Real Estate analytics firm Core Logic announced Wednesday that there were a total of 620,111 foreclosures across the country in 2013, a 24% decline from 2012 when 820,000 homes were foreclosed upon.
Despite the marked decline in the number of foreclosures year over year, foreclosure activity remains well above its normal rate of 21,000 foreclosures per month between 2000 and 2006. “Clearly, 2013 was a transitional year for residential property in the United States.” said Anand Nallathambi, president and CEO of CoreLogic. “We are turning a long-awaited corner.”
via Foreclosures Fell a Whopping 24% in 2013 | TIME.com.
(Reuters) – The U.S. Federal Reserve on Wednesday announced a further $10 billion reduction in its monthly bond purchases as it stuck to a plan to wind down the extraordinary stimulus despite recent turmoil in emerging markets.
Fed Chairman Ben Bernanke, who hands the central bank’s reins to Vice Chair Janet Yellen on Friday, also adjourned his last policy-setting meeting without making any changes to the U.S. central bank’s other main policy plank: its longer-term plan to keep interest rates low for some time to come.
via Fed cuts stimulus as expected; Bernanke prepares to depart | Reuters.
(Reuters) – Big banks still pose a threat to the world financial system because there is a general assumption that governments will come to their rescue in case of trouble, an International Monetary Fund executive said on Thursday.
via IMF warns more work is needed to tackle big bank risk | Reuters.
By Binyamin Appelbaum – Originally published October 30,2013
WASHINGTON — The Federal Reserve is still waiting for clear evidence that the economy can grow decently without its help.
The Fed’s widely expected announcement on Wednesday that it would press ahead with its stimulus campaign of asset purchases and low interest rates reflected the reality that the nation’s central bankers gained little clarity in the six weeks since their last meeting, in part because the government shutdown delayed and distorted key economic indicators.
via Fed Extends Stimulus as Growth Stumbles – NYTimes.com.
The United States economy may have been one of the first in the world to have escaped the last recession, but economists are already trying to work out when the next one will hit – and the answer is: probably sooner than you think.The overwhelming majority of mainstream economists predicts that the worlds biggest economy should have at least another two years before it runs into six months of negative growth the official definition of recession. After 2015, however, the date for the next recession could be any time between the end of 2015 to 2018, according to economists forecasts.
via Next US recession.
By Karen Tumulty and Lori Montgomery, E-mail the writers
Washington began bracing for a prolonged government shutdown on Tuesday, with House Republicans continuing to demand that the nation’s new health-care law be delayed or repealed and President Obama and the Democrats refusing to give in.
There were signs on Capitol Hill that Republicans — knowing that blame almost certainly will fall most heavily on them — are beginning to look for ways to lift some of the pressure.
via Washington braces for prolonged government shutdown – The Washington Post.
A recent dip in job growth continued last month, a report out Wednesday shows, but some economists see payroll gains strengthening in the months ahead.Businesses added 166,000 jobs in September, payroll processor ADP said. Economists expected ADP to report 180,000 additional jobs, according to a consensus forecast.
via ADP: Businesses added 166,000 jobs in September.
Economy Watch: Personal Income, Expenditures Up in August
By Dees Stribling, Contributing Editor – Economy Watch
The Bureau of Economic Analysis reported on Friday that U.S. personal income increased $57.2 billion, or 0.4 percent in August compared with July, and disposable personal income—after taxes, the kind everyone likes—was up 0.5 percent. Real disposable personal income, which is personal income adjusted to account for the price increases consumers face, was up 0.3 percent.
via Economy Watch: Personal Income, Expenditures Up in August | Multi-Housing News Online.
BY JANN SWANSONREITs, Sep 27 2013, 11:54AM
Commercial and multi-family mortgage debt increased by $24.5 billion in the second quarter of 2013, with $10.9 billion of that being debt in the multi-family sector. The Mortgage Bankers Association MBA said the increase in debt from quarter to quarter was 1.0 percent for all mortgage debt and 1.3 percent for multi-family. The aggregate outstanding commercial and multifamily debt at the end of the second quarter was $2.45 trillion; the multifamily portion was $875 billion.
via REITs, Pension Plans Increase Multifamily Debt Holdings.
By Margaret Chadbourn
WASHINGTON | Thu Sep 19, 2013 10:27am EDT
(Reuters) – U.S. home resales hit a 6-1/2 year high in August as buyers flocked back to the market to lock in cheap borrowing costs amid rising mortgage rates, a signal of continued strength in the housing market recovery.
The National Association of Realtors said on Thursday existing home sales increased 1.7 percent to an annual rate of 5.48 million units last month, the highest level since February 2007 when property values began to decline after the sector’s boom and bust.
Economists polled by Reuters had expected home resales to rise to a 5.25 million-unit rate. The housing recovery has helped shore up the economy by bolstering household finances and supporting consumer spending.
via U.S. existing home sales rise to 6-1/2 year high | Reuters.