The housing market in Williamson County didn't break trend in August, with both the number of closings and the median home price falling from July. Year over year, the median price was off 25 percent from last year.
Sep 8, 2009 3:48 PM
From this morning's Investor's Business Daily:
The Economic Cycle Research Institute, which called the recession’s end before most analysts did, is staying with its forecast for a rapid and sustained recovery. The Fed and many private economists think U.S. growth will be sluggish after a late ’09 pop. But the ECRI leading U.S. index’s annualized growth has hit a 38-year high of 20.8%.
Sep 8, 2009 6:59 AM
The researchers at MTSU's Business & Economic Research Center have compiled the main indicators for the second quarter: Among the 'highlights' is another sizable drop in taxable sales, which can be used as a rough proxy for consumer spending. Sales fell almost 4 percent from early this year — their sixth straight quarterly drop — and are off more than 15 percent from the late-2007 peak.
It is difficult to imagine a scenario in which consumer spending leads the midstate to recovery in the absence of job growth. In coming months, however, housing construction should shift from a drag on tax collections to a positive contribution.SEE ALSO: BERC's latest update of the region's building permit activity and other recent posts featuring economic indicators good and bad
Sep 2, 2009 5:28 PM
Wells Fargo boss John Stumpf tells Bloomberg Television that loan losses in parts of his bank's portfolio are stabilizing. By buying Wachovia, Wells became the Nashville area's 16th-largest bank and has about 1.1 percent of the region's deposits.
Sep 2, 2009 10:43 AM
Economy watchers got a positive surprise this morning from the nation's manufacturing sector: The Institute for Supply Management said its headline index crossed into growth territory for the first time since January of last year. New orders, production and backlogs all rose. SEE ALSO: How those numbers are being overshadowed today by bank worries
Sep 1, 2009 12:25 PM
Many people were excited about the seemingly strong home sales numbers from yesterday. Pessimist economist David Rosenberg has a different take.
Sometimes you just have to go and get your hands dirty and look at the numbers beneath the number. All of the sales increase in July, and then some, were in “houses not yet started”, which ballooned 33.0% both month-over-month and year-over-year. So, this is spec buying, and guess what? These orders can always be cancelled, by the way. Meanwhile, sales of completed units fell 6.0% sequentially and are down 24.0% from year-ago levels.
Aug 27, 2009 11:28 AM