{"id":195870,"date":"2008-06-09T17:18:00","date_gmt":"2008-06-09T22:18:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/06\/09\/economics-update-443\/"},"modified":"2008-06-09T17:18:00","modified_gmt":"2008-06-09T22:18:00","slug":"economics-update-443","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/06\/09\/economics-update-443\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<p>The big news, though I&#8217;m not sure if it&#8217;s significant, is that, &#8220;<a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=ad3sB7i4ZhuU&amp;refer=home\">The index of pending home resales rose 6.3 percent to 88.2, the highest level in six months<\/a>.&#8221;<\/p>\n<p>We are starting to see bargain hunters, but prices are still falling, and that is at the core of the housing bubble collapse.  People are under water, and can&#8217;t sell to get out from under.<\/p>\n<p>Review this article on , <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601109&amp;sid=a4kOXcpI3dQg&amp;refer=home\">the price collapse of exurban McMansions<\/a>.  There is still a lot of pain to go, particularly since many of these homes are poorly built.<\/p>\n<p>I wonder how many will end up multi-residential dwellings.<\/p>\n<p>The dollar <a href=\"http:\/\/money.cnn.com\/2008\/06\/09\/markets\/bc.apfn.eu.fin.mkt.euro.dollar.ap\/index.htm\">is down today<\/a>, which implies further energy price increases and, eventually, higher interest rates.<\/p>\n<p>Oil <a href=\"http:\/\/money.cnn.com\/2008\/06\/09\/markets\/oil\/index.htm?postversion=2008060915\">fell  $4.19 today<\/a>, which is not surprising after Friday&#8217;s spike, but retail gasoline prices rose again, to above $4.00\/bbl.  I filled up on the weekend at $3.93&#8230;.I never knew that I lived in a low cost gas area.<\/p>\n<p>Finally, Lehman <a href=\"http:\/\/money.cnn.com\/2008\/06\/09\/news\/companies\/lehman_results\/index.htm?postversion=2008060913\">lost $2.8 billion in Q1 of 2008<\/a>, so this investment banks have a long way down to go.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The big news, though I&#8217;m not sure if it&#8217;s significant, is that, &#8220;The index of pending home resales rose 6.3 percent to 88.2, the highest level in six months.&#8221; We are starting to see bargain hunters, but prices are still falling, and that is at the core of the housing bubble collapse. People are under &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1080,973,1004,1088],"tags":[],"class_list":["post-195870","post","type-post","status-publish","format-standard","hentry","category-currency","category-economy","category-finance","category-real-estate"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195870"}],"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=195870"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195870\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=195870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=195870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=195870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}