Posted on 06/24/2004 3:44:12 PM PDT by RWR8189
New Home Sales Set Record High In May. "Sales of new homes in the United States rose 14.8 percent in May to a record seasonally adjusted annualized rate of 1.37 million, the Commerce Department estimated Thursday. The increase was much larger than expected. Economists surveyed by CBS MarketWatch were expecting a sales rate of about 1.12 million in May. Estimated sales in April were revised higher to an annual rate of 1.19 million from 1.09 million. The number of new homes for sale on the market fell about 0.5 percent to 372,000, representing 3.3-months of sales at the May pace. New-home sales surged in the Northeast and the South. Sales rose about 53.2 percent in the Northeast to 121,000. This is the biggest gain since March 2003." (Greg Robb, CBSMarketwatch.com, http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?guid={FA538870-40DD-4163-9034-C6DDFAEF1F03}&siteid=mktw&dist=bnb, 6/24/04) High-Growth Jobs Are In High-Paying Occupations. "Over the 2002–12 decade, career choices abound for those seeking high earnings and lots of opportunities. High-paying occupations that are projected to have many openings are varied. ... [M]edian earnings for workers in these occupations were higher than the earnings for at least 50 percent of all workers in 2002. ("Occupation Outlook Quarterly: The 2002-12 Job Outlook In Brief," BLS, http://www.bls.gov/opub/ooq/ooqhome.htm, Spring 2004) College Tuition Increases Easing. "College tuition will continue its upward pace next year, but the increases at many schools will be lower than in recent years. ... Now with the economy and budget picture improving in many states, families 'will start to see some relief on the tuition front,' says Travis Reindl, director of state policy analysis at the American Association of State Colleges and Universities. This year, the average increase at state schools will probably be somewhere between 9% and 10%, Mr. Reindl says. Last year, tuition jumped by an average of 14%." (Anne Marie Chaker, "After 14% Jump in Costs Last Year, Public Colleges," The Wall Street Journal, 6/24/04) More African American Investors. "The percentage of African-Americans with money invested in stocks and mutual funds jumped to 68% this year from 61% in 2003, but most black investors believe real estate is the best overall investment, according to a survey released Wednesday. The survey found that 41% of blacks who don't own stocks or mutual funds are 'somewhat' or 'very likely' to start investing next year, vs. 28% for whites." (Sandra Block, "African-American Investors Catching Up," USA Today, 6/24/04)
But, but, but I thought that we were all poor, on welfare, or solely on the government teat and need Democrats to help us more than we know how to help ourselves, and were stupid with no IQ above 10, and all wannabe rappers, and...
$710.96... The price of freedom.
Speaking broadly, what Blacks don't have is old money. Yeah, yeah, there are Black fortunes that are 2 or 3 generations old, but not exactly legacy stuff.Then again, that's obviously changing. Blacks are coming in from the cold, so to speak. 68% now own stocks and/or bonds. That's an outstanding (and astounding) statistic. Black home ownership is also climbing into record levels, and this particular survey shows that Blacks perceive real-estate as being the better long-term investment.
Traditionally, real-estate has been the #1 wealth builder. Stocks and bonds and entreprenuerial ventures follow closely behind real-estate, of course, but have slightly higher failure rates for their 2nd place finishes.
So who woulda thunk it, but Blacks are joining in on the successful American dream. No doubt this fact will greatly upset various core groups who depend upon the failure and dependency of Blacks rather than on their successes.
Where we see 2nd and 3rd generation Black fortunes today, there is little doubt that we'll be seeing 4th and 5th generation legacy fortunes in the next 50 years.
The country club set is about to get a little bit hipper, and the plantation is about to get a little bit smaller.
Life is good.
And what new "high paying jobs?" I'm still waiting to hear specifics.
New home construction is not a reassuring sign, when you think of it. It means that people are going deeply into debt to move even farther away from the cities - and now, probably, farther away from the reach of No Child Left Behind. Oops... that strategy won't work anymore, because NCLB control of schools is *federal.* You can run, but you can't hide. At least if you move far enough out, the city won't be bussed to you.
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