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June housing construction makes unexpected jump

Posted Jul 17th 2009 4:20PM by Michael Fowlkes (RSS feed)
Filed under: Forecasts, Good news, Products and services, Money and Finance Today, Economic data, Housing, Recession, Financial Crisis

new home constructionWe get a second piece of positive news out of the housing industry in as many days today as the Commerce Department announced this morning that new home construction jumped 3.6% in June.

No one is going to put forth the argument that the housing market is all of a sudden in good shape again, but we are starting to see signs that things could be at least leveling off, which is the first step that needs to be made.

Continue reading June housing construction makes unexpected jump

The sky is falling ... don't say we didn't warn you

Posted Jul 26th 2007 3:03PM by Michael Fowlkes (RSS feed)
Filed under: Major movement, Bad news, Consumer experience, Rants and raves, Economic data, Oil, S and P 500, Housing

In case you haven't noticed, its ugly out there. In a sign of just how bad it is, one of my coworkers recently proclaimed that he was glad he worked on the ground floor, and another coworker got fed up and turned off his quote machine. Yes, it is that bad. The main culprits are mortgage fears and oil prices, both of which concerns our readers should be well acquainted with at this point.

In reaction to growing investor concern over the mortgage crisis, the Dow has plummeted over 400 points so far today. We have been talking about the weak housing market a lot over the past couple months and the impact that the subprime mortgage business is having on the market. Foreclosures are running rampant and concerns are growing that the situation is only going to get worse.

If you have been following our page for a while now, this should not come as any surprise. Last month, our very own Jonathan Berr wrote a wonderful (and scary) piece about foreclosures. As Jonathan pointed out at the time, we saw a 90% jump in foreclosures during the month of May. While that news was scary enough, it was not the scariest aspect of his piece. As he pointed out, there were still, at that time, almost $2 trillion worth of adjustable rate mortgages are due to reset at higher interest rates. Yes, you read that right... $2 trillion!

Continue reading The sky is falling ... don't say we didn't warn you

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DJIA-154.4810,309.92
NASDAQ-37.612,138.44
S&P 500-23.361,087.27

Last updated: November 27, 2009: 04:59 PM

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