Friday, December 31, 2010
30-Year Fixed Mortgage Rate Hits Seven Month High; Current 30-Year Fixed Rate is 4.73%
CONFESSIONS OF A REAL ESTATE JUNKIE/TOP 5 MEDIA TRENDS FOR 2011
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Celeb Tidbits: Jesse James Sells Home; Jermaine Jackson?s Rental in Foreclosure; Ronnie James Dio?s Home for Sale
West Coast Chopper CEO Jesse James (the former husband of actress Sandra Bullock) got an early Christmas present: the home (above) he shared with Bullock while news of his affair broke, was just sold. James’ Sunset Beach house was originally on the market since May 2010 at a price of $6,750,000. It [...]
Triple Play 2010 the Movie by Trulia
We met so many amazing brokers, agents and association leaders over the course of 4 days. Way too many to list here. Some of them shared their Trulia experiences on video with us like Sandy and Bob [...]
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Economy Interest Rates Celebrity Foreclosures Most Expensive Homes
Federal Reserve Tweaks ARM & Construction Loan Disclosure Regs
Source: http://www.mortgagenewsdaily.com/12222010_tila_mdia.asp
Foreclosures Home Sales Outlook Housing Starts President Obama
White House White Board: Health Reform & Rate Review
For the past decade, Americans have seen double-digit health insurance premium increases. From 2000 to 2010, premiums rose 114 percent and nothing suggests that the quality of insurance coverage improved. In many cases, insurance companies had free reign and weren’t held accountable when they attempted to raise rates on consumers. Only 26 states and the District of Columbia can reject premium increases that are excessive or unjustified, and many of these states lack the resources to use this authority to protect consumers.
That’s beginning to change. Here’s how:
First, the Affordable Care Act gives states $250 million to enhance their rate review procedures so they can better protect consumers and stop unreasonable premium hikes from taking effect. 46 states and the District of Columbia have already received a share of these resources and they’re using the new funds to make more information about premiums available to the public and get the authority they need to oversee the insurance marketplace and protect consumers.
Second, the Affordable Care Act brings new transparency to the health insurance market by requiring insurance companies to publicly justify any unreasonable premium increases. Under the new rules, if an insurance company proposes to raise rates by 10% or more, they must publicly disclose on their own, as well as HHS’ website the justification for the increase. The appropriate state insurance commissioner or, if a State does not have an effective rate review process, HHS, will then review the insurance company’s justification to determine whether or not the increase is justified. In some states like, Washington and Maine, all new insurance premium rates, regardless of whether they are below 10% need to be approved by the state insurance commissioner’s office ahead of time, and will continue to be reviewed moving forward.
Shining a bright light on health insurance premium increases and conducting aggressive rate review will help control costs for American families. And we know rate review works. States like Washington and Maine have strong review laws that have been effective at protecting their residents from out-of-control premium increases. And just recently, Connecticut regulators recently rejected a proposed 20 percent rate increase that would have impacted 48,000 consumers after their review found that such an increase was unjustified and excessive.
Health and Human Services Secretary Kathleen Sebelius has recorded a new White House White Board video to explain just how this new rule works, and how rate review helps states review and crack down on unjustified premium hikes and protect consumers:
var params = { allowscriptaccess: "always", allowfullscreen: "true" }; swfobject.embedSWF("http://www.youtube-nocookie.com/v/BOLxRrlU7Qg&hl=en&fs=1&showinfo=0", "flashcontent4", "480", "295", "8", null, {}, params);Stephanie Cutter is Assistant to the President for Special Projects
Source: http://www.whitehouse.gov/blog/2010/12/21/white-house-white-board-health-reform-rate-review
UN Warns Against Any Attack on Ouattara's HQ
Freddie Mac Mortgage Crisis Real Estate Agents Housing Market
Real estate investing in 2011 and beyond
Source: http://blog.foreclosure.com/2010/12/real-estate-investing-in-2011-and-beyond/
Vacation Properties Loans and Mortgages Household Moving House Plans
Dollars for Docs: A Word about Off-Label Prescribing, a $40 billion issue
The response to our Dollars for Docs project has been tremendous. Mostly positive, with some negative comments sprinkled in that we focused excessively on a relatively small number of problem cases.
Today, I wanted to touch a bit more on a key issue that lies behind all of our reporting on pharmaceutical payments to doctors: Off-label prescribing.
This is a complicated subject, but the gist of it is this: To get FDA approval, a new drug must be proven safe and effective. If the FDA gives the OK, a drug is given a label that spells out the specific disease or condition it may be used to treat.
But let's say a doctor figures out that a drug used to treat one disease has a benefit in treating another condition. That doctor is allowed to prescribe the drug for an "off-label" use, that is to treat a medical condition not indicated in the FDA-approved label. Some off-label uses are quite similar to the approved use for a drug, for example an asthma drug might be used to treat asthma-like symptoms.
Here is how the FDA describes the issue:
Once a drug or medical device has been approved or cleared by FDA, generally, healthcare professionals may lawfully use or prescribe that product for uses or treatment regimens that are not included in the product's approved labeling. . . . These off-label uses or treatment regimens may be important and may even constitute a medically recognized standard of care.
Critics of off-label marketing worry it's an easy way for drug companies to get around the FDA approval process.
I was surprised to learn that off-label prescribing may account for 20% of overall use. An 2006 article in the Archives of Internal Medicine found no more than 30% of off-label uses observed were supported by strong scientific evidence.
Among the drugs that were scientifically supported for off-label use, hypertension drugs were the most common. Though, the most common off-label uses were cardiac medications and anti-asthmatics.
How does this relate to drug company payments to speakers? It is illegal for a drug company to market a product for an off-label use. So if Company X hires a doctor knowing he or she will tout a drug for an off-label use, that is against the law. Indeed, there have been many legal settlements based on just this kind of marketing.
Much of the data in the database ProPublica put together on doctor payments actually came to light, because drug companies were ordered to release that information to settle federal lawsuits charging off-label marketing. More transparency on payments, regulators hope, will make it harder for drug companies to market drugs for off-label use.
If the article in the Archives of Internal Medicine is correct, patients could be paying more than $40 billion a year for drugs that are not scientifically proven to be effective.
Source: http://www.pbs.org/nbr/blog/2010/10/dollars_for_docs_a_word_about.html
Eight Administration Officials, My Immigrant Parents, and the DREAM Act
Ed. Note: This is the eighth in a series of posts from top Administration Officials on the importance of the DREAM Act. Read Education Secretary Arne Duncan's post here, Labor Secretary Hilda Solis's contribution here, Commerce Secretary Gary Locke's post here, Homeland Security Secretary Janet Napolitano's here, a post from Dr. Clifford L. Stanley, Under Secretary of Defense for Personnel and Readiness, here, Secretary of Agriculture Tom Vilsack here, and Attorney General Eric Holder's post here.
As the head of the White House Office of Cabinet Affairs, I work every day with the President’s Cabinet to advance his policy priorities. Few issues trigger the depth and breadth of support from across the Cabinet as the DREAM Act. This landmark legislation would strengthen our economy, our competitiveness, our workforce, our national defense, and our homeland security.
Having worked for the President for the past six years, I know first-hand his deep commitment to the DREAM Act. As a State Senator in Illinois, he helped pass that state’s version of the DREAM Act. As a United States Senator, he was a co-sponsor of the legislation.
Over the past few weeks, members of the Cabinet have spoken eloquently and persuasively about the importance of passing the DREAM Act.
Election Over, Problem Remains: Debt and Deflation Risks
The election is over. Republicans are on a roll. But the economy remains in the ditch.
The election, unfortunately did little to clarify the economic problem we face. Which is: We are in a hole. The hole was caused by too much borrowing and the collapse of asset prices (housing, commercial real estate, fancy financial products.)
The hole is deep. U.S. households took on almost $7 trillion in debt from in the seven years before the bubble burst. That's not something that goes away quickly.
Pimco's Mohamed El-Erian put it well in today's Washington Post:
As a whole, the United States is still overcoming the legacy of years of over-leverage and misplaced confidence that consumption can be financed by borrowing rather than earnings. The resulting debt overhangs act as strong headwinds to growth and employment generation.
So where are we now? Businesses are getting back, sitting on cash and waiting for things to get better. Consumers are paying down debts and saving more and waiting for things to get better. And unemployment is hovering near 10%.
Investors are shunning risk, throwing money at safe investments like Treasury bonds.
The problem is that, as consumers and businesses hang back, demand stagnates and prices fall. Thus we are flirting with deflation.
How do you change this? Democrats tried stimulus. It made a lot of sense. With everyone else pulling back, government could step in and create temporary demand in sectors like construction that were crushed.
Did it work? Critics on the right say no, it was a hodgepodge of the left's favorite pet projects that failed to do the job. Critics on the left say the stimulus was not big enough.
What about Republicans? They want to cut government and cut taxes to boost private investment. Problem is, cutting $100 billion out of spending amounts to cutting 0.7% out of an economy that is now growing at just 2%.
And remember the risk aversion? Those getting tax cuts are highly likely to save the money, sending it back to the federal government in the form of an investment in Treasury bonds.
This is not an encouraging analysis, but it fits the facts. The analysis is not all in yet, but the election was a reaction to Democrats not getting the job done. But I am not sure the election has clarified the economic task ahead. How do we get out of the hole?
Source: http://www.pbs.org/nbr/blog/2010/11/election_over_problem_remains.html
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Forget taxes and the deficit, we need to get serious about education!
I'm beyond stunned. I've spent all this time worrying about the deficit and our economy, thinking it was the critical issue facing the nation.
I was wrong. The most critical issue is education. Just look at the latest round of international testing in science, math, and reading. The Programme for International Student Assessment tested 15-year-old students around the world.
You probably know that students in Shanghai crushed the rest of the world, outscoring everyone in all categories by a wide margin. What you may not have heard is that kids in 28 nations outscored American kids in math. We're behind 15 nations in reading and 20 nations in science.
We're not just broke, we're undereducated too!
How did we let this happen? How long can we let this go on?
Source: http://www.pbs.org/nbr/blog/2010/12/forget_taxes_and_the_deficit_w.html
3-D remodeling on a budget
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Interest Rates Celebrity Foreclosures Most Expensive Homes Luxury Home Prices
Pakistan World's 'Deadliest Country" for the Press in 2010
Danny Bonaduce?s Home Reduced to $3.9 Million
According to [...]
Source: http://www.zillow.com/blog/danny-bonaduces-home-reduced-to-3-9-million/2010/12/27/
Home Sales Outlook Housing Starts President Obama Hope for home owners
5 Truths About Real Estate Marketing
1.��� Your Competitor is Talking About Your Marketing Plan. �The marketing plan is the #1 reason sellers chose an agent and the #3 reason agents...
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Florida?s funny foreclosure fiasco
Source: http://blog.foreclosure.com/2010/12/floridas-funny-foreclosure-fiasco/
Mortgage Rescue Scams Real Estate Vacation Properties Loans and Mortgages
The President's Press Conference: "The Most Productive Post-Election Period We?ve Had in Decades"
In the opening remarks of his press conference, the President lamented the fact that the DREAM Act was successfully obstructed by Republicans in the Senate, and readily acknowledged that there will be tough fights over how to cut spending where it's not needed while maintaining the investments critical to our economy and out future -- but nonetheless expressed hope in the massive slate of accomplishments from the last few weeks.
The list began with the New START Treaty on nuclear proliferation with Russia, which had just been approved by the Senate:
First of all, I’m glad that Democrats and Republicans came together to approve my top national security priority for this session of Congress – the new START Treaty. This is the most significant arms control agreement in nearly two decades, and it will make us safer and reduce our nuclear arsenals along with Russia. With this treaty, our inspectors will also be back on the ground at Russian nuclear bases. So we will be able to trust but verify; and to continue to advance our relationship with Russia, which is essential to making progress on a host of challenges – from enforcing strong sanctions on Iran, to preventing nuclear weapons from falling into the hands of terrorists. This treaty will enhance our leadership to stop the spread of nuclear weapons and seek the peace of a world without them.
But that was only the beginning:
In the last few weeks, we also came together across party lines to pass a package of tax cuts and unemployment insurance that will spur jobs, businesses, and growth. This package includes a payroll tax cut that means nearly every American family will get an average tax cut next year of about $1,000 delivered in their paychecks. It will make a difference for millions of students, and parents, and workers, and people still looking for work. It’s has led economists across the political spectrum to predict that the economy will grow faster than they originally thought next year.
In our ongoing struggle to perfect our Union, we also overturned a 17-year old law and a longstanding injustice by finally ending Don’t Ask, Don’t Tell. As I said earlier today, this is the right thing to do for our security. And it is the right thing to do, period.
In addition, we came together across party lines to pass a food safety bill – the biggest upgrade of America’s food safety laws since the Great Depression. And I hope the House soon joins the Senate in passing a 9/11 health bill that will help cover the health care costs of police officers, firefighters, rescue workers, and residents who inhaled toxic air near the World Trade Center on that terrible morning, and the days that followed.
So, I think it’s fair to say this has been the most productive post-election period we’ve had in decades, and it comes on the heels of the most productive two years we’ve had in generations.
Household Moving House Plans Home Warranties Commercial & Investment
More Slideshow! New Trulia iPhone App Version Live
Better ways to search
Now you can search for a property address, local [...]
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Celebrity Foreclosures Most Expensive Homes Luxury Home Prices Mortgage Rescue Scams
3 unsustainable trends looming large
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Economy Interest Rates Celebrity Foreclosures Most Expensive Homes
China Builds an Aircraft Carrier. Peaceful Rise?
On the last night of our visit to China a few years back, we took our crew out to dinner for a final celebration. Our Mr. Jong, our driver, told us that he had been one of China's few fighter pilots during the 1979 war with Vietnam. China's war with Vietnam did no go any better than ours.
Mr. Jong told us the Vietnamese beat the Chinese so quickly at the border that he and a handful of other pilots were ordered to Beijing to defend the city against the air attack the Chinese leadership feared would soon follow. It was another humiliation for a proud country where elites refer to the 19th century colonial period as a "century of humiliation."
After telling us this story, Mr. Jong grew wistful, telling us he hoped that one day he would live to see China build an aircraft carrier of its own so it could become a mighty nation.
Mr Jong may soon be getting his wish. The Chinese government today confirmed plans to develop into a naval power, complete with an aircraft carrier.
For years China has assured the world it intends a "peaceful rise." Developing what the military calls a "blue water navy" capable of operating far from China's shores will inject new uncertainty and tension into geopolitics. After all, the United States has a pretty big navy that operates around the world. What happens when these two navies bump up against each other?
I'm not sure I want to find out.
Republicans in the new Congress will take notice of China's ambitions. A complicated relationship is about to get more interesting. What do the Chinese say about living in "interesting times?"
Source: http://www.pbs.org/nbr/blog/2010/12/china_builds_an_aircraft_carri.html
Home Sales Outlook Housing Starts President Obama Hope for home owners
International Monetary Fund on Cutting the U.S. Budget Deficit: No Free Lunch
The IMF World Economic Outlook offers a sobering warning to those who want to cut the federal budget right away:
Fiscal contractions, fiscal consolidation, typically reduce growth and raises the unemployment rate in the short term. A one percent of GDP budget deficit cut reduces GDP by half a percent and raises the unemployment rate by a third of a percentage point within two years.
Though the IMF is quick to add that the U.S. will need to confront its budget deficit soon, hopefully before the baby boomers are all retired.
Source: http://www.pbs.org/nbr/blog/2010/10/international_monetary_fund_on.html
Economy Interest Rates Celebrity Foreclosures Most Expensive Homes
Ending Don't Ask Don't Tell
Today, I had one of those “once in a lifetime” moments. As I sat in the Senate Gallery with my bosses, White House Senior Advisor Valerie Jarrett, Deputy Chief of Staff Jim Messina and Director of the Office of Public Engagement Tina Tchen, I saw history being made as the US Senate voted 65 to 31 to pass the Don't Ask, Don't Tell Repeal Act of 2010. I am proud of the many leaders in Congress and all those who have worked to put an end to DADT. And I’m proud of the President for his leadership on this issue. It has been a long time getting here and it has been a struggle – but as the President has said many times, “Change isn’t easy.” But today we took a huge step forward to set right a wrong.
Last December about this time, I was at a small event in the Roosevelt Room. The President was just getting ready to leave for the Christmas Holiday. He walked over to me and without missing a beat, put his hand on my shoulder, and I will never forget what he said to me – unsolicited -- “We are going to end Don’t Ask Don’t Tell. We have a little bit of work to do still, but we are going to get it done.” A month later, in his first State of the Union Address, the President said, “This year, I will work with Congress and our military to finally repeal the law that denies gay Americans the right to serve the country they love because of who they are. It’s the right thing to do.”
Now I am sure that there will be many stories written about what happened and how we got here, but for me, the key part of the story that I will never forget is that commitment from the President. Nor will I ever forget the brave men and women who have served with distinction who also happen to be gay or lesbian. Throughout the course of this effort, I have been privileged to meet some amazing heroes who just wanted to serve their country. I will carry their stories with me for the rest of my life.
Earlier today, The White House released a statement from President Obama on the end of Don't Ask Don't Tell, in which he said "It is time to recognize that sacrifice, valor and integrity are no more defined by sexual orientation than they are by race or gender, religion or creed." Read the entire statement here.
Source: http://www.whitehouse.gov/blog/2010/12/18/ending-dont-ask-dont-tell
Home Sales Outlook Housing Starts President Obama Hope for home owners
Weekly Wrap Up: "Some Good News for the American People this Holiday Season"
A quick look at the week of December 13, 2010:
Quote: “We are here with some good news for the American people this holiday season,” said President Obama before signing the Middle-Class Tax Cuts Bill -- legislation that will prevent tax hikes on middle class families, keep the economy growing, and maintain lifelines for millions of those who are unemployed through no fault of their own. Watch the video.
Digg the White House: The White House is now on digg.com. Take a peek and start following us right now.
Holidays in Photos: Go behind-the-scenes as the White House celebrates the holidays in this photostream.
Healthy Kids: The President signs the Healthy, Hunger-Free Kids Act at a local DC school. The new law improves the nutritional value of school meals and increases the number of children eligible to receive them. Watch the President’s and the First Lady’s remarks.
The Night Before Christmas: The President reads to children at a local elementary school and the First Lady to patients, parents and staff at Children’s National Medical Center. Watch the video of the President here and the video of the First Lady here.
Elmo at the White House: Elmo joins Assistant White House Chef Sam Kass in the White House Kitchen to talk about healthy and tasty school meals -- and Elmo does the melon dance. Watch the video.
Lie of the Year: Politifact calls the claim that Health Reform is a "Government Takeover of Health Care" the lie of the year.
Source: http://www.whitehouse.gov/blog/2010/12/17/weekly-wrap-some-good-news-american-people-holiday-season
Thursday, December 30, 2010
3 Trulians Make Inman?s 2010 Top 100 Most Influential Real Estate Leaders List
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Forget taxes and the deficit, we need to get serious about education!
I'm beyond stunned. I've spent all this time worrying about the deficit and our economy, thinking it was the critical issue facing the nation.
I was wrong. The most critical issue is education. Just look at the latest round of international testing in science, math, and reading. The Programme for International Student Assessment tested 15-year-old students around the world.
You probably know that students in Shanghai crushed the rest of the world, outscoring everyone in all categories by a wide margin. What you may not have heard is that kids in 28 nations outscored American kids in math. We're behind 15 nations in reading and 20 nations in science.
We're not just broke, we're undereducated too!
How did we let this happen? How long can we let this go on?
Source: http://www.pbs.org/nbr/blog/2010/12/forget_taxes_and_the_deficit_w.html
7 fast fixes for floors
Source: http://realestate.msn.com/listarticle.aspx?cp-documentid=26700672
Celebrity Foreclosures Most Expensive Homes Luxury Home Prices Mortgage Rescue Scams
West Wing Week: "AKA Santa Claus"
Welcome to the West Wing Week, your guide to everything that's happening at 1600 Pennsylvania Ave. Walk step by step with the President as he signs the repeal of “Don’t Ask Don’t Tell,” looks back at an historic lame duck session, reads to kids for the Holiday season, and receives the Census report.
Learn more about the events featured in this edition of West Wing Week...
December 17, 2010
- The President Signs the Tax Cut & Unemployment Insurance Compromise: "Some Good News for the American People this Holiday Season"
- President Obama Reads to Schoolchildren
December 20, 2010
December 22, 2010
Source: http://www.whitehouse.gov/blog/2010/12/24/west-wing-week-aka-santa-claus
Trulia and RealtyTrac Recap
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Behind-the-Scenes: A Day of Service with President Obama and the Los Angeles Lakers
Rather than the traditional, honorary trip to the White House this year, the 2010 World Champion Los Angeles Lakers teamed up with NBA Cares and President Obama last week to join members of The Boys and Girls Club of Greater Washingon for an afternoon of education and service projects.
Take a behind-the-scenes look as the President and the Lakers assemble care packages and write letters for wounded military servicement and women, put together supplies for DC homeless, and compete in the "Big Brain Academy Challenge" game which builds skills in thinking, memorization, computation, analysis, and identification.
Following the activities with the kids, President Obama congratulated the Los Angeles Lakers on their 2010 NBA Championship in a brief ceremony. If you missed it, watch it here or read the transcript.
Foreclosures Home Sales Outlook Housing Starts President Obama
Reverse Commute: Companies Leave the Suburbs
Vacant office space in many downtown areas is filling up while their suburban counterparts continue to lose tenants. Kelsey Hubbard discusses the new trend with WSJ's Anton Troianovski. Housing Starts President Obama Hope for home owners Fannie Mae
'Grow houses' an increasing menace
Source: http://realestate.msn.com/article.aspx?cp-documentid=26924092
Keeping up with the Jones?
Source: http://www.homefinder.com/news/opening-doors/2010/10/06/keeping-up-with-the-jones%e2%80%99/
Waterfront Homes Real Estate Agent Foreclosure Homes Realty Market
Usher Shops For A New Penthouse in NY?s Financial Distict
Source: http://www.zillow.com/blog/usher-shops-for-a-new-penthouse-in-nys-financial-distict/2010/12/29/
Freddie Mac Mortgage Crisis Real Estate Agents Housing Market
Originator Compensation: MBA Pushes for Postponed Implementation of New Regs
Source: http://www.mortgagenewsdaily.com/12172010_delay_originator_comp_reform.asp
Short Sale Waterfront Homes Real Estate Agent Foreclosure Homes
How to Customize (Almost) Anything
From yoga mats and high-end earphones to bobblehead dolls and candy, today's technology lets shoppers personalize a wide array of items with their own images, text and graphics. WSJ's Wendy Bounds digs into the new trend of of "Me-Tailing."Commercial & Investment Homes Foreclosures Home Sales Outlook
Weekly Wrap Up: "Some Good News for the American People this Holiday Season"
A quick look at the week of December 13, 2010:
Quote: “We are here with some good news for the American people this holiday season,” said President Obama before signing the Middle-Class Tax Cuts Bill -- legislation that will prevent tax hikes on middle class families, keep the economy growing, and maintain lifelines for millions of those who are unemployed through no fault of their own. Watch the video.
Digg the White House: The White House is now on digg.com. Take a peek and start following us right now.
Holidays in Photos: Go behind-the-scenes as the White House celebrates the holidays in this photostream.
Healthy Kids: The President signs the Healthy, Hunger-Free Kids Act at a local DC school. The new law improves the nutritional value of school meals and increases the number of children eligible to receive them. Watch the President’s and the First Lady’s remarks.
The Night Before Christmas: The President reads to children at a local elementary school and the First Lady to patients, parents and staff at Children’s National Medical Center. Watch the video of the President here and the video of the First Lady here.
Elmo at the White House: Elmo joins Assistant White House Chef Sam Kass in the White House Kitchen to talk about healthy and tasty school meals -- and Elmo does the melon dance. Watch the video.
Lie of the Year: Politifact calls the claim that Health Reform is a "Government Takeover of Health Care" the lie of the year.
Source: http://www.whitehouse.gov/blog/2010/12/17/weekly-wrap-some-good-news-american-people-holiday-season
Waterfront Homes Real Estate Agent Foreclosure Homes Realty Market
Weekly Wrap Up: "Some Good News for the American People this Holiday Season"
A quick look at the week of December 13, 2010:
Quote: “We are here with some good news for the American people this holiday season,” said President Obama before signing the Middle-Class Tax Cuts Bill -- legislation that will prevent tax hikes on middle class families, keep the economy growing, and maintain lifelines for millions of those who are unemployed through no fault of their own. Watch the video.
Digg the White House: The White House is now on digg.com. Take a peek and start following us right now.
Holidays in Photos: Go behind-the-scenes as the White House celebrates the holidays in this photostream.
Healthy Kids: The President signs the Healthy, Hunger-Free Kids Act at a local DC school. The new law improves the nutritional value of school meals and increases the number of children eligible to receive them. Watch the President’s and the First Lady’s remarks.
The Night Before Christmas: The President reads to children at a local elementary school and the First Lady to patients, parents and staff at Children’s National Medical Center. Watch the video of the President here and the video of the First Lady here.
Elmo at the White House: Elmo joins Assistant White House Chef Sam Kass in the White House Kitchen to talk about healthy and tasty school meals -- and Elmo does the melon dance. Watch the video.
Lie of the Year: Politifact calls the claim that Health Reform is a "Government Takeover of Health Care" the lie of the year.
Source: http://www.whitehouse.gov/blog/2010/12/17/weekly-wrap-some-good-news-american-people-holiday-season
Luxury Home Prices Mortgage Rescue Scams Real Estate Vacation Properties
Fannie Mae: Home Prices & Mortgage Originations to Decline in 2011
Source: http://www.mortgagenewsdaily.com/12212010_fannie_mae_housing_forecasts.asp
Mortgage Rescue Scams Real Estate Vacation Properties Loans and Mortgages
Weekly Wrap Up: "Some Good News for the American People this Holiday Season"
A quick look at the week of December 13, 2010:
Quote: “We are here with some good news for the American people this holiday season,” said President Obama before signing the Middle-Class Tax Cuts Bill -- legislation that will prevent tax hikes on middle class families, keep the economy growing, and maintain lifelines for millions of those who are unemployed through no fault of their own. Watch the video.
Digg the White House: The White House is now on digg.com. Take a peek and start following us right now.
Holidays in Photos: Go behind-the-scenes as the White House celebrates the holidays in this photostream.
Healthy Kids: The President signs the Healthy, Hunger-Free Kids Act at a local DC school. The new law improves the nutritional value of school meals and increases the number of children eligible to receive them. Watch the President’s and the First Lady’s remarks.
The Night Before Christmas: The President reads to children at a local elementary school and the First Lady to patients, parents and staff at Children’s National Medical Center. Watch the video of the President here and the video of the First Lady here.
Elmo at the White House: Elmo joins Assistant White House Chef Sam Kass in the White House Kitchen to talk about healthy and tasty school meals -- and Elmo does the melon dance. Watch the video.
Lie of the Year: Politifact calls the claim that Health Reform is a "Government Takeover of Health Care" the lie of the year.
Source: http://www.whitehouse.gov/blog/2010/12/17/weekly-wrap-some-good-news-american-people-holiday-season
Foreclosures Home Sales Outlook Housing Starts President Obama
Weekly Address: Merry Christmas from the President & First Lady
President Obama and the First Lady wish families across the country a “Merry Christmas” and encourage everyone to support the troops and their families this holiday season. Visit www.serve.gov to find ideas for what you can do to help our servicemen and women and their families.
Source: http://www.whitehouse.gov/blog/2010/12/25/weekly-address-merry-christmas-president-first-lady
Election Over, Problem Remains: Debt and Deflation Risks
The election is over. Republicans are on a roll. But the economy remains in the ditch.
The election, unfortunately did little to clarify the economic problem we face. Which is: We are in a hole. The hole was caused by too much borrowing and the collapse of asset prices (housing, commercial real estate, fancy financial products.)
The hole is deep. U.S. households took on almost $7 trillion in debt from in the seven years before the bubble burst. That's not something that goes away quickly.
Pimco's Mohamed El-Erian put it well in today's Washington Post:
As a whole, the United States is still overcoming the legacy of years of over-leverage and misplaced confidence that consumption can be financed by borrowing rather than earnings. The resulting debt overhangs act as strong headwinds to growth and employment generation.
So where are we now? Businesses are getting back, sitting on cash and waiting for things to get better. Consumers are paying down debts and saving more and waiting for things to get better. And unemployment is hovering near 10%.
Investors are shunning risk, throwing money at safe investments like Treasury bonds.
The problem is that, as consumers and businesses hang back, demand stagnates and prices fall. Thus we are flirting with deflation.
How do you change this? Democrats tried stimulus. It made a lot of sense. With everyone else pulling back, government could step in and create temporary demand in sectors like construction that were crushed.
Did it work? Critics on the right say no, it was a hodgepodge of the left's favorite pet projects that failed to do the job. Critics on the left say the stimulus was not big enough.
What about Republicans? They want to cut government and cut taxes to boost private investment. Problem is, cutting $100 billion out of spending amounts to cutting 0.7% out of an economy that is now growing at just 2%.
And remember the risk aversion? Those getting tax cuts are highly likely to save the money, sending it back to the federal government in the form of an investment in Treasury bonds.
This is not an encouraging analysis, but it fits the facts. The analysis is not all in yet, but the election was a reaction to Democrats not getting the job done. But I am not sure the election has clarified the economic task ahead. How do we get out of the hole?
Source: http://www.pbs.org/nbr/blog/2010/11/election_over_problem_remains.html
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Germany? Really? It's not the right model.
So many things haven't made sense to me lately. High up on the list is the crush some pundits now have on Germany.
Harold Meyerson sent in a love letter today:
Mixing social democratic values with Jimmy Stewart localism, Germany's economy is running rings around America's.
Really?
Yes, there is a lot to respect about the German economy. Great cars, disciplined workers. Tight wad consumers. Lots of exports. Germany runs a bigger trade surplus than China!
A closer look at Germany shows there are some problems with the "we should be more like them" narrative.
To begin with, wages in Germany have barely budged since 1999 and, adjusted for productivity, actually fell between 2001 and 2007.
Germany's economy also fell further in this crisis -- almost 5% in 2009 -- so it's rebound looks better by comparison.
And what about that trade surplus? Germany is effectively betting its future on other countries continuing to live beyond their means. After all, everyone cannot export their way to wealth. By definition, if Germany (and China) run huge trade surpluses, other countries must run huge trade deficits (the U.S.) But, as we have seen recently, things that can't last forever stop.
German productivity outside manufacturing is low. And productivity per hour worked is lower in Germany than in . . . France! (Did you see that coming?)
Yes, German unemployment is now lower than ours, but let's not talk about the 10%+ unemployment stretching back to the 90s.
German banks have also invested a boat load of money in Greece. Not looking like a great idea now.
Stagnant wages, export-driven, banking sector at risk . . . Germany is not the best model in the world for the U.S. to emulate.
Source: http://www.pbs.org/nbr/blog/2010/11/germany_really_its_not_the_rig.html
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Forget taxes and the deficit, we need to get serious about education!
I'm beyond stunned. I've spent all this time worrying about the deficit and our economy, thinking it was the critical issue facing the nation.
I was wrong. The most critical issue is education. Just look at the latest round of international testing in science, math, and reading. The Programme for International Student Assessment tested 15-year-old students around the world.
You probably know that students in Shanghai crushed the rest of the world, outscoring everyone in all categories by a wide margin. What you may not have heard is that kids in 28 nations outscored American kids in math. We're behind 15 nations in reading and 20 nations in science.
We're not just broke, we're undereducated too!
How did we let this happen? How long can we let this go on?
Source: http://www.pbs.org/nbr/blog/2010/12/forget_taxes_and_the_deficit_w.html
Indonesian Terror Suspect Goes on Trial
Source: http://www.voanews.com/english/news/Indonesian-Terror-Suspect-Goes-on-Trial-112614549.html
RealtyTrac: Evictions Ease Following Foreclosure Moratoriums. New Defaults Trending Lower
Source: http://www.mortgagenewsdaily.com/12162010_foreclosures_realtytrac.asp
S&P/Case-Shiller: Home Price Double-Dip Looms
Source: http://www.mortgagenewsdaily.com/12282010_october_s_p_case_shiller.asp
RealtyTrac: Evictions Ease Following Foreclosure Moratoriums. New Defaults Trending Lower
Source: http://www.mortgagenewsdaily.com/12162010_foreclosures_realtytrac.asp
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Nicole Richie Gets Married at Dad?s $10 Million Pad
People reports that the French garden ceremony under a tent not only included 130 of the couples’ closest friends and family but [...]
Source: http://www.zillow.com/blog/nicole-richie-gets-married-at-dads-10-million-pad/2010/12/21/
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Wednesday, December 29, 2010
Election Over, Problem Remains: Debt and Deflation Risks
The election is over. Republicans are on a roll. But the economy remains in the ditch.
The election, unfortunately did little to clarify the economic problem we face. Which is: We are in a hole. The hole was caused by too much borrowing and the collapse of asset prices (housing, commercial real estate, fancy financial products.)
The hole is deep. U.S. households took on almost $7 trillion in debt from in the seven years before the bubble burst. That's not something that goes away quickly.
Pimco's Mohamed El-Erian put it well in today's Washington Post:
As a whole, the United States is still overcoming the legacy of years of over-leverage and misplaced confidence that consumption can be financed by borrowing rather than earnings. The resulting debt overhangs act as strong headwinds to growth and employment generation.
So where are we now? Businesses are getting back, sitting on cash and waiting for things to get better. Consumers are paying down debts and saving more and waiting for things to get better. And unemployment is hovering near 10%.
Investors are shunning risk, throwing money at safe investments like Treasury bonds.
The problem is that, as consumers and businesses hang back, demand stagnates and prices fall. Thus we are flirting with deflation.
How do you change this? Democrats tried stimulus. It made a lot of sense. With everyone else pulling back, government could step in and create temporary demand in sectors like construction that were crushed.
Did it work? Critics on the right say no, it was a hodgepodge of the left's favorite pet projects that failed to do the job. Critics on the left say the stimulus was not big enough.
What about Republicans? They want to cut government and cut taxes to boost private investment. Problem is, cutting $100 billion out of spending amounts to cutting 0.7% out of an economy that is now growing at just 2%.
And remember the risk aversion? Those getting tax cuts are highly likely to save the money, sending it back to the federal government in the form of an investment in Treasury bonds.
This is not an encouraging analysis, but it fits the facts. The analysis is not all in yet, but the election was a reaction to Democrats not getting the job done. But I am not sure the election has clarified the economic task ahead. How do we get out of the hole?
Source: http://www.pbs.org/nbr/blog/2010/11/election_over_problem_remains.html
Foreclosures Home Sales Outlook Housing Starts President Obama
My American Story: Volunteers Making an Impact
As someone who came to this country as a teenager, and worked long hours to create a better life for myself and my family, I know America’s greatness flows not just from its laws and leaders, but from the extraordinary acts of everyday citizens.
For more than 20 years – working with and for people from all walks of life who are striving to live the American dream – I have seen that greatness firsthand. As CEO of the Corporation for National and Community Service, I know that everyday, in communities across America, citizens are finding solutions to community problems.
That is America’s way. Americans have always believed in the idea that we can change things, we can make things better, we can solve problems, when we join together.
Today, as so many Americans face hardship, we need that spirit more than ever. In difficult times, national service and volunteerism are smart strategies that tap the energy and ingenuity of our greatest resource – the American people – to solve problems and get things done.
Source: http://www.whitehouse.gov/blog/2010/12/22/my-american-story-volunteers-making-impact
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WikiLeaks: Syria Encouraged Anti-Cartoon Protest
Source: http://www.voanews.com/english/news/WikiLeaks-Syria-Encouraged-Anti-Cartoon-Protest-112610754.html
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NAR buys into Ifbyphone
Source: http://feedproxy.google.com/~r/inmannews/~3/RNJXhQcoKB0/nar-buys-ifbyphone
News Hub: Housing Still on Edge as Credit Tightens
Nick Timiraos discusses worry among economists that the housing market could be headed toward another downdraft as mortgage lenders tighten credit.Freddie Mac Mortgage Crisis Real Estate Agents Housing Market
Existing Home Sales Up Across the Country in November
Source: http://www.mortgagenewsdaily.com/12222010_november_existing_home_sales.asp
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Three Tips to Help Sell Your Home
Some tactics can help homes sell quickly, but others can stall or derail a sale.
Julius Erving house in St. George, Utah, facing foreclosure
Source: http://blog.foreclosure.com/2010/12/julius-erving-house-in-st-george-utah-facining-foreclosure/
The President on the Don't Ask, Don't Tell Repeal Act of 2010: "An Historic Step"
Ed. Note: Read a personal take from Brian Bond, Deputy Director of the Office of Public Engagement.
President Barack Obama makes Congressional calls from the Oval Office before Senate's final vote on the Don't Ask, Don't Tell Repeal Act of 2010.
Today, President Obama released a statement on the Don't Ask, Don't Tell Repeal Act of 2010. Today's historic vote would not have happened without the tireless efforts of many, including leaders in Congress, advocates, and the clear leadership provided by the President. As recently as this morning, the President has been reaching out to Senators from both sides of the aisle to help secure votes. It was only 11 months ago that the President called for the repeal in his first State of the Union and then laid out the plan, including the Pentagon’s Comprehensive Review for the Repeal of Don’t Ask Don’t Tell, that has taken us to where we are today.
Here's the President's full statement:
Today, the Senate has taken an historic step toward ending a policy that undermines our national security while violating the very ideals that our brave men and women in uniform risk their lives to defend. By ending “Don’t Ask, Don’t Tell,” no longer will our nation be denied the service of thousands of patriotic Americans forced to leave the military, despite years of exemplary performance, because they happen to be gay. And no longer will many thousands more be asked to live a lie in order to serve the country they love.
As Commander-in-Chief, I am also absolutely convinced that making this change will only underscore the professionalism of our troops as the best led and best trained fighting force the world has ever known. And I join the Secretary of Defense and the Chairman of the Joint Chiefs of Staff, as well as the overwhelming majority of service members asked by the Pentagon, in knowing that we can responsibly transition to a new policy while ensuring our military strength and readiness.
I want to thank Majority Leader Reid, Senators Lieberman and Collins and the countless others who have worked so hard to get this done. It is time to close this chapter in our history. It is time to recognize that sacrifice, valor and integrity are no more defined by sexual orientation than they are by race or gender, religion or creed. It is time to allow gay and lesbian Americans to serve their country openly. I urge the Senate to send this bill to my desk so that I can sign it into law.
Source: http://www.whitehouse.gov/blog/2010/12/18/president-dont-ask-dont-tell-repeal-act-2010-historic-step
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