The Bleak U.S. Jobs Picture (BusinessWeek Online)
BusinessWeek Online - U.S. job losses in June rose to 467,000 as the national unemployment rate rose to 9.5%. This follows a decade where job creation in the private sector hovered in the 1% range. In our feature segment, Chief Economist Michael Mandel explains why job growth has stalled, its importance, and what can be done to reverse this trend. Plus, the latest on the troubled housing market and Wal-Mart's (wmt.) unusual alliance with a labor union.
The latest developments in the real estate market.
- U.S. home prices seen down over 40 percent: Barclays (Reuters) Reuters - U.S. housing prices will fall by a double-digit percentage from already beaten-down levels, resulting in an overall 40 percent plunge by the time foreclosures peak in the second half of 2010, Barclays Capital economist Michelle Meyer said.
- Fannie, Freddie ease terms for mortgage refinance (Reuters) Reuters - The Obama administration on Wednesday expanded its foreclosure prevention efforts to help a greater number of underwater homeowners refinance their mortgages.
- Dollar slips vs euro, pound on mixed economic data (AP) AP - The dollar was lower against most major currencies Wednesday on mixed economic reports that showed more stable manufacturing activity and a rise in pending home sales.
- Home Sales Perk Up, but Expensive Houses Languish (Time.com) Time.com - Home sales are improving lately, but it's the small starter homes that sell, while big expensive houses go unloved
- Gov't foreclosure help will reach more homeowners (AP) AP - The Obama administration is expanding a program to stave off foreclosure for borrowers who owe more than their homes are worth.
- Freddie Mac gets another $6.1B from gov't (AP) AP - Battered mortgage giant Freddie Mac received $6.1 billion in new funds from the Treasury Department to help offset its mounting liabilities, according to a regulatory filing submitted Wednesday.
- Pending home sales up 4th straight month in May (AP) AP - Pending home sales rose in May for the fourth straight month, spurred by low prices and a first-time homebuyers tax credit, fresh evidence that the housing sector may be recovering.