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first_imgHome / Daily Dose / An Update on Housing and the Economy Related Articles  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago Share 1Save Servicers Navigate the Post-Pandemic World 2 days ago Economy HOUSING NAR 2019-07-23 Seth Welborn In a post on Forbes, National Association of REALTORS Chief Economist Lawrence Yun gave an update on the state of both the housing and the economy as a whole.“After achieving the longest economic expansion in the U.S. history and growing a solid 3.2% annualized rate in the first quarter of 2019, which way is the $19 trillion income-generating economy headed?” Yun asks. “Not as strong.”According to Yun, “constant trade war rhetoric” has had a negative impact on businesses as equipment spending drops. Real estate, he states, is a key area for future growth. The housing shortage has presented a critical need to build homes, especially among moderately priced homes where demand is strongest.“Rising home sales and increased housing starts have nearly always been associated with economic expansion,” said Yun. “More home sales also mean increased number of Americans who can participate in wealth gains. Consequently, consumer spending, including vehicle sales, can turn higher.”According to a CoreLogic special report, titled “The Role of Housing in the Longest Economic Expansion,” in July 2019,  the United States’ economic expansion reached 121 months. The economy has continued to grow since the recession ended in 2009, and with housing comprising approximately 15% of GDP since 2010, the real estate market is an important indicator of economic health.“During the last nine years, the expansion has created more than 20 million jobs, raised family incomes and rebuilt consumer confidence,” said CoreLogic Chief Economist Frank Nothaft. “The longest stretch of mortgage rates below 5% in more than 60 years has supplemented these factors. These economic forces have driven a recovery in home sales, construction, prices and home equity wealth.”Another contribution to economic growth has been government spending. Yun points to high revenues from the growing economy and rising property values and rising property taxes, influencing state and local government to spend more. Internationally, U.S. exports rose and imports fell, thereby shrinking the trade deficit. “One caution is that slower activity of exports and imports have in the past correlated with a slowing economy,” said Yun. “If businesses cannot operate in the most efficient manner as they see fit, then the economy slows.” About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img July 23, 2019 1,232 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago An Update on Housing and the Economy Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Economy HOUSING NAR Servicers Navigate the Post-Pandemic World 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Previous: Home Price Growth Analyzed Next: Carson: Regulations are “Huge Barriers” to Affordable Housing Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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first_imgNewsRegional Jamaican driver with more than 130 traffic tickets released by: – May 31, 2012 Share Senior Superintendent Radcliffe LewisA bus driver who the police say has accumulated more than 130 outstanding traffic tickets was yesterday cited for three more road violations and released.The surprising discovery, police sources revealed, was made after the male driver, whose name is being withheld, was pulled over during an operation in Ferry, St Catherine.Despite the revelation that he had tickets outstanding, police personnel reportedly issued him three tickets for not wearing his uniform, not operating on his designated route, and driving from a place other than the road, then allowed him to leave the scene.Head of the Police Traffic Division, Senior Superintendent Radcliffe Lewis, promised to look into the incident, but cautioned against a rush to judgement.Explaining the procedure when a motorist is found to have outstanding tickets, Lewis said enquiries should be made at the Traffic Court and Police Traffic Headquarters to determine if there are any outstanding warrants.Warrant needed for arrest“A warrant must be issued before you take the man into custody. So it is something that you have to make certain about … ,” he said.“Even if the man has over 130 outstanding tickets, you can’t carry him (in). You can go check at the court, but you can’t lock him up inna custody without the warrant,” he explained.Lewis conceded that he did not have all the details of what happened, but said there were indications that the driver had no outstanding warrants.This incident comes a day after police investigators probing Tuesday’s fatal crash in Portmore, St Catherine, revealed that the driver of the ill-fated bus, who they identified as Jermaine Morris, had 85 outstanding traffic tickets valued at $152,600.Morris is scheduled to appear before a judge at the Traffic Court today to settle the tickets.Lewis said Morris was also facing a charge of causing death by dangerous driving arising from the crash which claimed the life of 15-year-old Lennox Lloyd Jr.In addition, he said steps would be taken to have Morris’ driver’s licence revoked.Lennox died after the Toyota Hiace minibus in which he and 30 other students were travelling overturned in a ditch.Eyewitnesses and relatives have claimed that the bus driver was trying to elude police and Transport Authority (TA) personnel who were chasing the vehicle when the accident occurred.Lewis and TA officials have denied the claim, insisting that there was no chase.However, both incidents have raised concerns about the background checks that are conducted for people who operate public-passenger vehicles.Lewis said he was “quite certain” there are more drivers, particularly those operating public-passenger vehicles, with a substantial number of outstanding traffic tickets.“They are so indiscipline that they accumulate more tickets than anybody else in Jamaica,” he asserted.However, the head of the Police Traffic Division said the lack of adequate resources makes it difficult to find and prosecute these drivers.“In Jamaica, you have almost a million drivers, and we would have to go sit down in front of a computer and check each licence,” he explained.Operations manager at the TA, Cecil Thomas, referred The Gleaner to the agency’s Communications Manager Petra-Keane Williams.Williams requested that questions be submitted in writing, but up to news time last night, there was no response.Rasbert Turner and Livern BarrettJamaica Gleaner Share 25 Views   no discussionscenter_img Tweet Share Sharing is caring!last_img read more