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- Sober Look: Ecstatic homebuilders having trouble selling homes – what’s wrong with this picture?
Another from Sober Look:
Long-term interest rates may be having a far deeper impact on the economy than previously thought.
Our loyal readers will recognize that, that’s been our thinking from the moment they started rising.
Read the source article … https://soberlook.com/2013/08/ecstatic-h omebuilders-having-trouble.html
- Fed policy under fire at Jackson Hole conference | Reuters
What a difference a year makes.
Federal Reserve Chairman Ben Bernanke used the 2012 meeting in Jackson Hole as a platform to make his case for a third round of bond buys. This year, with the Fed chief absent, the tone was starkly different as featured research papers questioned the value and efficacy of the central bank’s unconventional stimulus policies.
“The central danger in the next two years is that the Fed will yield to intensifying pressure to raise interest rates and contract its portfolio well before the economy is back to normal,” Hall [“Robert Hall of Stanford University”] wrote.
Most economists agree that the Fed’s crisis interventions were key to rescuing the financial system from disaster. But, as this year’s conference shows, doubts about the efficacy and potential downside of bond-buying have been rising.
Without the low interest rates caused by the Fed, none but all-cash buyers would have stood much chance of entering the market. We also have seen what just a little talk of letting up on bond purchases can do. Imagine what it would be like were the Fed to stop prematurely.
Read the source article … https://www.reuters.com/article/2013/08/ 23/us-usa-fed-idUSBRE97M10B20130823
- WKSU News: Ohio shifts $60 million from foreclosure prevention to demolition
Ohio has been approved for $60 million to expand demolition of vacant houses.
The U.S. Treasury Department gave the nod to the Ohio Housing Finance Agency to use part of the state’s $375 million “Hardest Hit Funds” to tear down blighted properties.
Read the source article … https://www.wksu.org/news/story/36610