Zero is good

Nothing new for us… but check out the latest from Zillow on underwater mortgages in the US by metro area: Despite Home Value Gains, Underwater Homeowners Owe $1.2 Trillion More than Homes’ Worth

I believe it is showing we are by far the lowest incidence of ‘underwater’ mortgages, i.e. those whose home values are . . . → Read More: Zero is good

My proposal to Congressman Joe Heck

“The art of economics consists in looking not merely at the immediate, but at the longer effects of any act or policy; it consists in tracing consequences of that not merely for one group, but for all groups.” -Henry Hazlitt

Congressman Heck is trailing Mitt Romney in the valid solutions . . . → Read More: My proposal to Congressman Joe Heck

Paging Henry George

One of those news items I should have noted already.  PBT points out that one of the city of Pittsburgh’s property tax abatement is drawing to a close.  The article is talking about the LERTA program which is a state statute that allows municipalities to exempt taxes on commercial real estate in a designated district . . . → Read More: Paging Henry George

Ho hum housing news

The Five Best and Five Worst U.S. Housing Markets in 2011:

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foreclosures and then what?

Sam has an update on some new numbers about foreclosures in the region.  Something related that is not new, but a bigger and bigger issue for us is what happens to the homes as they move in and out of foreclosure and the role of banks in that process.  Just something we are spending . . . → Read More: Foreclosures and Then What?

The Economic Future of Ireland

The economic and financial crisis of 2008/2009 hit Ireland heavily. The asset price bubble and the subsequent deflation have added to the uncertain macroeconomic outlook. How did the country went from the times of the “Irish miracle” to the prolonged economic slowdown? Following the beginning of the 2008/2009 economic and financial crisis, Ireland was . . . → Read More: The Economic Future of Ireland

Economic Events on April 16, 2010

At 8:30 AM EDT, the Housing Starts report for March will be released.  The consensus is that construction on 605,000 new homes was started last month, after a weak February due to poor weather.

At 9:55 AM EDT, Consumer Sentiment for the first half of April will be announced.  The consensus is that the . . . → Read More: Economic Events on April 16, 2010

Easter Week Issues a String Of Positives

The last week of economic news has been quite notably positive.

Last Wednesday, March 31, started with the Mortgage Bankers Association reporting that its purchase index was up a very sharp 6.8 percent for the fourth gain in the last five weeks.

A few hours later Chicago’s arm of the Institute of Supply Management . . . → Read More: Easter Week Issues a String Of Positives

Demographics, Housing, and Global Imbalances

Most, if not all, of the deficit nations that make up the Bretton Woods II edifice and subsequent global imbalances have seen notable housing and construction bubbles as part of their path towards excess leverage. The demand for housing and thus in some sense construction on the aggregate macroeconomic level can be tied . . . → Read More: Demographics, Housing, and Global Imbalances

Mister Sunshine Predictions

Brian Wesbury is one of the more optimistic professional economists out there. He’s proud of being dubbed “Mr. Sunshine.” Wesbury is chief economist at First Trust Advisors of Chicago and his assessments on the economy are quite in line with what you read here at the Good News Economist day after day.

He even . . . → Read More: Mister Sunshine Predictions