Home Sales, Leading Indicators Unexpectedly Rise

[red states rule]

Hey, wait a minute

I thought banks were not lending, and the US economy was going to hell without Obama's spending plan

What happened?????


By Bob Willis and Shobhana Chandra

Jan. 26 (Bloomberg) -- Two measures of U.S. economic performance unexpectedly turned positive in December, in sharp contrast to the tens of thousands of firings announced by companies as diverse as Caterpillar Inc. and Sprint Nextel Corp.

The National Association of Realtors said sales of existing homes rose 6.5 percent to an annual rate of 4.74 million last month, propelled by the biggest slump in prices since the Great Depression. The Conference Board’s index of leading economic indicators increased 0.3 percent as the supply of money expanded.

Analysts said the indicators, while reflecting Federal Reserve and Treasury efforts to stave off a complete collapse of the economy, needed to be viewed against the backdrop of surging firings -- 72,500 announced today alone. The job losses, they said, may deepen the pullback in consumer spending and make banks more reluctant to lend, exacerbating what’s already the longest recession since 1982.

http://www.bloomberg.com/apps/news?pid=20601068&sid=au__wlfYnLhk&refer=home

[Trigg]

Hey, wait a minute

I thought banks were not lending, and the US economy was going to hell without Obama's spending plan

What happened?????


By Bob Willis and Shobhana Chandra

Jan. 26 (Bloomberg) -- Two measures of U.S. economic performance unexpectedly turned positive in December, in sharp contrast to the tens of thousands of firings announced by companies as diverse as Caterpillar Inc. and Sprint Nextel Corp.

The National Association of Realtors said sales of existing homes rose 6.5 percent to an annual rate of 4.74 million last month, propelled by the biggest slump in prices since the Great Depression. The Conference Board’s index of leading economic indicators increased 0.3 percent as the supply of money expanded.

Analysts said the indicators, while reflecting Federal Reserve and Treasury efforts to stave off a complete collapse of the economy, needed to be viewed against the backdrop of surging firings -- 72,500 announced today alone. The job losses, they said, may deepen the pullback in consumer spending and make banks more reluctant to lend, exacerbating what’s already the longest recession since 1982.

http://www.bloomberg.com/apps/news?pid=20601068&sid=au__wlfYnLhk&refer=home

Banks are still lending.......to people with good credit.

These new home sales are a good example of people who are taking advantage of cheaper priced homes and getting out of rental properties and apartments.

[Abbey Marie]

Banks are still lending.......to people with good credit.

These new home sales are a good example of people who are taking advantage of cheaper priced homes and getting out of rental properties and apartments.

And departing from those sound lending practices is what started this whole mess in our economy in the first place.

[Trigg]

And departing from those sound lending practices is what started this whole mess in our economy in the first place.

:clap::clap::clap:

[red states rule]

And departing from those sound lending practices is what started this whole mess in our economy in the first place.

You mean the Bush tax cuts are not to blame Abbey? :laugh2:

[Abbey Marie]

You mean the Bush tax cuts are not to blame Abbey? :laugh2:

Geez, now I'm not sure. :( I will have to consult the Omniscient One for the answer.

[red states rule]

Geez, now I'm not sure. :( I will have to consult the Omniscient One for the answer.

I would like to ask the Omniscient One how this good economic news could possibly occur since his stimulus plan has not passed and we are in the worst economy since the Great Depresion :rolleyes:

[Kathianne]

While we wait for that 'stimulus' package to pass, aka remaking the US econ system, there are signs around here of some improvement. Several homes have sold between here and where I work in the past 2 weeks, today I saw two commercial parcels marked 'sold' that have been for sale for over a year.

I think there are hard times for many in the coming months, then we should see an upturn-IF Obama is kept from going all FDR on us.

[Silver]

Utterly amazing that the Messiah would grace us with a miracle so soon in his reign....

[moderate democrat]

It seems to me that it might be prudent for republicans to sit back and see just what Obama can get accomplished between now and the 2010 mid term elections, since clearly, they will be unable to have any impact on his legislative agenda between now and then.

Either that, or you all could hope for his failure, as Rush did, which would be a clear indication of how much you value party over country.

Think about it.

[manu1959]

It seems to me that it might be prudent for republicans to sit back and see just what Obama can get accomplished between now and the 2010 mid term elections, since clearly, they will be unable to have any impact on his legislative agenda between now and then.

Either that, or you all could hope for his failure, as Rush did, which would be a clear indication of how much you value party over country.

Think about it.

why would i want him to succeed with an agenda i am against....i didn't see you all rallying around bush and his agenda......

[Kathianne]

It seems to me that it might be prudent for republicans to sit back and see just what Obama can get accomplished between now and the 2010 mid term elections, since clearly, they will be unable to have any impact on his legislative agenda between now and then.

Either that, or you all could hope for his failure, as Rush did, which would be a clear indication of how much you value party over country.

Think about it.

Pshaw, I'll support things that sound reasonable and dis those that don't. It's better than any gave Bush.

[Abbey Marie]

Pshaw, I'll support things that sound reasonable and dis those that don't. It's better than any gave Bush.

Amen to that, Sistuh. :beer:

[moderate democrat]

I, for one, never hoped for the failure of America merely to advance my own political agenda... but I guess that is what differentiates democrats from republicans.

[manu1959]

I, for one, never hoped for the failure of America merely to advance my own political agenda... but I guess that is what differentiates democrats from republicans.

america will fail if we don't change gun laws......withdraw from iraq and invade afganistan again.....increase taxes on the rich......increase government spending on new deal programs.....create socialized medicine .......

holy shit i am shocked it didn't fail before now.....thank god obama showed up.....

[Abbey Marie]

Nice try, but it was patently obvious for years that many Dems wished for failure in Iraq to further their political agenda. For just one example, I remember you could hear crickets while waiting for a single Dem to show any happiness after the Iraqis proudly turned out in great numbers to vote for their new leaders.

[Kathianne]

It seems to me that it might be prudent for republicans to sit back and see just what Obama can get accomplished between now and the 2010 mid term elections, since clearly, they will be unable to have any impact on his legislative agenda between now and then.

Either that, or you all could hope for his failure, as Rush did, which would be a clear indication of how much you value party over country.

Think about it.

Hey cool, the man comes in from the Cold. You of course set the tone of going with the man, so that we, meaning the US, could show we valued country over party. No? Whoops!

[moderate democrat]

Hey cool, the man comes in from the Cold. You of course set the tone of going with the man, so that we, meaning the US, could show we valued country over party. No? Whoops!

the fact of the matter is that Obama won an overwhelming electoral college victory and he has strong majorities in both chambers of congress. that was not by accident. clearly the American people voted for him and for his party. you may not like it, but if you were truly an American first and a republican second, instead of the other way around, you would hope for his success. Obviously, that is not the case.

[Kathianne]

the fact of the matter is that Obama won an overwhelming electoral college victory and he has strong majorities in both chambers of congress. that was not by accident. clearly the American people voted for him and for his party. you may not like it, but if you were truly an American first and a republican second, instead of the other way around, you would hope for his success. Obviously, that is not the case.

Wrong, read. I know you have and are being disingenuous.

[moderate democrat]

Wrong, read. I know you have and are being disingenuous.

So..you ARE hoping for him to succeed in repairing our ailing economy?

Please forgive me if I got the wrong impression.

[manu1959]

the fact of the matter is that Obama won an overwhelming electoral college victory and he has strong majorities in both chambers of congress. that was not by accident. clearly the American people voted for him and for his party. you may not like it, but if you were truly an American first and a republican second, instead of the other way around, you would hope for his success. Obviously, that is not the case.

the campaign i watched .... people voted against bush not for obama.....the dems should see their victory for what it is.....a pendulam swing.....if they over play their hand they will be out of power shortly......

[manu1959]

So..you ARE hoping for him to succeed in repairing our ailing economy?

Please forgive me if I got the wrong impression.

he can not repair the economy ...... only business men and women can......the last time a president tried to repari an economy by throwing money at it wewere in a depression for a decade and it took a world war to get out of it.....

i have a simple question....what could he do or say to make business owners take risk.....

tell them he is going to increase their taxes.....

increase the cost of their goods and services by adding healthcare costs or green taxes.....

flood the market with money.....

bail out companies that have run themselves into the ground .....

[Kathianne]

So..you ARE hoping for him to succeed in repairing our ailing economy?

Please forgive me if I got the wrong impression.

any branch that can do anything to help the economy I'm for.

[manu1959]

any branch that can do anything to help the economy I'm for.

i have never seen the government do anything to make anything more affordable....or easier to do.....

the govt credo.....

if it moves tax it....if it stands still.....pass a regulation to make it move.....

[Kathianne]

i have never seen the government do anything to make anything more affordable....or easier to do.....

the govt credo.....

if it moves tax it....if it stands still.....pass a regulation to make it move.....

I'm against anymore 'stimulus' anything. Didn't work and it's obvious now that this huge package isn't for that, rather FDR ideas writ large.

[Yurt]

the fact of the matter is that Obama won an overwhelming electoral college victory and he has strong majorities in both chambers of congress. that was not by accident. clearly the American people voted for him and for his party. you may not like it, but if you were truly an American first and a republican second, instead of the other way around, you would hope for his success. Obviously, that is not the case.

yes, i am sure you stood silently by and accepted the will of the people when they voted for bush and the repubs had the majority...didn't blame bush or the repubs and in fact made sure that every bill they wanted passed was in fact passed and you made sure that everything bush wanted done would succeed.

intellectual dishonesty is your strong suit apparently.

[manu1959]

yes, i am sure you stood silently by and accepted the will of the people when they voted for bush and the repubs had the majority...didn't blame bush or the repubs and in fact made sure that every bill they wanted passed was in fact passed and you made sure that everything bush wanted done would succeed.

intellectual dishonesty is your strong suit apparently.

nnnnnnnnnoooooooooooooooo....because bush cheated and didn't really win......

[Yurt]

nnnnnnnnnoooooooooooooooo....because bush cheated and didn't really win......

dang it, how could i forget

[manu1959]

dang it, how could i forget

because you are a partisan hack............

[Yurt]

because you are a partisan hack............

i hate it when that happens!

[avatar4321]

the fact of the matter is that Obama won an overwhelming electoral college victory and he has strong majorities in both chambers of congress. that was not by accident. clearly the American people voted for him and for his party. you may not like it, but if you were truly an American first and a republican second, instead of the other way around, you would hope for his success. Obviously, that is not the case.

So we should just accept and celebrate bad decisions because they are popular?

No one with any sort of values can do that.

[avatar4321]

i have never seen the government do anything to make anything more affordable....or easier to do.....

the govt credo.....

if it moves tax it....if it stands still.....pass a regulation to make it move.....

if it moves tax it, if it slows down, regulate it, if it stops, subsidize it.

[bullypulpit]

Never mind that as the economy continues to melt-down, those homes may be in foreclosure sooner rather than later as more and more people lose their jobs. Unless, of course Congress puts a moratorium on foreclosures so lenders and home owners can re-negotiate their loans.

Of course a REAL economic stimulus would be to give every person of working age a cut of the TARP II money...$350 billion. That would come to about $21,000 and change for every person of working age.

[red states rule]

So..you ARE hoping for him to succeed in repairing our ailing economy?

Please forgive me if I got the wrong impression.

Tell me, how will these spending ideas bring the economy back?

By all accounts, the $73 billion wish list may be the largest collection of parochial spending projects in American history. Strolling through the 800 pages, we found such beauties as: $1 million to upgrade the Los Angeles County Convention Center elevated “catwalk” for cameras and lighting; $350,000 for an Albuquerque, N.M., fitness center; $94 million for a parking garage at the Orange Bowl in Miami; $4.5 million for Gretna, Florida, to bottle water with recyclable bottles; a $35 million music hall of fame in Florissant, Missouri, and $3.1 million for a swimming pool in Tulsa.

Oh, and desperate Santa Barbara, Calif., respectfully requests $80,000 for a tennis facility; Savannah, Georgia, would like to build a children’s museum; Ventura, Calif., wants $6 million to renovate the beach at Surfers Point, and Durham, N.C., home of the Durham Bulls, wants to construct the first Minor League Baseball Hall of Fame. Dayton, Ohio, wants $1.5 million to reduce prostitution with education programs, and Ponce, Puerto Rico wants $5.7 million to improve its cruise ship terminal (which will create all of 60 jobs).

http://sayanythingblog.com/entry/a_look_at_obamas_pork_riddled_economic_stimulus_bi ll/

Also, we were told this stimulus bill was to repair the infrastructure. Only 3% of for that

The rest is pork

[red states rule]

Never mind that as the economy continues to melt-down, those homes may be in foreclosure sooner rather than later as more and more people lose their jobs. Unless, of course Congress puts a moratorium on foreclosures so lenders and home owners can re-negotiate their loans.

Of course a REAL economic stimulus would be to give every person of working age a cut of the TARP II money...$350 billion. That would come to about $21,000 and change for every person of working age.

BP, the banks did rewrite alot of those laons

And more then half are back in default. Most of these people should not have been given a home loan in the first place


Half of 'rescued' borrowers still default
Many modified mortgages in 2008 defaulted in 6 months, a top federal regulator says. A new study raises concerns over the quality of such loan adjustments.

WASHINGTON, D.C. -- More than half of delinquent homeowners whose mortgages were modified earlier this year ended up redefaulting within six months, a top bank regulator said Monday.

Some 53% of borrowers with loans modified in the first three months of 2008 and 51% of those with loans modified in the second quarter could not keep up with payments within six months, according to U.S. Comptroller John Dugan, who spoke at a housing conference.

The report, which will be released in full next week, covers nearly 35 million loans worth a total of $6 trillion - or 60% of all primary mortgages in the United States.

The high redefault rate raises concerns about the long-term effectiveness of loan modifications, which many are pushing as a key solution to the nation's financial crisis.

A record 1.35 million homes are in foreclosure, while the number of borrowers who have fallen behind on their payments soared to a record 6.99%, the Mortgage Bankers Association said last week.

http://money.cnn.com/2008/12/08/news/economy/mortgage_summit/index.htm


As far as your idea pf gving "every working person" $21,000 - who is paying for that? The money has to come from someone

Sounds like socialism and the greatest welfare program ever created

[avatar4321]

Never mind that as the economy continues to melt-down, those homes may be in foreclosure sooner rather than later as more and more people lose their jobs. Unless, of course Congress puts a moratorium on foreclosures so lenders and home owners can re-negotiate their loans.

Of course a REAL economic stimulus would be to give every person of working age a cut of the TARP II money...$350 billion. That would come to about $21,000 and change for every person of working age.

Tell me, how is renegotiating loans going to help when someone wont pay it back?

[red states rule]

Tell me, how is renegotiating loans going to help when someone wont pay it back?

It won't

Dems can't understand they screwed up when they demanded home ownership was a right - and not something that needs to be worked for and earned