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May 2015 U.S. Economic Fundamentals

Ally

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News articles for May 2015.
 

Ally

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Home prices in 20 U.S. cities increase at faster pace

Home prices in 20 U.S. cities climbed at a faster pace than forecast in the year ended February, a sign the housing industry may be gaining momentum amid low borrowing costs and continued job growth.

The S&P/Case-Shiller index of property values increased 5 percent from February 2014, the biggest year-to-year gain since August, after rising 4.5 percent in the year ended in January, the group said today in New York. The median projection of 28 economists surveyed by Bloomberg called for a 4.7 percent year-over-year advance. Nationally, prices rose 4.2 percent.

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Cushing Crude stockpiles drop for the first time in 21 weeks

The danger the U.S. would run out of space at its crude storage hub receded as inventories at Cushing, Oklahoma, declined for the first time since November.

Stockpiles at Cushing, the delivery point for crude traded in New York, slipped 514,000 barrels to 61.7 million last week, the Energy Information Administration said Wednesday. That restrains the march toward maximum capacity -- or reaching “tank tops” -- highlighted earlier this year by banks from Bank of America Corp. to Citigroup Inc. and Goldman Sachs Group Inc.

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Ally

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Talkin' 'Bout our Generations: Will Millennials have a similar impact on America's Institutions as the Baby Boomers?

Over the next several years, baby boomers will continue transitioning into retirement and old age while millennials, many of whom are children of the baby boomers, pass through the traditional benchmarks of adulthood (e.g., finishing school, finding jobs and buying homes). Researchers and reporters, among others, have drawn comparisons between the experiences and behaviors of these two generations.

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U.S. job openings fall, hiring rises

WASHINGTON — The number of available jobs in the US fell in March, though companies filled more of their open positions in a sign they are still confident enough to hire.

The Labor Department said job postings dropped 2.9% to just under a seasonally adjusted 5 million in March. Meanwhile, total hiring ticked up 1.1% to 5.1 million, the most since December.

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California rent increasing, higher than national average

A not so surprising statistic released in a new report: Californians are paying more for rent than the average American.

According to the report, released by apartmentlist.com, the median rental price of a one-bedroom apartment in California in March was $1,350 -- 43 percent more than the national average. And that number is rising.

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Seattle to Buildings: Give tenants transit passes, not parking spots

After decades of telling residential developers to build a minimum amount of parking for tenants, smart cities are now looking for ways to discourage the creation of unnecessary spaces. That’s because while some people enjoy the amenity of a personal spot, residential parking also makes housing less affordable (by jacking up rents to defray the cost of building a garage or a lot) and makes traffic more awful (by encouraging commuters to drive to work). It's a small win for a large loss.

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Just 38 miles apart, one Texas oil town is still booming and the other is dead

They are separated by just 38 miles on the remote plains of south Texas, really no more than a quick spin down old Highway 80.

And yet Karnes City and Smiley provide polar-opposite glimpses into what life in a U.S. oil boom town looks like in the wake of last year’s price collapse.

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Strong demand for both rental and for sale housing reinforcing each other in Chicago area, RE/MAX reports

CHICAGO, May 21, 2015 /PRNewswire/ -- The metropolitan Chicago real estate market is experiencing "a positive feedback loop" in which demand for rental and "for sale" housing are reinforcing each other, according to an analysis by RE/MAX.

"It's a complex situation, but the net result is that a rising number of residential rental units are returning to owner occupied status, making rentals harder to find. That, in turn, encourages rents to rise and renters to become buyers," said Jim Merrion, regional director of RE/MAX Northern Illinois. "We believe that cycle will be playing out over the next several years."

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Oil rises about 3% as U.S. crude inventory drops

Crude oil prices rose more than 2 percent on Friday as the dollar weakened and U.S. inventories fell for a fourth straight week, although prices were set for a weekly drop.

Oil saw steep falls earlier this week as a resurgent dollar weighed on the market amid concerns U.S. crude supplies may have started rising again after three weeks of draws.

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