{"id":1004092092,"date":"2014-03-03T08:05:34","date_gmt":"2014-03-03T16:05:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004092092"},"modified":"2022-12-08T22:44:26","modified_gmt":"2022-12-09T06:44:26","slug":"economy-watch-fourth-quarter-gdp-growth-revised-downward-fewer-homeowners-under-water-pending-home-sales-down-since-last-year","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/economy-watch-fourth-quarter-gdp-growth-revised-downward-fewer-homeowners-under-water-pending-home-sales-down-since-last-year\/","title":{"rendered":"Economy Watch: Fourth Quarter GDP Growth Revised Downward; Fewer Homeowners Under Water; Pending Home Sales Down Since Last Year"},"content":{"rendered":"<p><em>By Dees Stribling, Contributing Editor<\/em><\/p>\n<p>On Friday, the Bureau of Economic Analysis released its revised, or second, estimate for real U.S. gross domestic product in the fourth quarter of 2013, reporting that real GDP increased at an annualized rate of 2.4 percent for the quarter. The previous, or advance, estimate was 3.2 percent. During the third quarter of 2013, real GDP increased at an annualized 4.1 percent.<\/p>\n<p>The second 4Q GDP estimate is based on more complete source data than the advance estimate, which was issued in late January. One of the main differences between the two estimates is that the increase in personal consumption expenditures \u2013 PCE, or governmentese for people out spending their money &#8212; was smaller than previously estimated.<\/p>\n<p>Despite not growing as much as previously thought, according to the BEA real GDP did grow during the quarter, with positive contributions from PCE, exports, nonresidential fixed investment \u2013 including CRE &#8212; and private inventory investment, or businesses spending their money. Other contributions to GDP shrank, including federal government spending, residential fixed investment \u2013 housing &#8212; and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.<\/p>\n<p><strong>Fewer Homeowners Under Water<\/strong><\/p>\n<p>Zillow, in its fourth quarter 2013 Negative Equity Report, said on Friday that the national negative equity rate dipped to 19.4 percent of all homeowners with a mortgage, putting the metric below 20 percent for the first time in years. Negative equity is down by roughly a third from its 31.4 percent peak in the first quarter of 2012.<\/p>\n<p>Negative equity has fallen for seven consecutive quarters as home values have risen, freeing almost 3.9 million homeowners nationwide in 2013 from being underwater. The national negative equity rate fell from 27.5 percent of all homeowners with a mortgage as of the end of the fourth quarter of 2012, and 21 percent in the third quarter.<\/p>\n<p>However, more than 9.8 million homeowners with a mortgage still remain underwater. On average, a U.S. homeowner in negative equity owes $73,405 more than what the house is worth, or 39.7 percent more than the home\u2019s value, according to Zillow. While roughly a fifth of homeowners with a mortgage are underwater, 92 percent of these homeowners are current on their mortgage payments.<\/p>\n<p><strong>Pending Home Sales Down Since Last Year\u00a0<\/strong><\/p>\n<p>The National Association of Realtors said on Friday that its Pending Home Sales index, which is a forward-looking indicator based on contracts signed but not closed, edged up to 95.0 in January from an upwardly revised 94.9 in December. But the index is well below January 2013, when it was 104.4. The December index reading was the lowest since November 2011, when it stood at 94.6.<\/p>\n<p>NAR chief economist Lawrence Yun cited \u201congoing disruptive weather patterns\u201d as part of the reason buyers aren\u2019t inking contracts quite as rapidly as last year. \u201cLimited inventory also is playing a role, especially in the West, while credit remains tight and affordability isn\u2019t as favorable as it was a year ago,\u201d he said in a statement.<\/p>\n<p>Wall Street ended the day mixed on Friday, with the Dow Jones Industrial Average gaining 49.06 points, or 0.3 percent, and the S&amp;P 500 up 0.28 percent. The Nasdaq lost 0.25 percent. Investors aren\u2019t fond of uncertainty, however, and the events in the Ukraine over the weekend might drive U.S. shares down on Monday. On Monday in Japan, the Tokyo&#8217;s Nikkei 225 index was down 1.8 percent, and Dow Jones futures were falling.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a second estimate for real U.S. gross domestic product in the fourth quarter of 2013, the real GDP increased at an annualized rate of 2.4 percent. The national negative equity rate dipped to 19.4 percent of all homeowners with a mortgage. But the Pending Home Sales index edged up to 95.0 in January.<\/p>\n","protected":false},"author":952,"featured_media":0,"comment_status":"open","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-1004092092","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Economy Watch: Fourth Quarter GDP Growth Revised Downward; Fewer Homeowners Under Water; Pending Home Sales Down Since Last Year - 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-fourth-quarter-gdp-growth-revised-downward-fewer-homeowners-under-water-pending-home-sales-down-since-last-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy Watch: Fourth Quarter GDP Growth Revised Downward; Fewer Homeowners Under Water; Pending Home Sales Down Since Last Year\" \/>\n<meta property=\"og:description\" content=\"In a second estimate for real U.S. gross domestic product in the fourth quarter of 2013, the real GDP increased at an annualized rate of 2.4 percent. The national negative equity rate dipped to 19.4 percent of all homeowners with a mortgage. But the Pending Home Sales index edged up to 95.0 in January.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-fourth-quarter-gdp-growth-revised-downward-fewer-homeowners-under-water-pending-home-sales-down-since-last-year\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-03-03T16:05:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:44:26+00:00\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-fourth-quarter-gdp-growth-revised-downward-fewer-homeowners-under-water-pending-home-sales-down-since-last-year\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-fourth-quarter-gdp-growth-revised-downward-fewer-homeowners-under-water-pending-home-sales-down-since-last-year\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"Economy Watch: Fourth Quarter GDP Growth Revised Downward; 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