Monday, January 25, 2010

Sales of previously owned homes in the US fell at the fastest rate ever recorded last December, according to data from the National Association of Realtors (NAR).

According to the association, existing home sales fell 16.7% last month, to an annual rate of 5.45 million, the largest crash since 1968. The figure was less than the 5.90 million units, or an eleven percent drop, predicted by most analysts.

Sales of homes went up for the entire of 2009 to 5.156 million units, or 4.9% for the year, and prices dropped from 2008 by 12.4%.

NAR chief economist Lawrence Yun described the figures as being “probably the largest annual drop since the Great Depression”. He said that “the market is going through a period of swings driven by the tax credit. We’re likely to have another surge in the spring. Job creation is the key to a continued recovery in the second half of the year.”

Pierre Ellis, a senior economist for Decision Economics in New York, commented on the figures, saying: “The drop in home sales is the payback for the acceleration of sales that occurred with the original first-time home buyers tax credit. […] There is an issue as to whether the decline represents a fundamental weakening.”

“The housing market continues to face significant headwinds, including high unemployment, record delinquencies and foreclosures, the specter of rising mortgage rates as the Fed’s [mortgage-backed securities] purchase programs comes to a close in late March, and tight credit,” Omair Sharif, an economist for RBS Securities, noted.

“Still, the resale market showed resilience in the second half of 2009, and the expansion and extension of the tax credit to April 30 could boost purchases during the spring selling season,” he said.

“We’ll see a pickup in existing home sales in the next couple of months as people take advantage of the tax-credit extension”, economist Adam York of Wells Fargo Securities LLC in Charlotte, North Carolina claimed. He fore-casted a pace of 5.4 million. He said that there were unlikely to be buyers of homes, despite the fact that the U.S. was “past the bottom.”

All four regions of the country saw a decline in sales. In the Northeast, sales fell 19.5 percent, in the Midwest, they plunged 25.8 percent. The South, the country’s largest region, saw a 16.3% decline, while in the West, sales waned by 4.8%.

US stocks fell slightly after the announcement, but went back up later in the day.

Thursday, October 29, 2020

Professor Jo Jorgensen of South Carolina, the U.S. Libertarian Party’s 2020 presidential nominee, answered some questions about her campaign from Wikinews accredited reporter William S. Saturn.

Jorgensen is a psychology professor at Clemson University.   In 1992, with the Libertarian Party’s backing, she ran for public office, seeking South Carolina’s 4th congressional seat in the United States House of Representatives. She finished the race in third place with almost 2.16 percent of the total vote. Four years later, the Libertarian Party tapped Jorgensen to be its vice presidential nominee. She joined a ticket with the late Harry Browne. Browne-Jorgensen appeared on every state ballot and received a total of 485,798 votes, which was roughly 0.5 percent. This marked the best performance for the party since 1980 and would not be topped percentage-wise until 2012 when former New Mexico governor Gary Johnson attained 0.99 percent of the vote. Johnson bested that performance in 2016 as the party’s presidential nominee for a second time, earning 3.27 percent of the vote, the highest percentage for the party since its 1971 inception.

For the 2020 nomination, Jorgensen navigated through a primary campaign that featured the short-lived campaigns of former Rhode Island governor Lincoln Chafee and Congressman Justin Amash of Michigan, the first sitting Congressman to be a member of the Libertarian Party. At the virtual 2020 Libertarian National Convention, Jorgensen won the nomination on the fourth ballot, edging attorney Jacob Hornberger, performance artist Vermin Supreme and activist Adam Kokesh, among others. Podcaster Spike Cohen, originally the running mate of Supreme, was picked to be the party’s vice presidential nominee. Cohen spoke to Wikinews back in June. The Jorgensen-Cohen ticket has since secured ballot access in all 50 states and the District of Columbia.

As a libertarian, an ideology that advocates for lesser government, both in the social and economic realms, Jorgensen’s issue positions include a mix of traditionally liberal and conservative stances. She supports both LGBT rights and gun rights. She opposes the police state and the taxing authority equally. And, she supports an open immigration policy while arguing against the welfare state.

With Wikinews, Jorgensen discusses her background, COVID-19, her potential cabinet, gridlock, and an assortment of issues including climate change, foreign affairs, free speech, and race relations.

Sunday, June 18, 2006

The legality of speeding and parking fines in New South Wales, Australia is set to be tested in court this week. A lawyer from Sydney will challenge the authority of the state’s infringement processing bureau to issue fines for speeding and parking offences.

The lawyer claims that when the NSW government moved control of the bureau from the NSW Police to the Office of State Revenue in October 2001, the government failed to make correct legislative changes. He claims that all fines issued since the move are invalid.

The basis of the case revolve around whether or not the infringement processing bureau has powers to issue penalty notices (fines) under NSW law.

The bureau said that the case would only be relevant to fines which are disputed by a person in court. The bureau said that only five per cent of fines are challenged.

“People who did not elect to go to court and have paid their infringement notice will not be affected by any decision, so the issue of refunds does not arise,” a statement by the Office of State Revenue said.

For the 2004/2005 financial year, the infringement processing bureau recorded revenues of AUD$158.7 million from fines.

NSW Opposition leader Peter Debnam said the government has once again failed to write legislation correctly. “The bottom line with this thing is that the Government simply hasn’t done its homework. We see this time and time again, legislation going through parliament, and it ends up costing tax payers a fortune,” he said.