The survey of economists had predicted a sharp rise in claims, but these are the same economists that are almost always wrong. Why do reporters quote them? You would get a better prediction by flipping a coin.
Monthly home sales numbers are up 9% over last year, but down one percent from the previous month. The number of houses currently on the market is actually down to a four month supply, which is good news for the economy. This allows people who want to move, or build their dream house sell their current home, and this should build a reinforcing cycle.
The bad news is that 22% of home owners are still under water on their mortgage. The number of foreclosures is also expected to pick up sharply now that Obama has given the banks a pass on Robo-signing. However, a plethora of investor lawsuits, and an assortment of state criminal probes continue against the big zombie banks. A new banking crisis is almost a certainty because any sort of bad news will drive the already bad credit ratings of these big banks down, triggering trillions in derivative payouts.
More...
On Monday, August 6, 1945, after six months of intense firebombing of 67 other Japanese cities,...
In its 38 years of existence, the USA TODAY Editorial Board has never endorsed a candidate for president....
