The job markets continue to improve and this morning the Labor Department reported that Americans filing for first time unemployment benefits rose slightly in the latest week as weekly initial jobless claims were up 5,000 to 333,000. Looking back to 2007, weekly claims in August of that year were 316,000. Then claims moved to 670,000at the height of the recession back in March of 2009...what a comeback to current levels.
Over in the housing markets, the National Association of Realtors (NAR) reported that home prices rose in most Metro areas and showed the best gains in 7 1/2 years. This despite the recent rise in home loan rates. The median home price in the second quarter was $203,500, up 12.1% from the $181,300 registered in the same period last year. A spokesperson from the NAR said that buyers continue to outweigh sellers with multiple bids common in some areas of the country.
Banking giant JPMorgan is under investigation for both criminal and civil charges surrounding its sales of Mortgage Backed Securities dating back to 2005 through 2007. In its preliminary conclusions, the Justice Department stated that the bank broke the law. This comes after similar alleged offenses by the Bank of America earlier in the week. The financial community is waiting for the next shoe to drop, investigations into the rating agencies.