{"id":189647,"date":"2010-02-26T19:09:00","date_gmt":"2010-02-27T00:09:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/02\/26\/economics-update-82\/"},"modified":"2010-02-26T19:09:00","modified_gmt":"2010-02-27T00:09:00","slug":"economics-update-82","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/02\/26\/economics-update-82\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<div style=\"border: 1px solid black; margin: 0px 10px; padding: 5px; width: 400px; float: right; text-align: center;\">Click for full size<\/p>\n<hr \/>\n<p><a href=\"http:\/\/img51.imageshack.us\/img51\/1500\/freddiemacjan2010345002.jpg\"><img decoding=\"async\" src=\"http:\/\/img51.imageshack.us\/img51\/1500\/freddiemacjan2010345002.jpg\" bordercolor=\"white\" border=\"0\" width=\"390\" \/><\/a> <span style=\"font-style: italic;\">H\/t <a href=\"http:\/\/www.calculatedriskblog.com\/2010\/02\/freddie-mac-delinquencies-increase.html\">Calculated Risk<\/a><\/p>\n<p><a href=\"http:\/\/img651.imageshack.us\/img651\/2374\/ehssalesjan20103727761.jpg\"><img decoding=\"async\" src=\"http:\/\/img651.imageshack.us\/img651\/2374\/ehssalesjan20103727761.jpg\" bordercolor=\"white\" border=\"0\" width=\"390\" \/><\/a><br \/>That bump is the tax credit h\/t <a href=\"http:\/\/www.calculatedriskblog.com\/2010\/02\/existing-home-sales-decline-sharply-in.html\">Calculated Risk<\/a><\/span><\/div>\n<p>The big news is the <a href=\"http:\/\/www.marketwatch.com\/story\/gdp-revised-up-to-59-on-slower-inventory-cuts-2010-02-26-83100\">upward revision of US GDP in the 4<sup>th<\/sup> quarter<\/a>, though it should be noted that this delta is all inventory shrinking less quickly than expected, everything else was revised down.<\/p>\n<p>Go to <a href=\"http:\/\/www.calculatedriskblog.com\/2010\/02\/q4-gdp-revised-to-59.html?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+CalculatedRisk+%28Calculated+Risk%29\">Calculated Risk<\/a> to see a handy table illustrating this.<\/p>\n<p>Meanwhile real estate is grim, with Freddy Mac reporting that<span style=\"text-decoration: underline;\"> <\/span><a href=\"http:\/\/www.freddiemac.com\/investors\/volsum\/pdf\/0110mvs.pdf\">delinquencies in single housings rising 16 basis points to 4.03 in January<\/a>, and <a href=\"http:\/\/www.reuters.com\/article\/idUSTRE61P3H420100226?feedType=RSS&amp;feedName=businessNews&amp;utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+reuters%2FbusinessNews+%28News+%2F+US+%2F+Business+News%29\">existing home sales falling sharply<\/a>.<\/p>\n<p>As I have said before, we are seeing the effects of the home buyer tax credit, not any real market recovery.<\/p>\n<p>Meanwhile, in the old standards of energy and currency, people are feeling more sanguine about Greece, which means that they are looking for more return, and less safety, which <a href=\"http:\/\/money.cnn.com\/2010\/02\/26\/markets\/dollar\/index.htm\">pushed the dollar lower<\/a>, and the lower dollar <a href=\"http:\/\/money.cnn.com\/2010\/02\/26\/markets\/oil\/\">drove crude oil higher<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Click for full size H\/t Calculated Risk That bump is the tax credit h\/t Calculated Risk The big news is the upward revision of US GDP in the 4th quarter, though it should be noted that this delta is all inventory shrinking less quickly than expected, everything else was revised down. Go to Calculated Risk &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1094,973,1088,1089],"tags":[],"class_list":["post-189647","post","type-post","status-publish","format-standard","hentry","category-campaign-finance","category-economy","category-real-estate","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189647"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=189647"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189647\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=189647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=189647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=189647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}