Food prices will be going up as a result of national droughts. Agriculture officials are planning a major meeting next month to discuss alternatives for the rising dilemma. Imports might be down, but exports were up in June. Another Fed president spoke up in favor of QE3.

National mortgage delinquencies went up slightly in the second quarter, as did builder confidence for the 55+ housing market, which is predicted to grow significantly in years to come. Unemployment, on the other hand, saw a decrease this quarter.

Fannie Mae reported increased income, crediting home prices, improved sales prices on REO properties and a decline in the single-family delinquency rate. Las Vegas is one surprising market where home prices are increasing. And the Boston Fed head offered some insights into his plans.

Home prices nationwide increased slightly on a year-over-year basis, as did job openings. Fed chair Ben Bernanke was mum on the issue of QE3 during an address to teachers.

The U.S. economy created 163,000 jobs in July, though the Bureau of Economy Analysis predicts the GDP will only increase 1.5 percent this quarter. Also, worry over the euro-zone increased towards the end of the week, with mixed messages delivered by ECB president Mario Draghi.

Will the Fed try to stimulate the economy more or not? Is QE3 in the immediate future? The answer to those questions at the end of the latest meeting of the Federal Open Market Committee on Wednesday was “not yet.” Meanwhile, ADP released a positive employment report.

Spain and Italy banned the shorting of stocks on key exchanges; home foreclosures in the Golden State declined to the lowest level since 2007.

Unemployment rates rose in 27 states, decreased in 11 states and Washington, D.C., and were unchanged in 12 states. In May, Americans drove 2.3 percent more miles than they did in May 2011.