Economic Focus

THE AMERICAN JOBS ACT, AN ELIQUENT RESPONSE
Last week President Obama delivered a much awaited speech titled “The American Jobs Act”, in which he outlined the measures he believes will stimulate jobs and the US economy. Conspicuously absent was any concrete mention of the US Housing Market, or any plans to lead this essential sector of the economy out of the deep recession it is in. It has been challenging to craft a written response to President that does not take on political overtones. Last Friday NAHB Chairman Bob Nielsen came to the rescue and released the following statement that amply expresses the core concerns of everyone impacted by the housing market, and that is all of us.
Statement from NAHB Chairman Bob Nielsen on President Obama's Address to the Nation September
RELEASE DATE Tue 09/13 8:30 am et Tue 09/13 2:00 pm et Wed 09/14 7:00 am et Wed 09/14 8:30 am et Wed 09/14 8:30 am et Wed 09/14 10:00 am et Thu 09/15 8:30 am et Thu 09/15 8:30 am et Thu 09/15 9:15 am et Thu 09/15 10:00 am et Fri 09/16 10:00 am et
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for the week of September 12, 2011 Volume 15, Issue 36
Key Economic Reports Released This Week
ECONOMIC INDICATORS RELEASED BY Bur. of Labor Statistics Department of Labor Dept. of the Treasury Mortgage Bankers Association of America Bur. of Labor Statistics Department of Labor Bureau of the Census Dept. of Commerce Bureau of the Census Dept. of Commerce Bur. of Labor Statistics Department of Labor Bur. of Labor Statistics Department of Labor Federal Reserve Board Federal Reserve Bank of Philadelphia University of Michigan CONSENSUS SURVEY1 ImPrice -0.7% -$132.0B N/A -0.1% core 0.2% 0.2% x-autos 0.2% 0.5% 410k 0.2% core 0.2% IP 0.1% CU 77.5% -15.0% 56.2% Wt. ** * * *** **** * * *** *** ** * INFLUENCE ON INTEREST RATES

Import & Export Prices for August ‘11 Treasury Budget for August ‘11 MBA Mtg Apps Survey for week ending 09/09 Producer Price Index for August ‘11 Retail Sales for August ‘11 Business Inventories for January ‘11 Jobless Claims for week ending 09/10 Consumer Price Index for August ‘11 Ind Production / Cap Utilization for August ‘11 Philadelphia Fed Survey for September ‘11 Consumer Sentiment for September ‘11

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9, 2011 – Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev., today issued the following statement regarding President Obama's address to the nation last night: "While the nation's home builders commend President Obama for tackling critical employment issues, it's discouraging that the Administration still fails to recognize that housing has a central role to play in restoring the nation's workforce. "In normal times, housing accounts for 18 percent of the nation's gross domestic product, and nothing packs a bigger local economic impact than home building. Constructing 100 average single-family homes generates more than 300 full-time jobs, $23.1 million in wage and

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Survey courtesy of Insight Economics, LLC

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business income and $8.9 million in federal, state and local tax revenue. "Housing has traditionally led the nation out of past recessions and needs to be playing a far bigger role than it has so far in today's lackluster recovery. That won't happen until federal regulators move to end the credit freeze for new home production, banks allow qualified home buyers access to affordable home loans and policymakers acknowledge there is a clear need to support homeownership and get housing moving again to spur growth, create jobs and restore consumer confidence."

Jessica Lombardo Loan Officer Hi-Tech Mortgage 2184 McCulloch Boulevard, # A Lake Havasu City, AZ 86403 jessica@hi-techmortgage.com Office: 866.768.5626 Cell: 916.548.8533 Fax: 916.372.2518

Thank you, Bob Nielsen for speaking with such an eloquent voice.