UCLA: Housing recovery will not come in '12

Home sales are hot and the labor market continues to see steady gains, but could positive indicators like these be too good to be true, possibly a mirage?

That's what economists at UCLA concluded in their 2012 economic forecast for California and the nation, which was released Wednesday. After poring over facts and figures, they found that while key numbers appear encouraging, a housing recovery in California likely won't come in 2012. It'll be more like 2013 or 2014.  Read full article here

Foreclosures spike 9% in May

Foreclosure filings in May spiked 9% compared with a month earlier, according to an industry group.

RealtyTrac reported that 205,990 U.S. properties received filings last month, including default notices, scheduled auctions and bank repossessions, marking the first monthly increase since January.  Read full article here

U.S. unemployment aid applications rise

More Americans sought unemployment aid last week, suggesting hiring remains sluggish.

The Labor Department said Thursday that weekly unemployment benefit applications rose 6,000 to a seasonally adjusted 386,000, an increase from an upwardly revised 380,000 the previous week.

The four-week average, a less volatile measure, rose for the third straight week to 382,000. That's the highest in six weeks.

Weekly applications are a measure of the pace of layoffs. When they drop below 375,000, it typically suggests hiring is strong enough to reduce the unemployment rate.

"The trend in jobless claims suggests … that the underlying pace of employment growth has softened," said Bricklin Dwyer, an economist at BNP Paribas.  Read full article here

Foreclosure sales jump in California

Foreclosure sales were up 6.1 percent in May in California compared to April, driven by sales to third parties that were up 14.0 percent, according to a new report from foreclosure information company ForeclosureRadar Inc., of Discovery Bay.  Read the full article here