Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: National Association of Realtors

Latest Housing Numbers May be an Aberration

English: Foreclosure Sign, Mortgage Crisis

The spate of good news about the economy, headed up by the National Association of Realtors (NAR)’s report that pending home sales increased by 7.3 percent in November from October, has resulted in improved outlooks by many observers, along with warnings from others not to get overly confident.

Even Lawrence Yun, NAR’s chief economist, was cautious in his announcement, perhaps chastened by NAR’s admission last week that they had overstated sales for the past five years: “Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high.” And to avoid making the same mistake twice, Yun said that some of the increase in pending home sales may be people who couldn’t qualify before who are attempting to make another purchase now.

The pending home sales index hit 100.1, the first time it has been over 100 since April of 2010 when sales were goosed by the expiration of the government’s homeowner tax credit. Actual home sales were up in November as well, hitting a seven-month high, according to the Commerce Department.

New construction activity is inching higher along with builder confidence while the inventory of homes for sale is declining. Aaron Smith, an economist at Moody’s Analytics, was cautious: “It looks like buyers are

Keep Reading…

Is the Economy Slowly Gaining Momentum?

SP 8033, a GE Dash 8-39B, leading an EMD SD40T...

Zachary Karabellwriting at The Daily Beast on Thursday, claimed that the latest numbers on the US’s economy were showing some modest improvement. After reviewing comments from the Federal Reserve in their final statement of the year (the economy is “expanding moderately”), the Institute for Supply Management (index above 50 for several months, indicating growth), the Gross Domestic Product numbers (growing at about 2 percent on an annual basis), unemployment (dropping slightly), and consumer sentiment (up a little), Karabell concluded “The real dirty little secret of the American economy is that we are doing OK.” Some other numbers that came in after his article was published seemed to confirm that the economy is showing a faint blush of rose. The National Retail Federation said it expects Christmas holiday sales to rise to $469 billion this year, up about 4 percent from their October forecast, but still down from the 5.2 percent gain a year ago. The latest from the Association of American Railroads shows weekly traffic gains of nearly 4 percent year over year. The Business Outlook Survey from the Philadelphia Federal Reserve Bank showed that “all the broad indicators remained positive and suggest a modest expansion of activity…[and] the broadest indicator of future activity reflected a trend of increased optimism about growth over the next six months.” That report noted further that hiring expectations in that region are beginning to improve as well, along with indicators for

Keep Reading…

Dems Receive 89% of Donations by Top Political Donors

The recently released study of “heavy hitters” by the Center for Responsible Politics showed the amount of money the top 140 political donors gave to Democrats and Republicans from 1989 through 2010. Four of the top six gave $170 million over that period, with $151 million going to Democrats, and less than $3 million going to Republicans (the difference going to unaffiliated or independent political groups). In simple math, Democrats received 89 percent while Republicans got less than two percent.

The top all-time political donor is

Keep Reading…

Is the Housing Market Beginning to Clear?

Logo of the National Association of Realtors.

Image via Wikipedia

The conflicting news reports on the housing market can give the casual observer a headache: “December Sales of U.S. Existing Homes Jump to 7-Month High,” shouts Bloomberg. “Housing Starts Decline, [but] Building Permits Rise,” exults the National Association of Home Builders (NAHB). Google news drearily reports that “2010 Ends as 2nd Worst Year for Home Builders,” while CNNMoney.com warns that “Shadow Inventory Threatens Housing Recovery.”

It’s enough to “cross a Rabbi’s eyes,” as Tevye profoundly concluded in Fiddler on the Roof.

Keep Reading…

Fed’s Bernanke Running Out of Options

WASHINGTON, DC - MARCH 02:  U.S. Federal Reser...

Image by Getty Images via @daylife

When Fed Chairman Ben Bernanke speaks on Friday at the Fed’s annual meeting in Jackson Hole, Wyoming, Fed-watchers from around the world will be hanging on his every word, phrase, and nuance for clues. They’ll be listening to hear that the chairman knows what’s happening in the economy, and that if things get worse, he has a plan.

Keep Reading…

Fed Ends MBS Intervention

The Federal Reserve: The Biggest Scam In History

Image by CityGypsy11 via Flickr

The Federal Reserve ended its largest intervention in the housing market on April 1, ceasing its purchase of Mortgage-Backed Securities (MBS) that began in September of 2008 in order to keep the housing market from imploding.

According to the New York Times, the program succeeded in keeping “mortgage interest rates at near-record lows and slowing the nationwide decline in home prices.” Professor Susan Wachter at the Wharton School explained: “We were in a deflationary spiral, causing mortgages to go underwater, more foreclosures and a further decline in housing prices. The potential maelstrom of destruction was out there, bringing down not only the housing market but the overall economy. That’s what [this program] stopped.” She added that this Fed program was “the single most important move to stabilize the economy and to prevent a debacle.”

Wachter’s statements reveal many errors in her thinking, but especially her belief in interventionism as a cure for the inevitable effects of previous inflationary policies.

Keep Reading…

Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.