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Me. gdp came in at 4.63%, much higher than expected but it may not be as strong as some had hoped. good morning. good morning, carol. two good economic reports, 2.63% growth in the third quarter driven in large part because companies were stocking their shelves, getting ready for holiday sales. 3.46% is the best we ve seen in a year and a half and stronger than people expected. jobless claims report has slowed dramatically. it might have been distorted a little bit by thanksgiving, economists are telling me this morning. it s two upbeat economic reports. why are stocks not happy that the economy is strong? likely that means it s more ammunition for the idea that the fed will have to take the training wheels off the economy. one other piece of new ice got ....
many americans getting a taste of pricey gasoline especially in major cities like honolulu, hawaii where prices on average are $4.47. santa barbara, california, $4.63 a gallon. now they are saying shock at the pump could get a whole lot worse. what are three things that president obama can do right now to lower gas prices? jack gerard is the c.e.o. of american petroleum institute. you would think he knows. welcome. what should he do first? first, the president has to send a positive signal to the marketplace and suggest help is on the way by approving other operations to produce here in the united states. second, what he can do is immediately approve the keystone xl pipeline and the last thing he should do is quit talking about increasing taxes on energy companies. that tells the marketplace the president s desire is to increase costs, not to decrease costs. so a lot it was is symbolism ....
Build new houses. the construction data we got today is the worst number we ve really seen since 1970. all of this is coming out of a recession. this recession has been so different than past recessions. normally when we come out of a recession housing is a piece of the gross picture of the economy, 15 to 20% can be attributed to housing, in particular new housing, not so with this recession, only about 4% of growth can be attributed to the housing. not a big surprise when you think about it, because housing is what took us down. martha: the nature of this recession was so much hinged upon all the terrible mortgage deals. and we have unemployment sitting at 9%. that is actually a big piece of the problem that we re seeing. think about it, 30 year fixed rate mortgages right now are at 4.63%, amazing deals, if you can get a mortgage. but lending centers are very stretched right now. you have the unemployment picture and you had a great discussion on earlier in the show about jobs and ....
21 minutes past the hour. minding your business, stocks bounce back from their lows to end the trading day higher yesterday. the dow added 6 6 points, nasdaq and s&p 500 were also higher. gas prices down slightly this morning, according to aaa, the national average $3.98 a gallon. though in 16 states and the district of columbia, that average price is over $4. mortgage rates are hitting their lowest level of year. home prices are down but mortgage rates down too. these might be the cheapest rates in a long time to lock in money to buy a louse. according to freddie mac the average rate on a 30-year fixed rate loan dropped 4.63%. general mills raising the price of its cereals like cheerios and snack prices by 5%. the price hike is needed to offset higher ingredient costs. alcoa introdug new building panels which reportedly have the ability to clean the air around ....
Housing market and we can t do this forever. eric: we re talking about some of the lowest mortgage rates in, what, multi decades. absolutely. eric: what s going on, where are they? they are low. in the 5s for most people who are applying for a mortgage, if they have credit and a down payment. the challenge that we have is mortgage conditions have changed. you now have to have really good credit and a down payment in order to purchase a property. but if you can, now is one of the best times to buy a property. eric: i saw 4.63%, one of the lowest rates in maybe upwards of 40 to 50 years or so. people still aren t buying. why is that? there is a lot of people that don t have jobs. now, people are buying. there are homes being sold. not just being sold in the quantity we d like to see them sold. now more than ever, it s important that homeowners are working or home buyers are working with the right mortgage broker, the right real estate agent to find the right deal and they are ....