{"id":1004085223,"date":"2013-10-16T06:13:18","date_gmt":"2013-10-16T14:13:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004085223"},"modified":"2022-12-04T18:09:37","modified_gmt":"2022-12-05T02:09:37","slug":"economy-watch-the-time-bomb-ticks-louder-home-prices-still-going-up-fitch-puts-u-s-on-negative-watch","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/economy-watch-the-time-bomb-ticks-louder-home-prices-still-going-up-fitch-puts-u-s-on-negative-watch\/","title":{"rendered":"Economy Watch: The Time Bomb Ticks Louder; Home Prices Still Going Up; Fitch Puts U.S. on Negative Watch"},"content":{"rendered":"

By Dees Stribling, Contributing Editor<\/em><\/p>\n

There was more uncertainty and inconclusiveness on Capitol Hill on Tuesday as the putative date of default (Thursday) got very close indeed. The eyes of the nation, and the world, are now on Washington, and they mostly don\u2019t like what they see. Meanwhile, the rest of the economy rolls on despite this completely artificial crisis, and presumably won\u2019t be disrupted until — if and when \u2013 a default actually occurs.<\/p>\n

Meager amounts of economic data are still being generated. For example, the first of the monthly regional surveys by the Federal Reserve came out on Tuesday, on schedule. The October 2013 Empire State Manufacturing Survey indicates that business conditions held steady for New York manufacturers last month. The general business conditions index fell five points to 1.5, with the new orders index rising five points to 7.8.<\/p>\n

NY labor market conditions were also more-or-less steady, with the index for number of employees falling four points to 3.6, while the average workweek index inched up to 3.6. Indexes for the six-month outlook continued to convey a strong degree of optimism about future business conditions. The future general business conditions index held near last month\u2019s year-and-a-half high, at 40.8.<\/p>\n

Home Prices Still Going Up\u00a0<\/strong><\/p>\n

The latest FNC Residential Price Index, also released on Tuesday, shows continued growth of home prices in August. The index moved 0.6 percent higher from the previous the month, making August the 18th consecutive month of rising home prices, according to FNC. August home prices have climbed to the levels last seen in December 2009, when they were still sliding the other direction. On a year-over-year basis, home prices were up 5.3 percent from a year ago.<\/p>\n

The narrower FNC 100-MSA composite index, which is based on recorded sales of non-distressed properties (existing and new homes) in the 100 largest metro areas, also shows that August home prices increased month over month by 0.6 percent. In a sign of moderating month-over-month price momentum, August\u2019s price increase is smaller than June or July\u2019s.<\/p>\n

As a gauge of underlying home values, FNC\u2019s indexes exclude sales of foreclosed homes, which are usually sold at a large discount. The company did report, however, that foreclosure sales nationwide for the month accounted for 12.4 percent of total home sales, down slightly from July\u2019s 12.7 percent and 4.5 percentage points lower than a year ago.<\/p>\n

Fitch Puts U.S. on Negative Watch<\/strong><\/p>\n

Chicago-based Fitch, one of the big three debt-rating agencies (along with Standard & Poor’s and Moody’s Investors Service), put U.S. Treasury bonds on Rating Watch Negative on Tuesday. That sometimes \u2013 but not always \u2013 means that a downgrade is ahead. Currently Fitch rates U.S. debt at AAA.<\/p>\n

“The prolonged negotiations over raising the debt ceiling \u2026 risks undermining confidence in the role of the U.S. dollar as the preeminent global reserve currency, by casting doubt over the full faith and credit of the U.S.,\u201d the company noted in a statement.<\/p>\n

All the hubbub between the House and Senate apparently unnerved investors on Tuesday. The Dow Jones Industrial Average lost 133.25 points, or 0.87 percent, while the S&P 500 and the Nasdaq were down 0.71 percent and 0.56 percent, respectively.<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

There was more uncertainty and inconclusiveness on Capitol Hill on Tuesday as the date of the default gets closer. The latest FNC Residential Price Index shows continued growth of home prices in August. And Chicago-based Fitch, one of the big three debt-rating agencies, put U.S. Treasury bonds on Rating Watch Negative.<\/p>\n","protected":false},"author":1023,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004085223","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nEconomy Watch: The Time Bomb Ticks Louder; Home Prices Still Going Up; Fitch Puts U.S. on Negative Watch - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-the-time-bomb-ticks-louder-home-prices-still-going-up-fitch-puts-u-s-on-negative-watch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy Watch: The Time Bomb Ticks Louder; Home Prices Still Going Up; Fitch Puts U.S. on Negative Watch\" \/>\n<meta property=\"og:description\" content=\"There was more uncertainty and inconclusiveness on Capitol Hill on Tuesday as the date of the default gets closer. 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