Get your cool back for the weekend with this funky ode to shitty cars...
November 2012
Get your cool back for the weekend with this funky ode to shitty cars...
Tips for holiday home buyer deal making. Plus home price maps for San Francisco.
If we don't address entitlement spending, no other elements of this month's fiscal cliff negotiations matter.
Personal Income and Outlays (October 2012) Personal Income – Month/Month +0.0% Consumer Spending – Month/Month -0.2% PCE Price Index — Month/Month 0.1% Core PCE price index – Month/Month 0.1% Personal Income – Year/Year 3.1% Consumer Spending – Year/Year 3.1% PCE Price Index — Year/Year 1.7% Core PCE price index – Year/Year 1.6% Some of the
GDP (3rdQ2012 – second estimate) – GDP was revised from +2.0% to +2.7% – The GDP deflator (a measure of inflation) was 2.7%. The increase looks good until one looks inside. According to BEA, GDP was made up of the following components: – real personal consumption was +1.4% compared with 1.5% in 2ndQ – Durable
Stephen Colbert's INSIDE Inside The Fed diagram, plus his take on the Fiscal Cliff.
New Home Sales (October 2012) New Home Sales (Seasonally Adjusted Annualized Rate) 368,000. Previous was 389,000. Mortgage Applications (week ended 11/23/2012) Purchase Index – Week/Week +3.0% Refinance Index – Week/Week -2.0% Composite Index – Week/Week -0.9% We have mixed messages: purchase applications are up and New Home Sales are down. While the fall in New
Rates holding record lows despite lots of good economic data. Here's a rundown.
Manufacturing Chicago Federal Reserve National Activity Index (October 2012) – Index Level -0.56. Previous was 0.00. Dallas Federal Reserve Manufacturing Survey (November 2012) This is a survey index of manufacturers in Texas. Business Activity Index was -2.9. Previous was +1.8. October had been the only positive month since June. These data further support the notion
This Thanksgiving, enjoy the best holiday movie clip of all time. You're welcome.
Jobless Claims (week ended 11/17/2012) New Claims – 410,000. Previous revised from 439,000 to 451,000 4-week Moving Average – 396,350. Previous revised to 386,750 Sandy created both job loss and difficulty in gathering data. I don’t believe that much can be inferred from this report. MBA Mortgage Applications (week ended 11/16/2012) Purchase Index – Week/Week
Housing Starts (October 2012) Starts – Level – (Seasonally Adjusted Annualized Rate) 894,000. Previous was 872,000 Permits – Level – (Seasonally Adjusted Annualized Rate) 866,000. Previous was 894,000. The steady gains are nice. Keep in mind that the natural level for Housing Starts in order to keep pace with population growth and assuming a constant
Existing Home Sales (October 2012) Existing Home Sales – (Seasonally Adjusted, annualized rate) 4,790,000. Previous was 4,750,000 Existing Home Sales – Month/Month (unadjusted) +2.1% Existing Home Sales – Year/Year +10.9% There might be more sales if there were more supply but the fact that so many folks owe more than their home is
I believe that one of the reasons why home values have gone up lately is that the supply of existing homes is what economists call inelastic. In lay terms, what is happening is that prices are rising because the supply of existing homes which would ordinarily be coming to market is constrained by the fact
Industrial Production (October 2012) Production – Month/Month -0.4%. Previous was +0.4% Capacity Utilization Rate 77.8%. Previous was 78.3% Manufacturing – Month/Month -0.9%. Previous was -0.2%. Industrial Production includes the output from utilities which took a storm related hit at the end of the month.
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