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U.S. home sales slump ahead of spring selling season

Workers construct a new home in Leyden Rock in Arvada, Colorado
FILE PHOTO: Workers construct a new home in Leyden Rock in Arvada, Colorado, U.S. August 30, 2016. REUTERS/Rick Wilking/File Photo

April 22, 2019

By Lucia Mutikani

WASHINGTON (Reuters) – U.S. home sales fell more than expected in March, pointing to continued weakness in the housing market despite declining mortgage rates and slowing house price gains.

The sharp drop in home sales reported by the National Association of Realtors on Monday came ahead of the busy spring selling season. The housing market continues to buck the broader economy, which has shown signs of gaining momentum after stumbling at the turn of the year.

Existing home sales dropped 4.9 percent to a seasonally adjusted annual rate of 5.21 million units last month. February’s sales pace was revised down to 5.48 million units from the previously reported 5.51 million units.

Economists polled by Reuters had forecast existing home sales would fall 3.8 percent to a rate of 5.30 million units last month. Existing home sales, which make up about 90 percent of U.S. home sales, declined 5.4 percent from a year ago. That was the 13th straight year-on-year decrease in home sales.

LAND SHORTAGES

Falling mortgage rates, strengthening wage growth and slowing house price inflation have improved affordability, but housing supply remains tight, especially at the lower end of the market as land and labor shortages are making it difficult for builders to ramp up construction in this market segment.

The 30-year fixed mortgage rate has dropped from a peak of about 4.94 percent in November to around 4.12 percent, according to data from mortgage finance agency Freddie Mac. Wage growth is also strengthening.

A survey last week showed that while builders reported strong demand for new homes in April, they also complained about “affordability concerns stemming from a chronic shortage of construction workers and buildable lots.”

There were steep declines in sales in the lower and upper ends of the housing market last month.

The dollar slipped against a basket of currencies after the release of the existing home sales data. Stocks on Wall Street were trading lower and U.S. Treasury prices fell.

Last month, existing home sales fell in all four regions. There were 1.68 million previously owned homes on the market in March, up from 1.63 million in February. At March’s sales pace, it would take 3.9 months to exhaust the current inventory, up from 3.6 months in February.

A six-to-seven-month supply is viewed as a healthy balance between supply and demand. The median existing house price increased 3.8 percent from a year ago to $259,400 in March.

The Commerce Department reported last Friday that housing starts dropped to a rate of 1.139 million units in March, the lowest level since May 2017.

That was the second straight monthly drop in homebuilding and pushed starts substantially below the 1.5 million to 1.6 million units per month range that realtors estimate is needed to alleviate the shortage.

Houses for sale typically stayed on the market for 36 days in March, down from 44 days in February but up from 30 days a year ago. About 47 percent of homes sold in March were on the market for less than a month.

First-time buyers accounted for a third of sales last month, little changed from February and up from 30 percent a year ago. Economists and realtors say a 40 percent share of first-time buyers is needed for a robust housing market.

(Reporting by Lucia Mutikani; Editing by Paul Simao)

Source: OANN

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Mike Gravel ponders presidential run as Twitter fans help him try to go viral

Democratic former Sen. Mike Gravel of Alaska, 88, is considering a run for president — and some fans say they're doing what they can to boost his Twitter cred.

On Tuesday night, tweets appeared in his name referencing the 2020 race and his call to push the Democrats further to the left.

First was the tweet: “#Gravel2020.”

Then the next: “I am considering running in the 2020 Democratic primary,” the announcement read. “The goal will not be to win, but to bring a critique of American imperialism to the Democratic debate stage. The website (mikegravel.org) is under construction. Official announcement will be in the coming days.”

Later, in a bid to go viral, “Folks, let's try to get this baby trending #GRAVEL2020 #GRAVEL2020 #GRAVEL2020”

Gravel has not run for president since 2008, and he hasn’t been a senator since 1981.

CORY BOOKER CONFIRMS HE’S DATING ROSARIO DAWSON: ‘I’M VERY HAPPY ABOUT IT’

Henry Williams, who helped take over the account, told Fox News via email: “The account is real, the senator supports it, it is run by young staffers including myself (I am a student at Columbia University), and we are hugely proud of the massive rise in following it has received in the past 24 hours.”

Henry Williams, 18, helped take over the account of former Democratic U.S. Sen. Mike Gravel of Alaska, 88, to consider a run for president. (Henry Williams)

Henry Williams, 18, helped take over the account of former Democratic U.S. Sen. Mike Gravel of Alaska, 88, to consider a run for president. (Henry Williams)

The 18-year-old who is studying physics, computer science and philosophy, but undecided on a major, said the Twitter account grew from around 3,000 followers to almost 21,000 followers within 24 hours with no promoted posts at all.

The kids liked his message from the past, albeit in the margins, and felt it was time to push him to the center.

Williams added: “I did this because I'm disturbed with our politics and think that the Democratic Party needs a voice on the left shifting the dialogue around democracy, justice, and American interventionism. Gravel is a brilliant man with strong convictions who has spent decades crusading for a just society, a truly democratic system, and an end to endless wars.”

They feel his foreign policy views truly challenge the American plutocracy.

The pinned tweet reads: “This is a campaign to remake the Democratic Party, expand the Overton Window, and push other candidates leftward. And for that, we need your donations to qualify for the debates. Not right now, but SOON. So please follow + please get everyone you know to follow. #GravelGang”

Williams said: “After contacting him and getting to know him, he got behind an exploratory committee and gave us the reins to use his social media presence to present his positions and convictions in a way the Internet would respond to. I’m hopeful that his candidacy can push the conversation in the Democratic Party to the left and force other candidates to face harsh criticism for their records and positions.”

An exploratory committee, as Politico reported, already has been formed — a statement of organization was filed to the Federal Election Commission on Tuesday.

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Williams told Rolling Stone that he and the other creators are planning on taking a trip to California to meet with Gravel.

In the meanwhile, Gravel will tweet through his young fans to his thousands of followers.

Source: Fox News Politics

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U.S. SEC says Bank of America Merrill Lynch to pay $8 million ADR lapses

FILE PHOTO: Company logo of the Bank of America and Merrill Lynch is displayed at its office in Hong Kong
FILE PHOTO: The company logo of the Bank of America and Merrill Lynch is displayed at its office in Hong Kong March 8, 2013. REUTERS/Bobby Yip

March 22, 2019

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Friday said Bank of America’s Merrill Lynch subsidiary had agreed to pay $8 million to settle charges it mishandled American Depositary Receipts (ADRs).

The bank is one of several the SEC has fined in recent months for mishandling the issuance of ADRs which are U.S. securities that represent foreign shares of a foreign company.

(Reporting by Michelle Price; Editing by Chizu Nomiyama)

Source: OANN

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NYPD: Man with gas cans tried to enter St. Patrick’s church

A New Jersey man has been arrested outside St. Patrick's Cathedral in New York City with two jugs of gasoline.

Police say church personnel stopped the 37-year-old man from entering the landmark cathedral in Manhattan at about 9 p.m. Wednesday. Authorities were investigating whether the unidentified man is emotionally disturbed.

There is currently a heavy police presence outside the cathedral on Fifth Avenue. The incident comes just days after flames ravaged the Notre Dame cathedral in Paris.

St. Patrick's Cathedral, which was built in 1878, has installed a sprinkler-like system during recent renovations and its wooden roof is coated with fire retardant.

Source: Fox News National

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Bernie Sanders Says Open Borders Is Bad For Welfare State

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Source: InfoWars

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Trump confident he will prevail against lawsuits over emergency declaration

FILE PHOTO: Workers and U.S border patrol officers stand next to an excavator working in a section of the new wall between El Paso and Ciudad Juarez
FILE PHOTO: Workers and U.S border patrol officers stand next to an excavator working in a section of the new wall between El Paso, Texas, in the United States and Ciudad Juarez as seen from the Mexican side of the border in Ciudad Juarez, Mexico, February 5, 2019. REUTERS/Jose Luis Gonzalez/File Photo

February 19, 2019

By Jeff Mason

WASHINGTON (Reuters) – President Donald Trump expressed confidence on Tuesday that he would prevail against a lawsuit filed by 16 U.S. states seeking to block his declaration of a national emergency to fund a wall along the U.S. border with Mexico.

The group of states, including California and New York, has charged the president and top officials in his administration with taking away taxpayer funds for their communities to fulfill a promise from his 2016 campaign to curb illegal immigration and the flow of drugs.

The White House declined to comment on the filing late on Monday, but Trump’s remarks to reporters in the Oval Office suggested he was not concerned or surprised by the legal challenges.

“I think, in the end, we’re going to be very successful with the lawsuit,” Trump said. “It’s an open-and-closed case.”

Legal experts have said challenges to Trump’s emergency declaration, which critics have called unconstitutional, face an uphill and probably losing battle in a showdown likely to be decided by the conservative-majority U.S. Supreme Court.

Trump declared the national emergency under a 1976 law after Congress declined to give him the $5.7 billion he wanted to build parts of the barrier this year.

The president’s demand for wall funding triggered a historic 35-day government shutdown that ended in January. Democrats and Republicans later agreed on a deal to avoid another shutdown with $1.4 billion allocated toward border fencing. Trump agreed to sign that and then declared a national emergency, redirecting an additional $6.7 billion beyond what lawmakers authorized for the project.

California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, Virginia and Michigan joined forces for the lawsuit.

The states said Trump’s order would cause them to lose millions of dollars in federal funding for National Guard units dealing with counter-drug activities and that redirection of funds from authorized military construction projects would damage their economies.

Texas landowners and an environmental group also filed suit against the move.

Trump predicted the legal challenges when he made the announcement in the White House Rose Garden last week, and he defended his right to make the declaration on Tuesday.

“We need strong borders. We have to stop drugs and crime and criminals and human trafficking.  And we have to stop all of those things that a strong wall will stop,” he said.

House of Representatives Speaker Nancy Pelosi, the country’s top Democrat, has called a wall immoral. The issue is likely to be a flashpoint in the 2020 presidential campaign, just as it was when Trump, a Republican, ran for president in 2016.

(Reporting by Jeff Mason; Editing by Peter Cooney)

Source: OANN

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U.S. factory orders rise less than expected in January

An aircraft engine being built at Honeywell Aerospace in Phoenix
FILE PHOTO: A worker is seen building an aircraft engine at Honeywell Aerospace in Phoenix, Arizona, U.S. on September 6, 2016. REUTERS/Alwyn Scott

March 19, 2019

WASHINGTON, (Reuters) – New orders for U.S.-made goods rose less than expected in January, held back by decreases in orders for computers and electronic products, in another indication of slowing manufacturing activity.

Factory goods orders edged up 0.1 percent, the Commerce Department said on Tuesday, as demand for primary metals and fabricated metal products fell. That followed an unrevised 0.1 percent gain in December.

Economists polled by Reuters had forecast factory orders rising 0.3 percent in January. Factory orders increased 3.8 percent compared to January 2018.

The release of the report was delayed by a 35-day partial shutdown of the federal government that ended on Jan. 25.

Reports last Friday showed manufacturing output fell for a second straight month in February and factory activity in New York state hit nearly a two-year low this month.

Manufacturing, which accounts for about 12 percent of the economy, is losing momentum as the stimulus from last year’s $1.5 trillion tax cut package fades. Activity is also being crimped by a trade war between the United States and China as well as by last year’s surge in the dollar and softening global economic growth, which are hurting exports.

In January, orders for machinery rose 1.5 percent after falling 0.4 percent in December. Orders for mining, oil field and gas field machinery fell 2.7 percent after tumbling 8.2 percent in December.

Orders for electrical equipment, appliances and components rebounded 1.4 percent after dropping 0.3 percent in December. Computers and electronic products orders fell 0.9 percent after decreasing 0.4 percent in December.

Orders for primary metals declined 2.0 percent and fabricated metal products orders fell 0.6 percent. Transportation equipment orders increased 1.2 percent in January, slowing from the prior month’s 3.2 percent rise.

Orders for civilian aircraft and parts increased 15.6 percent in January. Motor vehicles and parts orders gained 0.4 percent.

The Commerce Department also said January orders for non-defense capital goods excluding aircraft, which are seen as a measure of business spending plans on equipment, rose 0.8 percent as reported last week. Orders for these so-called core capital goods dropped 0.8 percent in December.

Shipments of core capital goods, which are used to calculate business equipment spending in the gross domestic product report, also increased 0.8 percent in January as previously reported. Core capital goods shipments edged up 0.1 percent in December.

(Reporting By Lucia Mutikani; Editing by Andrea Ricci)

Source: OANN

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Brazilian President Jair Bolsonaro on Thursday said his government must make men aware of the dangers of poor hygiene after expressing dismay over the 1,000 penis amputations that apparently occur in his country each year.

“In Brazil, we have 1,000 penis amputations a year due to a lack of water and soap,” he said while speaking to reporters in Brasilia after visiting the Education Ministry. “We have to find a way to get out of the bottom of this hole.”

The far-right leader called the figure “ridiculous and sad,” Reuters reported. A spokeswoman for the Brazilian urology society told the news agency the number is based on its official data for penis amputations.

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The amputations were conducted out of necessity over untreated infections, along with complications from HIV and various cancers, she said.

Source: Fox News World

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A top Russian diplomat says Russia is willing to negotiate a new nuclear weapons treaty with the United States and China.

Deputy Foreign Minister Sergei Ryabkov told reporters on Friday Moscow is closely following reports in the United States that the U.S. would like to reach a nuclear weapons deal with both Russia and China, and is “willing” to negotiate. The story was reported by CNN earlier Friday.

Ryabkov also said that Russia “would like to convince” the U.S. to adopt a joint statement that would condemn any use of nuclear weapons.

Ryabkov’s comments come just months after the U.S. withdrew from the Intermediate-Range Nuclear Forces Treaty, a cornerstone of the post-Cold War security, and Russia followed suit. Each claims breaches by the other.

Source: Fox News National

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Government dysfunction and an intelligence failure that preceded the Easter Sunday bombings in Sri Lanka are traced to simmering divisions between the president and prime minister after a weekslong political crisis that crippled the country last year.

The government has admitted to a “lapse of intelligence” after officials failed to act upon near-specific information received from foreign agencies. Suicide bombers exploded themselves last Sunday in three churches and three luxury hotels, killing 253 people and wounding 400 more. Authorities said eight Muslim militants blew themselves up at their targets while the wife of one of the attackers blasted herself on being rounded up by police.

The carnage has brought forth arguments that worshippers and holidaymakers fell victim to the rivalry and a lack of communication between the country’s two leaders — President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe.

The Cabinet led by Wickremesinghe says neither he nor his ministers were informed of the intelligence received by the defense authorities. Sirisena is the head of state, defense minister, minister in charge of the police and head of the armed forces. He also chairs the National Security Council, which includes the heads of security agencies and departments. Traditionally the prime minister also plays an important role on the council.

According to Health Minister Rajitha Senaratne, Sirisena has not included Wickremesinghe in national security affairs since a dispute between them came into the open in October last year. This is an unusual departure from the protocol, he said.

Senaratne said that Sirisena was overseas when the attacks took place and even after that, the National Security Council refused to meet with Wickremesinghe as he tried to give them instructions.

Sirisena has also said that he was not informed of the intelligence received and vowed to overhaul the leadership of the defense forces.

The top bureaucrat at the Defense Ministry, Hemasiri Fernando, has resigned at Sirisena’s insistence.

“It is a major factor,” said Jehan Perera, the head of local activist group National Peace Council, referring to the alleged lack of coordination between the leaders contributing to the failure to prevent the attacks.

“The primary responsibility has to be taken by the president, he did not give the information and he did not act,” Perera said. “He had the Ministry of Defense, took the police from the prime minister, chaired the National Security Council meetings and did nothing,” Perera said.

Kusal Perera, a journalist and political commentator, says security and intelligence officials should have acted on the information whether or not they received orders from politicians.

“If they (Wickremesinghe and his party) were not invited to the National Security Council, why did not they say in Parliament that they were not responsible for the security of the country any longer,” said Perera, who is not related to Jehan Perera.

“Saying that now is taking political advantage, not taking responsibility,” he said.

Sirisena and Wickremesinghe belong to different political parties but came together for Sirisena’s presidential campaign in 2015. Their relationships broke down and their differences exploded last year when Sirisena suddenly sacked Wickremesinghe as prime minister and appointed in his place former strongman Mahinda Rajapaksa, whom he defeated in the presidential election. The crisis crippled the country for more than seven weeks to the point of not being able to pass this year’s national budget on time.

A court decision compelled Sirisena to reappoint Wickremesinghe, but the two leaders have been rivals within the same government.

Rajapaksa, who is the minority leader in Parliament, blames the government for weakening intelligence and dropping its guard, which he had maintained to defeat the separatist Tamil Tiger rebels 10 years ago to end the 26-year-old civil war. He also criticized the government for the detention of intelligence officers accused of extrajudicial killings and abductions during the closing days of the war, which he said crippled the security apparatus before the bombings. According to conservative U.N estimates, some 100,000 people were killed in Sri Lanka’s conflict.

Sirisena summoned an all-party conference Thursday to which Wickremesinghe was also invited. At the conference, Sirisena stressed “setting aside all the political beliefs and difference (so that) everybody should collectively commit towards building a peaceful environment within the country,” a statement from his office said.

“It is not a secret that the disagreements between me and the government aggravated over the past two years,” Sirisena told the country’s media executives Friday. “One of the reasons for that is weakening of military intelligence and arresting military officials unnecessarily and my speaking up against it within and outside the government.”

Jehan Perera said that the security threat could prove politically advantageous to Rajapaksa and his family, with a presidential election scheduled at the end of this year. Gotabhaya Rajapaksa, a younger brother of Mahinda, was the powerful defense secretary during his brother’s reign and has expressed his interest to join the contest.

“People are saying we want a stronger leader and they are talking about Gotabhaya. It (the blasts) has worked to their benefit,” Perera said.

Source: Fox News World

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Cyprus police are intensifying a search for the remains of more victims at locations where an army officer, who authorities say admitted to killing five women and two girls, allegedly had dumped their bodies.

Police said Friday’s search will concentrate on a military firing range, a reservoir and a man-made lake near an abandoned mine approximately 32 kilometers (20 miles) west of the capital Nicosia.

On Thursday, the 35-year-old suspect told investigators that he had killed four more people than he had previously admitted to. All the suspect’s alleged victims are foreign nationals.

Police have already found the bodies of a 38-year-old Filipino woman and two as yet unidentified women.

Search crews are now looking for the daughter of the 38-year-old, a Romanian mother and daughter and another Filipino woman.

Source: Fox News World

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A California man who allegedly fatally shot his ex-girlfriend in broad daylight last month before fleeing the country has been returned to the U.S. following his arrest in Mexico on Wednesday, authorities said.

Julio Cesar Rocha, 25, of Montlcair, is accused of shooting his 25-year-old ex-girlfriend Thalia Flores and a second unidentified male victim March 21 around 2:45 p.m. while the two were sitting in a vehicle in the parking lot of a discount store in Chino. Both communities are about 36 miles east of Los Angeles.

ARREST MADE IN DOUBLE HOMICIDE OF EX-PRO HOCKEY PLAYER, COMMUNITY ADVOCATE, POLICE SAY

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores.

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores. (City of Chino Police Department)

Flores died at the scene. The man, whose name was not released, walked to a nearby hospital where he’s recovering from his gunshot wounds.

Rocha allegedly fled the scene and remained at large for more than a month, the Daily Bulletin reported. He was formally arrested at 4:30 p.m. after arriving at Los Angeles International Airport from Mexico, KTLA-TV reported.

The suspect was booked at the West Valley Detention Center in Rancho Cucamonga on murder and attempted murder charges, the City of Chino Police Department said on Facebook.

Flores ended her seven-year relationship with Rocha just two months before her death and still lived in fear of him until that point, a sister of the victim, Bernice Flores, told the Daily Bulletin.

“He said himself so many times to other people, ‘If I can’t have her, no one will.’ ” Flores said, adding that her sister stayed in the relationship longer that she would have liked in fear that Rocha would hurt her or her family if they broke up.

Rocha was convicted on misdemeanor battery in 2016 and sentenced to 60 days in prison. He was originally charged with misdemeanor assault with a deadly weapon, but the charges were lowered in a plea deal, the Daily Bulletin reported.

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Rocha was convicted of misdemeanor resisting or obstructing a peace officer in 2014. A second charge of misdemeanor battery was dropped in a plea deal, and Rocha was ordered to complete a 26-week anger management course, according to San Bernardino County Superior Court records. Rocha was later arrested and sentenced to 10 days behind bars for failing to complete the course.

Source: Fox News National

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