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Monday, June 30, 2014


Once when one cuts through all the shouting, the upshot is that Pending Home Sales remain significantly below last year's levels. On an NSA basis, -6.9%, with all regions clocking in negatively. The Northeast and South have relatively small declines at -2% and -4%. The Midwest and West are a little more decided on the matter, coming in at -8.4% and -14.3%.

So the upshot is still that we cannot look to home sales to carry the recovery forward into 2015. 

Construction takes a while to peak and fade, so 2015 is the danger point.

Hobby Lobby/Conestoga decision is out, holding that closely held corporations do have religious protection under RFRA It seems to be about what I expected - a narrow ruling. The fun is going to be in the concurrences and dissents. 

Perhaps the next Obama legislative initiative will be to mandate that anybody above a certain net worth must buy a car? In that case, and in that case only, the Hobby Lobby decision might have a national impact.

That'd be a grand hoorah, considering that "net worth" is not (yet) a line item on the Form 1040.

Thought I'd post this link about Detroit. It's not punditry, just Google Streets photos from the last 3 odd-numbered years.


I find it shocking that government would simply not change their operating practices when property tax compliance falls below 90%. With Detroit below 40%(!) how can anyone even consider it a going concern anymore? Detroit is literally taxing itself out of existence.
Forecasts drop of 1% in 2014 and 3% in 2015:

Charles - yes. How to create a Camden in just a few easy steps.

But they never learn!
Anon - that's just a guess, but looking at China and India, and looking at the trend in US profits, we can't expect too damned much, can we?

Companies only spend when they can make money off of it.
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