Weekly Initial Jobless Claims surged by 68K to 368K in the latest week to levels not seen since early October. The previous week, Weekly Initial Jobless Claims dropped to 300,000, but that was most likely influenced by Thanksgiving, as filers could have waited until after the holiday to process their claims.
Last Week in Review: Key housing and jobs data was released. Plus a surprising read on Gross Domestic Product, the broadest measure of economic activity. Forecast for the Week: This week’s economic calendar is light, featuring readings on retail sales, jobless claims and wholesale inflation. Last Week in Review “Tomorrow is often the busiest day Read More
IRS and California Franchise Tax Board declare California distressed home sellers not liable for federal or state income tax on short sales
Short sales in California are generally not subject to state or federal income tax for cancellation of debt. The Franchise Tax Board (FTB) issued a letter yesterday stating that, as nonrecourse obligations, short sales in California are not subject to state income tax for cancellation of debt. The FTB’s position conforms with the federal treatment Read More
CoreLogic reported this week that home prices, including distressed sales, rose by 12.5% in October 2013 compared to October 2012. However, prices are still 17.3% below the peak set back in April 2006.
Last Week in Review: The Fed minutes led to renewed talk of tapering, plus key housing data was released. Forecast for the Week: Reports will be plentiful in the first half of the week, before the Thanksgiving holiday. Last Week in Review “I Can See Clearly Now.” Johnny Nash may have hit number one on Read More
The Consumer Price Index (CPI) rose by just 1% in October on a year-over-year basis, the smallest increase since the fall of 2009 as inflation at the consumer level continues to remain tame. CPI measures the changes in the prices paid by consumers for goods and services.