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Will the Fed cut rates at its January meeting? There is reason to think so. Yesterday, we analyzed new data about a decline in manufacturing last month–and today, we’re bringing it into focus along with the rest of the foggy economic factors. Yes, manufacturing dropped. But it’s important to remember yesterday’s news came from a private source–the Institute for Supply Management–and the government tends to favor its own data much more. And, luckily, there is some fresh government information, released today, that said new orders for manufactured goods increased unexpectedly in November, which bodes well for the economy. We’re not…

The New Year kicked off to a bleak start with news that U.S. manufacturing fell for the first time in 10 months in December, hitting its lowest point since 2003, according to a report released today by the Institute for Supply Management. The private research group’s manufacturing index–which The New York Times says is considered a leading indicator of recession– fell from 50.8 in October to 47.7 in November. Readings over 50 indicate growth. Stocks fell almost immediately when the report was released. The good news: For once, the disappointing report isn’t about housing! The bad news: Well, it actually…

It’s New Year’s Eve–almost–and that means it’s time for reflections–and resolutions. We have so many memories from this year. Remember when, in September, residential building hit its lowest spending point since 2003? Or when the mortgage-related credit crisis rocked the world’s banks over the course of a few months? Or how about when the dollar became weak–and then weaker? OK, so maybe 2007 wasn’t exactly a collection of warm, fuzzy financial housing moments. But New Year’s resolutions are all about turning things around. I’m about to make mine; and I’ve drawn up five resolutions for the multifamily housing industry. Feel…

Anticipation about the Commerce Department’s housing figures–released today–ran high all week. Some had hoped the data would show the housing decline was turning around; most expected it wouldn’t. Investors were so confident the home sales results would be bad that the dollar fell Thursday against the euro for the fifth consecutive day–its longest period of decline since October, Bloomberg reported. And sadly, the naysayers were correct. According to the Commerce Department, new home sales not only fell from last month but hit their lowest point in 12 years (12 years!). New home sales have plummeted 34.4 percent over the last…

Homeowners across the country are finding a new way to combat sinking home values–voluntary reassessments. According to The New York Times, homeowners can request downward assessments, which seem to be most pronounced in areas where the housing decline has had the greatest affect. Take, for example, Arizona. The state’s home market was one of the first to peak, with the Arizona Republic reporting building industry layoffs as early as May 2006. Housing prices in Phoenix dropped 8.8 percent in 2007, according to the S&P/Case-Shiller index. As a result, in the state’s largest county, Maricopa County, a large amount of the…

Two separate studies published this week–one about U.K. house prices and another about prices in the U.S.–painted a bleaker seasonal picture of both markets than many economists would have liked. In December, U.K. house prices dropped again–for the third month in a row–according to Hometrack, a residential research company based in London. Hometrack also said houses are now sitting on the market longer than ever: an average of eight weeks. However, Hometrack’s monthly report did contain one good piece of year-end news: Overall in 2007, U.K. home prices were up 3 percent. True, that’s because prices were hefty in the…

It’s Christmas Eve and, as such, I’m home in the suburb where I grew up–fresh off a conversation with a few of my oldest friends (since 5th grade and counting) about buying property. Lea, who lives in Washington, D.C., is toying with the idea of buying a condo. I just refinanced mine in Chicago. Colleen is resigning herself to the fact she will never be able to afford San Francisco property. We used to talk about boys; now it’s mortgage brokers. But–despite numerous reports in recent months of the housing market slumping downward for what seems like an endless period–they…

As the year draws to a close, many members of the housing industry–developers, brokers, real estate agents–are crafting their budgets for 2008. Property managers are no exception. And, according to U.S. Census Bureau information, keeping costs down might soon be even more of a pressing concern for residential property managers. Rent appears to be contributing less to new apartment budgets: The median asking price for all new privately financed, nonsubsidized, unfurnished rental units in buildings with five units or more in the first quarter of the year was roughly $102 lower than the asking price in the previous quarter, the…

Starting Dec. 31, The Washington Post will cost 50 cents–an increase from the 35-cent price it has been sold for since 2001. The hike doesn’t necessarily mean the news is getting more costly to produce–but it does mean yet another U.S. paper is seeing the effects of the housing decline, which has been dragging down classified ad revenue for months. Citing reduced advertising and circulation, the Post‘s newspaper operations revenue dropped 1.1 percent to $72.5 million in the third quarter ended Sept. 30. A 22 percent revenue increase at its Kaplan education division was the Post‘s saving grace, offsetting some…

Yesterday’s news contained an item about a Chicago-area company that had just completed the first phase of its housing auction series. The properties up for bid included single-family homes, unused land, apartments–more types of housing than you might expect. Although the word "auction" may conjure up images of a 4-H club–or bankruptcy, some of today’s housing auctions involve neither. Of course, RealtyTrac announced today that U.S. home foreclosures had risen 68 percent in November from a year earlier, according to Bloomberg; and so there clearly are bankruptcy-related auctions. (So many, in fact, that one company has launched an auction Web…