With unemployment stuck above 9 percent, Washington is trying to “pivot to jobs” once again. And already the discussion feels tired. The White House’s much-hyped ideas don’t seem bold enough, and Republicans have had little to offer aside from the idea that reducing government regulation will somehow let the free market work its magic. A […]
After working hard to compile a list of Obama’s rather questionable record of fiscal promises and actual executions, the gist of which is represented best by the violent clash between myth and realty in Christina Romer’s “The Job Impact of the American Recovery and Reinvestment Plan” whose epic failure is defined by one simple chart, […]
(NY Times) The sheer number of foreclosures is bogging down the foreclosure process to the extent that — at the present pace—it may take more than 60 years in some states to complete all the pending cases in some parts of the country. In New York State, it would take lenders 62 years at their […]
Two recessions, a couple of market crashes, and stubbornly high unemployment are all wreaking havoc on America’s middle class. In the accompanying interview, The Daily Ticker’s Aaron Task discusses the state of the middle class with Sherle Schwenninger, director of economic growth and American strategy programs at the New America Foundation. Schwenninger’s recent report “The […]
Even the baseline scenario in places like Las Vegas and Miami is grim, where Case Shiller projects a 21% decline in home prices from 2010 to 2012. But in one scenario it could be worse. 6.7 million delinquent mortgages are waiting to flood the market around the country — and with near-zero cure rates most […]
The oil price spike, driven by instability in the Middle East, has the potential to cause repercussions in the U.S. housing market, according to Barclays‘ Luca Ricci. The simple reason why a rise in crude prices could tank the housing market is that it has done it before. From Barclays’ Luca Ricci (emphasis ours): The […]
by Prof. Steve Hochstadt A new internet cartoon is capturing public interest by explaining the sources of our worldwide financial distress. Using a clever South Park format, “The American Dream” reveals the hidden enemies of naive Americans, and others around the world, who yearn for financial independence – the US Federal Reserve and all national […]
Mary Umberger, Chicago– People who have been delaying putting their homes on the market should do it soon because prices may go down 5% to 8% as banks unload a glut of repossessed properties, Steve Harney tells agents. Sell now, avoid (some) regret later. That was Steve Harney’s advice recently to a roomful of real […]
When it comes to the housing market, two things get talked about regularly: the bottom and a recovery. However, these two terms mean very different things and don’t occur at the same time. Some have predicted that we have yet to see a housing bottom, while others say we may have hit the bottom and […]
LOS ANGELES (AP) – Some struggling homeowners say they’re being unfairly foreclosed on despite making all their payments under trial mortgage modification programs. They equate that to mistreatment by banks who agreed to help borrowers when they took part in the government’s $700 billion Wall Street rescue. Attorneys in California, Kentucky, Massachusetts and other states […]
