|
FREE Newsletter Timely Market Commentary Daily Stock Picks News Analysis |
|
Posts Tagged ‘Economy’
September 4th, 2010 | 
Author: 
By Mike Zaman
Bank Name: City State: Closing Date
Sonoma Valley Bank Sonoma CA August 20, 2010
Los Padres Bank Solvang CA August 20, 2010
Butte Community Bank Chico CA August 20, 2010
Pacific State Bank Stockton CA August 20, 2010
ShoreBank Chicago IL August 20, 2010
Imperial Savings and Loan Association
Martinsville VA August 20, 2010
Independent National Bank Ocala FL August 20, 2010
Community National Bank at Bartow Bartow FL August 20, 2010
Palos Bank and Trust Company Palos Heights IL August 13, 2010
Ravenswood Bank Chicago IL August 6, 2010
LibertyBank Eugene OR July 30, 2010
The Cowlitz Bank Longview WA July 30, 2010
Coastal Community Bank Panama City Beach FL July 30, 2010
Bayside Savings Bank Port Saint Joe FL July 30, 2010
Northwest Bank & Trust Acworth GA July 30, 2010
Home Valley Bank Cave Junction OR July 23, 2010
SouthwestUSA Bank Las Vegas NV July 23, 2010
Community Security Bank New Prague MN July 23, 2010
Thunder Bank Sylvan Grove KS July 23, 2010
Williamsburg First National Bank Kingstree SC July 23, 2010
Crescent Bank and Trust Company Jasper GA July 23, 2010
Sterling Bank Lantana FL July 23, 2010
Mainstreet Savings Bank, FSB Hastings MI July 16, 2010
Olde Cypress Community Bank Clewiston FL July 16, 2010
Turnberry Bank Aventura FL July 16, 2010
Metro Bank of Dade County Miami FL July 16, 2010
First National Bank of the South Spartanburg SC July 16, 2010
Woodlands Bank Bluffton SC July 16, 2010
Home National Bank Blackwell OK July 9, 2010
USA Bank Port Chester NY July 9, 2010
Ideal Federal Savings Bank Baltimore MD July 9, 2010
Bay National Bank Baltimore MD July 9, 2010
High Desert State Bank Albuquerque NM June 25, 2010
First National Bank Savannah GA June 25, 2010
Peninsula Bank Englewood FL June 25, 2010
Nevada Security Bank Reno NV June 18, 2010
Washington First International Bank Seattle WA June 11, 2010
TierOne Bank Lincoln NE June 4, 2010
Arcola Homestead Savings Bank Arcola IL June 4, 2010
First National Bank Rosedale MS June 4, 2010
Sun West Bank Las Vegas NV May 28, 2010
Granite Community Bank, NA Granite Bay CA May 28, 2010
Bank of Florida - TampaTampa FL May 28, 2010
Bank of Florida - Southwest Naples FL May 28, 2010
Bank of Florida - Southeast Fort Lauderdale FL May 28, 2010
Pinehurst Bank Saint Paul MN May 21, 2010
Midwest Bank and Trust Company Elmwood Park IL May 14, 2010
Southwest Community BankSpringfield MO May 14, 2010
New Liberty BankPlymouth MI May 14, 2010
Satilla Community BankSaint Marys GA May 14, 2010
1st Pacific Bank of CaliforniaSan Diego CA May 7, 2010
Towne Bank of ArizonaMesa AZ May 7, 2010
Access BankChamplin MN May 7, 2010
The Bank of BonifayBonifay FL May 7, 2010
Frontier BankEverett WA April 30, 2010
BC National BanksButler MO April 30, 2010
Champion BankCreve Coeur MO April 30, 2010
CF BancorpPort Huron MI April 30, 2010
Westernbank Puerto Rico En Español Mayaguez PR April 30, 2010
R-G Premier Bank of Puerto Rico En Español Hato Rey PR April 30, 2010
Eurobank En Español San Juan PR April 30, 2010
Wheatland BankNaperville IL April 23, 2010
Peotone Bank and Trust Company Peotone IL April 23, 2010
Lincoln Park Savings Bank Chicago IL April 23, 2010
New Century Bank Chicago IL April 23, 2010
Citizens Bank and Trust Company of Chicago Chicago IL April 23, 2010
Broadway Bank Chicago IL April 23, 2010
Amcore Bank, National Association Rockford IL April 23, 2010
City Bank Lynnwood WA April 16, 2010
Tamalpais Bank San Rafael CA April 16, 2010
Innovative Bank Oakland CA April 16, 2010
Butler Bank Lowell MA April 16, 2010
Riverside National Bank of Florida Fort Pierce FL April 16, 2010
AmericanFirst Bank Clermont FL April 16, 2010
First Federal Bank of North Florida Palatka FL April 16, 2010
Lakeside Community Bank Sterling Heights MI April 16, 2010
Beach First National Bank Myrtle Beach SC April 9, 2010
Desert Hills Bank Phoenix AZ March 26, 2010
Unity National Bank Cartersville GA March 26, 2010
Key West Bank Key West FL March 26, 2010
McIntosh Commercial Bank Carrollton GA March 26, 2010
State Bank of Aurora Aurora MN March 19, 2010
First Lowndes Bank Fort Deposit AL March 19, 2010
Bank of Hiawassee Hiawassee GA March 19, 2010
Appalachian Community Bank Ellijay GA March 19, 2010
Advanta Bank Corp. Draper UT March 19, 2010
Century Security Bank Duluth GA March 19, 2010
American National Bank Parma OH March 19, 2010
Statewide Bank Covington LA March 12, 2010
Old Southern Bank Orlando FL March 12, 2010
The Park Avenue Bank New York NY March 12, 2010
LibertyPointe Bank New York NY March 11, 2010
Centennial Bank Ogden UT March 5, 2010
Waterfield Bank Germantown MD March 5, 2010
Bank of Illinois Normal IL March 5, 2010
Sun American Bank Boca Raton FL March 5, 2010
Rainier Pacific Bank Tacoma WA February 26, 2010
Carson River Community Bank Carson City NV February 26, 2010
La Jolla Bank, FSB La Jolla CA February 19, 2010
George Washington Savings Bank Orland Park IL February 19, 2010
The La Coste National Bank La Coste TX February 19, 2010
Marco Community Bank Marco Island FL February 19, 2010
1st American State Bank of Minnesota Hancock MN February 5, 2010
American Marine Bank Bainbridge Island WA January 29, 2010
First Regional Bank Los Angeles CA January 29, 2010
Community Bank and Trust Cornelia GA January 29, 2010
Marshall Bank, N.A. Hallock MN January 29, 2010
Florida Community Bank Immokalee FL January 29, 2010
First National Bank of Georgia Carrollton GA January 29, 2010
Columbia River Bank The Dalles OR January 22, 2010
Evergreen Bank Seattle WA January 22, 2010
Charter Bank Santa Fe NM January 22, 2010
Bank of Leeton Leeton MO January 22, 2010
Premier American Bank Miami FL January 22, 2010
Barnes Banking Company Kaysville UT January 15, 2010
St. Stephen State Bank St. Stephen MN January 15, 2010
Town Community Bank & Trust Antioch IL January 15, 2010
Horizon Bank Bellingham WA January 8, 2010
And this is just through August!
********************************************************************
The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY! Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. CRWENewswire.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold CRWENewswire.com report and Crown Equity Holdings, Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (read more) Rule 17B requires disclosure of payment for investor relations.
Posted in Uncategorized | 
Tags: Bailout, Economy, failed US Banks, FDIC, List of Bank closures, troubled banks, US bank closures, US banks | 
Reported By Mike Zaman
Looking at the data released for August, the economy does not appear to be getting off the ground. Job increases are not full time employment but part time and temporary workers. When we follow the scant data released we have an incomplete picture, for example the report is silent as to the number of new claims filed for unemployment. Keep in mind Nonfarm payroll covers everything but farm payroll. Follow the information below we have broken it down prior to the report.
” nonfarm payroll declined by (-54,000) these are job losses not gains!
” 323,000 people fell off the unemployment rolls, their benefits had expired and they are no longer counted!
” Part time workers increased by 331,000
” Mining employment rose by 8,000
” Manufacturing employment declined by (-27,000) and there was an additional decline of (-22,000) in motor vehicles and parts personnel
” temporary help services increased by 17,000
” Construction employment was up (+9,000) 10,000 workers who were on strike in July returned to work.
This is not a picture of a healthy economy where jobs are being created, those workers working Full Time are still working less than 40 hours per week!
Nonfarm payroll employment changed little (-54,000) in August, and the unemployment rate was about unchanged at 9.6 percent, the U.S. Bureau of Labor Statistics reported today. Government employment fell, as 114,000 temporary workers hired for the decennial census completed their work. Private-sector payroll employment continued to trend up modestly (+67,000).
Household Survey Data
The number of unemployed persons (14.9 million) and the unemployment rate (9.6 percent) were little changed in August. From May through August, the jobless rate remained in the range of 9.5 to 9.7 percent.
Among the major worker groups, the unemployment rate for adult men (9.8 per-cent), adult women (8.0 percent), teenagers (26.3 percent), whites (8.7 per-cent), blacks (16.3 percent), and Hispanics (12.0 percent) showed little change in August. The jobless rate for Asians was 7.2 percent, not seasonally adjusted.
The number of long-term unemployed (those jobless for 27 weeks and over) declined by 323,000 over the month to 6.2 million. In August, 42.0 percent of unemployed persons had been jobless for 27 weeks or more.
In August, the civilian labor force participation rate (64.7 percent) and
the employment-population ratio (58.5 percent) were essentially unchanged.
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) increased by 331,000 over the month to 8.9 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
About 2.4 million persons were marginally attached to the labor force in August, little changed from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were avail- able for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.
Among the marginally attached, there were 1.1 million discouraged workers in August, an increase of 352,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.3 million persons marginally attached to the labor force had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities.
Establishment Survey Data
Total nonfarm payroll employment was little changed (-54,000) in August. Government employment fell by 121,000, reflecting the departure of 114,000 temporary Census 2010 workers from federal government payrolls. Total private employment continued to trend up modestly over the month (+67,000). Since its most recent low in December 2009, private-sector employment has risen by 763,000.
(NOTE: we were unable to determine where these 67,000 jobs were created, except possibly in the part time and temporary field, as full time jobs were offset by a loss of 54,000 jobs. it almost appears to be a trade off, jobs appear to be increasing in health care and declining elsewhere.)
Employment in health care increased by 28,000 in August, with the largest gains occurring in ambulatory health care services (+17,000) and hospitals (+9,000).
Thus far in 2010, the health care industry has added an average of 20,000 jobs per month, about in line with the average monthly job growth in 2009.
Mining employment rose by 8,000 in August. Since a recent low in October 2009, employment in the industry has increased by 72,000. Support activities for mining has accounted for about three-fourths of the gain.
Manufacturing employment declined by (-27,000) over the month. A decline in motor vehicles and parts (-22,000) offset a gain of similar magnitude in July as the industry departed somewhat from its usual layoff and recall pattern for annual retooling.
Within professional and business services, employment in temporary help services was up by 17,000. This industry has added 392,000 jobs since a recent employment low in September 2009.
Construction employment was up (+19,000) in August. This change partially reflected the return to payrolls of 10,000 workers who were on strike in July.
Employment in retail trade was about unchanged over the month. A job gain among motor vehicle and parts dealers (+8,000) was essentially offset by losses in building materials and garden supply stores (-6,000).
Employment in other private-sector industries, including wholesale trade, transportation and warehousing, information, financial activities, and leisure and hospitality, showed little change in August.
Over the month, government employment fell by 121,000, largely reflecting the loss of 114,000 temporary workers hired for Census 2010. The number of temporary Census 2010 workers peaked in May at 564,000 but has declined to 82,000 in August.
The average workweek for all employees on private nonfarm payrolls was unchanged over the month at 34.2 hours. The manufacturing workweek for all employees in- creased by 0.1 hour to 40.2 hours, and factory overtime was up by 0.1 hour. The average workweek for production and nonsupervisory employees on private nonfarm
payrolls increased by 0.1 hour to 33.5 hours.
Average hourly earnings of all employees on private nonfarm payrolls increased by 6 cents, or 0.3 percent, to $22.66 in August. Over the past 12 months, average hourly earnings have increased by 1.7 percent. In August, average hourly earnings of private-sector production and nonsupervisory employees increased by
3 cents, or 0.2 percent, to $19.08.
The change in total nonfarm payroll employment for June was revised from -221,000 to -175,000, and the change for July was revised from -131,000 to -54,000.
___________
The Employment Situation for September is scheduled to be released on Friday, October 8, 2010, at 8:30 a.m. (EDT).
********************************************************************
The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.
Posted in Uncategorized |
Tags: Economy, Joblessness, unemployed claims, unemployment, unemployment insurance, US Department of Labor Statistics |
By Mike Zaman
Harvard Professor Robert Barro opined in yesterdays Wall Street Journal that America’s high rate of long-term unemployment is the consequence rather than the cause of today’s extended unemployment insurance benefits.
Leave it to a Harvard professor to completely miss the mark. When there are NO jobs available, America workers are “entitled” to an extended benefit. Especially where the loss of permanent hi paying jobs is the result of government incompetence, or planned as an event to build the world economy while ignoring us closer to home.
The real unemployment figure is a staggering sum, the reality of which may never be told, it could be as high as 40%, and it includes all of America that wants to work, not just those who are being counted.
Since there are No jobs available, except perhaps in the service sector, and they are generally insufficient to support a family- the reality is that the extended unemployment insurance benefit is the direct result of the number of unemployed and their length of time without finding a job. For many it has been an experience where they have lost everything, and have already given up on the system.
Professor Barro, like most educated people will see the trees and miss the forest completely. He not only has it backwards, but is so out of step with reality that I hope he is not teaching economics, a pseudo science.
********************************************************************
The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.
By Mike Zaman, CRWENEWSWIRE Correspondent
METROPOLITAN AREA EMPLOYMENT AND UNEMPLOYMENT – FOR JULY 2010
Unemployment in America continues to grow!
Unemployment rates were higher in July than a year earlier in 192 of the 372 metropolitan areas, lower in 170 areas, and unchanged in 10 areas, the U.S. Bureau of Labor Statistics reported today. Seventeen areas recorded jobless rates of at least 15.0 percent, while 6 areas registered rates below 5.0 percent.
The national unemployment rate in July was 9.7 percent, not seasonally adjusted, the same as a year earlier. But many of America’s unemployed are not counted in the unemployment rate, as millions have already given up looking for a job, and accordingly they are no longer counted as unemployed.
Metropolitan Area Unemployment (Not Seasonally Adjusted)
In July, 127 metropolitan areas reported jobless rates of at least 10.0 percent, down from 140 areas a year earlier, while 61 areas posted rates below 7.0 percent, little changed from 62 areas in July 2009. El Centro, Calif., and Yuma, Ariz., again recorded the highest unemployment rates, 30.3 and 28.7 percent, respectively. These two adjacent areas are highly agricultural and experience extreme heat during summer months. Among the 17 areas with jobless rates of at least 15.0 percent, 12 were located in California. Bismarck, N.D., registered the lowest unemployment rate in July, 3.1 percent, followed by Fargo, N.D.-Minn., 3.7 percent. All six areas with jobless rates of less than 5.0 percent were located in the West North Central division.
Overall, 228 areas recorded unemployment rates below the U.S. figure of 9.7 percent, 138 areas reported rates above it, and 6 areas had rates equal to that of the nation.
The largest over-the-year jobless rate increases in July were recorded in Yuba City, Calif., and Yuma, Ariz. (+2.6 percentage points each). Elkhart-Goshen, Ind., registered the largest over-the-year jobless rate decrease (-3.2 percentage points). Eight additional areas reported rate decreases of at least 2.0 percentage points.
Of the 49 metropolitan areas with a Census 2000 population of 1 million or more, Detroit-Warren-Livonia, Mich., and Riverside-San Bernardino-Ontario, Calif., registered the highest unemployment rates in July, 15.2 and 15.1 percent, respectively. Seventeen additional large areas posted rates of 10.0 percent or more. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va., and Oklahoma City, Okla., recorded the lowest jobless rates among the large areas, 6.3 and 6.4 percent, respectively. The next lowest rate was registered in Minneapolis-St. Paul-Bloomington, Minn.-Wis., 6.8 percent.
Twenty-six of the large areas reported over-the-year unemployment rate increases, while 20 areas recorded rate decreases and 3 had no rate change.
Las Vegas-Paradise, Nev., experienced the largest rate increase from July 2009 (+1.8 percentage points). The large areas with the next largest rate increases were Jacksonville, Fla., and Miami-Fort Lauderdale-Pompano Beach, Fla. (+1.2 percentage points each), and Sacramento–Arden-Arcade–Roseville, Calif. (+1.1 points). Detroit-Warren-Livonia, Mich., and Minneapolis-St. Paul-Bloomington, Minn.-Wis., posted the largest jobless rate decreases over the year (-1.5 and -1.3 percentage points, respectively), followed by Birmingham-Hoover, Ala., and Charlotte-Gastonia-Rock Hill, N.C.-S.C. (-1.2 points each).
Metropolitan Division Unemployment (Not Seasonally Adjusted)
Eleven of the most populous metropolitan areas are made up of 34 metropolitan divisions, which are essentially separately identifiable employment centers. In July, the two divisions that compose the Detroit-Warren-Livonia, Mich., metropolitan area registered the highest jobless rates:
Detroit-Livonia-Dearborn, 16.5 percent, and Warren-Troy-Farmington Hills, 14.2 percent. Bethesda-Rockville-Frederick, Md., reported the lowest unemployment rate among the divisions, 5.8 percent, followed by Nashua, N.H.-Mass., 6.3 percent, and Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va., 6.4 percent.
In July, 20 metropolitan divisions recorded over-the-year jobless rate increases, 9 divisions reported rate decreases, and 5 had rates that were unchanged. The divisions that experienced the largest unemployment rate increases were Miami-Miami Beach-Kendall, Fla. (+1.8 percentage points), and Philadelphia, Pa. (+1.2 points). Warren-Troy-Farmington Hills, Mich., and Detroit-Livonia-Dearborn, Mich., posted the largest rate decreases from last July (-1.6 and -1.5 percentage points, respectively).
In 6 of the 11 metropolitan areas that contain divisions, the ranges between
the highest and lowest division jobless rates were 2.0 percentage points or more in July. Boston-Cambridge-Quincy, Mass.-N.H., recorded the largest rate difference among its divisions, 6.4 percentage points (Lawrence-Methuen-Salem, Mass.-N.H., 12.7 percent, compared with Nashua, N.H.-Mass., 6.3 percent).
Metropolitan Area Non-farm Employment (Not Seasonally Adjusted)
In July, 204 metropolitan areas reported over-the-year decreases in nonfarm payroll employment, 158 reported increases, and 10 had no change. The largest over-the-year employment decrease was recorded in Chicago-Joliet-Naperville, Ill.-Ind.-Wis. (-70,800), followed by San Francisco-Oakland-Fremont, Calif. (-42,800), New York-Northern New Jersey-Long Island, N.Y.-N.J.-Pa. (-28,900), and Riverside-San Bernardino-Ontario, Calif. (-22,800). The largest over-the-year percentage decreases in employment were reported in Mount Vernon-Anacortes, Wash. (-4.2 percent), Reno-Sparks, Nev. (-4.1 percent), and Yuba City, Calif. (-4.0 percent).
The largest over-the-year employment increase occurred in Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va. (+41,800), followed by Dallas-Fort Worth-Arlington, Texas (+31,300), Boston-Cambridge-Quincy, Mass.-N.H. (+21,300), and Austin-Round Rock-San Marcos, Texas (+18,600).
The largest over-the-year percent-age gain in employment occurred in Missoula, Mont. (+7.9 percent), followed by Ocean City, N.J. (+5.9 percent), Manhattan, Kan. (+4.5 percent), and Lawton, Okla. (+4.2 percent).
Over the year, non-farm employment decreased in 25 of the 36 metropolitan areas with annual average employment levels above 750,000 in 2009. The largest over- the-year percentage decreases in employment in these large metropolitan areas were posted in Las Vegas-Paradise, Nev., and San Francisco-Oakland-Fremont, Calif. (-2.3 percent each), and Riverside-San Bernardino-Ontario, Calif., and Sacramento–Arden-Arcade–Roseville, Calif. (-2.1 percent each). The large area that reported the biggest over-the-year percentage increase in employment was Austin-Round Rock-San Marcos, Texas (+2.5 percent), followed by Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va. (+1.4 percent), and Dallas-Fort Worth-
Arlington, Texas (+1.1 percent).
Metropolitan Division Non-farm Employment (Not Seasonally Adjusted)
Non-farm payroll employment data were available in July for 32 metropolitan divisions, which are essentially separately identifiable employment centers within a metropolitan area. Seventeen of the 32 metropolitan divisions reported over-the-year employment losses, while 14 reported gains and 1 remained unchanged.
The largest over-the-year decrease in the metropolitan divisions occurred in Chicago-Joliet-Naperville, Ill. (-58,200), followed by Los Angeles-Long Beach-Glendale, Calif. (-23,500), Oakland-Fremont-Hayward, Calif. (-23,000), and San Francisco-San Mateo-Redwood City, Calif. (-19,800).
The largest over-the-year employment increases in the metropolitan divisions were registered in Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va. (+39,100), Dallas-Plano-Irving, Texas (+26,100), Boston-Cambridge-Quincy, Mass. (+10,400), and Santa Ana-Anaheim-Irvine, Calif. (+8,800).
The largest over-the-year percentage decrease in employment among the metropolitan divisions was reported in Lake County-Kenosha County, Ill.-Wis. (-3.4 percent), followed by Oakland-Fremont-Hayward, Calif. (-2.4 percent), San Francisco-San Mateo-Redwood City, Calif. (-2.1 percent), and Warren-Troy-Farmington Hills, Mich. (-1.7 percent). The largest over-the-year per-centage increases in employment among the metropolitan divisions were posted in Haverhill-North Andover-Amesbury, Mass.-N.H. (+3.4 percent), Brockton-Bridgewater-Easton, Mass. (+2.7 percent), Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va. (+1.6 percent), and Dallas-Plano-Irving, Texas (+1.3 percent).
____________
The Regional and State Employment and Unemployment news release for August is scheduled to be released on Tuesday, September 21, 2010, at 10:00 a.m. (EDT). The Metropolitan Area Employment and Unemployment news release for August is scheduled to be released on Wednesday, September 29, 2010, at 10:00 a.m. (EDT).
********************************************************************
The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!
Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. CRWENewswire.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold CRWENewswire.com report and Crown Equity Holdings Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (Read more at http://crwenewswire.com/disclaimer) Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings Inc. (CRWE.OB) is a newswire as well as an IR and PR firm. Crown Equity Holdings Inc. (CRWE.OB), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (CRWE.OB) advertises for a particular client, Crown Equity Holdings Inc. (CRWE.OB) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (CRWE.OB), if paid in stock, can and may sell those securities during the advertising period
Posted in Hot News |
Tags: Economy, Key Words: Unemployment, Labor Department Statistics, Las Vegas Unemployment, Non-farm unemployed, Statistics, unemployment |
By Mike Zaman
Sales of existing homes have just experienced their worst single-month collapse in recorded history - down 27.2% nationwide; down even more radically in major regions like the Midwest. And new home sales are nearly as bad!
But what’s not so broadly understood are the primary reasons home sales are plunging: The biggest extension of unsold inventories including REO’s are at an all time record high. It’s simply mathematics, supply and demand, demand is slight the supply is in the millions of unsold existing single-family homes.
In fact, the inventory of unsold new, and existing homes, including Bank REO’s is so large and the downward pressure on home prices is so great that it’s causing buyers to stay out of the market and wait.
The reasoning of most would-be home buyers is very simple:
Why invest in an asset that’s sinking in value?
Why buy it now when we can get a much lower price later?
Banks have been adding fuel to the fire, they have been attempting to raise the value of their REO’s by holding them off the market, and trying to bring up the price for those they have sold. However, most REO’s are being withheld as some ready buyers have found out.
The Bank Strategy has again backfired, prices are coming down again and may not hit bottom for at least the next two year, if you’re a buyer you might consider offering 20% below the selling price, prices may fall that much.
********************************************************************
The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.
Posted in Hot News |
Tags: Crown Equity holdings Inc., CRWE.OB, Economy, Foreclosures, Home prices are declining, Home values, Mike Zaman, OTC: CRWE, real estate, recession |
