Big Economic news, today!

Big economic news, today. Lets start with our report on foreclosures in Los Angeles county. Yesterday there were 1675 foreclosure cases scheduled for Los Angeles county courts. The results were.... 1457- Auctioned 124- Cancelled 64- Bank owned 30- 3rd party TODAY there are 2826 cases scheduled! Opportunity is calling you, will you let it in? Above if you haven't notice the 3rd party numbers. These are investors, groups, and or individuals who came in with the money to buy these properties and are sure to make a huge profit! Why not you? As for the economic calendar, its a big day. Today starting with the Producer Price index. The PPI was led by a 2.4 percent spike in food prices which was partcially cause by winter freezing and a loss of some crops. Inflation jumped in the latest month because of this food price inflation will ease as crops from other regions come into play, adding to supply. Oil prices have steadied. Jobless Claims, March 2010. Jobless claims had stocks firmed slightly. Claims for the April 10 week fell 40,000 to 4.646 million with the four-week average down slightly to 4.644 million.

The Labor Department attributed the rise in claims not to economic factors but to continuing administrative snags as offices catch up with claims during the shortened Easter week and, in California, for the Cesar Chavez holiday.

Existing home sales Existing home sales, the big Kahuna of the residential real estate market! Existing home sales rose 6.8 percent to an annual rate of 5.35 million with February revised slightly downward to 5.01 million. The median price rose 3.7 percent to $170,700. Distress sales rose 3 percentage points to 36 percent with first-timers making up 44 percent of total sales, up 2 percentage points from February. Also President Barack Obama will speak on Wall Street reform in NY today. Expected to be a little spanking for Wall Street but as he always does try to keep it about the future and positive. Tomorrow is another important day in Economic news with Durable Goods, and New Home Sales reports scheduled. Durable goods have been up the last 3 months, will that streak continue? New home sales, fell in February 2.2 percent to a 308,000 annual rate. This was a record low sales pace with this series which goes back to January 1963. Naturally a rise is expected as home buyers scramble to get the soon to be ending home buyers tax credit. Which brings up credit tips for the day. Staying with the home buyers tax credit, here are some facts on tax credit...

1. The credit is either 10 percent of the purchase price of the home or $8,000, whichever is less.
2. The credit for qualified 2009 purchases does not have to be repaid, as long as the home remains your main home for 36 months after the purchase date.
3. If a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.

Here is an overall view of the California foreclosure count.

As always for more information and knowledge subscribe to our blog and for questions or suggestions feel free to contact us and make it a great day. Rex Chapman The Concierge Group http://www.rexchapman.com/ rexchapman@rexchapman.com http://www.rexchapman.blogspot.com