WASHINGTON (MarketWatch) - U.S. consumers pulled back again in April, as retail sales dropped a seasonally adjusted 0.4%, the eighth decline in the past 10 months, the Commerce Department estimated Wednesday. Retail sales were 10.1% lower than in April 2008, with about a third of the decline stemming from lower gasoline prices. Sales in the first four months of the year were down 10% compared with the same period a year ago. Sales were mixed across types of stores in April. Excluding the 0.2% increase in autos, sales fell 0.5%Wait there is more:
TEL AVIV (MarketWatch) -- U.S. foreclosure filings in April rose to a record, affecting one in every 374 housing units, and bank repossessions in particular may spike in the next few months, RealtyTrac reported.Foreclosure filings -- defined as default notices, auction-sale notices, and bank repossessions -- were reported on 342,038 U.S. properties in April, up less than 1% from March and up 32% from April 2008, the Irvine, Calif., real-state consulting firm reported.
"This suggests that many lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria."
See what happens when you try to control the free market and let people delay their foreclosures. Silly Gov't, the market always wins! Now your housing market will be flooded with cheaper homes. Here is some basic economics dummies. The more supply you have of cheaper homes, wait for it here it comes, means that overall prices will keep going down. You understand now!
It gets better Social Security and Welfare is going to be zero soon:
"The Social Security trust fund will run out of assets in 2037, four years sooner than previously forecast, the trustees said yesterday. Medicare’s hospital fund will be exhausted by 2017, two years earlier than predicted a year ago."
Trade is doing so awesome, there are 735 ships waiting to be filled with exports
More good news about the global economy(NYT):
"China reported on Tuesday that its exports fell 22.6 percent in April, a deeper drop than economists had expected, and a worse decline than in March, when overseas shipments dropped 17.1 percent.In India, data also released Tuesday showed industrial output down 2.3 percent in March versus a year earlier, more than economists had expected, while the Philippines reported exports in March were 30.9 percent below a year earlier."
Its ok though your government is hard at work controlling the salaries of Bank Executives. Yep that will fix everything
