Lost in the kerfluffle over the unexpected downward revision of first quarter GDP growth—2.4 percent annualized compared with the originally reported 2.5 percent—was the companion release of first quarter corporate profits, a disappointing drop from the fourth quarter.
Recent data shows home prices rising at the fastest pace since the housing bubble burst. At the national level, though, the relatively rapid increase in prices doesn’t automatically suggest a new “bubble” since prices (adjusted for inflation) are down from their peak. Many low- and moderate-income people saw their dreams destroyed when the last bubble collapsed. It would be too cruel to see the same mistake repeated just a few years later. Read more..
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