Irwin Predicts Blue Skies
Post writer Neil Irwin breaks down the top 5 reason to stay, or start to become, optimistic about the economy.
- Savings: Americans have doubled their savings since the start of their recession. Although, the penny-pinching may have initially hurt the economy now people have saved enough to start spending again.
- Credit: There is a gradual healing process in place although it may take months before the affects are felt in the market and in people’s pockets.
- Manufacturing: Both industrial production and the index of activity in the manufacturing sector rose.
- Housing: Recent housing activity, most notorious of which are July’s existing home sales and new home sales data, have shrunk so much that it would be hard for it to drain the economy any further.
- Trade: With other economies faring better than the US, exports are currently at a dismal level, a rise in import requests from the more financial stable countries is expected which would help domestic growth.
Electing Out of Foreclosure
The increase of foreclosures could have an unforeseen logistical consequence in this year’s midterm elections. By law, voters must register in the county in which they reside meaning a home address is necessary. But, for those undergoing foreclosure proceedings, deciding what address to use can get confusing. People decide on a variety of living options while their home is in foreclosure: stay and live in the foreclosed property, move out but maintain right of redemption, live in temporary property or move from place to place.
Image: Gene Kelly sees the silver lining even under the grayest of clouds via, radioontheverge.blogspot.com.