My Website
I wanted to post this information about the current economic factors. If you would like to see the most recent home listings including REO’s, Bank Owned Homes or Short Sales please vist my website at www.BrianRichardHomes.com.
On Monday, January 5, the Commerce Department reported total construction spending fell 0.6% in the month of November. Economists had anticipated a much steeper drop of 1.3%. The primary cause for the drop was residential construction spending, which fell in November by 4.2% to a seasonally adjusted annual rate of $328.3 billion. Residential construction spending is down 23.4% from a year ago.
On Tuesday, the National Association of Realtors said pending sales for existing homes in November fell to the lowest level in the eight-year history of its index. The trade group said its seasonally adjusted index fell 4% to 82.3 in November from a revised 85.7 in October. Economists expected a reading of 88.
The Commerce Department reported factory orders declined by 4.6% in November, nearly double the 2.5% drop economists expected. Orders have been falling since August, with a 6% drop in October, the biggest decline in eight years. The report showed that demand for durable goods, items expected to last three or more years, fell a modest 1.5% in November. Durable goods dropped 8.5% in October. Demand for nondurable goods, items such as food, paper and petroleum products, dropped by 7.4% in November following a 3.8% decline in October.
The Labor Department said on Thursday the number of people continuing to claim jobless benefits rose by 101,000 to 4.61 million, above the 4.5 million economists expected.
On Friday, the Labor Department reported that the nation’s unemployment rate increased to 7.2% in December from 6.8% in November as businesses cut 524,000 jobs. Employers are also cutting workers’ hours. The average work week in December fell to 33.3 hours, the lowest level on record dating back to 1964.
In other news, the New York-based real estate data company Radar Logic Inc. reported that motivated sales, which include foreclosure auctions and banks selling homes taken over for non-payment, in the 25 largest U.S. metropolitan areas increased 193% between January 2008 to October 2008.
Upcoming on the economic calendar are reports on retail sales on January 14 and consumer inflation on January 16.
If you would like to know more about how this affects you as a potential Home Buyer or Seller or if you would just like more overall information please feel free to contact me anytime. My cell phone – 760.533.4244 or email – brian@richardrealtygroup.com.
Brian Richard, GRI, EPRO, ABR
NSDCAR Director 2009 – Carlsbad
Chairman – Habitat for Humanity Carlsbad
Richard Realty Group
6986 El Camino Real | Ste. H | Carlsbad | CA | 92009
760 533 4244 Cell | 760 603 8773 Fax
Brian@RichardRealtyGroup.com
www.BrianRichardHomes.com
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Tags: Bank owned, brian richard, buyers, BUYING A HOME, buying bank owned, buying REO, Carlsbad, comments, Del Mar, Economic Update, economy, encinitas, EPRO, foreclosure, la costa, Loan, north san diego county association of realtors, NSDCAR, oceanside, Poway, real estate owned, realtor, REO, richard realty groups, San Diego REO, san marcos
This entry was posted on January 15, 2009 at 10:33 pm and is filed under BUYING A HOME, Economic Update. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
Economic Update 1/15/2009
My Website
I wanted to post this information about the current economic factors. If you would like to see the most recent home listings including REO’s, Bank Owned Homes or Short Sales please vist my website at www.BrianRichardHomes.com.
On Monday, January 5, the Commerce Department reported total construction spending fell 0.6% in the month of November. Economists had anticipated a much steeper drop of 1.3%. The primary cause for the drop was residential construction spending, which fell in November by 4.2% to a seasonally adjusted annual rate of $328.3 billion. Residential construction spending is down 23.4% from a year ago.
On Tuesday, the National Association of Realtors said pending sales for existing homes in November fell to the lowest level in the eight-year history of its index. The trade group said its seasonally adjusted index fell 4% to 82.3 in November from a revised 85.7 in October. Economists expected a reading of 88.
The Commerce Department reported factory orders declined by 4.6% in November, nearly double the 2.5% drop economists expected. Orders have been falling since August, with a 6% drop in October, the biggest decline in eight years. The report showed that demand for durable goods, items expected to last three or more years, fell a modest 1.5% in November. Durable goods dropped 8.5% in October. Demand for nondurable goods, items such as food, paper and petroleum products, dropped by 7.4% in November following a 3.8% decline in October.
The Labor Department said on Thursday the number of people continuing to claim jobless benefits rose by 101,000 to 4.61 million, above the 4.5 million economists expected.
On Friday, the Labor Department reported that the nation’s unemployment rate increased to 7.2% in December from 6.8% in November as businesses cut 524,000 jobs. Employers are also cutting workers’ hours. The average work week in December fell to 33.3 hours, the lowest level on record dating back to 1964.
In other news, the New York-based real estate data company Radar Logic Inc. reported that motivated sales, which include foreclosure auctions and banks selling homes taken over for non-payment, in the 25 largest U.S. metropolitan areas increased 193% between January 2008 to October 2008.
Upcoming on the economic calendar are reports on retail sales on January 14 and consumer inflation on January 16.
If you would like to know more about how this affects you as a potential Home Buyer or Seller or if you would just like more overall information please feel free to contact me anytime. My cell phone – 760.533.4244 or email – brian@richardrealtygroup.com.
Brian Richard, GRI, EPRO, ABR
NSDCAR Director 2009 – Carlsbad
Chairman – Habitat for Humanity Carlsbad
Richard Realty Group
6986 El Camino Real | Ste. H | Carlsbad | CA | 92009
760 533 4244 Cell | 760 603 8773 Fax
Brian@RichardRealtyGroup.com
www.BrianRichardHomes.com
Like this:
Tags: Bank owned, brian richard, buyers, BUYING A HOME, buying bank owned, buying REO, Carlsbad, comments, Del Mar, Economic Update, economy, encinitas, EPRO, foreclosure, la costa, Loan, north san diego county association of realtors, NSDCAR, oceanside, Poway, real estate owned, realtor, REO, richard realty groups, San Diego REO, san marcos
This entry was posted on January 15, 2009 at 10:33 pm and is filed under BUYING A HOME, Economic Update. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.