What We Read Today 04 November 2014

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary “reading list” which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for “reading list” items are gratefully reviewed, although sometimes space limits the number included.

First-time homebuyers hit lowest level in nearly 30 years (Diana Olick, CNBC) The last time the level of first-time home purchases were at this level a 30-year fixed-rate mortgage carried about 14% interest. Now it’s a little above 4%. Yet only 33% of home sales are to first time buyers in 2014, compared to the long-term average of 40%. See next article.

Interest Rate Trends (Mortgage-X.com)

Click for larger image at Mortgage-X.com.

Australia Loses 24,400 Jobs as Bureau Revises Employment Data (Michael Heath, Bloomberg) Employment in Australia is another way to judge the direction of China’s economic activity. Australia is saying China is slowing down.

Weekend Brings Record Snow to the Appalachians, New England (Michael Doll, Accuweather.com) Early season snowfall from Maine to Tennessee breaking all-time records for the date. In Bangor, ME a 12 inch snowfall broke the existing 02 November record of 0.5 inch (1951). Other records were set as Aroostock County recorded depths up to 21 inches and Mt. LeConte, TN received 22 inches. Higher elevations in the Smoky Mountains generally received more than a foot of snow. Other notables were snow across much of upstate South Carolina, with up to 4.5 inches in the Columbia area. Sugar Mountain Ski Resort, Banner Elk, NC opening Sunday with two trails skiable on a 10-32 inch machine-made base and 8 inches of new natural snow. Also low temperature records were set across much of Florida. Vero Beach had an overnight low Sunday morning of 41 degrees breaking the 1993 record by 6 degrees. Tampa had a high temperature Sunday of 67 degrees, breaking a 119 year-old record of 68. For a weekly update of weather pattern and climate news follow GEI News weekly global weather and climate review by weather economist Sig Silber every Monday evening.

Midterms Prediction: Billionaires to Retain Control of Congress (Andy Borowitz, The New Yorker) This is humor?

With just one week to go until the midterm elections, a new poll indicates that billionaires are likely to retain control of the United States government.
The poll, conducted by the University of Minnesota’s Opinion Research Institute, shows that the proxy candidates of billionaires are likely to win ninety-eight per cent of next Tuesday’s races, with the remaining two per cent leaning billionaire.
Although the poll indicates that some races are still “too close to call,” the fact that billionaires funded candidates on both sides puts the races safely in their column.