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Friday, October 21, 2016

In yet another positive economic indicator, the Census Bureau released new data on Wednesday showing energizing news for the housing market.

The housing recovery surged in September, fueled by a rate of home building at its highest point since 2008. Housing starts in the U.S. grew by 15 percent from last month as 872,000 homes began construction. Additionally, building permits for privately-owned houses swelled by 11.6 percent relative to August, at an annual rate of 894,000.

Mortgage rates are now at record lows, and with the third round of quantitative easing (QE3) announced by the Federal Reserve last month — a plan to buy $40 billion in mortgage-backed  securities each month indefinitely — rates will likely remain low in the near future.

The latest report from the Department of Commerce is a boon to the labor market, which will likely see construction jobs slowly tick back to pre-recession numbers. Construction employment suffered particularly as a result of the housing bubble that popped in 2007.

Last week, JPMorgan Chief Executive Officer Jamie Dimon released a statement expressing newfound confidence in the recovery.

“Importantly, we believe the housing market has turned the corner,” he said. “In our Mortgage Banking business, we were encouraged that credit trends continued to modestly improve.”

Prior to the housing report, U.S. banks were already benefiting from the recovery. The Wall Street Journal wrote, “The recent pickup in home prices and the growing sense that housing has finally bounced off a bottom should increase lending activity.”

Given the huge contribution of real estate to the gross domestic product—as much as 18 percent—a stabilizing housing market has the potential to have significant effect on jobs and the economy.

The strong housing numbers are just the latest recent piece of good economic news; in October alone, unemployment fell to 7.8 percent, jobless claims dropped to their lowest level in four years, and consumer confidence rose to a five year high.


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Copyright 2012 The National Memo
  • Another example of more bad news in the GOP bazarro world.

    • America Is A Strong Country With A Strong Leader We Will Fight Till Our Last Breath We Don’t Need Romney Screwing Up This Country With His Double Down On Trickle Down Bullshit Polices!!!!

      • Trickle down is a misnomer. It should actually be called “Tinkle Down.”

        You know – the yellow waste material grudgingly given to the poor by the Ultra Wealthy.

  • Housing starts and house sales are up, even in states hit hard by the Great Recession. Needless to say, this will not stop Romney et al from depicting the economy as defunct and Americans being on the verge of collapsing from malnutrition and disease cause by President Obama.

    • Obama Is As Strong As The People Who Back Him We Are Those People And We Will Turn This Recession Around With Or Without The GOP/Tea Party Blocking , Lying And Filibustering Ways Trying To Stop This Recover!!! Obama /Biden 2012 Let’s Give Him The Help He Needs To Complete This Job!!! A Congress He Can Work With!!!

  • ayayaboy

    Housing market and economy bouncing to show that Obama is doing a great job. If not the Republicans holding Obama’s policies hostage, America should have been out of this hole by now. We all know that Boehner, Romney and Cantor have been playing politics with the economy, healthcare and taxes.

    • Recovering Without The Help Of The American Taliban They Seems To Want America To Go Off The Cliff Whining Little Spoiled Rich Bitches Wants Everything They Way!! NOT!!!

    • jarheadgene

      We can thank these guys for our blockade in Congress and Senate…..THROW THEM OUT!

  • Damn Right It Recovering And If The GOP /Teaparty Wasn’t So Damn Selfish And GREEDY It Would Recover Even Faster!!!

  • we are behind our president all the way and i do hope that more can see what romey and ryan and those GOP’s are up to a bunch of liaers and cheat no shame in their game

  • Ohh please and you probably believe that inflation is really at 1.5%. Enough said.



      Guess Romney will not be so quick to cock his eyebrows again at Obama. I almost hit the ceiling jumping with joy when he got that put down!!! Obama finally put the works to Romney. He did what he had to do. And man waiting until the end to slam him with the 47%!

      • I nearly fell into my cornflakes when I saw him make that expression. I remembered what Obama said in the Rose Garden and I knew the President had set the trap. It was obvious that Mitt smelled blood and could not wait to pull his gottcha gambit. He should have understood that something was up when Obama said please continue Gov. He did, and fell on his arse for 60 million plus citizens to witness. It was something to see and to enjoy. Too bad most did not see Mitt face when he finally realized he had been snookered by a master. That pained expression was something to behold. He knew he had just blown his entire night and that Obama had outsmarted the CEO. Romney is such a know-it-all and arrogant boss-in-chief. He forgot he is running for President not boss of a bunch of apprentices.

        • jarheadgene

          Reminded me of that evil smirk when he jumped the gun and came out blazing with BS rhetoric and blame moments after the Benghazi attack, before he found out the memo was from the embassy, not the white house. He thought he SCORED……NOT…..He is a modern day Haman…. like Wile E Coyote….”FOILED AGAIN.” RE Haman read “Esther” from the Bible.
          OH ROMNEY…..YOU are such a tool!

  • Ed

    The right will not ever be willing to admit that anything is showing improvement in the economy.

  • Melvin Chatman

    In spite of “OL MITCH”

  • ayayaboy

    Romney and Republicans playing politics of flipflopping and “NO” sanctuary holding our economic growth and progress hostage, just to frustrate people to get votes. Obama is taking America in the right direction. Obama is consistent and does not change positions like Romney does. Jobs are coming back to America under Obama. Romney tells Tea Party he will repeal Obamney Care but now he seems to not repeal it. He will be against Dodd-Frank today, tomorrow he likes part of it. Romney was against abortion and contraceptives, but now he is for them; Romney is both for self-deportation and sometimes steps backward. Romney is for Arizona harsh law in the summer but denies his stance in wintery second debate. Romney tells us Obama did not tell America that there was terrorist attack in Libya but in debate we discovered Romney was lying to the electorate. Obama did make announcement on 12/10/2012. Romney wants to be president but he doesn’t want to show us his taxes which we all show whenever we register at school or apply for office stuff. How can you make our tax decisions when we don’t know if you are or not a tax-crook yourself? If you want to be president, Romney, you must be honest and transparent with your taxes and be firm about your positions. Where do you really stand – Romney?

    • DurdyDawg

      I read just a short time ago that the Romney volunteers were calling up voters and asking them for their vote and when they said their voting democrat then the volunteers would tell them that they can vote over the phone, that they don’t have to vote in person.. Talk about low blow!

      • ayayaboy

        Romney campaign deceiving democratic voters not to vote in person but to vote on phone in order to suppress Democratic voters. Shame for this in our own America.

  • nomaster

    When things are as bad as Bush left them, after inheriting a good economy from Clinton, it naturally takes more time to recover especially when the teabaggers were being obstructionist in the congress.

    • It Time To Clean House!!! It Way Pass Time!! WE Must Not Do What Happen In 2010 I Was In The Voting Booth And It Was Very Empty Of People In There Trying To Vote That How These Terrorists Got In Office Believe Me They Will NEVER Sit Out No Election!!!! We Must Do The Same !!! Every Election Is Important And ALL Vote Counts!!! Always VOTE!! There’s Early Voting, By Mail Or In Person VOTE!!!!

  • There’s more to come. I said it then and I’ll say it again. The measures and policies the Obama/Biden administration put in place when there was a partisan Congress, even while they were fighting for healthcare reform, is now bearing fruit. It was careful planning and building to ensure that grow would be firm and solid and would continue on for years to come. President Obama said it last night. It was slow careful planning to ensure that growth would continue not for a few years, but 20, 30— 50 years from now. If he had had a partisan or even bipartisan congress to help, America would have been long on its way to recovery and progress. With an obstructionist congress, billinaires and corporation outsourcing and refusing to hire, and a gloom and doom candidate blaming the present administration, it burdened American progress until the hated administration is out of the way. President Obama called it for what is was last night. Yet, every week we see solid signs of recovery where it is counting. Once we vote out the traitorous obstructionists and hire a congress that could get the Jobs Bill passed, unemployment will drop and the economy will get moving at full steam and we can all benefit, not just the few. We should let the president continue his work and then campaign for Hillary Clinton for 2016 to make sure America stays up. VOTE!!!!!!!!!!

    • If the party of no had just cooperated a quarter of the time the results would have been wonderful for the country. If the jobs act from last year had been dealth with and passed the recovery would be much, much better. We all know that from day one the plan was to not allow Obama credit for any positive resul,t so as a result they blocked nearly everthing to make him a one term president. After next month I suppose they will do all they can to be sure he is just a two term one.

      • Don’t worry. The only time the Republicans ever proposed allowing a President to have more than two terms was when Ronald Reagan was President.

        However, they also wanted to pass legislation to allow Arnold Schwartzeneggar to run for President. It would have required new legislation because Arnold Schwartzeneggar is not a natural born citizen.

        Never mind that President Obama is a natural born citizen.

  • Guest no one looked at the Job report today…. back to over 8%