U.S. poverty on track to reach highest level since the 1960s
WASHINGTON (AP) ` The ranks of America's poor are on track to climb to levels unseen in nearly half a century, erasing gains from the war on poverty in the 1960s amid a weak economy and fraying government safety net.
Census figures for 2011 will be released this fall in the critical weeks ahead of the November elections.
U.S. sales of previously occupied homes drop 5.4% to 4.37 million, lowest since October
WASHINGTON - Americans bought fewer homes in June than May, indicating the weak economy could make a modest housing recovery choppy.
The National Association of Realtors said Thursday that sales of previously occupied homes fell 5.4 per cent in June to a seasonally adjusted annual rate of 4.37 million homes. That's the fewest since October.
Preliminary figures from real estate research firm Reis show that the national vacancy rate in the apartment sector dropped 20 basis points in the second quarter and now stands at 4.7 percent`the lowest level in a decade. The figure is 120 basis points below the same time a year ago.
Seven signs that the recession risk in America is rising
The Philly Fed in the red for months on end, soaring food prices and tepid retail sales: We are living in strange times, says Gluskin-Sheff chief economist David Rosenberg.
`Makes you want to go out and bet on the horses,` said Rosenberg. `We are seeing things happen that are extremely rare.`
Rare and risky ` Rosenberg has identified seven uncommon occurrences on America`s economic landscape that suggest the recession risk is rising.
Five years after the U.S. real estate bubble burst, home values have reached bottom
After five long years of a housing recession, U.S. home values have reached a bottom, according to Zillow`s second quarter Real Estate Market Reports, which were released today.
U.S. home values logged their first annual increase since 2007, rising 0.2 percent over the past year. Nearly one-third of metros covered by the Zillow reports showed annual increases in home values.
There appears to be good news on the horizon as well. The Zillow Home Value Forecast shows values will increase in two-fifths of markets over the coming year, with the biggest increases in the Phoenix and Miami markets, where home values are predicted to rise 9.9 percent and 6.1 percent, respectively.
U.S. jobless claims fall, still volatile due to auto jobs
The number of Americans filing new claims for jobless benefits fell last week to near a four-year low but an unusual pattern for summer factory shutdowns kept hopes in check that the weak labor market was improving.
Other data on Thursday showed new orders for long-lasting U.S. manufactured goods rose in June although a gauge of planned business spending plans dropped, pointing to a slowdown in factory activity.
Economists said the two economic reports did little to change the view that the economy was stuck in a rough patch.
Miami property market continues its recovery with prices and sales up
Miami home prices and sales are continuing to be buoyant with strong gains in June, marking seven consecutive months of appreciation, the latest data shows.
The median sales price of condominiums in Miami Dade County, for example, increased a by 34% to $160,000 compared to a year earlier, the figures from the Miami Association of Realtors reveal. And the median sales price of single family homes rose 5% to $194,250.
`The remarkable rise in Miami home prices over the last seven months reflects the strong demand that exists for local properties,` said the association`s chairman Martha Pomares.
