Foreign ministry rebuffs claims, accuses rights group of prejudice
Thursday, June 30, 2011
National HIV Testing Day 2011
Note: Today President Obama issued a statement on National HIV Testing Day
Thirty years ago, at the beginning of the HIV/AIDS epidemic, there was no test for HIV, the virus that causes AIDS. For many, there was only the long and worrisome wait for the signs of infection. Once those signs appeared, no treatment for the virus was available. I personally cared for many, many patients in this era, and I am thankful that those days are over. Today, HIV testing is accurate, widely available, and often free—and treatment can help people living with HIV enjoy long, healthy lives, especially when they get diagnosed early.
The good news is that more people are being tested for HIV than ever before. It is estimated that almost 83 million American adults between 18 and 64 have been tested for HIV, as of 2009. That’s an increase of more than 11 million from 2006 when the Centers for Disease Control and Prevention(CDC) recommended that HIV testing become a routine part of medical care for adults and adolescents.
Source: http://www.whitehouse.gov/blog/2011/06/27/national-hiv-testing-day-2011-0
Colorado Rapids Say "Thanks" to Our Fans and Followers
Yesterday, the MLS champion Colorado Rapids visited the White House to be honored by President Obama and to host a soccer clinic for the kids of military families. While they were here, the Rapids took some time to thank you -- our fans and followers on Facebook and Twitter for supporting our troops and military families.
We asked you how you're giving back and we got some great responses:
In between coaching kids on how to up their soccer game, the Rapids thanked our facebook fans Julia Martin, Rebecca Denham and Sherry Peters and followers @whitelight71 and @HollieSeven who are doing great work. Like us facebook and follow us on Twitter and you just might get a shout-out next!
Source: http://www.whitehouse.gov/blog/2011/06/28/colorado-rapids-say-thanks-our-fans-and-followers
National HIV Testing Day 2011
Note: Today President Obama issued a statement on National HIV Testing Day
Thirty years ago, at the beginning of the HIV/AIDS epidemic, there was no test for HIV, the virus that causes AIDS. For many, there was only the long and worrisome wait for the signs of infection. Once those signs appeared, no treatment for the virus was available. I personally cared for many, many patients in this era, and I am thankful that those days are over. Today, HIV testing is accurate, widely available, and often free—and treatment can help people living with HIV enjoy long, healthy lives, especially when they get diagnosed early.
The good news is that more people are being tested for HIV than ever before. It is estimated that almost 83 million American adults between 18 and 64 have been tested for HIV, as of 2009. That’s an increase of more than 11 million from 2006 when the Centers for Disease Control and Prevention(CDC) recommended that HIV testing become a routine part of medical care for adults and adolescents.
Source: http://www.whitehouse.gov/blog/2011/06/27/national-hiv-testing-day-2011-0
Foreclosures Home Sales Outlook Housing Starts President Obama
Trulia Joined by Colorado Governor Hickenlooper to Officially Open Denver Office
On Monday, we were honored to be joined by Colorado Governor John Hickenlooper to officially open the newest Trulia office in the Denver area. It was an exciting and festive day. The Governor and other local notables were able to tour the office and get a sense for the fun and exciting Trulia culture. In [...]
Source: http://feedproxy.google.com/~r/TruliaBlog/~3/_fTiafHVJMQ/
Negative Feedback Loop in Action: Existing Home Sales
The National Association of Realtors today released Existing Home Sales data for May 2011.
Existing Home Sales declined by 3.8 percent to a seasonally adjusted annual rate of 4.81 million in May from a negatively revised 5.00 million pace in April. This is 15.3 percent below the 5.68 million annual pace reported last May (*when sales were surging to beat the deadline for the home buyer tax credit). All regions saw annual contractions in both the pace of home sales and median prices. And while total housing inventory was reduced by 1.0 percent to 3.72 million previously owned homes for sale, it's now going to take longer to sell those homes because the annualized pace of sales declined to 4.81 million. That works out to 9.3-months of supply, up from 9.0-months of supply in April. FYI: Supply of between six and seven months is viewed as an equilibrium range. Higher readings general point to lower home prices to better balance supply and demand.
Existing-home sales were down in May as temporary factors and financing problems weighed on the market, according to the National Association of Realtors®. Lawrence Yun, NAR chief economist, said temporary factors held back the market in May, as implied from prior data on contract signings. "Spiking gasoline prices along with widespread severe weather hurt house shopping in April, leading to soft figures for actual closings in May," he said. "Current housing market activity indicates a very slow pace of broader economic activity, but recent reversals in oil prices are likely to mitigate the impact going forward. The pace of sales activity in the second half of the year is expected to be stronger than the first half, and will be much stronger than the second half of last year."
Excerpts from the Release...
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 3.8 percent to a seasonally adjusted annual rate of 4.81 million in May from a downwardly revised 5.00 million in April, and are 15.3 percent below a 5.68 million pace in May 2010 when sales were surging to beat the deadline for the home buyer tax credit.
Single-family home sales declined 3.2 percent to a seasonally adjusted annual rate of 4.24 million in May from 4.38 million in April, and are 15.4 percent below a surge to 5.01 million one year ago. The median existing single-family home price was $166,700 in May, down 4.5 percent from May 2010.
Existing condominium and co-op sales fell 8.1 percent to a seasonally adjusted annual rate of 570,000 in May from 620,000 in April, and are 14.7 percent below the 668,000-unit pace in May 2010. The median existing condo price was $165,400 in May, which is 5.8 percent below a year ago.
There were notable regional differences in home sales. “A large decline in Midwestern existing-home sales can be attributed partly to the flooding and other severe weather patterns that occurred, but this also implies a temporary nature of soft market activity,” Yun explained.
Regionally, existing-home sales in the Northeast declined 2.5 percent to an annual level of 770,000 in May and are 13.5 percent below May 2010. The median price in the Northeast was $241,500, up 6.1 percent from a year ago. Existing-home sales in the Midwest dropped 6.4 percent in May to a pace of 1.02 million and are 22.7 percent below a year ago. The median price in the Midwest was $136,400, which is 8.5 percent below May 2010. In the South, existing-home sales fell 5.1 percent to an annual level of 1.85 million in May and are 14.4 percent below May 2010. The median price in the South was $149,200, down 3.1 percent from a year ago.
Existing-home sales in the West were unchanged at an annual pace of 1.17 million in May but are 10.0 percent lower than a year ago. The median price in the West was $192,300, which is 12.6 percent below May 2010.
“Home prices are rising or very stable in local markets with improved employment conditions, such as in North Dakota, Alaska, Washington, D.C., and many parts of Texas,” Yun noted.
The national median existing-home price for all housing types was $166,500 in May, down 4.6 percent from May 2010. Distressed homes – typically sold at a discount of about 20 percent – accounted for 31 percent of sales in May, down from 37 percent in April; they were 31 percent in May 2010.
“The price decline could be diminishing, as buyers recognize great bargain prices and the highest affordability conditions in 40 years; this will help mitigate further price drops,” Yun said.
All-cash transactions stood at 30 percent in May, down from 31 percent in April; they were 25 percent in May 2010; investors account for the bulk of cash purchases.
First-time buyers purchased 35 percent of homes in May, down from 36 percent in April; they were 46 percent in May 2010 when the tax credit was in place. Investors accounted for 19 percent of purchase activity in May compared with 20 percent in April; they were 14 percent in May 2010.
Total housing inventory at the end of May fell 1.0 percent to 3.72 million existing homes available for sale, which represents a 9.3-month supply at the current sales pace, up from a 9.0-month supply in April.
Yun said the market also is being constrained by the lending community. “Even with recent economic softness, this is a disappointing performance with home sales being held back by overly restrictive loan underwriting standards,” he said. “There’s been a pendulum swing from very loose standards which led to the housing boom to unnecessarily restrictive practices as an overreaction to the housing correction – this overreaction is clearly holding back the recovery.”
When calling attention to high gas prices and severe weather Yun is referencing the economic connection between Consumer Confidence and housing demand. We have described this relationship as the "negative feedback loop". This is what we wrote in August 2010 after the home buyer tax credit expired in June....
This should come as no surprise to folks working in the industry. Uncertainty is abundant in all sectors of the economy and prospective (qualified) homeowners are too worried about further declines in home prices to buy a house right now. When investing outlooks are unusually cloudy and the market's strategic perspective is stuck in the "here and now", a brutal negative feedback loop can arise. Some may refer to this phenomenon as a "downward spiral", where negative data leads to more negative data.
Plain and Simple: Although mortgage rates are at all-time lows and home affordability is at an all-time high, fence sitting home buyers are waiting for proof that home prices have hit bottom before making the biggest investment decision of their life. While they wait for a clear cut buy signal, home prices will fall further and home buyer pessimism will intensify which will lead to more weak housing data. And the downward spiral begins...
We could go on and on about the industry, lender, and borrower specific problems limiting the housing recovery, however we believe the general big picture economic environment is providing enough roadblocks to recovery on its own. Thus, we will continue to state that until the labor market stabilizes and jobs start being created, the housing market will undergo a slow, frustrating recovery process (for mortgage and real estate professionals especially)
Some Optimism: Nationally, housing faces a long road to recovery, but not all markets are equal. While areas with a high concentration of distressed properties are clearly stuck in a deflating scenario, some communities will see price stability. It's all based on local and regional economies. Where are jobs being created? Where are the best schools? Where is value being created by the community? Where do buyers want to live? This is where the housing recovery can find momentum. Of course you need to be in the right financial situation to even be asking these questions. That's another problem all together...
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said a number of proposals being considered in Washington could further jeopardize the housing recovery. “We’re concerned about the flow of available capital, including a possible rule that would effectively raise minimum downpayment requirements to 20 percent,” he said. “We don’t need to throw the baby out with the bath water – increasing downpayment requirements would effectively shut many qualified families out of the market. What we critically need is a return to the basics of providing safe mortgages to creditworthy buyers willing to stay well within their budget.”
ABOUT: Existing Home Sales report on the number of completed real estate sales transactions on single-family homes, townhomes, condominiums and co-ops. The methodology in calculating existing-home sales statistics is really quite simple. Each month the National Association of Realtor® receives data on existing-home sales from local associations/boards and multiple listing services (MLS) nationwide. The monthly EHS economic indicator is based on a representative sample of 160 Boards/MLSs. NAR captures 30-40% of all existing-home sale transactions with its monthly survey. HERE is the methodology for the data collection
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Source: http://www.mortgagenewsdaily.com/06212011_existing_home_sales_may.asp
Home Sales Outlook Housing Starts President Obama Hope for home owners
Normal Accident Theory Revisited
In 2008, I wrote about connections between normal accident theory -- which came from studies of nuclear accidents -- and the subprime mortgage crisis. In light of what is happening in Japan, I think it is worth revisiting normal accident theory. Yes, the crisis in Japan was caused by a natural disaster, but nuclear plants are systems and I am sure we will be learning a lot more about these systems in the days ahead. As we learn more, it will be useful to keep normal accident theory in mind.
So here is an excerpt from my original column which you can find here.
"The issue is not risk, but the issue is power, the power of elites to impose risk upon the rest of us." -- Charles Perrow, Yale Professor of SociologyNormal accident theory was developed by Yale Sociologist Charles Perrow after the debacle at Three Mile Island. Perrow's fundamental insight is that "accidents" are, in fact, normal events. Rather than blaming failure on a bolt from the blue, we should expect that in any complex system -- a nuclear reactor, the stock market, housing -- there will sometimes occur a series of unusual outcomes which, taken individually, will not trigger a horrific accident. But put them together and you get a crash.
In developing normal accident theory, Perrow found the "interconnectedness" inherent in big systems often led to "baffling" outcomes. In the case of the subprime meltdown, those interactions involved the Federal Reserve, the housing industry, global financial markets and the huge piles of investments managed by hedge funds and banks. Fed Chairman Ben Bernanke recently cited these pools of cash as a factor contributing to the market turmoil.
Between 2000 and 2003, the Fed kept money cheap, lowering interest rates aggressively in order to head off a potentially debilitating spiral of deflation. That decision left these large pools of cash hard-pressed to find good investments. Investment banks saw this pool of capital and decided to create new products made from bundles of mortgages which would meet the demand for higher returns. [It is worth noting another complex interaction: US Treasuries were basically not available to these investors, because the Chinese buy so many of them in order to keep their currency fixed to the dollar.]
It all worked well for a while. But then, as Perrow's theory suggests will often occur, unfamiliar and unexpected things began to happen. Wall Street, seeing a large demand for these new financial products tied to mortgages, began to press home mortgage lenders to increase loan volumes. People with little or no credit began to get bigger and bigger loans. Seeing the success of the bundling of mortgages -- "securitization" is the technical term -- bankers began to use these same techniques in other markets. Loans for buyouts come to mind. Volumes increased and the system began to grow, becoming even more complicated.
Financial markets are also systems that are, as Perrow puts it, "tightly coupled." An action in one system directly impacts and depends upon an action in another part of the system. That is a fair description of the mortgage and securitization process. Loans have to be originated; they must be packaged and quickly sold into the secondary market. There is only one path to success here -- sales into the secondary market. No one wanted to keep these loans on their books, and indeed, seemed to have no contingency for doing so.
Once the pieces began to come apart, there was so little slack in the system no one could engineer a quick fix. Even today, the dispersed nature of bundled securities makes it difficult to rework loans into a structure that makes economic sense.
But it's not enough to understand that our financial and housing markets were flawed and subject to complex interactions. People were also at work here. Someone needed to strike the match and set the lighter fluid burning. In that sense, the housing collapse was not a normal accident. The engineers at Three Mile Island were unaware of the complex interactions between systems that threatened a meltdown. If they had been, Perrow says they would have acted quickly to prevent disaster.
Perrow thinks traders and bankers and mortgage brokers did not try to stop the financial meltdown, because financial markets offer substantial short-term gains, even if it's clear there will be dire long-term consequences. . . .
To get back to the original question: "Who allowed this to happen?" People up and down the system allowed this to happen, because there was no real mechanism to hold them directly responsible for their actions. Many will try to regulate our way back to a safer housing and financial system. I would suggest the best way to start thinking about that process is to focus on accountability. When something goes wrong in a nuclear power plant, the engineer is trying to save his own life along with the lives of those living nearby.
If we want to make sure this doesn't happen again, we need to make sure the people who might cause the next financial crisis are sitting next to the reactor when the yellow caution lights begin to flash.
Source: http://www.pbs.org/nbr/blog/2011/03/normal_accident_theory_revisit.html
Economy Interest Rates Celebrity Foreclosures Most Expensive Homes
See Homes from Notable Periods in U.S. History
Happy Birthday, America! As Independence Day approaches, we contemplated how homes in America have evolved. From longhouses and Colonials, to mid-century modern, split-level and dome homes, [...]
Source: http://www.zillow.com/blog/2011-06-28/see-homes-from-notable-periods-in-u-s-history/
Fannie Mae Downgrades Outlook. Housing Stuck in a Rut
At the second anniversary of the current economic expansion, housing remains stuck in a rut according to Fannie Mae's Economic Outlook for June which notes that most housing indicators started the second quarter with little momentum. Housing starts and builder's confidence are still at depressed levels and the sluggish construction activity reflected in both measures is one of the reasons that the current economic recovery is less robust than previous ones have been.
Total construction spending improved in April but it was driven by home improvements rather than single or multifamily construction, both of which declined below the first quarter's average. Single-family construction spending fell for the third consecutive month to reach the lowest level since June 2009.
The report says that market conditions continue to favor multifamily and rental housing with demand outpacing supply in some markets. Consequently, rents are beginning to rise. The strong multifamily figures in the first quarter had already moved Fannie Mae to revise higher its multi-family starts projections for the year. Total housing starts are now expected to increase 3.5 percent solely because of the multi-family sector. Single-family starts will fall "modestly" in 2011 compared to 2010.
The supply of new homes hit a record low in April while sales of new homes have increased twice since they hit an all time low in February. At present the inventory of new homes stands at 6.5 months, nearing the long-term average of about six months. However, the good news does not carry over to existing homes where few of the indicators are positive. The National Association of Realtors® (NAR) is blaming the sluggish market on what is calls unnecessarily tight credit and to low appraisals. NAR reported that one-quarter of its members claimed in a survey that they had to cancel contracts or renegotiate them at a lower price because of the appraised values.
That same NAR survey showed that distressed and cash sales continue to account for a big but declining part of the market. Distressed sales made up 37 percent of all sales in April, down from 40 percent in March while 31 percent of sales were all-cash compared to a record 35 percent in March. The report states that a continued decline of distressed home sales as a percentage of the market would reduce the discount component and might give a lift to home prices in the second quarter.
The discounts serve to depress appraised values, leading to the canceled or renegotiated contracts referenced above. Homebuyers have also become accustomed to watching prices fall and continue to delay action on purchasing non-distressed homes.
There is some good news about mortgage performance. The Mortgage Bankers Association reported that short-term mortgage delinquencies were near pre-recession levels. Serious delinquencies (90+ days) have dropped for five consecutive quarters and are at their lowest levels since the beginning of 2009 and foreclosure starts are at the lowest point since the end of 2008. The report states that these figures along with the drop in the percentage of loans in the foreclosure process from the record high of the previous quarter indicate that the shadow supply of housing may have peaked, although remaining at very elevated levels. "It will likely take years for the excess supply and the shadow supply of housing to be absorbed, even with a meaningful improvement in the labor market and household formation, which has been elusive so far."
The elevated inventories continue to hold home prices down. "However, most third-party price indices adjusted for distressed sales seem to indicate that troubled loans being put through foreclosure are getting seasonally adjusted (foreclosure is not a seasonal activity), and also are likely causing an over statement of price declines for "arms length" transactions."
On the broader economy Fannie Mae believes the likelihood that "the economy will slip into another downturn within a year is still quite low, but has risen slightly." Still Fannie Mae did downgrade their economic growth outlook for 2011 from +2.9 percent to +2.5 percent in the previous forecast, which is more than a full percentage point lower than their forecast at the start of this year. Several reasons for the downgrade were cited including continued European sovereign debt problems, a marked slowdown in growth in China as it fights rising inflation, the trade-related effects of reduction in Chinese economic activity , and dampening effects surrounding U.S. monetary and fiscal policy.
Fannie Mae's economists conclude that the near-term outlook for home sales appears gloomy with both mortgage applications down in May and again in June and pending home sales dropping 12 percent in April.
"Ultimately, employment remains the key to the outlook for the economy and the housing market. If the tentative labor market recovery falters amid signs of a slowdown in consumer demand, it could jeopardize the projected moderate rebound in home sales later this year. Continued deterioration in home prices, tight lending standards, and households' desire to reduce their debt loads much further are among the main risks to the housing market and the overall economy."
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Source: http://www.mortgagenewsdaily.com/06202011_housing_analysis_fannie_mae.asp
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China Supports Global Pariahs, Gets Resources and Criticism in Return
Beijing's quest for resources drives relations with an indicted war criminal, openly-derided despots
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Obama Defends US Involvement in Libyan Conflict
President says Libya operation limited in time and scope, there have been no US casualties, no risk of additional escalation
Source: http://www.voanews.com/english/news/Obama-Defends-Libya-Actions-Addresses-Deficit-124716184.html
Three New Rules for Today's Home Buyers & Sellers
Amid the continuing gloom in the U.S. housing market, you can find small pockets of home-price stability -- communities that are actually recovering from the housing bust. WSJ's David Crook talks with Kelsey Hubbard about what those communities can teach today's home buyers and sellers.Source: http://online.wsj.com/video/three-new-rules-for-today-home-buyers--sellers/C5...
Britain Accuses Iran of Secretly Testing Nuclear-Capable Missiles
Foreign Secretary William Hague says tests contravene UN Security Council Resolution 1929
Home Sales Outlook Housing Starts President Obama Hope for home owners
Behind the Camera: Homes of Producers and Directors
It’s no secret that when it comes to the world of television and movies, the stars on the big screen are usually the red carpet’s hottest [...]
Source: http://www.zillow.com/blog/2011-06-24/behind-the-camera-homes-of-producers-and-directors/
Most Expensive Homes Luxury Home Prices Mortgage Rescue Scams Real Estate
DIY: Upping Your Home?s Curb Appeal
The saying “don?t judge a book by its cover? certainly applies to real estate because the first thing we do when we pull up in front [...]
Source: http://www.zillow.com/blog/2011-06-24/diy-upping-your-homes-curb-appeal/
The Million Dollar Question: Have Home Prices Bottomed?
Woohoo! The April S&P/Case-Shiller Home Price Indices showed a monthly increase* in home prices for the first time in eight months today.
On a month-over-month basis, the 10- and 20-City Composites were up 0.8% and 0.7% in April versus March. The chart below illustrates the annualized returns of the 10-City and the 20-City Composite Home Price Indices. In April 2011, the 10-City and 20-City Composites recorded annual declines of -3.1% and -4.0%, respectively.
Oh wait a minute, there is an asterisk* to address before we can get excited about positive news in housing.
“In a welcome shift from recent months, this month is better than last - April’s numbers beat March,” says David M. Blitzer, Chairman of the Index Committee at S&P Indices. “However, the seasonally adjusted numbers show that much of the improvement reflects the beginning of the Spring-Summer home buying season. It is much too early to tell if this is a turning point or simply due to some warmer weather."
Ugh. Mr. Blitzer is a bucket of cold water (rightfully so). Why does distinguishing between seasonally adjusted and non-seasonally adjusted data matter? Because Case-Shiller recommends using non-seasonally adjusted data, citing it as the more reliable indicator. This is the last guidance S&P shared on the topic:
"Economic data which are affected by the time of the year, or the seasons, are often adjusted to remove these effects to make it easier to identify underlying changes in the economy. Seasonal adjustment increases the unadjusted values in weak months and decreases the unadjusted values in strong months to eliminate regular seasonal patterns while leaving the underlying trend unaffected. For the S&P/Case-Shiller Home Price Indices, S&P reports two data sets – before seasonal adjustment and seasonally-adjusted. In some recent reports the two series have given conflicting signals, with the seasonally-adjusted series rising month-over-month and the unadjusted series declining. After reviewing the data, the S&P/Case-Shiller Home Price Index Committee believes that, for the present, the unadjusted series is a more reliable indicator and, thus, reports should focus on the year-over-year changes where seasonal shifts are not a factor. Additionally, if monthly changes are considered, the unadjusted series should be used."
Plain and Simple: The headline many news editors will write, "Home Prices See First Increase in Eight Months", is based off the monthly, non-seasonally adjusted data. That seems like a glimmer of good news for housing, especially after one remembers that S&P told us to focus on the non-seasonally adjusted data, but Mr. Blitzer wants us to contain our excitement until a new trend develops that confirms a home price stabilization. We need to see progress on a monthly basis and we need it to show up in annual comparisons as well. This is because seasonal adjustments tend to decrease unadjusted values in strong months to eliminate regular seasonal patterns, such as nice weather. So what Mr. Blitzer is basically telling us is, "This is a step in the right direction but we don't know if it's gonna last. More positive data is needed to confirm a potential stabilization".
A summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data can be found in the table below. Looking closer, one can see why Mr.Blitzer is skeptical of the month-over-month improvement. In both the 10- and 20- city indexes, there is a 0.8% difference between non-seasonally adjusted data and seasonally adjusted data. In only 5 metro areas did the seasonally adjusted figure outperform the non-seasonally adjusted figure. This makes it clear that seasonal adjustments do tend to decrease the unadjusted index values in strong months.
Of course we're discussing the Composite Indexes when we should be breaking down the data by individual locations.
Excerpts taken from the release..
- As of April 2011, 19 of the 20 MSAs and both Composites are down compared to April 2010.
- From their 2006/2007 peaks, six of the 20 MSAs showed new index lows in April: Charlotte, Chicago, Detroit, Las Vegas, Miami and Tampa.
- Thirteen of the markets rose in April over March, with six of them increasing by more than 1.0%.
- While 13 markets rose on a monthly basis, 16 markets saw their annual rates of change fall deeper into negative territory.
- Minneapolis was the only city that demonstrated a double-digit annual decline, -11.1%.
- Washington D.C. continues to be the only market to post a year-over-year gain, at +4.0%. Plus D.C. saw a +3.0% monthly increase
- With respective index levels of 100.36 and 101.95, Phoenix and Atlanta are two markets that are close to losing any value gained since January 2000.
- As of April 2011, Cleveland, Detroit and Las Vegas are the three markets where average home prices are lower than where they were 11 years ago.
The table below summarizes the results for April 2011...
Mr. Blitzer summed up the findings of the report nicely when he said, "For a real recovery we would need to see several months of increasing home prices, large enough to shift the annual momentum to the positive side. In short, better news, but still a lot of questions and a long way to go.”
That leaves us to ponder over the million dollar question: Have home prices finally hit bottom?
Nationally, housing faces a long road to recovery, but not all markets are equal. While areas with a high concentration of distressed properties are clearly stuck in a deflating environment, some communities will see price stability. It's all based on local and regional economies. Where are jobs being created? Where are the best schools? Where is value being created by the community? Where do buyers want to live? This is where the housing recovery can build momentum. Of course you need to be in the right financial situation to even be asking these questions. That's another problem all together. Tight credit demands from lenders combined with damaged borrower credit profiles (and a lack of reserves) implies buyer demand will lag the broader economic recovery, which is lagging itself. Finding a bottom in the hardest hit areas is another story. Here, the GSEs, FHA, and major banks must manage their REO inventory carefully. In these areas, home prices remain highly-sensitive to even the smallest of shocks in buyer sentiment, such as the premature release of shadow inventory. It's gonna be a tight-rope walk. Step 1 is stopping the negative feedback loop.
ABOUT: The indices, which are billed by S&P as the leading measure of U.S. home prices, are constructed to track the price path of typical single-family homes in a number of metropolitan statistical areas (MSAs). The study uses matched price pairs of individual houses to construct a 20-City Composite Index and a 10-City Composite Index which are updated monthly. The indices have a base value of 100 which was set in January 2000. Thus a current index value of 150 indicates there has been a 50% appreciation since that date for a typical home in the subject market. To be eligible to be included in the home price indices, a house must be a single-family dwelling. Condominiums and co-ops are specifically excluded. S&P Indices does publish some separate, supplemental indices for condominiums. Houses included in the indices must also have two or more recorded arms-length sale transactions. New construction is excluded.
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Source: http://www.mortgagenewsdaily.com/06282011_april_case_shiller.asp
Announcing the Stop.Think.Connect. PSA Challenge Winners
Today, Secretary of Homeland Security Janet Napolitano, Commerce Secretary Gary Locke, and I had the honor of announcing the winners of the Stop.Think.Connect. Campaign’s Public Service Announcement (PSA) Challenge at the White House. The event was streamed live on WhiteHouse.gov and you can view it here starting this evening.
I had the pleasure of launching the PSA Challenge in November 2010 as part of the National Initiative for Cybersecurity Education (NICE) – I asked Americans to create and submit short video PSAs encouraging their fellow citizens to be safe and secure online. I was struck by the many impressive video entries submitted by PSA Challenge participants across the country. The winning videos were the most successful at advancing the Stop.Think.Connect. message through their creativity and originality. They target a variety of age groups and promote awareness about important cybersecurity issues critical to America’s national and economic security, as well as the safety and security of individuals and communities. These PSAs superbly demonstrate the important responsibility all Americans share to protect cyberspace. Congratulations to the winners!
Secretary of Homeland Security Janet Napolitano, White House Cybersecurity Coordinator Howard A. Schmidt, and Secretary of Commerce Gary Locke watch the winning videos of the Stop.Think.Connect. Campaign?s Public Service Announcement Challenge at South Court Auditorium in the Eisenhower Executive Office Building.
The winning PSAs are featured on the Department of Homeland Security’s Stop.Think.Connect. Campaign website and YouTube channel. The PSAs will be used to promote the Stop.Think.Connect. Campaign and will help spread the word about safe and secure practices to protect Americans from online threats.
Today’s event highlights the importance of government, the private sector, non-profit organizations, academia, and the American public coming together to realize the vision set out by President Obama when he called on us to “begin a national campaign to promote cybersecurity awareness and digital literacy from our boardrooms to our classrooms, and to build a digital workforce for the 21st century.” I commend the PSA Challenge winners for their creativity and enthusiasm, and thank all who participated in the Challenge for helping to remind Americans that cybersecurity starts with them.
Watch the winning PSAs below:
Source: http://www.whitehouse.gov/blog/2011/06/27/announcing-stopthinkconnect-psa-challenge-winners
Economy Interest Rates Celebrity Foreclosures Most Expensive Homes
Behind the Camera: Homes of Producers and Directors
It’s no secret that when it comes to the world of television and movies, the stars on the big screen are usually the red carpet’s hottest [...]
Source: http://www.zillow.com/blog/2011-06-24/behind-the-camera-homes-of-producers-and-directors/
Wednesday, June 29, 2011
US Charges Madagascar Doing Little to Stop Forced Labor
Report places Madagascar in the lowest category of countries engaged in human trafficking
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Majority Leader Eric Cantor Speaks at Stanford about Innovation. The Federal Government Plays a Role
Majority Leader Eric Cantor just wrapped up a speech to students and faculty at Stanford today, lauding the private sector as a source of innovation in our economy. Absolutely true. We have the most dynamic private sector in the world.
You can find Cantor's speech here.
Cantor's point is that the people, not the government will generate jobs and growth:
Individual initiative in the private sector has been and always will be the wellspring of America's prosperity provided we don't stifle it.
Also true.
But Cantor, while hailing the innovation that comes out of Stanford's famous labs, failed to mention that federal and state governments lavished $36 billion on university research in 2009. The federal government is the largest source of university research dollars. And Stanford is one of the top universities in the country receiving federal dollars for research.
Turns out a lot of government money is involved in helping along private sector innovation.
Source: http://www.pbs.org/nbr/blog/2011/03/majority_leader_eric_cantor_sp.html
Nigerian Sect Targets Security Forces, Non-Muslim Civilians
Boko Haram set goal to create of new country under Islamic law; group does not recognize Nigeria's constitution, federal government
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Seis de Mayo @Trulia
Can someone say fiii-essss-taaaa?! Last Friday, Marketing @Trulia celebrated our version of this memorable holiday by hosting Seis de Mayo! And in true celebratory fashion, we commenced the occasion with cervesas, la musica, hot pepper eating contest and wrestling matches. We could go on and tell you how much fun everyone had, but we’ll let [...]
Source: http://feedproxy.google.com/~r/TruliaBlog/~3/_MTpv4o64AI/
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Burma Orders Aung San Suu Kyi's Party to Halt Political Activity
Home Ministry letter says NLD members 'must stop such acts that can harm peace and stability and the rule of law'
President Obama on Our Economy and the Debt Limit: "Now is the Time to Go Ahead and Make the Tough Choices"
In his press conference this morning, the President took questions on anything the White House press corps could think of, but his primary argument was on the economy, the deficits, and the consequences of Congress not acting and allowing America to default on its debt. He made clear that while he continues to work on everything from streamlining regulations to getting capital to small business, there are things Congress can do right now to grow the economy and create jobs – including putting construction workers back to work rebuilding our country, passing into law trade agreements that will increase exports and create jobs and coming to an agreement to reduce the deficit. As he explained, reducing our deficits has to be done in a fair and balanced way, and that means those in Congress who are looking only at cutting core priorities like education and medical research and cutting Medicare benefits for seniors while excluding even the most egregious tax loopholes for special interests and the very wealthiest Americans need to come to the table:
On Closing Tax Loopholes for Millionaires and Billionaires:
There’s been a lot of discussion about revenues and raising taxes in recent weeks, so I want to be clear about what we’re proposing here. I spent the last two years cutting taxes for ordinary Americans, and I want to extend those middle-class tax cuts. The tax cuts I’m proposing we get rid of are tax breaks for millionaires and billionaires; tax breaks for oil companies and hedge fund managers and corporate jet owners.
It would be nice if we could keep every tax break there is, but we’ve got to make some tough choices here if we want to reduce our deficit. And if we choose to keep those tax breaks for millionaires and billionaires, if we choose to keep a tax break for corporate jet owners, if we choose to keep tax breaks for oil and gas companies that are making hundreds of billions of dollars, then that means we’ve got to cut some kids off from getting a college scholarship. That means we’ve got to stop funding certain grants for medical research. That means that food safety may be compromised. That means that Medicare has to bear a greater part of the burden. Those are the choices we have to make.
So the bottom line is this: Any agreement to reduce our deficit is going to require tough decisions and balanced solutions. And before we ask our seniors to pay more for health care, before we cut our children’s education, before we sacrifice our commitment to the research and innovation that will help create more jobs in the economy, I think it’s only fair to ask an oil company or a corporate jet owner that has done so well to give up a tax break that no other business enjoys. I don’t think that’s real radical. I think the majority of Americans agree with that.
On Addressing Debt Limit:
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China Pledges Lasting Friendship with Sudan
Comments follow a meeting welcoming his Sudanese counterpart, Omar al-Bashir, who is wanted for alleged war crimes
President Obama on Our Economy and the Debt Limit: "Now is the Time to Go Ahead and Make the Tough Choices"
In his press conference this morning, the President took questions on anything the White House press corps could think of, but his primary argument was on the economy, the deficits, and the consequences of Congress not acting on the debt limit. He made clear that while he continues to work on everything from streamlining regulations to getting capital to small business, and while Congress has things it can work on from putting construction workers back to work rebuilding our country to patent reform, the most urgent need is to reach a deal on cutting the deficit and dealing with the debt limit that could otherwise cause a catastrophic default. As he explained, reducing our deficits has to be done in a fair and balanced way, and that means those in Congress who are looking only at cutting core priorities like education while excluding even the most egregious loopholes for the very wealthiest Americans need to come to the table:
On Closing Tax Loopholes for Millionaires and Billionaires:
There’s been a lot of discussion about revenues and raising taxes in recent weeks, so I want to be clear about what we’re proposing here. I spent the last two years cutting taxes for ordinary Americans, and I want to extend those middle-class tax cuts. The tax cuts I’m proposing we get rid of are tax breaks for millionaires and billionaires; tax breaks for oil companies and hedge fund managers and corporate jet owners.
It would be nice if we could keep every tax break there is, but we’ve got to make some tough choices here if we want to reduce our deficit. And if we choose to keep those tax breaks for millionaires and billionaires, if we choose to keep a tax break for corporate jet owners, if we choose to keep tax breaks for oil and gas companies that are making hundreds of billions of dollars, then that means we’ve got to cut some kids off from getting a college scholarship. That means we’ve got to stop funding certain grants for medical research. That means that food safety may be compromised. That means that Medicare has to bear a greater part of the burden. Those are the choices we have to make.
So the bottom line is this: Any agreement to reduce our deficit is going to require tough decisions and balanced solutions. And before we ask our seniors to pay more for health care, before we cut our children’s education, before we sacrifice our commitment to the research and innovation that will help create more jobs in the economy, I think it’s only fair to ask an oil company or a corporate jet owner that has done so well to give up a tax break that no other business enjoys. I don’t think that’s real radical. I think the majority of Americans agree with that.
On Addressing Debt Limit:
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Loan Demand Fails to Find Momentum. Applications Index Dips
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey* for the week ending June 17, 2011.
Although mortgage rates have rallied back to levels just above their all-time lows, home loan demand has largely failed to react to it. The MBA did report a nice uptick in refinance applications in the week ending June 7th, and while this was exciting, even that jump failed to spark further momentum as the Refinance Index declined 7.2 percent in the most recent report. Mortgage rates did however move higher last week, so besides all the barriers that contiue to block borrowers from reducing their monthly payments, there is an explanation for the most recent slowdown.
Excerpts from the Release...
The Market Composite Index, a measure of mortgage loan application volume, decreased 5.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6.2 percent compared with the previous week. The four week moving average is up 0.4 percent.
The Refinance Index decreased 7.2 percent from the previous week. The four week moving average is up 0.8 percent. The refinance share of mortgage activity decreased to 69.2 percent of total applications from 70.0 percent the previous week.
The seasonally adjusted Purchase Index decreased 2.8 percent from one week earlier. The unadjusted Purchase Index decreased 3.9 percent compared with the previous week and was 4.4 percent higher than the same week one year ago. The four week moving average is down 0.7 percent.
The average contract interest rate for 30-year fixed-rate mortgages increased to 4.57 percent from 4.51 percent, with points decreasing to 0.91 from 1.04 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.70 percent from 3.67 percent, with points decreasing to 1.05 from 1.06 (including the origination fee) for 80 percent LTV loans. The effective rate also increased from last week.
The adjustable-rate mortgage (ARM) share of activity decreased to 5.9 percent from 6.1 percent of total applications from the previous week.
Regarding the barriers that continue to block borrowers from reducing their monthly payments...
Over a month ago we wrote, "Right now we're witnessing the beginnings of a mini-refinance boom in the primary mortgage market, but there has been little activity in the secondary market that would indicate increased rate locking by consumers." says MND's Managing Editor Adam Quinones. "However, if conventional 30-year rates reach 4.25%, we'd expect to see a mini-boom scenario play out. There is much stored demand in the system as many borrowers missed the boat on record low rates in October and early November. This crowd is waiting in the wings for those rates to return. Whether or not that happens is still very much up in the air"
In reaction to that comment, Ted Rood, a loan originator from MetLife Home Loans added, "One thing to consider regarding refi volume is that HUD effectively ended FHA streamlines over the course of the last year by tightening underwriting guidelines and jacking up monthly MIP fees. After the change, many existing FHA clients have been unable to meet net benefit rules, even when dropping their rate by 1% or more, since their monthly MIP would double on the new loan. So FHA clients don't get to benefit from lower rates and HUD doesn't get new upfront MIPs from existing clients with clean payment histories who want to refinance".
READ MORE: New FHA MIP Structure to Slow Streamlines
READ MORE: Rents Seen Rising as Poor Credit Hurts Homeownership Demand
READ MORE: Realtors Request Looser Credit Regs as Home Sales Decline
* ABOUT: The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a falling mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out lower monthly payments. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (may boost consumer spending. It also allows debtors to pay down personal liabilities faster. A trend of declining purchase applications implies home buyer demand is shrinking.
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Source: http://www.mortgagenewsdaily.com/06222011_mba_applications.asp
Trulia iPad App Update Improves Navigation
At Trulia, we believe your iPad is a great way to extend your real estate search, especially if you?re on-the-go. Our iPad app gives you all the Trulia data you love in an optimized and visually beautiful iPad experience that now includes full map view, optimized photo browsing, heat map data layers, and community information [...]
Source: http://feedproxy.google.com/~r/TruliaBlog/~3/qSyM08GAdr0/
Former Afghan Bank Chief Faces Charges
Former central bank chief says he feared his life was in danger from those he tried to prosecute for 'stealing millions' from Kabul Bank
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Home Construction Market Faces All Sorts of Headwinds: NAHB
The National Association of Homebuilders (NAHB) today reported that its Housing Market Index (HMI) fell to 13 after standing at 16 for six out of the last 7 months seven months. The HMI is a measure of builder confidence gleaned from homebuilders' responses to a monthly survey that has been conducted by NAHB for over 20 years.
"Builders are being squeezed by the continuing weakness in existing-home prices - against which they must compete -- as well as rising material costs," said NAHB Chairman Bob Nielsen, a home builder from Reno, Nevada. "In addition to the ongoing impacts of distressed property sales on home prices, appraisal values and consumer confidence, rising costs for materials such as roofing, copper, wallboard, vinyl siding and other components have made it extremely difficult to construct a new home and sell it at a price that covers the costs."
The NAHB/Wells Fargo survey asks homebuilders to gauge both current single-family home sales and their expectations for those sales over the next six months as "good," "fair," or "poor." They are also asked to rate current traffic of perspective buyers as "high to very high," "average" or "low to very low." In addition to the composit HMI, a component index is constructed for each of the three sets of responses. A score over 50 on any index indicates that more builders view sales conditions as good rather than as poor. The index has not had a score over 50 since late in 2006.
Every component of the HMI fell in June. The component measuring buyer traffic decreased 2 points to 12 after last month's reading of 14 was the highest since May 2010. Current Sales Conditions also fell 2 points, bringing that component of the index to 13. Sales Expectations fell from 19 to 15, matching record lows from February and March of 2009.
"Builder confidence has waned even further as economic growth has stalled, foreclosures have continued to hit the market and the cost of building a home has risen," agreed NAHB Chief Economist David Crowe. "Meanwhile, potential new-home buyers are being constrained by difficulty selling their existing homes, stringent lending requirements, and general uncertainty about the economy. Economic growth must pick up in order for housing to gain the momentum it needs to get back on track."
Regionally, the HMI results were mixed, with the Northeast actually rising 2 points while the West represented the other end of the spectrum, falling 4 points. The midwest and south dropped 3 and 2 points respectively.
...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Source: http://www.mortgagenewsdaily.com/06152011_nahb_hmi.asp
Top 20 metros for mortgage fraud
Report: California a hotbed for financial crimes
Source: http://feedproxy.google.com/~r/inmannews/~3/GFGk4WrNSL8/top-20-metros-mortgage-fraud
Open for Questions: Live Chat on the Way Forward in Afghanistan
The White House Office of Public Engagement invites you to participate in a live chat on Tuesday, June 28th, at 4:00 PM EST with Ben Rhodes, Deputy National Security Advisor for Strategic Communications, and Brian Deese, Deputy Director of the National Economic Council, on President Obama’s plan for implementing his strategy to draw down troops in Afghanistan and our plan to focus on investments here at home.
This week, President Obama addressed the nation from the East Room of the White House about the way forward in Afghanistan and his plan to remove 10,000 American troops from Afghanistan by the end of this year, and a total of 33,000 by next summer. President Obama also discussed the importance of focusing on nation building here at home, unleashing innovation that creates new jobs and industry, while living within our means, and investing in America’s greatest resource - our people.
Here's how you can participate:
- Ask us questions now through a form on WhiteHouse.gov
- Ask questions in advance on the White House facebook wall
- Join us live on Tuesday, June 28th, at 4:00 PM EST on WhiteHouse.gov or through the White House facebook app
Source: http://www.whitehouse.gov/blog/2011/06/24/open-questions-live-chat-way-forward-afghanistan
HUD Aims to Correct Rental Housing Misconceptions
Affordable rental housing is the focus of the second edition of Evidence Matters, the Department of Housing and Urban Development's (HUD's) new quarterly publication devoted to housing and community development issues.
This edition focuses on several proposals that came out of the Next Generation Housing Policy Conference held last October. The Conference, sponsored by the White House, HUD and the Departments of Treasury and Agriculture, brought together prominent housing experts and practitioners to discuss, among other topics, the role affordable rental housing plays in improving life outcomes, particularly for children, families and the homeless. The discussions that took place at the conference fell into four distinct topic areas:
- The mortgage interest deduction;
- Multibank Consortia and their role in affordable rental housing
- Informing the Next Generation of Rental Housing Policy
The fourth topic was defined by a conference participant, University of Southern California economist Richard Green who suggested that the concept of rental housing needs re-branding. Rent, he said, carries a negative connotation and should be replaced with an alternative name such as "leased housing." The editors of Evidence Matters point out that this is just one of many misconceptions about rental housing that need to be addressed. For example, the image of towering multi-family structures providing rental housing in general and affordable rentals in particular is belied by the reality that these large multi-family developments provide only about a tenth of the rental housing stock.
So, in order to discuss rental housing it is necessary to define the terms with a profile of the rental market and rental market research. For example, the article suggests that rental housing should be defined by tenure choice rather than structure type. Although most multifamily properties are utilized as rentals, small single family properties (one to four units) make up nearly half of all rental housing and these plus developments of five to 49 units account for nearly 70 percent. "Therefore," the report points out, "policies tailored to massive multifamily development will affect only a portion of the rental stock."
In the same way that rental housing is conflated with multi-family housing, affordable housing is assumed to be subsidized. This applies to the most affordable rental units, but not to families earning 50 percent of the area median income (AMI). These units are not subsidized. The American Housing Survey suggests that of the 17 million units affordable to households at 50 percent of AMI, only about 30 percent are subsidized. In urban areas this unassisted housing tends to be older, smaller properties in low-income neighborhoods which are typically owned by "mom and pop" landlords. This type of housing has been ignored by federal housing policy for years so local financial institutions have stepped into provide affordable financing. These small operations are critical sources of housing but their age, high maintenance demands, and low profit margins mean they have high loss rates. "Preserving these structures is an important element of a broader strategy to ensure quality, affordable rental homes for low income Americans, but it is not a substitute for basic rental assistance."
More than 70 percent of HUD's budget is devoted to some form of rental housing assistance and, even though no consensus exists on how best to measure it, rental housing affordability is the biggest measurable housing problem that HUD programs must address. The approach that most policy makers have adopted to assess affordability is rent-to-income ratios and the current standard is whether gross rents account for less than 30 percent of a tenant's monthly income. Worse case need is defined as very low-income renters (earning less than 50 percent of AMI) who do not receive assistance and pay more than 50 percent of their income for housing or live in severely inadequate housing or both. As a result of the recent recession nearly 7.1 million households are considered to have worst case needs - the highest level on record in both absolute and percentage terms.
Another measure is the difference between the numbers of low-income renters and the units affordable to them. In 2009 there were 10 million extremely low-income renters (earning less than 30 percent of AMI) and just 6.2 million units that they could rent and pay no more than 30 percent of their income for housing.
Another definition that is necessary is one that takes local nuances into account. Constraints on new construction, employment growth, immigration, housing prices can all create frictions which differ across markets so Federal housing policy should promote market-sensitive investments that recognize how housing stresses play out in different localities.
Related MND comments....
READ MORE: Builder Report Offers Reminder. Affordable Rental Units Needed
READ MORE: HUD Focused on Rebuilding America's Dilapidated Housing Inventory
READ MORE: Affordable Housing Units Needed for Low Income Renters
READ MORE: The Dearth of Affordable Rental Housing
READ MORE: Gimme Shelter: Homelessness Rate Climbing. Low Income Rental Units Needed
...(read more)
Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Source: http://www.mortgagenewsdaily.com/06212011_rental_housing.asp
Housing Starts President Obama Hope for home owners Fannie Mae
Our Covenant with America?s Rural Miners
Editor's Note: Cross-posted from the Blog of the U.S. Department of Labor
Secretary Solis speaks with local miners during a visit to a West Virginia mine. (Photo by Department of Labor)
From the coal that makes it possible for us to power our computers, to the sand and gravel that serves as the foundation of our nation’s infrastructure, we simply could not function as a country without the natural resources that our miners provide.
Mining and extraction industries have been key drivers of rural economic growth during our recovery, creating 80,000 new jobs in the last year alone. Nationally, this sector employs nearly 730,000 people in communities from Appalachia to the American West. For some raised in rural communities where mining is a way of life, this work is part of their family DNA, a profession “handed down” from one generation to the next. For others, a career in the mines is a ticket to a better life for their families. According to our Bureau of Labor Statistics, continuous mining machine operators have an average base pay of $48,000 a year, while supervisors earn more than $70,000.
As a member of President Obama’s Rural Council, I am committed to helping miners get the training they need to harness our natural resources in a safe and cost-effective way. As rising gas prices continue to place strains on middle class families, it’s critical that we support the workers responsible for producing our domestic energy supply.
This commitment starts with maintaining a well-qualified workforce. During the next decade, some 50,000 new workers will have to be trained to replace the mining industry’s aging labor force. Recognizing this challenge, my department has awarded grants to a variety of rural stakeholders to develop training programs tailored to meet the employment needs of local industry.
The projects are as unique as the rural communities that they serve: Penn State University is using special simulators to teach students how to operate sophisticated machinery when down in the mines. Northern Wyoming Community College partnered with Penn State and devised a mobile laboratory to give students on-site training at local coal mines. The Alaska Department of Labor increased mining apprenticeship opportunities and developed a web portal to help Alaskans find jobs in the mining and energy sectors. The College of Eastern Utah offers mining classes to Hispanics and Native Americans in their unique languages. West Virginia University’s Mine Training and Placement Center provides instruction on everything from ventilation techniques to infection control to accident prevention for mineral miners.
But our investment in skills training is only part of our covenant with miners in rural America. The Obama administration is committed to aggressive enforcement of mine safety laws. Our country has a duty to ensure these workers return home to their families each day in the same condition they went to work.
My department’s Mine Safety & Health Administration has rewritten our regulations to toughen worker safety standards, strengthened our enforcement efforts to identify potential hazards, partnered with mining companies to improve emergency response time and rescue capability, and cracked down on operators that cut corners on safety and put workers at risk.
It has been 14 months since the explosion at West Virginia’s Upper Big Branch mine claimed 29 lives. I will never forget traveling to rural West Virginia to stand vigil with the miners’ families in those tense hours when rescue operations were still ongoing. For me, the lesson of the Upper Big Branch tragedy couldn’t be clearer: hazards are to be abated, mines are to be made safe and mine operators are to be held responsible for safety problems they do not fix. We owe nothing less than this strong commitment to the mining families of rural America.
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Source: http://www.whitehouse.gov/blog/2011/06/24/our-covenant-america-s-rural-miners
Majority Leader Eric Cantor Speaks at Stanford about Innovation. The Federal Government Plays a Role
Majority Leader Eric Cantor just wrapped up a speech to students and faculty at Stanford today, lauding the private sector as a source of innovation in our economy. Absolutely true. We have the most dynamic private sector in the world.
You can find Cantor's speech here.
Cantor's point is that the people, not the government will generate jobs and growth:
Individual initiative in the private sector has been and always will be the wellspring of America's prosperity provided we don't stifle it.
Also true.
But Cantor, while hailing the innovation that comes out of Stanford's famous labs, failed to mention that federal and state governments lavished $36 billion on university research in 2009. The federal government is the largest source of university research dollars. And Stanford is one of the top universities in the country receiving federal dollars for research.
Turns out a lot of government money is involved in helping along private sector innovation.
Source: http://www.pbs.org/nbr/blog/2011/03/majority_leader_eric_cantor_sp.html
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