The CPSC and AmerTac have announced a recall for LED Night Lights. The lights can short circuit and become a fire or burn hazard. The recall is in effect for approximately 227,000 units sold in the United States.
Mortgage delinquencies and foreclosures were down for prime and subprime fixed, and prime and subprime ARM loans in the fourth quarter of 2011. The study by The Mortgage Banker Association showed some more promising trends. Delinquency rates are down to 7.6% from 10.1% in the first quarter of 2010. Foreclosures are also showing improvement moving from 1.4% of all homes in the third quarter of 2009 to its current 1.1% rate.
Business borrowing rose 18% in January from a year ago according to The Thomson Reuters/PayNet Small Business Lending Index. The annual poll shows another positive signal to a slowly improving US economy. The Paynet survey shows cautious optimism for continued growth in the short term. It also showed that loans in 30 day delinquency are down to 1.57% from 4.42% in May of 2009. Loans 180 days in delinquency are down to .51% from .54% in December 2011.
Home sales have been slow, but there is cause for optimism in 2012. A National Association of Realtors survey shows a 4.3% rise in existing home sales in January of 2012. This seems to be a continuing trend since 3 of the previous 4 months have seen an increase in realty sales. Lawrence Yun of the NAR attributes this growth to “record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents.” There was also a 1.5% rise in new single family homes and apartment building.
Since 2008 the US median household income has mostly fallen, but a late surge at the end of 2011 saw these numbers increase. The Sentier Research study shows from August to December of 2011 there was a 4% rise. Median household income went from $49,434 to $51,413 during this time. This is the largest increase in a quarter since late 2007.
The CPSC and York International have issued a recall for Coleman, Coleman Evcon, and Red T Gas Furnaces for Manufactured Homes. The furnaces can overheat and emit flames, which can cause nearby materials to catch fire. There have been reported incidents of fire and smoke hazards, and property damage. The recall is in effect for approximately 225,000 units throughout the US and Canada. >>>Recall Information Here.
January 2012 saw the second best rate of housing production since October of 2008. There was a 1.5% increase in construction starts for single family homes and apartments. There has been a consistent increase in new home building for 9 consecutive months and January saw numbers that almost hit the 700,000 mark for new housing development. The last time there were 700,000 construction starts for single family homes and apartments was October of 2008. >>>Full Story Here.
The CPSC and HP have issued a recall for 1040 and 1050 fax machines. The units can overheat and become a fire and burn hazard. The recall is in effect for approximately 1.1 million units throughout North America. >>>Recall Information Here.
A recent survey by research firm Omega Performance indicates that banks are showing more interest in small business lending for this year. Out of the 409 bankers that were polled, 78% were planning to pursue small business product and service lending. It was the number one area of interest for those who took the survey. Other areas of potential investment were: medium and large businesses (66%), consumer (59%), individual housing (49%) and others. >>>Full Story Here.