The researchers at Clear Capital say the housing market in most of the nation's largest cities continues to steadily improve but remains vulnerable to any new shocks. Prices in many MSAs are expected to climb nicely in 2012 — a dozen cities should see average gains of 4 percent or more — but Nashville isn't one of them. Clear Capital has us barely topping break even this year, lagging Memphis and Louisville, but well ahead of Birmingham, Charlotte and Atlanta.
The national average price for regular retail gasoline rose last week for the first time since it peaked in early April, when the weekly average was $3.92. On average, stopping at the gas station cost drivers $3.38 per gallon, up 5 cents from the week before. Tennessee’s average price of $3.09 was 8 cents from the week prior, according to AAA Auto Club South.
The two main factors that pushed oil prices higher last week were the European sanctions against Iran and an agreed-upon plan by European leaders to save the euro and resolve the ongoing debt crisis. Concerns that Iran will block the Strait of Hormuz and disrupt global oil supply have resurfaced as European sanctions against the country went into effect July 1.
Real estate research firm Reis says mall and strip-center vacancy rates fell slightly in the second quarter. But don't read too much into that, OK?
Just as much of the recent improvement in the market is owed to limited increases in supply as the somewhat resurgent demand. New completions remain just above historically low levels. With supply growth once again falling back to such trivial levels, the modest demand we observed pushed vacancy down slightly. Two consecutive quarters of vacancy decline is a notable result, but nonetheless only represents the nascent stages of stabilization.
Equity markets are down in early Friday trading after the government reported that the economy created just 80,000 jobs in June, 20,000 below what were already modest expectations. The data point is likely to heat up the political rhetoric and put pressure on the Fed to do something else to stimulate growth.
"What a disappointing number," said Jeff Savage, regional chief investment officer for Wells Fargo Private Bank. "This was kind of disastrous. We're not even keeping up with demographics at this point. This is not going to be liked in the markets."
A good number of people in the banking and housing markets have been bracing themselves for a renewed rise in foreclosures driven by the end of a Fannie Mae and Freddie Mac moratorium and lenders' growing confidence that they can flush their remaining distressed holdings from their books as the housing market gathers strength. But April statistics from CoreLogic don't show that trend taking hold locally just yet: Both 90-day delinquencies and foreclosures were down a bit from last year.
The Nashville International Airport ranked as the nation’s 34th busiest in 2011, rising five spots from its 2010 position, according to statistics the Metro Nashville Airport Authority released Tuesday.
The Airport Council International-North America Traffic Report 2011 shows BNA had 9.6 million passengers last year, surpassing the passenger counts at airports in Cleveland, Memphis, Milwaukee, Oakland and Raleigh. BNA saw 6.2 percent growth from 2010 to 2011, enjoying the fourth-highest growth rate among the top 75 airports in North America.
May flight operations statistics reveal total aircraft operations at BNA rose 1.3 percent. Also that month, the airport averaged 378 daily flights, up eight flights per day compared to May 2011 numbers. In addition, BNA saw fuel sales (per gallon) drop 7.5 percent from May 2010 to May 2011. They have decreased 6.1 percent year to date.