Items of Interest:
Wall Street Journal:
Apartment Vacancy Rate Hits 22-Year High -- The vacancy rate for U.S. apartments hit a 22-year high in the second quarter as rising unemployment reduced demand during what is usually the peak leasing season.
Rents fell the fastest in markets that have shed white-collar jobs, such as New York and San Jose, Calif., and in markets where many foreclosed homes and condominiums have been turned into rental property, including Las Vegas and Orange County, Calif.
Vacancy levels nationally rose to 7.5% in the April-to-June period, up from 6.1% a year earlier, according to Reis Inc., a New York real-estate research firm. Of the 79 markets tracked by Reis, 45 showed an increase in vacancies.
Generally more rental units turn over during the spring and summer than in any other time of the year, which means that the declines could have an outsized impact on revenue for apartment owners...
Curbed: Rental Reports: We're #1!
Why There Are No Jobs in 3 Simple Graphs -- The hiring rate (defined as the number of new job hires per 100 employed people) continues to fall past its lowest recorded levels. Here's a graph for that, from May 2009...
International Monetary Fund:
Recession Loosens Grip But Weak Recovery Ahead -- World Economic Outlook Update -- The global economy is beginning to pull out of a recession unprecedented in the post–World War II era and risks to the global financial system have moderated, but stabilization is uneven and the recovery is expected to be sluggish, according to the IMF’s latest forecast.
Economic growth during 2009-10 is now projected to be about ½ percentage points higher than forecast by the IMF in April, reaching 2.5 percent in 2010, according to the World Economic Outlook Update...
James Cullen / DailyFinance: More financial alchemy: Morgan Stanley plans to recycle toxic financial assetsTyler Durden / Zero Hedge: Intraday Observations — It is odd that over the past 5 days …Joe Weisenthal / Clusterstock: Morgan Stanley: Turning Crap Into AAA CDOs, Once AgainDavid Kurtz / Talking Points Memo: They've GOT To Be Kidding ...Steve J. / RADAMISTO: DO WE HAVE A.D.D. OR WHAT? — First, let's do the basic numbers:
Michael Bowman / Voice of America: Obama Advisor Urges Another Economic Stimulus PlanEd Morrissey / Hot Air: Stimulus fizzle has Democrats worriedDafydd / Big Lizards: Professor Liberal's House of WafflesMichelle Malkin: Document drop: Porkulus One is a failure, so let's do it again!Lori Montgomery / Washington Post: Power of Stimulus Slow to Take HoldProPublica: Where the Workers Are — Today's stimulus coverage roundup
Stimulus Gets a Second Wind in Washington - Peter Coy, BusinessWeek
What Would a 2nd Stimulus Package Look Like? - Christopher Beam, Slate
Still Waiting for the Stimulus 'Oomph' - Doyle McManus, Los Angeles Times
Where's the $787 Billion? - Theo Francis & Elise Craig, Business Week
25 charged in $100 million mortgage fraud -- Manhattan District Attorney charges 13 suspects and a mortgage company with fraud; 12 others have already pleaded guilty...
The 13 newly-indicted individuals and the mortgage company, AFG Financial Group, were charged with enterprise corruption, grand larceny, scheme to defraud and conspiracy for participating in 19 fraudulent real estate transactions, according to the D.A.'s office. The most serious felony, enterprise corruption, carries a sentence of up to 25 years...
Calculated Risk: More Mortgage Fraud
- Will Government Spending Derail the Recovery? - Lee Ohanian, Forbes
- U.S. Housing Market Is Cursed by Brain Freeze- John Wasik, Bloomberg
- Do We Need Another Stimulus? Lessons from Japan - Economics Unbound
- Should You Bet Against the Dollar? - Brett Arends, Wall Street Journal
- Mircle Grow for Green Shoots - Randall Forsyth, Barron's
- Are Market's Head & Shoulders Broken? - Mark Hulbert, MarketWatch
- Inside the Takeover Battle for U.S.'s Electricity - David Whitford, Fortune
- Wall Street's Newest Product: A Tale of Denial - David Reilly, Bloomberg
- This Bumpy Roller-Coaster Recession - Alexandra Zendrian, Forbes
- Savings Bounce May Be Silver Lining To Downturn - J.T. Young, IBD
- This is Obama's Best Chance to Regulate Banks - Noam Scheiber, TNR
- Why National Healthcare May Never Happen - Geoff Colvin, Fortune
- My Healthcare Reform Acid Test - David Leonhardt, New York Times
- Small-Business Job Creation is a Myth - Steven Pearlstein, Washington Post
- The Oil Market Needs Supervision - Gordon Brown & Nicolas Sarkozy, WSJ
- Who Pays No Income Tax? - Bob Williams, Tax Policy Center
- We'll Scam You Until Forced To Stop - Karl Denninger, Market Ticker
- Are the Good Times Really Back On Wall Street? - Steven Malanga, RCM
- Hall of Shame: 12 of the Worst Financial Gurus - Bill Shrink
- Regulation & Finance Sector Pay, 2 Charts - Barry Ritholtz, Big Picture
- We're the Masters of the Banking Universe - Vince Cable, Times of London
CNBC's Popularity Explained ...