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  • Fri, Aug 10 2018
  • 4:36 PM » Wall Street sinks as Turkey crisis drags down banks
    Published Fri, Aug 10 2018 4:36 PM by Reuters
    U.S. stocks slid on Friday as a deepening economic crisis in Turkey dragged on bank shares and triggered concerns that it could spread to other global economies.
  • 2:44 PM » Sacramento Housing in July: Sales Down 2.2% YoY, Active Inventory up 20% YoY
    Published Fri, Aug 10 2018 2:44 PM by Calculated Risk Blog
    From Sales, median sales price drop, inventory creeps upward July closed with 1,598 sales, a 9.6% decrease from the 1,767 sales of June. Compared to July last year (1,634), the figure is a 2.2% decrease . Of the 1,598 sales this month, 214 (13.4%) used cash financing, 975 (61%) used conventional, 291 (18.2%) used FHA, 81 (5.1%) used VA and 37 (2.3%) used Other types of financing. Active Listing Inventory increased 8.1% from 2,660 to 2,875 units [ inventory is up 20.0% YoY from 2,395 in July 2017 ]. The Months of Inventory increased from 1.5 to 1.8 Months. This figure represents the amount of time (in months) it would take for the current rate of sales to deplete the total active listing inventory. The Average DOM (days on market) increased from 21 to 22 from June to July and the Median DOM increased from 10 to 12. "Days on market" represents the days between the initial listing of the home as "active" and the day it goes "pending." Of the 1,598 sales this month, 77.3% (1,235) were on the market for 30 days or less and 93.3% (1,491) were on the market for 60 days or less. emphasis added CR Note: Inventory is still low, but up significantly year-over-year in Sacramento.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:16 PM » US budget deficit increases 21%, on track for biggest gap in six years
    Published Fri, Aug 10 2018 2:16 PM by CNBC
    The federal government recorded a $76.9 billion deficit in July, with increased government spending and tax cuts keeping the country on track to record its biggest annual deficit in six years.
  • 1:24 PM » The Rise of the Fashionable Concrete Home
    Published Fri, Aug 10 2018 1:24 PM by
    Long associated with utility, concrete is now popular for constructing stylish luxury houses. Such homes are expensive to build but easy to maintain. The post The Rise of the Fashionable Concrete Home appeared first on Real Estate News & Insights |® .
    Click Here to Read the Full Article

  • 12:29 PM » Half of US Homes Built before 1980
    Published Fri, Aug 10 2018 12:29 PM by
    The median age of owner-occupied homes is 37 years, according to the latest data from the 2016 American Community Survey. Compared to a median age of 31 years in 2005, the U.S. owner-occupied housing stock is aging gradually. This aging trend is primarily because of modest gains in residential construction over the past decade. This aging housing stock signals a... Read More ›
    Click Here to Read the Full Article

  • 10:43 AM » Why Trump is attacking Turkey
    Published Fri, Aug 10 2018 10:43 AM by CNBC
    Trump's moves against Turkey come at least in part in response to simmering conflicts between the two countries over military cooperation and the U.S. push for pastor Andrew Brunson's release.
  • 9:47 AM » Early Look at 2019 Cost-Of-Living Adjustments and Maximum Contribution Base
    Published Fri, Aug 10 2018 9:47 AM by Calculated Risk Blog
    The BLS reported this morning: The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 3.2 percent over the last 12 months to an index level of 246.155 (1982-84=100). For the month, the index was unchanged prior to seasonal adjustment. CPI-W is the index that is used to calculate the Cost-Of-Living Adjustments (COLA). The calculation dates have changed over time (see Cost-of-Living Adjustments ), but the current calculation uses the average CPI-W for the three months in Q3 (July, August, September) and compares to the average for the highest previous average of Q3 months. Note: this is not the headline CPI-U, and is not seasonally adjusted (NSA). • In 2017, the Q3 average of CPI-W was 239.668. Last year was the highest Q3 average, so we have to compare Q3 this year to last year. Click on graph for larger image. This graph shows CPI-W since January 2000. The red lines are the Q3 average of CPI-W for each year. Note: The year labeled for the calculation, and the adjustment is effective for December of that year (received by beneficiaries in January of the following year). CPI-W was up 3.2% year-over-year in July, and although this is very early - we need the data for August and September - my current guess is COLA will probably be close to 3% this year, the largest annual increase since 2012. Contribution and Benefit Base The contribution base will be adjusted using the National Average Wage Index . This is based on a one year lag. The National Average Wage Index is not available for 2017 yet, but wages probably increased again in 2017. If wages increased the average of the last three years, then the contribution base next year will increase to around $132,000 in 2019, from the current $128,400. Remember - this is an early look. What matters is average CPI-W for all three months in Q3 (July, August and September).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:54 AM » U.S. consumer prices edge up in July
    Published Fri, Aug 10 2018 8:54 AM by Reuters
    U.S. consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures that keeps the Federal Reserve on track to gradually raise interest rates.
  • 8:10 AM » California sees China impact, soft job growth but no sign of recession, say economists
    Published Fri, Aug 10 2018 8:10 AM by CNBC
    California's $2.7 trillion economy may face pain from the U.S.-China trade war and shows signs of slowing job growth but economists don't see a recession in the cards.
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