WASHINGTON (Reuters) 9-15-09 – Federal Reserve Chairman Ben Bernanke said on Tuesday that the worst U.S. recession since the Great Depression was probably over, but the recovery would be slow and it would take time to create new jobs.
“Even though from a technical perspective the recession is very likely over at this point, it’s still going to feel like a very weak economy for some time,” Bernanke said at the Brookings Institution, a Washington think tank.
In declaring the recession over, Bernanke sounded a slightly more upbeat tone than in late August when he had said simply that prospects for a return to growth were good. However, he cautioned that growth next year would probably be sluggish and that unemployment would only fall slowly.
“The general view of most forecasters is that that pace of growth in 2010 will be moderate, less than you might expect given the depth of the recession because of ongoing headwinds,” Bernanke said, citing tight credit conditions and other economic restraints.
He spoke on the one-year anniversary of the collapse of Lehman Brothers investment bank, an event that sparked a global financial panic, and a week before Fed officials meet to review their policy options.
The Fed — the U.S. central bank — slashed benchmark interest rates to near zero in December and has been buying mortgage-related securities and longer-term U.S. Treasury debt to give the economy a lift. Bernanke, in a nod to recent relatively upbeat economic signals, said it was possible the recovery could be stronger than expected, but cautioned that it could also be weaker.
“There are risks on both sides of that forecast,” he said. “But if we do in fact see moderate growth, but not growth much more than the underlying potential growth rate, then unfortunately, unemployment will be slow to come down.”
ECONOMIC PULSE QUICKENS
Bernanke’s comments implicitly acknowledged the possibility of a stronger-than-expected “V-shaped” U.S. recovery. The latest Blue Chip survey of economists predicts that growth will expand by a brisk 3 percent annual rate in the third quarter.
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WEBSITE UPDATE
Just a few quick items regarding our updated website:
SEARCHING FOR BANK OWNED OR SHORT SALES? our website makes that simple and also lets you know if the property is under contract
LIVE STREAMING WEBCAM: Thank you to all of you who enjoy our beach webcam and send us emails. It is back up and running to enjoy while you sip your coffee in the morning and Mai Tais at night!
SUGGESTIONS? IDEAS TO MAKE US BETTER? Please email your suggestions to dad@MauiRealEstate.net
TAX CREDIT TO EXPIRE SOON. HERE'S A GREAT VALUE
709 PIO WAILUKU ~ OPEN SUNDAY 10:00 AM TO 2:00 PM
NOT A SHORT SALE, NOT AN REO, JUST A SUPER DEAL
3 BD. 2 BA. SEPARATE DINING ROOM, HUGE LIVING ROOM, DEN & 11,000 + SQUARE FOOT LEVEL LOT….FABULOUS AND ONLY $394,000
Don’t forget! Tax credit to expire soon
The federal tax credit for first-time home buyers is set to expire on December 1, 2009. However, to qualify, a transaction must be closed on or before November 30, 2009.
call us @ 808-280-2764
FLOOD ZONE
TIME TO GET SERIOUS!
If you own property be sure to check to see if you are in the new flood zone areas and get your insurance NOW! Otherwise your rates will be a lot higher. Don’t forget! Here is the website. If you need our help, let us know, we are here FOR YOU!
The Hansens, Maui’s Family Tradition
800-291-5535; 808-874-8473
OUR MARKET
ALOHA ALL,
WE ARE POSTING THE LATEST FIDELITY NATIONAL TITLE NEWSLETTER. WE WISH ALL OF YOU A HAPPY AND SAFE HOLIDAY WEEKEND.
As you read about other parts of the country note that Maui is experiencing a huge boom in sales. We will post some additional information regarding what is projected for Maui’s economy in the next BLOG coming tomorrow.
A HUI HOU!
THE HANSEN OHANA
| Newsdesk | Volume 3 | Issue 246 | September 4, 2009
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| Top News Fed minutes: Officials more hopeful in August – USA Today – – With the U.S. economy on the mend, Federal Reserve policymakers last month felt comfortable slowing the pace of one of its economic revival programs and not changing any others, according to documents released Wednesday. U.S. private job losses fall, factory orders rise – CNBC via MSN Money – – NEW YORK (Reuters) – The United States lost fewer private sector jobs in August than in July while companies planned fewer layoffs, suggesting modest improvement in the beleaguered U.S. labor market. Trying to get help frustrates homeowners – CNN – – The Obama administration’s Making Home Affordable program was designed to help homeowners like Mark Kollar and Angela Baca-Kollar keep their homes. When the recession hit, the Arizona couple’s income plummeted. BofA, Wells plan to cash IOUs – Houston Business Journal – – Citi (NYSE: C), Bank of the West and Union Bank — along with some community banks and many credit unions — have been accepting their customers IOUs. But the state Treasurers office advises IOU holders to check with their bank or credit union on how Wells Fargo plans to repay TARP money ‘shortly’ – Los Angeles Times – – No big bank wants to be the last one in the TARP pit.On Tuesday, as Bank of America Corp. was reported to be working on a plan to repay part of its federal capital injection under the Troubled Asset Relief Program |
| Market News The First American Corporation Celebrates 120-Year Anniversary as it Prepares for – Reuters – – The First American Corporation Celebrates 120-Year Anniversary as it Prepares for Split Into Two Publicly Traded Companies – Separation of Financial Services Companies from Information Solutions Companies Will Enable Both to Grow and Prosper – SANTA Survey: Mortgage Rates Fall to 5.15%, FHA Market Share Rises – Wall Street Journal Online – – Mortgage rates fell last week to 5.15% from 5.24% the week before, moving closer to the record lows seen earlier this year. Still, mortgage activity was off last week Week-to-week mortgage applications fall 2.2%: MBA – MarketWatch – – CHICAGO (MarketWatch) — Mortgage applications filed last week decreased a seasonally adjusted 2.2% compared with the week before, even though mortgage rates improved somewhat, the Mortgage Bankers Association reported on Wednesday. New home sales blast past expectations – CNN Money – – More people are buying: Sales of new homes hit their highest level since last September. NEW YORK (CNNMoney.com) — Sales of newly constructed homes leaped unexpectedly in July to hit their highest level since last September. Pending US Home Sales Soar to a Two-Year High in July – CNBC – – Pending sales of previously owned U.S. homes raced to a two-year high in July, a real estate trade group said Tuesday, giving more evidence that a recovery in the housing market was under way. |
| Technology News Zillow.com(R) and the Seattlepi.com Launch Co-Branded Real Estate Web Site – Biz Journals – – SEATTLE, Sept. 1 /PRNewswire/ — Real estate Web site Zillow.com and leading news and information destination, seattlepi. Google says routine upgrades to blame for Gmail outage – Computer Weekly – – Google is blaming load miscalculations during routing server upgrades for the widespread failure of its email service Gmail for almost two hours last night. Millions of users of the free Gmail and paid for business version of the service were faced with |
| and cafes. |
| For more information about Newsdesk please visit www.productcenter.fntg.com or email Newsdesk@fnf.com |
|
|
| Top News Fed minutes: Officials more hopeful in August – USA Today – – With the U.S. economy on the mend, Federal Reserve policymakers last month felt comfortable slowing the pace of one of its economic revival programs and not changing any others, according to documents released Wednesday. U.S. private job losses fall, factory orders rise – CNBC via MSN Money – – NEW YORK (Reuters) – The United States lost fewer private sector jobs in August than in July while companies planned fewer layoffs, suggesting modest improvement in the beleaguered U.S. labor market. Trying to get help frustrates homeowners – CNN – – The Obama administration’s Making Home Affordable program was designed to help homeowners like Mark Kollar and Angela Baca-Kollar keep their homes. When the recession hit, the Arizona couple’s income plummeted. BofA, Wells plan to cash IOUs – Houston Business Journal – – Citi (NYSE: C), Bank of the West and Union Bank — along with some community banks and many credit unions — have been accepting their customers IOUs. But the state Treasurers office advises IOU holders to check with their bank or credit union on how Wells Fargo plans to repay TARP money ‘shortly’ – Los Angeles Times – – No big bank wants to be the last one in the TARP pit.On Tuesday, as Bank of America Corp. was reported to be working on a plan to repay part of its federal capital injection under the Troubled Asset Relief Program |
| Market News The First American Corporation Celebrates 120-Year Anniversary as it Prepares for – Reuters – – The First American Corporation Celebrates 120-Year Anniversary as it Prepares for Split Into Two Publicly Traded Companies – Separation of Financial Services Companies from Information Solutions Companies Will Enable Both to Grow and Prosper – SANTA Survey: Mortgage Rates Fall to 5.15%, FHA Market Share Rises – Wall Street Journal Online – – Mortgage rates fell last week to 5.15% from 5.24% the week before, moving closer to the record lows seen earlier this year. Still, mortgage activity was off last week Week-to-week mortgage applications fall 2.2%: MBA – MarketWatch – – CHICAGO (MarketWatch) — Mortgage applications filed last week decreased a seasonally adjusted 2.2% compared with the week before, even though mortgage rates improved somewhat, the Mortgage Bankers Association reported on Wednesday. New home sales blast past expectations – CNN Money – – More people are buying: Sales of new homes hit their highest level since last September. NEW YORK (CNNMoney.com) — Sales of newly constructed homes leaped unexpectedly in July to hit their highest level since last September. Pending US Home Sales Soar to a Two-Year High in July – CNBC – – Pending sales of previously owned U.S. homes raced to a two-year high in July, a real estate trade group said Tuesday, giving more evidence that a recovery in the housing market was under way. |
| Technology News Zillow.com(R) and the Seattlepi.com Launch Co-Branded Real Estate Web Site – Biz Journals – – SEATTLE, Sept. 1 /PRNewswire/ — Real estate Web site Zillow.com and leading news and information destination, seattlepi. Google says routine upgrades to blame for Gmail outage – Computer Weekly – – Google is blaming load miscalculations during routing server upgrades for the widespread failure of its email service Gmail for almost two hours last night. Millions of users of the free Gmail and paid for business version of the service were faced with |
| For more information about Newsdesk please visit www.productcenter.fntg.com or email Newsdesk@fnf.com |
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