Michelle Meyer News
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March 15, 2013 - These days, you might be surprised to receive a call from a realtor looking to sell your house -- even if it's not on the market. Mary Beth Harrison, a Dallas real estate agent, has been scouring tax records and contacting homeowners with lots of equity in their homes in the hopes they may be persuaded to sell. "That's how hot things are now," she told Bloomberg.com contributor Carla Fried when Fried wrote recently about the spring home-selling season.
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Even as U.S. housing rebounds from its worst downturn since the 1930s, production bottlenecks are pushing up building-materials costs, land prices are rising and skilled labor ready to begin work is hard to find.
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Debate among Federal Reserve policy makers is shifting away from the timing of a reduction in bond buying to the need to extend record stimulus as inflation cools and 11.7 million Americans remain jobless.
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Manufacturing grew less than forecast in March as orders and production cooled, highlighting the risk of a U.S. economic slowdown this quarter as federal budget cuts take effect.
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For the first time since the recession, there’s potential for rising U.S. property values to boost consumer spending and give the economy a nudge.
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U.S. home prices probably will rise 8 percent this year, up from a previous estimate of a 4.7 percent increase, according to Bank of America Corp.
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Stuart Hoffman, chief economist at PNC Financial Services Group Inc. in Pittsburgh, Michelle Meyer, a senior U.S. economist at Bank of America Merrill Lynch in New York, and John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina, said today’s employment report suggests a long period of labor market weakness lies ahead.
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Confidence among American households rose more than projected in February in a gain that could boost consumer buying, the largest part of the economy.
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Ben S. Bernanke’s efforts to revive housing are making real estate bulls even more bullish.
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Homeowners with underwater mortgages in U.S. states worst-hit by foreclosures are leading refinancings after the government expanded programs to aid borrowers, strengthening the weakest link in the housing recovery.
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