Economic News
Bank of America and The Lawyers Full Employment Program
I have to admit – even I was surprised at this one. I’ve previously written about Bank of America’s handling (sometimes an interesting word choice) of short sales. I’ve written about how they have foreclosed on homes – by continuing with their foreclosure process even after the home was successfully sold to a new buyer who did not have a loan with them.
Now they have foreclosed on a home in Spring Hill, Florida that they NEVER had a loan on – they simply had the wrong address. Telling the company who handles Bank of America’s foreclosures (for $3,800 a house) that they had the wrong address changed nothing. They went right ahead and foreclosed anyway. Charlie and Maria Cordoso, the owners paid cash for the home and there was no lien with Bank of America. Read all about it at tampabay.com.
In closing – and I really mean this – BofA is actually getting better (much better – but there was nowhere to go but up) at processing short sales.
Economic News
Is the real estate industry endorsing Carson’s nomination to HUD?
(BUSINESS NEWS) Ben Carson’s initial appointment to HUD was controversial given his lack of experience in housing, but what is the pulse now?
Economic News
Job openings hit 14-year high, signaling economic improvement
The volume of job openings is improving, but not across all industries. The overall economy is improving, but not evenly across all career paths.
Job openings hit a high point
To understand the overall business climate, the U.S. Labor Department studies employment, today releasing data specific to job vacancies. According to the department’s Job Openings and Labor Turnover Survey (JOLT) for April, job openings rose to 5.38 million, the highest seen since December 2000, and a significant jump from March’s 5.11 million vacancies. Although a lagging indicator, it shows strength in the labor market.
The Labor Department reports that the number of hires in April fell to 5 million, which indicates a weak point in the strong report, and although the volume remains near recent highs, this indicates a talent gap and highlights the number of people who have left the labor market and given up on looking for a job.
Good news, bad news, depending on your profession
That said, another recent Department report notes that employers added 221,000 jobs in April and 280,000 in May, but the additions are not evenly spread across industries. Construction jobs rose in April, but dipped in professional and business services, hospitality, trade, and transportation utilities. In other words, white collar jobs are down, blue collar jobs are up, which is good or bad news depending on your profession.
Additionally, the volume of people quitting their jobs was 2.7 million in April compared to the seven-year high of 2.8 million in March. Economists follow this number as a metric for gauging employee confidence in finding their next job.
What’s next
If you’re in the market for a job, there are an increasing number of openings, so your chance of getting hired is improving, but there is a caveat – not all industries are enjoying improvement.
If you’re hiring talent, you’ll still get endless resumes, but there appears to be a growing talent gap for non-labor jobs, so you’re not alone in struggling to find the right candidate.
Economists suspect the jobs market will continue to improve as a whole, but this data does not pertain to every industry.
#JobOpenings
Economic News
Gas prices are down, so are gas taxes about to go up?
Do low gas prices mean higher gas taxes are on the way? Budgeting for 2015 just got a bit more complicated, if some politicians have their way.
Gas taxes and your bottom line
Many industries rely heavily on time in their vehicle, not just truck drivers and delivery trucks. Sales professionals hop in their vehicles throughout the day, as do many other types of professionals (service providers like plumbers, and so forth). For that reason, gas prices and taxes are a relevant line item that must be budgeted for 2015, but with politicians making the rounds to push for higher gas taxes, budgeting becomes more complicated.
Gas prices are down roughly 50 cents per gallon compared to a year ago, which some analysts say have contributed to more money in consumers’ pockets. Some believe that this will improve holiday sales, but others believe the timing is just right to increase federal taxes on gas. The current tax on gas is 18.40 cents per gallon, and on diesel are 24.40 cents per gallon.
Supporters and opponents are polar opposites
Supporters argue as follows: gas prices are low, so it won’t hurt to increase federal gas taxes, in fact, those funds must go toward improving our infrastructure, which in the long run, saves Americans money because smoother roads mean better gas mileage and less congestion.
Gas taxes have long been a polarizing concept, and despite lowered gas prices, the controversial nature of the taxes have not diminished.
While some are pushing for complete abolition of federal gas taxes, others, like former Pennsylvania Governor, Ed Rendell (D) tell CNBC, “Say that cost the average driver $130 a year. They would get a return on that investment” in safer roads and increased quality of life, he added.
The Washington Post‘s Chris Mooney points out that federal gas taxes have been “stuck” at 18 cents for over 20 years, last raised when gas was barely a dollar a gallon and that the tax must increase not only to improve the infrastructure, but to “green” our behavior, and help our nation find tax reform compromise.
Is a gas tax politically plausible?
Mooney writes, “So, this is not an argument that a gas tax raise is politically plausible — any more than a economically efficient tax on carbon would be. It’s merely a suggestion that — ignoring politics — it might be a pretty good idea.”
Rendell noted, “The World Economic Forum, 10 years ago, rated us the best infrastructure in the world,” adding that we “need to do something for our infrastructure, not in a one or two year period, but over a decade.”
Others would note that this rating has not crumbled in just a few years, that despite many bridges and roads in need of repair, our infrastructure is still superior to even the most civilized nations.
Regardless of the reasons, most believe that Congress won’t touch this issue with a ten-foot pole, especially leading up to another Presidential campaign season starting next year.
“I think it’s too toxic and continues to be too toxic,” Steve LaTourette (the former Republican congressman best known for his close friendship with his fellow Ohioan, Speaker John Boehner) tells The Atlantic. “I see no political will to get this done.”
Whether the time is fortuitous or not, and regardless of the positive side effects, many point to a fear of voters’ retaliation against any politician siding with a gas hike, so this matter going any further than the proposal stage is unlikely.
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Jim Gatos
February 27, 2010 at 4:07 pm
Is BOA looking to provide us agents with some “yuk yuks”?
Because in spite of the outrageousness of this, and the farce it spawns, this is truly funny in it’s own perverted way…
However, I feel so darned bad for these homeowners, and I sincerely hope BOA does right by them.
ktcoz
February 28, 2010 at 8:27 am
This is maybe the third time I’ve heard of this happening over the last four or five years, involing either BOA, or CW. Once (I think) in Texas, and another time in Nevada. In one instance, the owners were on vacation, and came home to all their belongings gone, locks changed, & house winterized, but don’t believe that the f/c proceeding were started. It was all the property pres company that had the incorrect house.
Even once for this to happen is too many times. It can’t be that difficult to hire quality employees at every level – especially in this economy – to make sure things are done correctly.
Brigitte
March 17, 2010 at 6:35 pm
Hello Russell! I am in the midst of a short sale “approval by BOA” it has been months. I supplied all the information I could find to my homeowner so that all avenues to keep the house had been explored. Two years later the BOA sent a Fedex to let him know that they have a refinance option for him. The home was listed 2 months earlier.
He was already living alone in the back of a small business he owned,” It was foreclosure and has now sold.” His wife and children were living with relatives. I had submitted an offer, cash, nothing else on the purchase contract just a cash sale.
My buyers are patient and wonderful. I on the other hand believe that no one, no company, no retailer, etc. should be allowed to treat customers, present or past clients, the way that this Bank has.
I have had help but only when I twittered, blogged, facebooked, linked, and commended on blogs such as yours. I am hoping that if there are enough words out there the CEO will accidentally click on a tag or link and find out what the public is going through.
What goes around comes around. BOA could end up like us being ignored and going downhill because someone is holding an answer that would stop the endless downward spiral.
Martha G
August 22, 2010 at 10:47 am
We are in the BIGGEST MESS WITH BANK OF AMERICA<THEY ARE STEALING OUR HOME!!!!!!!!!!We wer with COUNTRYWIDE THEY ROLLED US NOE BANK OF AMERICA IS ALSO!!!!!!!!!!!!!
Dallas Criminal Defense Attorney
December 10, 2010 at 10:49 pm
While we are dealing with items within the vicinity of Bank of America and The Lawyers Full Employment Program, The law is not some abstract notion that can and will guard us when we want to rely on it. The law is an integral part of democratic life, and something which regulates our conduct, and in essence permits us to act according to our personal desires within reason. Some could feel the law is too restrictive in particular areas, however it works. The law serves its function as regulating our behaviour very nicely, and if it does not? We can alter it.