Home >> Tag Archives: Confidence (page 22)

Tag Archives: Confidence

How Over-Optimistic Homebuyers Could Inflate Next Bubble

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Renters and first-time homebuyers want more amenities in their first homes and generally feel a sense of optimism that outpaces the reality in a slowly recovering housing market ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a disconnect that could set the stage for the next housing crisis. Those are the findings that real estate company Trulia unveiled in an American Dream survey it released Wednesday. Of 86 markets in the 100 largest metro areas, 61 percent, or nearly two-thirds, of Americans believe that home prices will rise over the next year, according to the company.

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Senate Proposal to Revise HARP 2.0 Nets Industry Backing

The Responsible Homeowner Refinancing Act of 2012, introduced this month by Sens. Robert Menendez and Barbara Boxer, received backing from witnesses at a Senate Banking Committee hearing. The bill aims to address what the senators say are barriers impeding the success of the recently revised Home Affordable Refinance Program, commonly referred to as HARP 2.0. The bill aims to eliminate all upfront fees and appraisal costs for refinances, prohibit second-lien holders from unreasonably hindering refinances, and more.

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Group: Housing Finds Sustainable Recovery Amid Threats

In its latest monthly report released Monday, Capital Economics painted a positive picture of the housing market, insisting the market has moved from bottoming-out to recovering. To those wondering whether Capital Economics' positive prophesies are merely a mirage soon to be dispersed much like the short-lived positive movement the market experienced in 2009 and 2010, the analytics firm pointed out a substantial difference between what occurred in 2009-2010 and what is occurring today.

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Bank Shares Fall as Greek Turmoil Undermines Confidence

A fresh round of concerns that Greece may leave the euro zone sent U.S. stock markets into a dizzying tumble Monday. After some lift in recent weeks, the Dow Jones Industrial Average fell 125.25 points to close by end of day at 12,695, along with shares for the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós four largest lenders. The deal reportedly involves a Syriza, a leftwing bloc opposed to further austerity measures that may parlay slashes to Greek social services for $170 billion in bailout funds under a package jointly agreed-to by the European Union and International Monetary Fund.

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Home Prices Rise for First Time Since March 2010: LPS

Home prices rose by a seasonally adjusted 0.2 percent in February, the first increase since March last year, according to Lender Processing Services. The analytics and data provider said that several other indicators posted solid gains in February. Home prices averaged $195,000, the same as seen in June 2003. LPS also projected a 0.3 percent increase in national home prices on the whole come March. Of 26 metro areas surveyed by LPS and the Labor Department, only cities in California ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô Los Angeles, San Diego, and San Francisco ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô observed price declines.

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Capital Economics Sees Improvement Ahead for Housing

Noting some recent strengthening in demand in the housing market, Capital Economics suggests housing prices "are close to, or already through, their trough," and recovery will continue through the coming months. While acknowledging the decline in home sales in March, Capital Economics├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó analysts remain optimistic due to the recent increases in pending home sales. The National Association of Realtors' latest Pending Home Sales Index in March reached 101.4, its highest level since April 2010. Recent data on mortgage applications also point toward a strengthening market.

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More Slow Growth as Economy Adds Only 115K Jobs

The nation added 115,000 jobs in April, far below expectations and a drop from March├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós revised payroll growth of 154,000, the Bureau of Labor Statistics reported Friday. The closely watched unemployment rate dipped again to 8.1 percent ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô its lowest level since January 2009 (7.8 percent) when President Obama took office ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a function of a sharp drop in the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós labor force. Payroll gains for February and March were revised, adding 19,000 to the February numbers and 34,000 to March. The average workweek remained at 34.5 hours.

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Stocks Swell for Big Four as Construction Spending Rises

Shares swelled for the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós four largest lenders Tuesday, with analysts crediting a rise in construction spending over March for a climb by the stock market to levels not seen in four years. The Dow Jones Industrial Average cleared an important psychological hurdle by rising 65 points to 13,279, the highest in four years. Media outlets and analysts attributed the boon to a leap ahead in confidence for the Chinese and U.S. economies, with a slight rise in construction spending over March responsible for the latter. Construction spending arrived at $171.2 billion.

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Spending Growth Outpaces Income in February

Consumer spending grew 0.8 percent in February, the Bureau of Economic Analysis reported Friday, fueling expectations for a stronger first quarter economic surge than economists have forecast. Personal spending grew faster than the 0.6 percent market consensus. Personal income, BEA reported, grew just 0.2 percent in February, half the rate of growth expected by economists. In dollars, spending increased $86.0 billion in February while income ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô from all sources ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô grew $28.2 billion. Spending for the first two months of the quarter averaged $10.9 billion.

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March Builder Confidence Flat As String of Increases Ends

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Builder confidence was flat in March, matching a downwardly revised February index of 28, the first time in six months the index has not increased, the National Association of Home Builders reported Monday. The builder assessment of present home sales conditions actually dipped in March, falling to 29, the first decline since last September. The outlook for home sales in the next six months rose to 36 ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the highest level since June 2007 - from 34 in February. Buyer traffic was flat in March at 22. The drop in the index in the West census region was precipitous.

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