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- ASX at the close | | MacroBusiness
News that Japan has raised the severity of the latest Fukushima leak to level three has pushed AUD/USD down to a low of .9018.
On the subject of the Fukushima leak, a level three is considered a ‘serious’ incident by global standards, so this is very much a watch this space issue for markets now.
Read the source article … https://www.macrobusiness.com.au/2013/08 /asx-at-the-close-109/
- Decision Time for the Global Economy by Michael Spence – Project Syndicate
Michael Spence, Professor of Economics, NYU’s Stern School of Business, gives a global economics overview. Here are some highlights concerning the US:
One can think of the US economy as an 8-cylinder engine running on five, owing to residual deleveraging, fiscal consolidation and drag, public-sector investment shortfalls, and questions about the financial health and security of middle-income households (the backbone of domestic aggregate demand). Part-time employment is spreading and may become the labor market’s new normal.
Then there is the question of the Fed’s assisted-growth model. Is the US economy ready to grow without abnormal policy support? It seems clear that tapering the Fed’s monthly purchases of long-term securities later this year would cause a realignment of asset values in financial markets. How this spills over into the real economy is yet another source of uncertainty.
Read the source article … https://www.project-syndicate.org/commen tary/decision-time-for-the-global-econom y-by-michael-spence
- Fannie Mae Sees Jobs, Easier Terms Sustaining Home Sales – Bloomberg
More jobs and easier loan terms will boost demand for new mortgages in the second half of this year as homebuyers shrug off higher interest rates, according to a Fannie Mae forecast issued today.
Lending for mortgages to purchase homes will increase 21 percent for the final six months of 2013 to $341 billion from $282 billion in the first half, according to an advance copy of the forecast obtained by Bloomberg News.
A 1 percentage-point jump in average mortgage rates since May hasn’t curbed enthusiasm for home buying….
That’s not what we’ve been reading: U.S. mortgage applications fall as rates push higher: MBA
Read the source article … https://www.bloomberg.com/news/2013-08-2 1/fannie-mae-sees-jobs-easier-terms-sust aining-home-sales.html
- Informal or formal financing: First evidence on co-funding of Chinese firms | vox
As the risks in the shadow banking system has [sic] not been regulated properly in China, it is high time that the Chinese regulators curtail the risks and channel the non-bank lending into a proper track in order to avoid a debt crisis. Informal financiers could then still continue to be a vital player in the Chinese credit market and sustain the high economic growth.
Read the source article … https://www.voxeu.org/article/informal-o r-formal-financing-first-evidence-co-fun ding-chinese-firms
- Reuters Next — Few clues on timing of QE3 reduction in U.S. Fed minutes
NEW YORK – A few Federal Reserve officials thought last month it would soon be time to slow the pace of their bond buying “somewhat,” but others counseled patience.
In the end, the Fed made no formal policy change after its July meeting, saying in a statement on July 31 that the U.S. economy continues to need support.
Read the source article … https://preview.reuters.com/2013/8/21/fe d-meeting-minutes-offer-few-clues-on-tim ing-of
- Reuters Next — Mexican economy shrinks for first time since 2009 recession
Mexico’s economy contracted for the first time in four years in the second quarter as lower government spending, sluggish consumption and weak demand for exports hammered industry and services in Latin America’s No.2 economy.
The slide took investors by surprise, although many stuck to bets that the central bank will keep interest rates on hold as it watches for the withdrawal of U.S. economic stimulus measures and forecasts a pick-up in growth in the second half of 2013.
Pena Nieto is betting on a wide-ranging package of economic reforms to boost growth, but those measures are still in the pipeline and it will be months, at best, before they translate into gains.
Economic growth in the United States, Mexico’s closest trading partner, unexpectedly accelerated in the last quarter, but the cheery data could bring the Federal Reserve a step closer to cutting back its stimulus.
Read the source article … https://preview.reuters.com/2013/8/20/me xican-economy-shrinks-for-first-time-sin ce-2009
- Types Of Listing Contracts For Brokers | Schecter Law – JDSupra
Note: These methods can also be applied to other than “luxury” real estate.
There are different types of listing contracts that may be entered by luxury real estate brokers. In Florida, the most common listing contract is an exclusive right of sale. The exclusive right of sale gives brokers the best chance for a return on expenses incurred trying to sell a home. An exclusive agency listing or an open listing may also be entered; however, these listings are less desirable.
Read the source article … https://www.jdsupra.com/legalnews/types- of-listing-contracts-for-brokers-11901/
- Zillow’s July Real Estate Market Report | Zillow Real Estate Research
Overall, national home values were down 17% from their peak in May 2007 and up 8.3% from the post-recession trough in October 2011.
The Zillow Rent Index (ZRI) covers 499 metropolitan ( and micropolitan areas and shows year-over-year gains for 282 metropolitan areas covered by the ZRI. Currently national rents are up 1.7% on a year-over-year basis, which is a slowdown from 5% to 6% annual appreciation late last year (Figure 3). Large markets that saw extremely strong annual rent appreciation include Cincinnati (10.4%), Denver (5.0%), Boston (4.0%) and Portland (3.6%). Some of the markets that are seeing very strong rental market appreciation are also among those that are seeing a fair amount of investor activity, as investors are buying up relatively cheap for-sale inventory and converting it to for-rent properties.
Read the source article … https://www.zillowblog.com/research/2013 /08/19/zillow-real-estate-market-report -july-2013/