Forecast for the Week

 

 


The week ahead brings a blend of news, including a look at inflation and housing, which continue to be hot topics of late. Particularly on the heels of the Fed stating they remain concerned about inflation, Tuesday’s Core Consumer Price Index will certainly garner a great deal of attention. Housing numbers have been mixed of late, but many experts are grudgingly acknowledging that maybe the housing market is not as bad as they originally predicted. Wednesday brings a look at the new construction sector, with Housing Starts and Building Permits.

The chart below shows how Bond prices have been "bouncing" up and down in a tight range, causing home loan rates to move higher and lower by about .125% with each "bounce". As Bond prices move higher, home loan rates move lower, and vice versa. So the chart indicates that Bonds appear poised for a bounce higher, with home loan rates moving lower. But first, Tuesday’s inflation measuring Consumer Price Index will need to prove inflation is tame before another favorable bounce higher and help home loan rates improve.

Chances favor a mild inflation number in light if the recent economic reports, and also when compared to last years elevated reading. But if the Report reeks badly of continued consumer inflation, Bonds won’t like it, and may proceed to bash right through the floor and cause home loan rates to worsen. The good news on this front is that the 200-day Moving Average is a very strong floor of support, and it would take some very Bond-unfriendly news to force prices below this floor and cause home loan rates to worsen.

Chart: Fannie Mae 5.5% Mortgage Bond (Friday May 11, 2007)

Japanese Candlestick Chart

 

The Mortgage Market View…

 

 

"Well those cars never seem to stop coming, keep those rags and machines humming…working at the car wash…" ~ Rose Royce

With summer fast approaching, most people want to have their car looking good. Driving a nice clean car just feels good - and it can also help to preserve its appearance and resale value.

So what’s the best way to clean your car? Is it better to take the car to the car wash or wash it by hand at home?

Believe it or not, an automatic car wash is not only more convenient, but it can also be much safer for your car than washing the car at home. Why? If your car is washed by hand in direct sunlight, the drops of water turn into mini magnifying glasses, which can cause the sun’s rays to burn spots into the paint - and this could cost you big when going to resell the vehicle. Additionally, many use harsh household soap products which remove protective wax and leave a chalky residue on the surface. Taking this into consideration makes the $10 to $15 automatic car wash fee look pretty reasonable.

But at the car wash, there’s all the "extras", which can add up fast and quickly double the cost of a quick car wash! Before you agree to the "works" package, find out what is included and decide if it is really worth the extra money to have a fresh scent sprayed in the interior, or a spray-on wax applied to the exterior.

Here are some tips: Undercarriage rust proofing and spray-on wax may be a couple of extras to pass on. Most new cars are rust proofed at the factory, and spray-on wax simply adds shine. A few to consider getting would be an undercarriage bath, a hand-applied wax, and tire dressings. An undercarriage bath could wash away crud from the winter months and prevents buildup, a hand-applied wax restores oils and provides a UV-protective film, and tire dressings remove dirt and brake dust.

And remember to always opt for a brushless car wash. Older car wash facilities may still be using brushes which tend to leave light scratches in the paint and can remove the clear coat that was applied by the factory to protect the paint. And don’t ever agree to have the engine cleaned. High pressure water is used to perform the engine cleaning and can cause serious engine problems in new vehicles.

 

The Week’s Economic Indicator Calendar

 

 

Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

Economic Calendar for the Week of May 14 May 18

Date

ET

Economic Report

For

Estimate

Actual

Prior

Impact

Tue. May 15

08:30

Consumer Price Index (CPI)

Apr

0.5%

 

0.6%

HIGH

Tue. May 15

08:30

Core Consumer Price Index (CPI)

Apr

0.2%

 

0.1%

HIGH

Tue. May 15

08:30

Empire State Index

May

9.5

 

3.8

Moderate

Wed. May 16

10:30

Crude Inventories

5/11

NA

 

5511K

Moderate

Wed. May 16

09:15

Capacity Utilization

Apr

81.5%

 

81.4%

Moderate

Wed. May 16

09:15

Industrial Production

Apr

0.3%

 

-0.2%

Moderate

Wed. May 16

08:30

Building Permits

Apr

1520K

 

1564K

Moderate

Wed. May 16

08:30

Housing Starts

Apr

1485K

 

1518K

Moderate

Thu. May 17

08:30

Jobless Claims (Initial)

5/12

310K

 

297K

Moderate

Thu. May 17

12:00

Philadelphia Fed Index

May

2.0

 

0.2

HIGH

Thu. May 17

10:00

Index of Leading Econ Ind (LEI)

Apr

0.0%

 

0.1%

Moderate

Fri. May 18

10:00

Consumer Sentiment Index (UoM)

May

87.0

 

87.1

Moderate

 




2 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 5 (2 votes, average: 5 out of 5)
Loading ... Loading ...

702 Views

Tags: , , , , , , , , , , , ,

del.icio.us:Phoenix Area Market and Mortgage Watch digg:Phoenix Area Market and Mortgage Watch spurl:Phoenix Area Market and Mortgage Watch simpy:Phoenix Area Market and Mortgage Watch furl:Phoenix Area Market and Mortgage Watch fark:Phoenix Area Market and Mortgage Watch Y!:Phoenix Area Market and Mortgage Watch segnalo:Phoenix Area Market and Mortgage Watch gifttagging:Phoenix Area Market and Mortgage Watch
posted in Market Watch, Real Estate News, Mortgage Watch, Just For Fun | 0 Comments

6th April 2007

Phoenix again claims top spot for job growth

 

The Business Journal of Phoenix - 11:11 AM MST Thursday, April 5, 2007

by Adam Kress

The Business Journal

As per the usual, the Phoenix area is No.1 for new jobs.

Arizona State University’s Blue Chip Job Growth Update ranks the area first among the nation’s largest metro markets for employment growth between February 2007 over February 2006.

The area’s 4.8 percent increase in total nonagricultural employment represents 89,200 new jobs. In metropolitan markets with less than 1 million workers, the Gulfport-Biloxi, Miss., area ranked No. 1, posting a 14.5 percent gain equating to 13,500 jobs.

Among states, Utah holds the top position in nonagricultural job growth for February, with a 4.4 percent increase, representing 52,000 jobs. Michigan remains in last place, with a 1 percent decrease, losing nearly 45,000 jobs.

Overall, the U.S. economy grew by close to 2 million jobs in February 2007 over February 2006, an increase of 1.5 percent.




2 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 5 (2 votes, average: 5 out of 5)
Loading ... Loading ...

475 Views

Tags: none

del.icio.us:Phoenix again claims top spot for job growth digg:Phoenix again claims top spot for job growth spurl:Phoenix again claims top spot for job growth simpy:Phoenix again claims top spot for job growth furl:Phoenix again claims top spot for job growth fark:Phoenix again claims top spot for job growth Y!:Phoenix again claims top spot for job growth segnalo:Phoenix again claims top spot for job growth gifttagging:Phoenix again claims top spot for job growth
posted in Market Watch, Real Estate News | 1 Comment

6th April 2007

Valley’s population leaps by 24% in 6-year period

 

The Valley grew by 787,306 people from April 2000 to July 2006, the fourth-largest gain for a metropolitan area in the U.S. during that time, according to new census data.

Estimates released Wednesday

indicate that the Valley’s population grew by 24 percent. The Valley is the 13th-largest metropolitan area in the nation, with more than 4 million residents, up from 14th in 2005.

The Atlanta area led the U.S. in population growth from 2000 to 2006, followed by Dallas and Houston.

The 50 metro areas with the largest percentage increases were all located in the West and South.

The most populous areas remain New York (18.8 million), Los Angeles (13 million) and Chicago (9.5 million).

 




2 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 5 (2 votes, average: 5 out of 5)
Loading ... Loading ...

641 Views

Tags: none

del.icio.us:Valley's population leaps by 24% in 6-year period digg:Valley's population leaps by 24% in 6-year period spurl:Valley's population leaps by 24% in 6-year period simpy:Valley's population leaps by 24% in 6-year period furl:Valley's population leaps by 24% in 6-year period fark:Valley's population leaps by 24% in 6-year period Y!:Valley's population leaps by 24% in 6-year period segnalo:Valley's population leaps by 24% in 6-year period gifttagging:Valley's population leaps by 24% in 6-year period
posted in Market Watch, Real Estate News, Just For Fun | 0 Comments

6th April 2007

Market rally comes as oil prices fall, pending home sales rise

 

NEW YORK - Home Depot Inc., Alcoa Inc. and DuPont Co. helped the Dow Jones Industrial Average recover almost all of its losses from the Feb. 27 global rout, and led the Standard & Poor’s 500 Index to its second straight/-gain. Google Inc.’s biggest jump since March 6 gave the Nasdaq Composite Index its fourth/-consecutive advance.

The National Association of Realtors’ index of signed purchase agreements climbed 0.7 percent last month, allaying concern falling real estate prices will curb spending. A separate report showed retail sales last week rose the most in two months, while the biggest drop in oil since March 9 bolstered expectations the economy will grow without fueling inflation.

The Dow industrials added 128, or 1 percent, to 12,510.30. The gauge is now 1 percent shy of recouping all of its decline from the global equity sell-off that began Feb. 27.

The S&P 500 rose 13.22, or 0.9 percent, to 1437.77. The Nasdaq increased 28.07, or 1.2 percent, to 2450.33.

More Americans signed contracts to buy previously owned homes in February, easing concern the housing market will worsen. Economists surveyed by Bloomberg expected a 0.5 percent drop in signed purchase agreements.

Warmer weather spurred a 4.9 percent increase in U.S. retail sales last week as consumers bought clothing and foods for Easter and Passover, according to the International Council of Shopping Centers and UBS AG.

Retailers gained the most among two dozen industries in the S&P 500, climbing 1.5 percent. Household spending accounts for about two-thirds of the U.S. economy. Home Depot, the world’s biggest home-improvement retailer, added 84 cents to $37.63.

 

 




2 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 5 (2 votes, average: 5 out of 5)
Loading ... Loading ...

689 Views

Tags: none

del.icio.us:Market rally comes as oil prices fall, pending home sales rise digg:Market rally comes as oil prices fall, pending home sales rise spurl:Market rally comes as oil prices fall, pending home sales rise simpy:Market rally comes as oil prices fall, pending home sales rise furl:Market rally comes as oil prices fall, pending home sales rise fark:Market rally comes as oil prices fall, pending home sales rise Y!:Market rally comes as oil prices fall, pending home sales rise segnalo:Market rally comes as oil prices fall, pending home sales rise gifttagging:Market rally comes as oil prices fall, pending home sales rise
posted in Market Watch, Real Estate News | 0 Comments

30th March 2007

10 Things Your Hospital Won’t Tell You…

(Part 1 of 3)

"Oops, wrong kidney."
In recent years, errors in treatment have become a serious problem for hospitals, ranging from operations on wrong body parts to medication mix-ups.  At least 1.5 million patients are harmed every year from being given the wrong drugs, according to the Institute of Medicine of the National Academy of Sciences.  That’s an average of one person per U.S. hospital per day.

One reason these mistakes persist: Only 10% of hospitals are fully computerized and have a central database to track allergies and diagnoses, says Robert Wachter, the chief of medical service at UC San Francisco Medical Center.  But signs of change are emerging.  More than 3,000 U.S. hospitals, or 75% of the country’s beds, have signed on for a campaign by the not-for-profit Institute for Healthcare Improvement to implement prevention measures such as multiple checks on drugs.

Though the system is improving, it still has a long way to go.  Patients should always have a friend, relative or patient advocate from the hospital staff at their side to take notes and make sure the right medications are being dispensed.

"You may leave sicker than when you came in."
A week after Leandra Wiese had surgery to remove a benign tumor, the high school senior felt well enough to host a sleepover.  But later that weekend she was vomiting and running a fever.  Thinking it was the flu, her parents took her back to the hospital.  Wiese never came home.  It wasn’t the flu but a deadly surgical infection.

About 2 million people a year contract hospital-related infections, and about 90,000 die, according to the national Centers for Disease Control and Prevention.  The recent increase in antibiotic-resistant bugs and the mounting cost of health care — to which infections add about $4.5 billion annually — have mobilized the medical community to implement processes designed to decrease infections.  These include using clippers rather than a razor to shave surgical sites and administering antibiotics before surgery but stopping them soon after to prevent drug resistance.

For all of modern medicine’s advances, the best way to minimize infection risk is low-tech: Make sure any hospital staffers who touch you have washed their hands.  Tubes and catheters are also a source of bugs, and patients should ask daily if they are necessary.

"Good luck finding the person in charge."
Helen Haskell repeatedly told nurses something didn’t seem right with her son Lewis, who was recovering from surgery to repair a defect in his chest wall.  For nearly two days she kept asking for a veteran, or "attending," doctor when the first-year resident’s assessment seemed off.  But Haskell couldn’t convince the right people that her son was deteriorating.  "It was like an alternate reality," she says.  "I had no idea where to go."  Thirty hours after her son first complained of intense pain, the South Carolina teen died of a perforated ulcer.

In a sea of blue scrubs, getting the attention of the right person can be difficult.  Who’s in charge?  Nurses don’t report to doctors but rather to a nurse supervisor.  And your personal doctor has little say over radiology or the labs running your tests, which are managed by the hospital.

Some facilities employ "hospitalists" — doctors who act as point people to conduct flows of information.  Haskell urges patients to know the hospital hierarchy, read name tags, get the attending physician’s phone number and, if all else fails, demand a nurse supervisor, likely the highest-ranking person who is accessible quickly.




2 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 52 Votes | Average: 5 out of 5 (2 votes, average: 5 out of 5)
Loading ... Loading ...

584 Views

Tags: , , , , , , , , , ,

del.icio.us:10 Things Your Hospital Won't Tell You... digg:10 Things Your Hospital Won't Tell You... spurl:10 Things Your Hospital Won't Tell You... simpy:10 Things Your Hospital Won't Tell You... furl:10 Things Your Hospital Won't Tell You... fark:10 Things Your Hospital Won't Tell You... Y!:10 Things Your Hospital Won't Tell You... segnalo:10 Things Your Hospital Won't Tell You... gifttagging:10 Things Your Hospital Won't Tell You...
posted in Just For Fun,