Did you know:
Seventy-six percent of workers drive alone to work. Another 11% carpool, and 5% take public transportation. Average time it takes for people in the nation to commute to work: 25.5 minutes.
More women (26.4 million) work in managerial and professional-related occupations than men (24.7 million).
Of the total American workforce, 10.1 million workers are self-employed and 5.9 million work from home.
There are 16.1 million labor union members nationwideAbout 12% of wage and salary workers belong to unions, with Alaska, Hawaii and New York having among the highest rates of any state. North Carolina has one of the lowest rates at 3%.
All "Betts" on Brian! The Only Realtor you want!
Friday, September 3, 2010
For the week of August 30, 2010
For the week of August 30, 2010
INFO THAT HITS US WHERE WE LIVE
You can't sugar-coat last week's housing reports, but they don't necessarily foretell a "double-dip" recession in real estate. July Existing Homes Sales were off 27.2%, at an annual rate of 3.83 million, well below the expected 4.65 million rate. The months' supply went from 8.9 to 12.5 and there was also a rise in inventories. The truth is, the expectation was a bit high. An annual rate below 4 million for July makes sense, given that the home buyer tax credit was slated to end in June.Getting an $8,000 check from the government certainly encouraged lots of people to move up their purchases. For the same reason, experts also predict weak August numbers, but after that, some feel existing home sales will start heading back to about 5.5 million units annually. For the year, inventories are down 2.0%, while the median price is UP 0.7%.
July New Home Sales were down 12.4% to a 276,000 annual rate, below the expected 330,000 pace. The months' supply went to 9.1, but inventories were unchanged at 210,000, their lowest level in decades. Part of the sales drop was because the now expired tax credit required a signed contract by April 30. New homes sales are counted at contract and the April number hit 414,000. In the three months since then, sales are averaging only 291,000 annually. New home buyers may also be going for recently built homes, now at attractive prices. New homes, typically about 15% of sales, are now around 7%!
The Mortgage Bankers Association's weekly survey showed purchase loan applications UP 1% from the week before, refinance applications UP 6%, and mortgage rates at record low levels.
Review of Last Week
THANK YOU, BEN... Ben, of course, is Chairman Bernanke, head of the Federal Reserve. Friday he said the Fed has no triggers set for further easing of monetary policy and he sees continued economic growth. These comments at a central bank summit in Jackson Hole, Wyoming, were all the Wall Street bulls needed to hear to push stocks up Friday after a week of declines. The big rally wasn't quite big enough, though, as the three major indexes still ended down for the week just a tad.
There were other decent economic signs. The August Richmond Fed index of manufacturing in the mid-Atlantic region was +11, down from July's +16, but higher than expected and showing that the factory sector still continues its strong growth. Durable Goods orders were UP 0.3% for July, but disappointed because 3.0% was forecast. Nonetheless, Durable Goods are UP 9.3% over a year ago. Initial unemployment claims dropped by 31,000 to 473,000 for the week, a nice sign after last week's surge. Continuing claims also fell, by 62,000 to 4.46 million.
Friday featured two big news items. First, Q2 GDP was revised lower, from 2.4% to 1.6% growth, but this was measurably better than what many economists had expected and significant parts of the report showed improvement. Personal spending and business Investment were both revised UP, with domestic purchases UP 4.3%. Corporate profits continued their strong growth in Q2, UP at a 20% annual rate and UP 39% over a year ago. Then we had Chairman Bernanke reassuring investors he expects growth to pick up in 2011 and the Fed is ready to use "unconventional measures if it proves necessary." Again, thank you, Ben!
For the week, the Dow ended down 0.6%, to 10150.65; the S&P 500 was down 0.7%, to 1064.59; and the Nasdaq was down 1.2%, to 2153.63.
Bonds had a bit of a rocky week, ending with investors heading back into stocks on Friday, willing to take on more risk after listening to Bernanke. The FNMA 30-year 4.0% bond we watch still ended UP 5 basis points for the week, closing at $102.20. Freddie Mac's survey showed national average fixed rates for conforming mortgages at historically low levels for yet another week.
This Week’s Forecast
INCOME, JOBS, INFLATION, JOBS, MANUFACTURING, JOBS, HOME SALES, JOBS...There will be important economic reports to ponder, but rest assured, everyone will have Friday's August Jobs Report on their minds the whole week. Experts project a smaller loss of payrolls than the prior month, with the jobless rate about the same. Leading up to the biggie, Monday features July Personal Income, forecast up, and July PCE readings, which should show inflation remaining pretty much in check. Tuesday's Consumer Confidence is projected up a little, but manufacturing is predicted down a tad, as measured by Tuesday's Chicago PMI and Wednesday's ISM Index. Tuesday afternoon we'll have the minutes from the Fed's August 10 meeting and see if they add any insight to Bernanke's comments last Friday.
The Week’s Economic Indicator Calendar
Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.
Federal Reserve Watch
Forecasting Federal Reserve policy changes in coming months With concerns about the economic recovery continuing, virtually all the experts believe the Fed will keep rates low for an "extended period," well into next year. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.
All "Betts" on Brian! The Only Realtor you want!
INFO THAT HITS US WHERE WE LIVE
You can't sugar-coat last week's housing reports, but they don't necessarily foretell a "double-dip" recession in real estate. July Existing Homes Sales were off 27.2%, at an annual rate of 3.83 million, well below the expected 4.65 million rate. The months' supply went from 8.9 to 12.5 and there was also a rise in inventories. The truth is, the expectation was a bit high. An annual rate below 4 million for July makes sense, given that the home buyer tax credit was slated to end in June.Getting an $8,000 check from the government certainly encouraged lots of people to move up their purchases. For the same reason, experts also predict weak August numbers, but after that, some feel existing home sales will start heading back to about 5.5 million units annually. For the year, inventories are down 2.0%, while the median price is UP 0.7%.
July New Home Sales were down 12.4% to a 276,000 annual rate, below the expected 330,000 pace. The months' supply went to 9.1, but inventories were unchanged at 210,000, their lowest level in decades. Part of the sales drop was because the now expired tax credit required a signed contract by April 30. New homes sales are counted at contract and the April number hit 414,000. In the three months since then, sales are averaging only 291,000 annually. New home buyers may also be going for recently built homes, now at attractive prices. New homes, typically about 15% of sales, are now around 7%!
The Mortgage Bankers Association's weekly survey showed purchase loan applications UP 1% from the week before, refinance applications UP 6%, and mortgage rates at record low levels.
Review of Last Week
THANK YOU, BEN... Ben, of course, is Chairman Bernanke, head of the Federal Reserve. Friday he said the Fed has no triggers set for further easing of monetary policy and he sees continued economic growth. These comments at a central bank summit in Jackson Hole, Wyoming, were all the Wall Street bulls needed to hear to push stocks up Friday after a week of declines. The big rally wasn't quite big enough, though, as the three major indexes still ended down for the week just a tad.
There were other decent economic signs. The August Richmond Fed index of manufacturing in the mid-Atlantic region was +11, down from July's +16, but higher than expected and showing that the factory sector still continues its strong growth. Durable Goods orders were UP 0.3% for July, but disappointed because 3.0% was forecast. Nonetheless, Durable Goods are UP 9.3% over a year ago. Initial unemployment claims dropped by 31,000 to 473,000 for the week, a nice sign after last week's surge. Continuing claims also fell, by 62,000 to 4.46 million.
Friday featured two big news items. First, Q2 GDP was revised lower, from 2.4% to 1.6% growth, but this was measurably better than what many economists had expected and significant parts of the report showed improvement. Personal spending and business Investment were both revised UP, with domestic purchases UP 4.3%. Corporate profits continued their strong growth in Q2, UP at a 20% annual rate and UP 39% over a year ago. Then we had Chairman Bernanke reassuring investors he expects growth to pick up in 2011 and the Fed is ready to use "unconventional measures if it proves necessary." Again, thank you, Ben!
For the week, the Dow ended down 0.6%, to 10150.65; the S&P 500 was down 0.7%, to 1064.59; and the Nasdaq was down 1.2%, to 2153.63.
Bonds had a bit of a rocky week, ending with investors heading back into stocks on Friday, willing to take on more risk after listening to Bernanke. The FNMA 30-year 4.0% bond we watch still ended UP 5 basis points for the week, closing at $102.20. Freddie Mac's survey showed national average fixed rates for conforming mortgages at historically low levels for yet another week.
This Week’s Forecast
INCOME, JOBS, INFLATION, JOBS, MANUFACTURING, JOBS, HOME SALES, JOBS...There will be important economic reports to ponder, but rest assured, everyone will have Friday's August Jobs Report on their minds the whole week. Experts project a smaller loss of payrolls than the prior month, with the jobless rate about the same. Leading up to the biggie, Monday features July Personal Income, forecast up, and July PCE readings, which should show inflation remaining pretty much in check. Tuesday's Consumer Confidence is projected up a little, but manufacturing is predicted down a tad, as measured by Tuesday's Chicago PMI and Wednesday's ISM Index. Tuesday afternoon we'll have the minutes from the Fed's August 10 meeting and see if they add any insight to Bernanke's comments last Friday.
The Week’s Economic Indicator Calendar
Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.
Federal Reserve Watch
Forecasting Federal Reserve policy changes in coming months With concerns about the economic recovery continuing, virtually all the experts believe the Fed will keep rates low for an "extended period," well into next year. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.
All "Betts" on Brian! The Only Realtor you want!
Last Week in the News
Last Week in the News
Existing home sales fell 27.2% in July to a seasonally adjusted annual rate of 3.83 million units from a downwardly revised 5.26 million units in June. The inventory of unsold homes on the market increased 2.5% to 3.98 million, a 12.5-month supply at the current sales pace, up from an 8.9-month supply in June.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 20 increased 4.9%. Refinancing applications rose 5.7%. Purchase volume rose 0.6%. Refinancing made up 82% of total applications.
Orders for durable goods — items expected to last three or more years — rose 0.3% in July after decreasing a revised 0.1% in June. The increase was largely due to improved demand for commercial aircraft. Excluding volatile transportation-related goods, orders posted a monthly decrease of 3.8%.
New home sales fell 12.4% in July to a seasonally adjusted annual rate of 276,000 units from a revised rate of 315,000 units in June. It was the lowest reading since recordkeeping began in 1963. Economists had expected a pace of 330,000 units.
In its second report, the Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 1.6% in the second quarter of 2010, rather than the 2.4% increase initially reported.
Initial claims for unemployment benefits fell by 31,000 to 473,000 for the week ending August 21. Economists had projected claims would fall to 490,000. Continuing claims for the week ending August 14 fell by 62,000 to 4.46 million.
Upcoming on the economic calendar are reports on the housing price index on August 31, construction spending on September 1 and pending home sales on September 2.
All "Betts" on Brian! The Only Realtor you want!
Existing home sales fell 27.2% in July to a seasonally adjusted annual rate of 3.83 million units from a downwardly revised 5.26 million units in June. The inventory of unsold homes on the market increased 2.5% to 3.98 million, a 12.5-month supply at the current sales pace, up from an 8.9-month supply in June.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 20 increased 4.9%. Refinancing applications rose 5.7%. Purchase volume rose 0.6%. Refinancing made up 82% of total applications.
Orders for durable goods — items expected to last three or more years — rose 0.3% in July after decreasing a revised 0.1% in June. The increase was largely due to improved demand for commercial aircraft. Excluding volatile transportation-related goods, orders posted a monthly decrease of 3.8%.
New home sales fell 12.4% in July to a seasonally adjusted annual rate of 276,000 units from a revised rate of 315,000 units in June. It was the lowest reading since recordkeeping began in 1963. Economists had expected a pace of 330,000 units.
In its second report, the Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 1.6% in the second quarter of 2010, rather than the 2.4% increase initially reported.
Initial claims for unemployment benefits fell by 31,000 to 473,000 for the week ending August 21. Economists had projected claims would fall to 490,000. Continuing claims for the week ending August 14 fell by 62,000 to 4.46 million.
Upcoming on the economic calendar are reports on the housing price index on August 31, construction spending on September 1 and pending home sales on September 2.
All "Betts" on Brian! The Only Realtor you want!
Daily Quotes!
Daily Quotes Sept. 3 2010!
"The starting point of all achievement is desire. Keep this constantly
in mind. Weak desires bring weak results, just as a small fire makes a
small amount of heat."
-- Napoleon Hill, author
"Managing is getting paid for home runs someone else hits."
-- Casey Stengel, baseball manager
"Life without risk is not worth living."
-- Chuck Lindbergh, aviator
"The important thing is to learn a lesson every time you lose."
-- John McEnroe, tennis champion
"What will your children remember? Moments spent listening, talking,
playing and sharing together may be the most important times of all."
-- Gloria Gaither
All "Betts" on Brian! The Only Relator you want!
"The starting point of all achievement is desire. Keep this constantly
in mind. Weak desires bring weak results, just as a small fire makes a
small amount of heat."
-- Napoleon Hill, author
"Managing is getting paid for home runs someone else hits."
-- Casey Stengel, baseball manager
"Life without risk is not worth living."
-- Chuck Lindbergh, aviator
"The important thing is to learn a lesson every time you lose."
-- John McEnroe, tennis champion
"What will your children remember? Moments spent listening, talking,
playing and sharing together may be the most important times of all."
-- Gloria Gaither
All "Betts" on Brian! The Only Relator you want!
Thursday, September 2, 2010
Daily Quotes!
Daily Quotes Sept. 2 2010!
"Rowing harder doesn't help if the boat is headed in the wrong direction."
-- Kenichi Ohmae, Business Coach
"Experience is valuable only if it's imbued with meaning from which one
can draw salient conclusions. Otherwise, experience becomes
imprisoning."
-- Barry McCaffrey, general
"Until you make peace with who you are you will never be content with
what you have."
-- Doris Mortman
"Lost time is never found again."
-- Benjamin Franklin, inventor
"You have set yourself a difficult task, but you will succeed if you
persevere."
-- Helen Adams Keller, American Author and Lecturer
All "Betts" on Brian! The Only Realtor you want!
"Rowing harder doesn't help if the boat is headed in the wrong direction."
-- Kenichi Ohmae, Business Coach
"Experience is valuable only if it's imbued with meaning from which one
can draw salient conclusions. Otherwise, experience becomes
imprisoning."
-- Barry McCaffrey, general
"Until you make peace with who you are you will never be content with
what you have."
-- Doris Mortman
"Lost time is never found again."
-- Benjamin Franklin, inventor
"You have set yourself a difficult task, but you will succeed if you
persevere."
-- Helen Adams Keller, American Author and Lecturer
All "Betts" on Brian! The Only Realtor you want!
Tuesday, August 31, 2010
Daily Quotes!
Daily Quotes Aug. 31 2010!
"Success is waking up in the morning and bounding out of bed because
there's something out there that you love to do, that you believe in,
that you're good at - something that's bigger than you are, and you can
hardly wait to get at it again."
-- Whit Hobbs
"Leaders get out front and stay there by raising the standards by which
they judge themselves - and by which they are willing to be judged."
-- Frederick Smith, Federal Express founder
"For every disadvantage there is a corresponding advantage."
-- Clement Stone, executive
"Each man (is) the architect of his own fortune."
-- Appius Caecus, builder
"Every man, however wise, needs the advice of some sagacious friend in
the affairs of life."
-- Plautus, Playwright
All "Betts on Brian! The Olny Realtor you want!
"Success is waking up in the morning and bounding out of bed because
there's something out there that you love to do, that you believe in,
that you're good at - something that's bigger than you are, and you can
hardly wait to get at it again."
-- Whit Hobbs
"Leaders get out front and stay there by raising the standards by which
they judge themselves - and by which they are willing to be judged."
-- Frederick Smith, Federal Express founder
"For every disadvantage there is a corresponding advantage."
-- Clement Stone, executive
"Each man (is) the architect of his own fortune."
-- Appius Caecus, builder
"Every man, however wise, needs the advice of some sagacious friend in
the affairs of life."
-- Plautus, Playwright
All "Betts on Brian! The Olny Realtor you want!
Monday, August 30, 2010
Daily Quotes!
Daily Quotes Aug 30 2010!
"To be prepared is half the victory."
-- Miguel de Cervantes
"In real estate, it's location, location, location. In business, it's
differentiate, differentiate, differentiate."
-- Robert Goizueta, executive
"Be like a postage stamp. Stick to one thing until you get there."
-- Josh Billings, humorist
"Before a person can achieve the kind of life he wants, he must think,
act, walk, talk and conduct himself in all of his affairs as would the
person he wishes to become."
-- Zig Ziglar, Author
"Success is waking up in the morning and bounding out of bed because
there's something out there that you love to do, that you believe in,
that you're good at - something that's bigger than you are, and you can
hardly wait to get at it again."
-- Whit Hobbs
All "Betts" on Brian! The Only Realtor you want!
"To be prepared is half the victory."
-- Miguel de Cervantes
"In real estate, it's location, location, location. In business, it's
differentiate, differentiate, differentiate."
-- Robert Goizueta, executive
"Be like a postage stamp. Stick to one thing until you get there."
-- Josh Billings, humorist
"Before a person can achieve the kind of life he wants, he must think,
act, walk, talk and conduct himself in all of his affairs as would the
person he wishes to become."
-- Zig Ziglar, Author
"Success is waking up in the morning and bounding out of bed because
there's something out there that you love to do, that you believe in,
that you're good at - something that's bigger than you are, and you can
hardly wait to get at it again."
-- Whit Hobbs
All "Betts" on Brian! The Only Realtor you want!
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