From Calculated Risk: The graph shows New Home Sales vs. Recessions for the last 45 years. New home sales have fallen off a cliff. Sales of new one-family houses in March 2009 were at a seasonally adjusted annual rate of 356,000, according to estimates released jointly today by the U.S. Census Bureau and the Department […]
From Calculated Risk: The graph shows weekly claims and continued claims since 1971. The four week moving average is at 646,750. Continued claims are now at 6.14 million – the all time record. … Unemployment Claims: Continued Claims at Record Technorati Tags: financial collapse
From Calculated Risk: Voit released quarterly reports today for CRE in Las Vegas, San Diego and Orange County. The reports show the vacancy rates are up, and lease rates (falling rents), net absorption, transactions and construction are all down. It appears new construction has all but stopped. Here are a couple of graphs for Orange […]
From Calculated Risk: How about this headline from Rex Nutting at MarketWatch: Biggest drop in industrial output since VE Day Industrial production is down 13.3% since the recession began in December 2007, the largest percentage decline since the end of World War II. … Factory output has fallen 15.7% during the recession, also the largest […]
World’s cruise industry sailing rough waters Cruise operators are desperately trying to attract passengers for 2009, slashing prices, offering last-minute deals, two-for-one pricing, shorter cruises, family packages in which children sail free, and home port cruising which avoids the cost of an airfare to reach an exotic departure port. Norwegian Cruise Line last month announced […]
Tom Moyer, one of Portland’s most successful real estate developers, will halt work Monday on his 32-floor tower now under construction in downtown Portland. Moyer’s decision to pull 350 workers off the Park Avenue West is a stunning sign that no city, no person and no block is spared from this recession. Moyer is one […]
From Calculated Risk: The DOL reports on weekly unemployment insurance claims: In the week ending April 4, the advance figure for seasonally adjusted initial claims was 654,000, a decrease of 20,000 from the previous week’s revised figure of 674,000. The 4-week moving average was 657,250, a decrease of 750 from the previous week’s revised average […]
Carolyn Said, Chronicle Staff Writer A vast “shadow inventory” of foreclosed homes that banks are holding off the market could wreak havoc with the already battered real estate sector, industry observers say. Lenders nationwide are sitting on hundreds of thousands of foreclosed homes that they have not resold or listed for sale, according to numerous […]
The UK economy could decline for another year and take a further two years to recover, according to a respected think tank. A National Institute of Economic and Social Research study says the current economic decline is “very similar” to the slowdown at the start of the 1980s. … Their forecast is consistent with what […]
by Johann Hari …The ubiquitous cranes have paused on the skyline, as if stuck in time. There are countless buildings half-finished, seemingly abandoned. In the swankiest new constructions – like the vast Atlantis hotel, a giant pink castle built in 1,000 days for $1.5bn on its own artificial island – where rainwater is leaking from […]
