{"id":195794,"date":"2008-06-13T17:21:00","date_gmt":"2008-06-13T22:21:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/06\/13\/economics-update-439\/"},"modified":"2008-06-13T17:21:00","modified_gmt":"2008-06-13T22:21:00","slug":"economics-update-439","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/06\/13\/economics-update-439\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<p>Well, we now know that in May, <a href=\"http:\/\/www.latimes.com\/business\/la-fi-foreclosures14-2008jun14,0,554308.story\">foreclosure was up 48% over a year ago<\/a>, which is why we are seeing stories about <a href=\"http:\/\/blogs.wsj.com\/developments\/2008\/06\/11\/foreclosures-make-up-majority-of-sales-in-sacramento\/\">places where foreclosures are a majority of sales<\/a>, and <a href=\"http:\/\/www.pe.com\/business\/local\/stories\/PE_Biz_S_foreclose12.3ae23a0.html\">banks are becoming more flexible on prices on the property that they have assumed<\/a>.<\/p>\n<p>Increasingly, it looks like the bump in house sales was just a bump in sales of lender own properties.<\/p>\n<p>If interest rates go up, this will get worse, and <a href=\"http:\/\/www.cbc.ca\/money\/story\/2008\/06\/13\/usinflatino.html\">May data points to increased inflation<\/a>.  It exceeded expectations again.<\/p>\n<p><a href=\"http:\/\/money.cnn.com\/2008\/06\/13\/news\/economy\/CPI\/?postversion=2008061309\"><\/a>That&#8217;s why <a href=\"http:\/\/www.marketwatch.com\/news\/story\/plosser-calls-quick-rate-hike\/story.aspx?guid=%7B4B8C9BD5-FDBD-4630-BA4D-B301C3B460FD%7D\">Fed Governor Plosser is calling for a quick rate hike<\/a>.  He is worried about the dreaded stagflation.<br \/><a href=\"http:\/\/www.marketwatch.com\/news\/story\/plosser-calls-quick-rate-hike\/story.aspx?guid=%7B4B8C9BD5-FDBD-4630-BA4D-B301C3B460FD%7D\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Well, we now know that in May, foreclosure was up 48% over a year ago, which is why we are seeing stories about places where foreclosures are a majority of sales, and banks are becoming more flexible on prices on the property that they have assumed. Increasingly, it looks like the bump in house sales &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,1004,1200,1088],"tags":[],"class_list":["post-195794","post","type-post","status-publish","format-standard","hentry","category-economy","category-finance","category-inflation","category-real-estate"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195794"}],"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=195794"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195794\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=195794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=195794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=195794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}