In an article that would only make sense to an economist, Bloomberg reported that fewer people this November have mortgages that exceed the value of their homes – that is, fewer people are “underwater” this year than last. That faint flicker of hope is supposed to mean that overall the housing market is stabilizing.
In related news, I came in 288th in the Chicago Marathon this year – better than I did last year so … I guess that means I’m a winner? Sure, let’s go with that.
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This morning I noticed on Yahoo’s front page that “Worst recession since 1930s hits end.” Let’s just say I’m still skeptical. Unemployment still hovers at 9.9% and that just doesn’t feel like a party. The actual article to which the link refers contains the more subdued headline “Economy growing but recovery could be at risk.” I thought so.
Look, the GDP has grown 3.5% this quarter. That’s good news. According to a New York Times article, this growth rate is on par with average annual growth rate that the U.S. has enjoyed for the last 80 years. Nice. But before we get too excited, this increase in consumer spending (a major component of the U.S. Gross Domestic Product) is driven by the exorbitant expenditure on government programs. And as soon as such programs as Clash for Clunkers end (and they will eventually), economists predict that this recovery may not last.
Basically, the economy grew by 3.5%… but in the long term, it may or may not matter. Does a current quarterly increase in consumer spending mean that consumer spending has actually increased for good? It’s just too early to say.
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From the ABA Journal article
Written by Debra Cassens Weiss
In Republic v. Doyle, 3D09-2405, the Florida 3rd District Court of Appeal ruled that “benevolence and compassion” are not grounds for delaying a foreclosure sale and stated that the decision byMiami-Dade Circuit Judge Valerie Manno Schurr to delay a foreclosure sale long enough to allow the owners of the house to file bankruptcy and attempt to save their interest was “an abuse of discretion.” To quote the Appellate Court
Although granting continuances and postponements are, generally speaking, within the discretion of the trial court, the ‘ground’ of benevolence and compassion … does not constitute a lawful, cognizable basis for granting relief to one side to the detriment of the other.
Just one more reason I’m glad I don’t live in Florida. Yikes.
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Housing Up (But Not By Much)
Home sales increased 0.7% to an annualized pace of 429,000 units; assisted in part by first-time buyers taking advantage of tax credits before the November deadline. But that figure was still less than had been anticipated. Federal Reserve policy makers this week pledged to keep borrowing costs low to sustain the recovery past the time when the government stimulus measures wane. Thanks for nothing.
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