Source: http://blog.foreclosure.com/2011/02/how-do-foreclosures-affect-property-values/
Love to ski and have $48.5 million burning a hole in your pocket? Then a fabulous mansion in Aspen adjacent to the ski slopes that just hit the market might be perfect for you. Candace Jackson has details.Source: http://online.wsj.com/video/news-hub-what-48-million-will-buy-you-in-aspen/B6...
Freddie Mac Mortgage Crisis Real Estate Agents Housing Market
The American Bankers Association's Economic Advisory Committee sees more lending in 2011.
Source: http://www.pbs.org/nbr/blog/2011/01/bank_lending_american_bankers.html
At the second White House Tribal Nations Conference on December 16, 2010, President Obama, numerous Cabinet Secretaries, and many senior Administration officials met with tribal leaders to continue delivering on the President’s commitment to ensure that tribal nations are full partners with his administration. Secretary of the Interior Ken Salazar delivered the opening remarks, laying out challenges facing the partnership between President Obama and Indian Country and emphasizing presidential initiatives in five main areas: (1) restoring tribal homelands; (2) building safer Native communities; (3) building strong, prosperous tribal economies; (4) fostering healthy communities; and (5) developing a structured and meaningful consultation policy.
President Obama also addressed the conference. He highlighted the progress made in the nation-to-nation dialogue since last year’s White House Tribal Nations Conference, while also acknowledging that a great deal of work remains to be done in Indian country. The President emphasized the importance of improving tribal economies and increasing the number of jobs in Indian country by investing in infrastructure, expanding access to high-speed internet, and developing clean energy initiatives. President Obama also underscored the need to continue building on advances in health care and education. He said that addressing health disparities in Indian country was “not just a question of policy, it’s a question of our values; it’s a test of who we are as a nation.”
Source: http://www.whitehouse.gov/blog/2011/02/25/working-tribal-nations-build-brighter-future
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Source: http://feedproxy.google.com/~r/inmannews/~3/IDa-s4NH5Lc/new-home-sales-lose-steam-in-january
The S&P/Case Shiller Home Price Indices, which track home prices throughout the U.S. on a two-month lag, declined 3.9 percent during the fourth quarter of 2010 on top of a 1.9 percent decline in Q3. Prices were 4.1 percent lower than one year earlier. This represents the lowest annual growth rate since the third quarter of 2009 when prices were falling at an 8.6 percent annual rate and the sixth consecutive month of national home price depreciations.
S&P/Case-Shiller provides two monthly indices which track the price path of single family homes in a 10-City and a 20-City data base. Each index combines matched price pairs from sales of individual homes. The National Housing Index tracks home value data for the nine U.S. Census divisions and is calculated quarterly. All indices are based on a value of 100 which represents home prices in January 2000. A current index value of 150 percent would translate to a 50 percent appreciation in price since that date.
...(read more)
Source: http://www.mortgagenewsdaily.com/02222011_home_values.asp
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It is encouraging to hear so many politicians - Republicans and Democrats - talking about curbing entitlement spending. After all, it's our mandatory spending programs - mostly on health care - that threaten to drive the national debt to unsustainable levels. Over the coming decade, Social Security, Medicare, and Medicaid spending will top $20 trillion.
House Republicans are now sifting through that spending, preparing a package of entitlement cuts. I am willing to bet, when that package is presented, it will include a "55-and-older pledge." That's the promise politicians make when they talk about entitlement reform: Anyone 55-or-older will not be affected by Social Security reform. And sometimes they throw Medicare in for good measure. Paul Ryan made that clear in a recent post on his Medicare reform plan.
House Majority Leader Eric Cantor took the pledge too.
I will leave the politics of this pledge aside, except to note that older voters are far more likely to vote.
The policy grounds for the 55-and-older pledge are straightforward: people close to retirement are counting on Social Security and Medicare and they don't have enough time to adjust their savings to adapt to big changes in these important programs. Though it is not clear why someone 55 is unable to adjust, but someone 54 would have no problem. (For some interesting perspective on the benefits debate, check out this post)
President George W. Bush made the 55-and-older pledge when he talked up Social Security reform. But that was just as the baby boom generation, the largest in American history, began to turn 55. A decade ago, there was still time to include almost all the boomers in a Social Security reform plan.
That's no longer the case. Assuming that Social Security and other entitlement reforms take place in the first year of the next president's term (There is no sign of major reform this year or next) then any changes to the nation's largest entitlement programs will, presumably, not affect anyone born after 1958. That means more than half of the baby boomer generation would fall under the protection of the 55-and-older pledge.
Let's set aside issues of generational equity and ask a more basic question: Can this pledge really be kept?
If Congress extends current policies, including the benefit levels now promised by Medicare and Social Security, the publicly held debt will hit 97% of GDP by 2021. That same year, spending on Social Security, Medicare and interest on the national debt will make up just over half of all Federal spending.
In 2021, the oldest boomers will turn 75. The youngest boomers, 57. Given the magnitude of the challenge and the aging of the population, it is hard to see how everyone 55-and-older will be held harmless when Congress finally acts to close the long-term funding imbalances in federal health and retirement programs.
The math doesn't work.
Even assuming younger workers want to honor the 55-and-older pledge, will they be able to afford it? The unemployment rate for workers 55 and older is now just 6.7%. For workers 20 to 24 years old it is 15% and for those between 25 and 34 years old it is 9.3%. Given how slowly the labor market is recovering, you have to wonder if younger workers will have the earnings to support higher spending on retirement programs in 2021.
A few more facts to consider in evaluating the practicality of the 55-and-older pledge: The Social Security Trust Fund is now projected to go broke in 2037. Boomers born in 1959 will turn 78 that year.
Medicare is in even worse shape. According to the Medicare Actuary, after all the baby boomers have turned 65, Medicare will consume 6% of GDP. That's more than we now spend on defense.
A hard look at the numbers makes the 55-and-older pledge look more like a hope than a promise.
Source: http://www.pbs.org/nbr/blog/2011/02/the_55-and_over_promise_cant_b.html
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The U.S. Chamber of Commerce CEO Tom Donohue on the State of American Business 2011 and the jobs agenda.
Source: http://www.pbs.org/nbr/blog/2011/01/business_employment.html
The American Bankers Association's Economic Advisory Committee sees more lending in 2011.
Source: http://www.pbs.org/nbr/blog/2011/01/bank_lending_american_bankers.html
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Iran is sending two warships through the Suez Canal en route to Syria, Israel's foreign minister said Wednesday, calling the act a "provocation" that Israel cannot ignore. Simon Constable discusses with John Bussey, Josh Mitnick and Farnaz Fassihi.Source: http://online.wsj.com/video/pm-report-israel-says-iran-ships-sent-to-canal/58...
Celebrity Foreclosures Most Expensive Homes Luxury Home Prices Mortgage Rescue Scams
Last week, President Barack Obama announced the Administration’s action plan, under the America's Great Outdoors initiative, to achieve lasting conservation of the outdoor spaces that power our nation’s economy, shape our culture, and build our outdoor traditions. This initiative seeks to reinvigorate our approach to conservation and reconnect Americans, especially young people, with the lands and waters that are used for farming and ranching, hunting and fishing, and for families to spend quality time together. Recognizing that many of these places and resources are under intense pressure, the President established the America’s Great Outdoors Initiative last April to work with the American people in developing a conservation and recreation agenda that makes sense for the 21st century.
This report is the product of 51 listening sessions across the nation—21 specifically with young people—consisting of more than 10,000 participants spanning all ages and backgrounds, plus more than 100,000 comments from citizens across the nation sharing with us your priorities for the lands and waters that you know best. We built this plan with your input and your involvement doesn't stop there.
On March 3, 2011, U.S. Environmental Protection Agency Administrator Lisa Jackson and I will continue the conversation by hosting the first America’s Great Outdoors live chat. You can join by video before the chat or by Facebook during the chat. You can post your YouTube video questions by responding to the video above, or by sending your questions to policyoutreach@ceq.eop.gov. To submit by Facebook during the live chat, sign on to our Facebook chat application on Thursday March 3rd at 4:30 pm (EST).
We look forward to talking to you!
Nancy Sutley is Chair of the Council on Environmental Quality
Source: http://www.whitehouse.gov/blog/2011/02/28/join-us-continuing-conversation-america-s-great-outdoors
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WSJ's Michael Casey reports PPI housing market data will move markets on Wednesday.Source: http://online.wsj.com/video/news-hub-producer-prices-housing-impact-markets/4...
Commercial & Investment Homes Foreclosures Home Sales Outlook
As the President lays out the State of the Union, I thought this would provide some useful background:
$398 billion. R&D spending in the United States. The U.S. Accounts for about 1/3 of global R&D. China about 10%.
36.5 million. Number of workers who are unemployed, working part-time for economic reasons, discouraged or marginally attached to the labor force.
23%. Percentage of homeowners with mortgages who owe more than their homes are worth.
4th. U.S. ranking in global competitiveness according to the World Economic Forum.
Last President to talk about "competitiveness" in a state of the union speech: George W. Bush.
10%. Share of GDP devoted to federal health programs by 2035. Share today: 5%.
144% Greek public debt as a share of GDP. U.S. public debt as share of GDP: 59%
In 2009, the President signed an Executive Order creating the President’s Economic Recovery Advisory Board (PERAB), which for two years under the leadership of Paul Volcker provided outside advice and counsel to the administration on recovery from the worst economic crisis since the Great Depression. The PERAB’s term expired on February 6, 2011, but recognizing that we still have a long way to go to get Americans back to work and strengthen our economy, the President signed a new Executive Order creating a new board, the President’s Council on Jobs and Competitiveness, which is focused on finding new ways to promote growth by investing in American business to encourage hiring, to educate and train our workers to compete globally, and to attract the best jobs and businesses to the United States.
Chaired by Jeffrey Immelt, Chairman of GE, the Council met for the first time today, and the President gave opening remarks explaining his vision for both the meeting and the Council as a whole:
So my main purpose here today at this first meeting I think is to listen, to get a sense of where all of you think the economy is right now, what kinds of steps we need to be taking. As I talked about during the State of the Union, we want to remove any barriers and any impediments that are preventing you from success and from growth. At the same time, we want to put a challenge to America’s businesses that even as we're working with you to streamline regulations, to reform our tax system, to take other steps that have been sitting on the shelf for quite some time under both Democratic and Republican Presidents, we want to make sure that we're also putting a little pressure on you guys to figure out how do we make sure that the economy is working for everybody; how do we make sure that every child out there who’s willing to work hard is going to be able to succeed; how do we make certain that working families across the country are sharing in growing productivity and that we're not simply creating an economy in which one segment of it is doing very well, but the rest of the folks are out there treading water.
So, Jeff, again, I want to thank you for your extraordinary work. I want to thank all of you for agreeing to participate.
Last point I'll make is that I'm not interested in photo ops and I'm not interested in more meetings. I've got enough photo ops and enough meetings. I have a surplus of that. So I expect this to be a working group in which we are coming up with some concrete deliverables. I don't think that we have to be trying to hit homeruns every time. I think if we hit some singles and doubles, if we find some very specific things that this group can help us on and we can work on together, then we can build on that success, and in the aggregate, over time, this will have really made a difference at a critical juncture in our economy.
President Barack Obama meets with the members of the President?s Council on Jobs and Competitiveness in the Eisenhower Executive Office Building,
President Barack Obama meets with the members of the President?s Council on Jobs and Competitiveness in the Eisenhower Executive Office Building, Feb. 24, 2011. From left are; General Electric CEO Jeffrey Immelt, chair of the Council on Jobs and Competitiveness; President Obama; Chief of Staff Bill Daley; and AFL-CIO President Richard Trumka.
Source: http://feedproxy.google.com/~r/inmannews/~3/9Sg8y0TTj9A/best-real-estate-refi-calculators
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Source: http://feedproxy.google.com/~r/TruliaBlog/~3/Uao2R46uKmc/
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Source: http://www.zillow.com/blog/48-hours-remain-enter-to-win-500-2/2011/02/23/
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Housing Starts President Obama Hope for home owners Fannie Mae
David Cote, Honeywell's plain-spoken CEO, recently participated in his first presidential commission. And, for a first-time experience, he picked a good one: The National Commission on Fiscal Responsibility and Reform. I spoke to Cote recently to ask him about the economy, the deficit, and the outlook for America's future.
Source: http://www.pbs.org/nbr/blog/2011/01/honeywell_david_cote_jobs.html
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Source: http://feedproxy.google.com/~r/inmannews/~3/G_98TNN9gI0/car-culture-anchors-drags-us-economy
Source: http://realestate.msn.com/slideshow.aspx?cp-documentid=27670258
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Now that Chinese President Hu Jintao has boosted our economy by offering up $45 billion in trade deals, let's take a closer look at the competition between the U.S. and China with the following quiz:
1) Which country has fractious politics and dueling interest groups that often make implementation of coherent policies difficult? China or the United States?
If you answered "Both," Congratulations! You're right. China often appears to be a monolith, but edicts from Beijing are often, shall we say, "modified" by the time they are implemented in the provinces. Or ignored. Also, China's Hu said he was not told the Chinese military was testing a new stealth fighter just as U.S. Secretary of Defense Robert Gates visited Beijing. Either Hu is lying or the Chinese military was sending a signal to Gates AND Hu. Sure it's not easy to make policy in the United States, as anyone watching the budget debate in Washington will tell you, but Chinese policy debates are, if anything, more fierce and byzantine than our own.
2) Faced with an aging population, this country finds itself unprepared for the retirement of an entire generation of workers.
Again, if you answered "Both," congratulations. And, again, if you said China has the bigger problem, you're right. China has no social security program and its one-child policy makes a looming wave of retirements more onerous.
3) This country is developing dangerous imbalances that threaten its economy and long-term prospects.
OK, you get it by now. The answer is both. China is in wasting huge amounts of money on empty buildings and inefficient investments. That huge pile of foreign reserves China sits upon is, in some ways, a throne of thorns. To keep that cash rolling in, China essentially depresses domestic demand and living standards. In the U.S., we are piling up government debts that can't be paid, at least not easily.
The point of this quiz is to show that China is not the inevitable juggernaut it often appears to be. The world's two largest economies are complex beasts and keeping them both in line is no easy task.
Source: http://www.pbs.org/nbr/blog/2011/01/who_has_bigger_problems_china.html
Loans and Mortgages Household Moving House Plans Home Warranties
David Cote, Honeywell's plain-spoken CEO, recently participated in his first presidential commission. And, for a first-time experience, he picked a good one: The National Commission on Fiscal Responsibility and Reform. I spoke to Cote recently to ask him about the economy, the deficit, and the outlook for America's future.
Source: http://www.pbs.org/nbr/blog/2011/01/honeywell_david_cote_jobs.html
Foreclosures Home Sales Outlook Housing Starts President Obama
The mortgage crisis is hitting multimillion-dollar homeowners especially hard and some of them are renting out rooms in their mansions in an effort to raise cash. Alyssa Abkowitz explains.Source: http://online.wsj.com/video/news-hub-room-for-rent-at-the-mansion/B07DAB01-70...
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Turmoil in Libya: President Obama says the violence in Libya is "outrageous" and "unacceptable," and that his Administration is looking at the "full range of options we have to respond to this crisis." Watch the video.
Source: http://www.whitehouse.gov/blog/2011/02/25/weekly-wrap-working-small-business
Foreclosures Home Sales Outlook Housing Starts President Obama
The Department of Housing and Urban Development (HUD) has premiered a quarterly publication that will highlight policy-relevant research for policy makers, advocates, and housing industry members. Each issue of Evidence Matters will focus on a key theme that will highlight what HUD Secretary Shaun Donovan called the Department's renewed focus on research, data, and evidence-based policymaking.
The first issue of Evidence Matters spotlights neighborhood revitalization which Donovan called an ideal topic for launching the publication "because its goals intersect directly with HUD's mission to create strong, sustainable, inclusive communities and quality, affordable homes for all." The issue, which can be downloaded in PDF format or ordered as a hard copy, features a lead article on Hope IV, a program which combines the demolition or physical rehabilitation of severely distressed public housing projects with services aimed at improving the life of its residents. Other articles in the issue are concerned with understanding the effects on a neighborhood of concentrated poverty and building community capacity.
...(read more)
Source: http://www.mortgagenewsdaily.com/02172011_housing_research.asp
On Tuesday, I joined President Obama in Cleveland to meet with small business leaders and get their ideas on how we can support their work in clean energy. America’s small businesses are engines of innovation and job creation. In fact, they create two out of every three new jobs in this country. Their ingenuity is essential to win the clean energy race and grow our economy, so I wanted to hear their unfiltered thoughts on our country’s approach to clean energy, what we’ve done well and where we can do better.
During a two-hour discussion, I heard excitement for the opportunities offered by the President’s agenda. Folks around the room supported the President’s bold goal of generating 80 percent of America’s electricity from clean sources by 2035. As I told the group, a Clean Energy Standard would create a guaranteed market for clean energy, one in which the best technologies and the most innovative approaches will break through and find investment capital that might have otherwise sat on the sidelines.
By growing the domestic market for clean energy, we’ll create jobs and nurture our clean energy industries, including manufacturing, so we can compete in the rapidly growing global clean energy economy.
Source: http://www.whitehouse.gov/blog/2011/02/24/energy-entrepreneurs
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Source: http://www.voanews.com/english/news/Libyan-Americans-Raise-Independence-Flag-116965093.html
Sales of new single-family houses in January 2011 were at a seasonally adjusted annual rate of 284,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 12.6 percent (±11.2%) below the revised December rate of 325,000 and is 18.6 percent (±15.4%) below the January 2010 estimate of 349,000.
Last month we talked about large statistical variations in December New Home Sales data. Here is a quote from New Home Sales Greatly Distorted in December. Standard Error Huge...
"Based on a smaller sample size, with 90% certainty, the Census Bureau's survey indicates the month over month change in New Home Sales was in a range of -0.2% to +35.2%. That is a wide range! The Census Bureau isn't even certain if New Home Sales increased or decreased in December. That means we should view this report as 'statistically insignificant'. "
More explanation from the Census Bureau: These statistics are estimated from sample surveys. They are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimated average relative standard errors of the preliminary data are shown in the tables. Whenever a statement such as “2.5 percent (±3.2%) above” appears in the text, this indicates the range (-0.7 to +5.7 percent) in which the actual percent change is likely to have occurred. All ranges given for percent changes are 90-percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. The same policies apply to the confidence intervals for percent changes shown in the tables.
This month the Standard Error was "12.6 percent (±11.2%) below the revised December rate of 325,000 and is 18.6 percent (±15.4%) below the January 2010 estimate of 349,000.
TRANSLATION: With 90% certainty, the Census Bureau survey indicates the month over month percentage change in New Home Sales was in a range of -1.4% to -23.8%. The year over year change in New Home Sales was in a range of -3.2% to -34%. So New Home Sales have continued to weaken, we just don't know by exactly how much. The standard error is so big that it distorts perspective...
Plain and Simple: Although the data is statistically significant, it still paints a confusing picture for potential housing consumers who are wondering if a bottom has been hit. This is why we look for trends as indicated by four months of data, not just month over month changes. Beyond that...certain parts of the country are outperforming others. Location location location I would do much research on local markets when deciding whether to rent or own, if you qualify. There are opportunities to be taken advantage of, you just have to do your homework. For example, I live in D.C....this market is recovering because of BRAC and a stable jobs market. El Paso, Texas is another example of a city recovering faster than others because of a military base realignment. Is that a bubble????
There is value out there...just gotta find it. And then qualify for a loan if you don't have the cash to invest. Good Luck Bargain Buyers!
Plain and Simple: Although the data is statistically significant (positive gains), it still paints a confusing picture for potential housing consumers who are wondering if a bottom has been hit. This is why we look for trends as indicated by four months of data, not just month over month changes. Beyond that...certain parts of the country are outperforming others. Location location location I would do much research on local markets when deciding whether to rent or own, if you qualify. There are opportunities to be taken advantage of, you just have to do your homework. For example, I live in D.C....this market is recovering consistentl because of wage growth, BRAC and a stable job market. El Paso, Texas is another example of a city recovering faster than others because of a military base realignment. There is value out there...just gotta find it.
...(read more)
Source: http://www.mortgagenewsdaily.com/02242011_january_new_home_sales.asp
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Source: http://blog.foreclosure.com/2011/02/is-buying-a-home-better-than-renting/
There was a lot of good news in the Fourth Quarter National Delinquency Study released by the Mortgage Bankers Association (MBA) Thursday. First, the overall, seasonally adjusted delinquency rate (which does not include loans in foreclosure) fell to 8.22 percent, a decrease of 91 basis points from a 9.13 percent rate in the third quarter and down 125 basis points from the same period in 2009. Jay Brinkmann, MBAs chief economist said that the non-seasonally adjusted rate showing a decrease of 46 basis points to 8.93 percent might be even better news. There is usually a sharp spike in the rate in the fourth quarter, perhaps because homeowner's budgets are impacted by the first home heating bills of the season. That the rate fell this time indicates that the downward movement may be real.
Delinquencies were down across all stages but one. Loans in the 30+ day bucket had a delinquency rate of 3.25 percent, down from 3.36 percent in the third quarter and 3.31 percent a year earlier. This rate, in fact, returns 30 day delinquencies to a pre-recession level. Loans delinquent 60+ days decreased 1.44 percent in the third quarter to 1.34 percent. The rate was 1.60 percent a year earlier. Loans in the 90+ bucket decreased from 4.34 percent to 3.63 percent quarter-over-quarter. One year earlier the 90+ rate was 4.62 percent. Loans seriously delinquent or in foreclosure had a rate of 8.57 percent compared to 8.70 percent a quarter earlier and 9.67 percent in the fourth quarter of 2009.
...(read more)
Source: http://www.mortgagenewsdaily.com/02172011_mba_delinquency_survey.asp
Source: http://www.zillow.com/blog/nine-homes-every-second-2/2011/02/23/
Foreclosures Home Sales Outlook Housing Starts President Obama
The U.S. Chamber of Commerce CEO Tom Donohue on the State of American Business 2011 and the jobs agenda.
Source: http://www.pbs.org/nbr/blog/2011/01/business_employment.html
There was a lot of good news in the Fourth Quarter National Delinquency Study released by the Mortgage Bankers Association (MBA) Thursday. First, the overall, seasonally adjusted delinquency rate (which does not include loans in foreclosure) fell to 8.22 percent, a decrease of 91 basis points from a 9.13 percent rate in the third quarter and down 125 basis points from the same period in 2009. Jay Brinkmann, MBAs chief economist said that the non-seasonally adjusted rate showing a decrease of 46 basis points to 8.93 percent might be even better news. There is usually a sharp spike in the rate in the fourth quarter, perhaps because homeowner's budgets are impacted by the first home heating bills of the season. That the rate fell this time indicates that the downward movement may be real.
Delinquencies were down across all stages but one. Loans in the 30+ day bucket had a delinquency rate of 3.25 percent, down from 3.36 percent in the third quarter and 3.31 percent a year earlier. This rate, in fact, returns 30 day delinquencies to a pre-recession level. Loans delinquent 60+ days decreased 1.44 percent in the third quarter to 1.34 percent. The rate was 1.60 percent a year earlier. Loans in the 90+ bucket decreased from 4.34 percent to 3.63 percent quarter-over-quarter. One year earlier the 90+ rate was 4.62 percent. Loans seriously delinquent or in foreclosure had a rate of 8.57 percent compared to 8.70 percent a quarter earlier and 9.67 percent in the fourth quarter of 2009.
...(read more)Source: http://www.mortgagenewsdaily.com/02172011_mba_delinquency_survey.asp
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This morning's Financial Times brings a warning from Nobel-Prize Winning Economist Michael Spence and McKinsey's Richard Dobbs that the "era of cheap capital" is drawing to a close.
Basically, that's a warning that interest rates are going to rise from their current super-low levels to something approaching normal, if not higher.
That should concern anyone who is thinking about buying a house, a car or starting a business in coming years.
But is should also concern anyone paying attention to our national debt. As the Congressional Budget Office made painfully clear earlier this week, the government's interest costs are set to "skyrocket" -- tripling this decade. But that's if we follow current law which has some weird things in it like, say, the complete elimination of tax cuts for almost everyone.
If we assume current policy is extended -- a better gauge of the likely budget path -- Interest costs will rise to almost six times 2011 levels.
Even under current law interest costs will top the annual federal deficit by 2020. In other words, our payments to reduce the debt will be less than the new debt we are taking on. Keep that up for long and anyone with a credit card knows how that ends -- bankruptcy.
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As the President lays out the State of the Union, I thought this would provide some useful background:
$398 billion. R&D spending in the United States. The U.S. Accounts for about 1/3 of global R&D. China about 10%.
36.5 million. Number of workers who are unemployed, working part-time for economic reasons, discouraged or marginally attached to the labor force.
23%. Percentage of homeowners with mortgages who owe more than their homes are worth.
4th. U.S. ranking in global competitiveness according to the World Economic Forum.
Last President to talk about "competitiveness" in a state of the union speech: George W. Bush.
10%. Share of GDP devoted to federal health programs by 2035. Share today: 5%.
144% Greek public debt as a share of GDP. U.S. public debt as share of GDP: 59%
Source: http://www.voanews.com/english/news/US-Shutters-Libya-Embassy-But-Contact-Continues-116959353.html
Source: http://feedproxy.google.com/~r/TruliaBlog/~3/ZSQOytmLuHQ/
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Why am I pursuing a life in public service? What led me to the White House as a Fall Intern in 2010?
I became an intern not because I wanted that “gold” on my resume. I didn’t become an intern because I wanted to simply go through the illustrious gates of the White House. On the day I completed my internship application to the White House, I paused and thought to myself “I want to do this because I want to help.”
I wanted to help people. I wanted to help people like me, who have a disability that significantly impacts their lifestyle. I wanted to help people from all levels of socio-economical backgrounds. I wanted to help all Americans. I wanted to be part of the solution, from my generation. To be the change in the world that I wanted to see happening.
As soon as I got the notification that I was accepted into the program, I swelled with pride and I couldn’t wait to start interning for the White House! When I finally came to the White House on my first day, I was amazed by the level of warmth, generosity, understanding, and passion that I saw in everybody. There are so many admirable people toiling away to do good work at the Executive Office of the President and I gained more and more respect every single day for those in public service.
Source: http://www.whitehouse.gov/blog/2011/02/24/people-you-meet-white-house-internship-program
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There was a lot of good news in the Fourth Quarter National Delinquency Study released by the Mortgage Bankers Association (MBA) Thursday. First, the overall, seasonally adjusted delinquency rate (which does not include loans in foreclosure) fell to 8.22 percent, a decrease of 91 basis points from a 9.13 percent rate in the third quarter and down 125 basis points from the same period in 2009. Jay Brinkmann, MBAs chief economist said that the non-seasonally adjusted rate showing a decrease of 46 basis points to 8.93 percent might be even better news. There is usually a sharp spike in the rate in the fourth quarter, perhaps because homeowner's budgets are impacted by the first home heating bills of the season. That the rate fell this time indicates that the downward movement may be real.
Delinquencies were down across all stages but one. Loans in the 30+ day bucket had a delinquency rate of 3.25 percent, down from 3.36 percent in the third quarter and 3.31 percent a year earlier. This rate, in fact, returns 30 day delinquencies to a pre-recession level. Loans delinquent 60+ days decreased 1.44 percent in the third quarter to 1.34 percent. The rate was 1.60 percent a year earlier. Loans in the 90+ bucket decreased from 4.34 percent to 3.63 percent quarter-over-quarter. One year earlier the 90+ rate was 4.62 percent. Loans seriously delinquent or in foreclosure had a rate of 8.57 percent compared to 8.70 percent a quarter earlier and 9.67 percent in the fourth quarter of 2009.
...(read more)Source: http://www.mortgagenewsdaily.com/02172011_mba_delinquency_survey.asp
Source: http://blog.foreclosure.com/2011/01/new-year-real-estate-resolutions-for-2011/
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Americans are increasingly turning away from variable rate mortgage products when refinancing according to the Quarterly Product Transition Report issued by Freddie Mac. An increasing share of refinancing borrowers also chose to shorten their loan terms during the fourth quarter.
In the fourth quarter of 2010, fixed-rate mortgages (FRM) accounted for more than 95 percent of all loans used for refinance.
Frank Nothaft, Freddie Mac vice president and chief economist commented that "Fixed mortgage rates continued to slide lower during the first part of the fourth quarter, reaching 4.17 percent for the 30-year mortgage in mid-November in Freddie Mac's Primary Mortgage Market Survey® and the lowest fixed rates since the early 1950s. It's no wonder borrowers are attracted to fixed-rate loans.
...(read more)
Source: http://www.mortgagenewsdaily.com/02162011_refinancing.asp
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As housing prices drop, mortgage lenders are requiring larger downpayments on homes. Kelsey Hubbard talks to WSJ's Mitra Kalita about what the changes mean for consumers.Source: http://online.wsj.com/video/no-money-down-not-anymore/F3678E9A-F12D-4460-8FA8...
Love to ski and have $48.5 million burning a hole in your pocket? Then a fabulous mansion in Aspen adjacent to the ski slopes that just hit the market might be perfect for you. Candace Jackson has details.Source: http://online.wsj.com/video/news-hub-what-48-million-will-buy-you-in-aspen/B6...
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Today the President is in Hillsboro, Oregon to visit the Intel campus, where he’ll get to see the world’s most advanced semiconductor manufacturing facility with Intel CEO Paul Otellini. The President will also learn more about Intel’s STEM (Science, Technology, Engineering and Math) education programs and check out student demonstrations by Intel Science Talent Search finalists.
It’s a perfect demonstration of the importance of out-educating our competitors in order to win the future, and that’s what the President will talk about afterwards – watch the live stream here at 2:35PM EST, 11:35AM PST:
UPDATE: This event has now concluded, check WhiteHouse.gov/video later for the recording.
Source: http://www.whitehouse.gov/blog/2011/02/18/watch-president-live-intel-235est-1135pst
The President speaks from the Intel campus in Oregon about educating our kids for the jobs of tomorrow so we can make sure America wins the future.
Source: http://www.whitehouse.gov/blog/2011/02/19/weekly-address-winning-future-intel
Architect Robert Bartels built a rustic cottage as a retirement home in Rowayton, Conn. The 2,550-square-foot stucco house has generous open spaces, a den with a clock tower and a unique stairwell hatch inspired by the Paris metro. It's on the market for just under $2 million.Source: http://online.wsj.com/video/a-luxury-stucco-house-with-unique-features/3E2ECC...
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The President has just signed an Executive Order regarding Libya Sanctions. In addition, he sent a letter to Congress on the matter and issued the following statement:
The Libyan government’s continued violation of human rights, brutalization of its people, and outrageous threats have rightly drawn the strong and broad condemnation of the international community. By any measure, Muammar el-Qaddafi’s government has violated international norms and common decency and must be held accountable. These sanctions therefore target the Qaddafi government, while protecting the assets that belong to the people of Libya.
Going forward, the United States will continue to closely coordinate our actions with the international community, including our friends and allies, and the United Nations. We will stand steadfastly with the Libyan people in their demand for universal rights, and a government that is responsive to their aspirations. Their human dignity cannot be denied.
Press Secretary Jay Carney also discussed the sanctions and broader context earlier in the day.
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Ed. Note: Watch the White House Winning the Future Forum on Small Business live starting at 11:35AM EST. The President will give opening remarks at 11:35, CEA Chairman Austan Goolsbee will hold a special live discussion at 1:00, and the President will close with remarks on what he heard at 1:55.
Northeast Ohio has staked its future on high-growth entrepreneurship. That’s why today, President Obama is bringing five Cabinet secretaries and his top economic advisors to Cleveland for a White House Winning the Future Forum on Small Business. In special sessions on high-growth entrepreneurship, access to capital, workforce development, boosting exports, and cleantech innovation, they’ll hear entrepreneurs from across the region address the real challenges and opportunities facing small and growing businesses every day.
One of these companies is ABSMaterials, based in Wooster, Ohio. It developed and patented super-absorbent material called “Osorb” that soaks up organic contaminants like a sponge. This innovative, reusable technology can help clean up oil spills, polluted waterways, and contaminated drinking water. In just the last two years, ABSMaterials has brought this technology from a novel idea to a revenue-generating product. The company has raised $3.5 million from private investors, and is creating jobs.
The growth of ABSMaterials did not happen in a vacuum. Northeast Ohio has spent well over a decade growing the kind of entrepreneurial ecosystem that allows innovative startups to thrive. Some of the growth capital for ABSMaterials came from JumpStart, a regional economic development network that’s been so successful, it recently announced that it will be scaling the model across the country—a major private-sector commitment to U.S. entrepreneurship in response to the President’s Startup America call to action.
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Source: http://feedproxy.google.com/~r/inmannews/~3/G_98TNN9gI0/car-culture-anchors-drags-us-economy
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Source: http://www.zillow.com/blog/full-houses-dave-coulier-lists-encino-home-for-1-65-million/2011/02/23/
Source: http://www.voanews.com/english/news/The-Philippines-Celebrates-25-Years-of-Democracy-116910233.html
Welcome to the West Wing Week, your guide to everything that's happening at 1600 Pennsylvania Avenue. This week, President Obama held events in Oregon and Ohio focused on winning the future through investments in innovation and small business, and convened his Council on Jobs and Competitiveness at the White House.
Source: http://www.whitehouse.gov/blog/2011/02/25/west-wing-week-dont-bump-my-atoms
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Source: http://realestate.msn.com/slideshow.aspx?cp-documentid=27628472
