Clarksville, TN Online: News, Opinion, Arts & Entertainment.


Topic: Homebuyer Tax Credit

The Weekly Market Snapshot from Frazier Allen

 

Weekly Market Snapshot

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

There were several surprises in the economic data reports, mostly to the downside. The market took some comfort earlier in the week as the Producer Price Index (PPI) seemed to suggest that deflation was less likely to be a problem and that manufacturing output was strong in July. However, the core PPI (reported up 0.3%) was boosted by what is likely to have been a seasonal adjustment quirk in light motor trucks. Industrial production was boosted partly by a 9.9% jump in motor vehicle production, which reflected fewer-than-usual summer plant closings (prior to seasonal adjustment, auto output fell 20.3% in July).

On Thursday, the stock market was rattled by a further increase in initial claims for unemployment insurance benefits (which may or may not be distorted) and by a surprisingly weak Philadelphia Federal Reserve Index (-7.7, compared to expectations of +7.0). «Read the rest of this article»

Sections: Business | No Comments
 

The Weekly Market Snapshot from Frazier Allen

 

Weekly Market Snapshot

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

The Federal Open Market Committee (FOMC) left short-term interest rates unchanged and repeated that “economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.” In its assessment of the economic outlook, the FOMC noted that “the pace of economic recovery is likely to be more modest in the near term than had been anticipated.”

More importantly, the FOMC voted to keep the level of its securities holdings constant by reinvesting principal payments from agency debt and agency mortgage-backed securities in long-term Treasury securities. By itself, this isn’t a huge move, but it is an important signal that the Fed could do more later on. «Read the rest of this article»

Sections: Business | No Comments
 

The Weekly Market Snapshot from Frazier Allen

 

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services
Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

The economic data remained generally soft. Retail sales and industrial production fell in June. Consumer sentiment dropped sharply in mid–July. The Consumer Price Index (CPI) fell 0.1% in June (+1.1% year–over–year) but was up 0.2% ex-food and energy (+0.1588% before rounding). The CPI was up 0.9% year–over–year – and at a 0.6% annual rate in the first half of 2010. Earnings reports were generally good, helping the stock market along earlier in the week. But the major market averages faded on Friday.

The June 22nd-23rd Federal Open Market Committee (FOMC) minutes showed that policymakers believed that “the economic outlook had softened somewhat and a number of members saw the risks to the outlook as having shifted to the downside.” Still, “the changes to the outlook were viewed as relatively modest and as not warranting policy accommodation beyond that already in place.” However, “members noted that in addition to continuing to develop and test instruments to exit from the period of unusually accommodative monetary policy, the Committee would need to consider whether further policy stimulus might become appropriate if the outlook were to worsen appreciably.«Read the rest of this article»

Sections: Business | No Comments
 


The Weekly Market Snapshot from Frazier Allen

 

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services
Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

The economic calendar was thin. The Institute for Supply Management (ISM) Non-Manufacturing Index fell more than expected in June, consistent with a moderation in the pace of the recovery – still positive, just somewhat slower – but the stock market took the news in stride. The U.S. Department of the Treasury refrained from declaring China a currency manipulator, but indicated that China’s official currency, the renminbi, remains undervalued and promised to closely monitor its appreciation.

The stock market rallied in the new quarter, partly because it wasn’t battered by a further string of disappointing economic news and partly because a lot of disappointing economic news is already baked into the cake.

Next week, there are several potentially market-moving data releases, but most of the weight will likely be placed on the reports concerning retail sales (Wednesday) and the Consumer Price Index (Friday). Retail sales in June are expected to be limited by a drop in unit vehicle sales and by lower gasoline prices. The CPI is likely to be about flat in June, reflecting lower gasoline prices – the year-over-year pace should drop to about 1.3% (from 2.0%) as higher energy prices roll off the back end of the 12-month calculation. «Read the rest of this article»

Sections: Business | No Comments
 

The Weekly Market Snapshot from Frazier Allen

 

Market Commentary by Scott J. Brown, Ph.D., Chief Economist for Raymond James Investment Services

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

The economic data were mixed, but generally consistent with a moderate economic recovery. Residential construction figures fell sharply in May, reflecting the impact of the expiration of the homebuyer tax credit on April 30. Industrial production continued to advance in May, boosted partly by higher utility output – a function of unseasonably warm weather. Manufacturing output rose 0.9%. Capacity utilization continued to rise, but remains well below the average level of the last several years (and far below levels that might be considered “inflationary”).

The Consumer Price Index (CPI) fell 0.2% in May (+2.0% year-over-year – but unchanged relative to December 2009), held down by flat food prices and a drop in energy, which was largely due to the seasonal adjustment. Ex-food and energy, the CPI edged up 0.1% in May, which put it up 0.9% year-over-year. Weekly jobless claims remained stubbornly high. «Read the rest of this article»

Sections: News | No Comments
 

IRS: Homebuyer Credit Extended, Expanded

 

First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify

irs_logoNASHVILLE — A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers.

The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.

The maximum credit amount remains at $8,000 for a first-time homebuyer –– that is, a buyer who has not owned a primary residence during the three years up to the date of purchase.

http://www.youtube.com/watch?v=GkzB03uuGlg «Read the rest of this article»

Sections: Business | No Comments
 

Crye-Leike Realtors holding Labor Day home extravaganza

 

crye-leikeFirst Time Homebuyers have less than 90 days to shop – buy & close to claim the $8,000 1st time Homebuyer Tax Credit before it expires at midnight November 30th.   And this weekend… ‘All Homebuyers’ have an extra day to find ‘their place’ to make their dreams come true.  In Clarksville our Realtors will be out Saturday & Sunday doing 23 open houses at once in the Stones Manor and Farmington subdivisions.   Builders, Realtors and Lenders will all be available from Noon – 5:00pm on both days to answer questions.

Who: Crye-Leike Realtors & Orgains Building Supply
What: Labor Day Open House Extravaganza
When: September 5th & 6th – Noon to 5pm
Where: Stones Manor and Farmington Subdivisions
Contact: Kay Schillo @ (931) 320-3044 or (931) 801-2293

Sections: Events | No Comments
 



  • Visit Us On FacebookVisit Us On TwitterVisit Us On PinterestVisit Us On YoutubeCheck Our FeedVisit Us On Instagram
  • Personal Controls

    Now playing at the Movies