U.S. homeownership rate drops to 15-year low in Q1
Reuters – 44 minutes ago.. .
WASHINGTON (Reuters) – The share of privately owned U.S. homes fell to a 15-year low in the first quarter, government data showed on Monday, suggesting that falling house prices are discouraging Americans from owning homes.
The homeownership rate slipped to 65.4 percent, the lowest level since the first quarter of 1997, the Commerce Department said. The rate was [...]
WASHINGTON — Ben S. Bernanke, the Federal Reserve chairman, offered a new twist on a familiar subject Thursday, revisiting the question of why growth continues to fall short of hopes and expectations.
Mr. Bernanke, speaking at a luncheon in Minneapolis, offered the standard explanations, including the absence of home construction and the deep and lingering pain inflicted by financial crises. He warned again that reductions in [...]
By Greg Robb, MarketWatch
IMF managing director Christine Lagarde.
JACKSON HOLE, Wyo. (MarketWatch) — The U.S. and the euro-zone must take radical steps to get their economies and the global recovery out of the “dangerous phase,” Christine Lagarde, the new chief of the International Monetary Fund, said Saturday.
“The stakes are clear: we risk seeing the fragile recovery derailed. So we must act now,” Lagarde said in remarks [...]
The ailing US housing market passed a grim milestone in the first quarter of this year, posting a further deterioration that means the fall in house prices is now greater than that suffered during the Great Depression.
The brief recovery in prices in 2009, spurred by government aid to first-time buyers, has now been entirely snuffed out, and the average American home now costs 33 per cent less than it did [...]
Will a housing double dip deflate the wheezing jobs recovery?
It seems impolite to ask, what with employment growth sucking wind already. Companies added just around 100,000 jobs a month over the past year, a rate Fed chief Ben Bernanke dismissed Friday as “insufficient to materially reduce the unemployment rate.”
But it gets worse. Economists at Bank of America Merrill Lynch say one key to a jobs [...]
Basically, the Fed just threw away $600 + billion because QE2 “will be counterproductive,” he told Rose, according to Bloomberg.
The U.S. reported on Oct. 15 its second-largest annual budget deficit, $1.29 trillion, for the fiscal year ended Sept. 30. The Federal Reserveâ€™s decision to buy an additional $600 billion in Treasuries to lower borrowing costs and stimulate the economy will probably result in rising prices of basic goods for [...]