MBA Purchase Index falls 3.1%
Mortgage purchase applications fell 3.1% in the week ended April 10 as global bond markets sold off. We have just begun the spring selling season.
A friend and former neighbor of ours got caught up in the housing mania in 2005.
They sold in our development for $450ish and bought a $600K fixer upper on 3+ acres with a pool.
Then the rug was pulled out.
His complete remodel of the new place dragged on for years for time and money reasons. Their marriage suffered, and the wife moved out and filed for divorce a couple of years ago.
He finally finished the project and put it on the market for $580K last year.
The price has been cut several times and is currently listed for $4449K.
No takers at that price. He's becoming desperate to sell.
Their three children are grown and out of the house. He's there alone with his dog.
Should never have moved in the first place. They moved for all the wrong reasons. I remember many neighbors who felt they needed to move up with regard to housing and remember telling my wife that I sure hope they are all going to be OK with their decisions down the road.
So here we are seven years after the housing bust, and new home sale remain less than half of what they were before the bust.
Sigh....the builders became carpenters, the carpenters became handymen, and the handymen became fast food workers.
CINCINNATI — Procter & Gamble will cut another 3,000 to 6,000 office jobs worldwide in the next two years, senior executives said Thursday.
An unknown number of cuts could occur here, where the company is headquartered and has only 90 manufacturing jobs.
Details of the additional job cuts came as chief financial officer Jon Moeller updated analysts and reporters after the company posted lackluster financial results for P&G's third quarter. P&G (PG) has been cutting thousands of jobs since February 2012 when it first announced it would slash 5,700 jobs or 10% of its nonmanufacturing jobs.
In the past three years, P&G has cut a total of nearly 11,000 office jobs and another 10,000 manufacturing jobs worldwide.
On Thursday, Moeller said P&G would end up cutting 25% to 30% of office jobs by mid-2017. The company already has cut 19% of those positions.
Blue Bell is near Toll's HQ near Philadelphia.
Unisys shares were down as much as 8 percent in early trading after the Blue Bell-based computer service company's chief executive, Peter Altabef, told investors sales were down 5 percent in the past three months, due largely to weaker foreign revenues as the U.S. dollar strengthened.
The company plans an 8 percent "worldwide" reduction in its workforce, which totalled 23,000 last year. Severance and restructuring will cost $300 million, resulting in $200 million in yearly savings, the company added.
Darn, I hate when that happens.
According to real estate data firm RealtyTrac, the percentage of seriously underwater homes rose for the first time since the housing recovery began in earnest in 2012. RealtyTrac considers a seriously underwater home those where the owner owes more than 25% of the market value of the house.
The data underscores two big trends in real estate this year. One is that the housing recovery is losing steam, with CoreLogic data showing that home prices nationally rose just 5.6% year-over-year in February, after two years when home prices consistently showed double digit gains.
Second, it’s an indication that the real estate market is increasingly bifurcated into luxury markets and everything else. Macro trends like rising income inequality are creating increased demand for homes at the high end of the market and less demand for homes in less expensive neighborhoods.
Right prime. And that guy who's daughter with the MBA that just landed a six-figure job.... on her own I'm sure?
Mickey D's just axed 10,000 employees, and the Pollyanna's know of four (4) people who found jobs.
At least they were looking....unlike the 90 million who aren't. Google "U6 unemployment rate".
Ford Motor Co said on Thursday it will lay off about 700 workers at a Detroit-area plant making compact and compact hybrid cars, responding to a dip in demand for such vehicles amid lower gasoline prices.
Mullen Group slashed its employee head count by 1,000 — more than 13 per cent — in the first quarter to control costs in its oilfield services division as its producer customers deeply cut spending to deal with low commodity prices.
Volvo Trucks announced earlier this week it plans to eliminate 300 jobs at its Orange Township distribution center by the end of the year.
Good for her, but one job does not make a market.
We had PHD's working for the census in 2010 for $12/hour.
Google "labor participation rate" and see what you get.
Another retailer moving away from bricks and mortar.
Lingerie retailer Frederick's of Hollywood is closing all 111 of its brick-and-mortar stores. The company will continue to offer their products exclusively online.
A statement on their website reads, "We no longer have store locations. Our online store offers the same selection of products."
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The 68-year-old business, which was the leading lingerie retailer until being eclipsed by Victoria's Secret in the 1980s, was founded during the '50s pin-up era by Frederick Mellinger. Also known for housing The Lingerie Museum and Celebrity Lingerie Hall of Fame, famously looted during the 1992 L.A. riots, Frederick's of Hollywood will continue to offer bedroom accessories and sex toys in addition to lingerie.
In the face of its fierce competition, the company filed for bankruptcy in 2000 and re-emerged in 2003. Frederick's then went public in 2006 before being taken private by Harbinger Group and other investors in 2013.
Tell me about it. An old college buddy of mine moved to Houston three years ago to do geology work for the oil industry. Got laid off last year. Just found something in Oklahoma. Hope it lasts.
Blames plumbing problems.
BRANDON, Fla. - Employees of a Walmart in Brandon that abruptly closed Monday were among more than 2,000 employees nationwide who learned almost simultaneously they were being laid off.
In a nearly identical manner at every store, Walmart corporate officials visited the five locations, called an impromptu meeting in the back of the store and told employees that the stores would be closing that evening.
Besides Brandon, the affected locations were in Pico Rivera, Calif., Livingston, Texas, Midland, Texas, Tulsa, Okla.
“The issues mostly relate to clogs and water leaks in the plumbing - we’ve had persistent issues over the last several years,“ said a Walmart spokesperson said.
“These incidents impact the availability of water and create drainage issues for critical areas of the store which impacts our ability to serve customers,” she said.
“Normally, we do our best to avoid disrupting a store’s operations. However, given this particular store had one of the highest incidences of plumbing issues in the entire fleet and in order to reduce the costs associated with these incidents, we felt it was in the store’s best interest to invest in making the necessary improvements to resolve these issues,” the spokesperson said.
The I-Team has learned that none of the five affected stores have sought any plumbing permits for future repairs.
Moments ago the Department of Commerce reported March starts and permits data, which after the February collapse was expected by everyone to rebound strongly because, well, it didn't snow as much in March as it did in February. Apparently it did, because not only did Housing Starts miss massively, and just as bad as in February, printing at 926K, on expectations of a 1.040MM rebound from last month's revised 908K, but permits also missed and in fact declined from last month's 1102K to 1039K.
Worse, while single family starts continue to drag along a level that is largely unchanged since the end of 2012, multi-family starts tumbled to the lowest since September 2013 at 287K, suggesting the rental boom is truly finished.
That's already happening. Our Carrabba's has special marked parking areas for "curbside pickup".
Get the food to go and no tip required. Probably no drinks either. Guest check plummets and you guessed it....less need for trained wait staff.
No doom and gloom from old sage, but the New York Fed Chief on the other hand.....
NEW YORK (Reuters) - The municipal bankruptcies in Detroit and Stockton, California, may foretell more widespread problems in the United States than is implied by current bond ratings, a top Federal Reserve official said on Monday.
"While these particular bankruptcy filings have captured a considerable amount of attention, and rightly so, they may foreshadow more widespread problems than what might be implied by current bond ratings," New York Fed President William Dudley said at a workshop on Chapter 9 bankruptcies.
"We need to focus our attention today on addressing the underlying issues before any problems grow to the point where bankruptcy becomes the only viable option," he added, according to a text of his speech.
A sure sign of a healthy and vibrant economy!
MARYVILLE (WATE) – Ruby Tuesday will close 30 restaurants over the next few months, though they won’t say which ones.
The announcement comes with the company’s report that it sustained more than 34 million dollars in losses in the last quarter.
What's that?....something like 2,000-3,000 people losing their jobs?
I don't, nor did I ever say, that I was running a trust. Those are your words.
I am listed as a joint tenant, along with three others, each controls 25%.
FTR yield = 5.7% & 2-yr return of 76%
VZ yield = 4.5% & 2-yr return of -(3)%
Where are you getting your numbers CD?....or are we just supposed to trust whatever you say?
D.A. Davidson just issued upgrade, so we'll call it a wash.
Short interest decreasing again. Good news.
And yes, I have been busy with a new E-commerce venture, so less time to post.