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Bottom Line: The Real-Estate pros I work with in
Housing has been my big theme in 2012 but even I didn’t believe we’d be seeing 25% year over year price increases! That’s right 25% price increases (ok 24.7% but let’s not split hairs). It’s clear that the hypothesis I’d been laying out continued to hold true in October… So what’s that hypothesis if you missed it?
It’s clear that all of those ideas are manifesting themselves in the local real-estate market. In September the increase was just under 15%. In one month the increase jumped an additional 10% - that’s you seasonal influence coming into play. Especially when you consider this:
So let’s revisit a question I was addressing just last week before this new data. Is it sustainable?
Inside the local real-estate numbers:
Bottom Line: As extreme as a 25% increase may seem it’s not unrealistic. How?
So even with an additional 10% in pricing we only saw a 4% drop off in all cash deals. More importantly – those 70% of homes purchased with cash can’t default. In 2005 only 11% of all homes were purchased with all cash locally.
Here is something else to consider. When a market crashes it typically over corrects. I’ll use the stock market in this cycle to demonstrate.
It’s clear with yo-yo numbers like those that stocks were over priced before the crash and over sold once the crash in the economy was factored in. It’s increasingly looking like we’re in the mist of a similar outcome in the local real-estate market.
Google has new resource for Veterans looking to start a business:
Bottom Line: This is cool. According to USAA magazine (about four months ago), returning vets are at least 30% more likely to go into business for themselves. The most common way vets are entering the business world? Franchises the most common reasons they are turning to franchises? They need a prepackaged opportunity. If you’re a vet that would like to start a business without going the franchise route Google has a tool to help.
Google has launched VetNet, a resource that helps vets find a career including the tools needed to start a company.
Economist outlines his theory on fiscal cliff deal:
Bottom Line: Cleary we still don’t know what the outcome of the fiscal cliff situation. Most economic professionals have their own ideas but are reluctant to go on the record with them. One now has.
Ben White from Politico is suggesting that a deal will be struck before January 1st and this is his prediction:
So Ben reports you decide. As many are trying to plan based upon the possible outcomes it may be at least a thought starter.
Average length of time unemployed still rising:
Bottom Line: Over the past few years I’ve shared the foibles in the traditional Non-farm payroll unemployment:
Here’s a stat that furthers the issue at hand with the base unemployment number. The average length of time on unemployment is 40 weeks. How does that compare with years gone by?
So in the three years of the “recovery” the average length of time on unemployment is continuing to rise – including still rising in 2012.