Economic Bullet Points

beebedou — Mon, 23 Nov 2009 22:29:37 +0000

As we’ve noted previously, our Principal Broker is a engaged student of the global economy. He recently shared the following with us. Bottom line: signs continue to support a guarded optimism, and interest rates as well as inventory make this a powerful time to be a Buyer.

Employment has increased in 12 industrialized countries this year (2009)
Economic indicators across the world show significant increases:
China – vehicle production +153%
Canada – housing permits +98.4%
China – goods imports +75.4%
Eurozone – auto sales +62.8%
Australia – housing permits +52.5%
Korea – industrial production +46.8%
Japan – industrial production +39.95%
Brazil – industrial production +19.9%
Australia – housing permits +10.8%
US / China – store sales +5.6%
Case Shiller house-price index is expected to trend up in November due to mortgage rates and tax credit. Housing prices are increasing in 10 industrialized countries that saw decreases one year ago, Press Release.
Vehicle production has averaged 8.2 million for November. Combined with a stronger than expected October, this may explain why steel production is up 49.6% annualized.
PPI has increased due to surges in fuel and food, but a drop in core service costs offsets these increases and keeps inflation concerns at a low level for the time being.
Home foreclosure filings fell 3% in October for the third straight month.

On The Other hand:

Eurozone GDP growth exists, but is fragile.
Economists are revising their GDP growth projection down to 2.3%. The excess in labor is disturbing and low GDP growth will not create jobs.
Mortgage applications rose 3.2% last week due to huge jump in refinancing. However, demand for money for home purchases sank to a nine year low.
House prices nationally continue to be impacted by heavily discounted properties that impact sales figures.

Every Portland Home » Economy

Economic Bullet Points