Morning Report – Foreclosures continue to fall 12/4/14

Markets are lower as ECB President Mario Draghi addresses further action the ECB might take to boost growth. Bonds and MBS are flat.

It looks like Mario Draghi is kicking the QE can down the road a little more, and will address further stimulus measures in the first quarter. The Euro is rallying.

Initial Jobless Claims came in at 297k during the holiday shortened week. Announced job cuts fell 21% in November, according to outplacement firm Challenger, Gray and Christmas.

The ISM Non-Manufacturing Index rose to 59.9% in November as business activity and new orders surged. The employment index decreased however.

Completed Foreclosures fell to 41,000 in October, according to CoreLogic. This is a 26.4% decline from a year ago, and a 34% drop from September. The 12 month sum of foreclosures is at its lowest point since October 2000. Approximately 605,000 homes are in some stage of foreclosure compared to 875,000 a year ago. This represents about 1.6% of all homes with a mortgage. Unsurprisingly, the judicial states contain the highest inventory, with New Jersey at 5.5%, and New York and Florida at 4.1%.

The latest Beige Book shows that conditions improved overall during the months of October and November. The only disappointing news was that wage inflation remains “subdued.” Separately, Obama met with the Business Roundtable yesterday to push for wage increases. The Administration is also pushing for businesses to consider hiring the long-term unemployed. This is pretty much going to be an “either / or” type of situation.

10 Responses

  1. @McWing: “Sen. Mitch McConnell’s truth-telling about the ability of the U.S. Supreme Court to destroy Obamacare even if Congress can’t repeal it was basically the first honest admission by a Republican that they view the court as what it has pretty much become: a political arm of their party.”

    Because, you know, the court has never been a political arm of the Democrat party, or used a bludgeon to advance liberal causes that would have no hope of becoming law in the house.

    Like

  2. Hilarious part of immigration law:

    “Quaintly enough, U.S. immigration law still forbids the president to grant residency to aliens likely to become “a public charge.””

    http://www.theatlantic.com/politics/archive/2014/12/the-cost-of-amnesty-obama-executive-order-earned-income-tax-credit/383405/2/

    Like

  3. NoVA you may find this of interest. The redistributive politics of craft brewery economic development.

    http://www.styleweekly.com/ScrumBlog/archives/2014/12/04/city-restaurant-owners-sour-on-stone-brewing-deal

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  4. that reads almost like a sports stadium deal. i like craft beer and it sounds like it should be a great project. but not on the taxpayer’s dime.

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  5. @ScottC: “This is why a national education curriculum is a supremely awful idea.”

    Actually, it’s an awful idea because it ties the hands to schools, teachers, and districts to find better ways to teach their kids. One size does not fit all, and all that. It also gets a lot of people who are increasingly detached from the front line making decisions about what goes on on the front line . . . a lot of arm chair generals deciding on bombing targets with an old map in an air conditioned office in DC, basically. Most of the “thinking skills” pushed by Common Core are garbage.

    Other stuff is fine, though. But in no way does the good stuff require Common Core.

    Like

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