Better Ways to Move Stalled and Vacant Foreclosures Forward: Join Us Live on March 11
Join us online Tuesday, March 11, from 9 am to 4 pm ET for Getting Back in Gear: Better Ways to Move Stalled and Vacant Foreclosures Forward.
Airline Hubs and Air Traffic Trends
Cleveland Fed researchers Stephan Whitaker and Chris Vecchio say that losing an airline hub does not preclude ample air service.
John Lytell Joins Cleveland Federal Reserve Bank as Assistant Vice President, Public Affairs
John Lytell has joined the Federal Reserve Bank of Cleveland as an assistant vice president in the Public Affairs Department, effective March 3, 2014. Lytell will have responsibility for leading the Bank’s internal communications, media relations, web services, social media and graphic design functions.
Fast-tracking foreclosures on vacant properties could result in substantial cost savings, say Cleveland Fed researchers
Fast-tracking foreclosures on vacant properties in states that handle foreclosures through the courts could result in substantial cost savings, according to a study by Federal Reserve Bank of Cleveland researchers Kyle Fee and Thomas J. Fitzpatrick IV, who estimate that the savings in two judicial foreclosure states -- Ohio and Pennsylvania -- would be at least $24 million annually.
Speaking at the College of Wooster, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto reflected on her career and discussed some of the changes the Federal Reserve has made in how it sets monetary policy for the nation.
Labor productivity in the nonfarm business sector grew rapidly in the second half of 2013, reaching an average 2.63 percent annual rate. This was the fastest two-quarter pace since the boost of productivity growth associated with the end of the Great Recession and the beginning of the recovery. Such a fast pace of productivity will not last long though.
Household Credit Shifts Higher; Debt Burden Continues to Decline
During the last recession, the aggregate level of household credit began to fall, raising concerns about the prospects for the recovery. The decline suggested that consumers could be scaling back their demands for credit and lenders could be unwilling or unable to lend. Finally, in the last two quarters of 2013, the total level of outstanding household credit has begun to rebound. But even though household credit has risen, the debt burden has not.
Consolidation of air carriers has caused a steady retreat of hubs from mid-sized metropolitan areas like those of the Fourth District. Of the eleven largest airlines before the 1978 deregulation, the “legacy” carriers, all but three have folded or been absorbed via mergers. Since 1990, 15 metro areas have felt the sting of losing an airline hub. In the Fourth District, Pittsburgh lost its home-grown US Airways hub around 2004, and Cleveland will be losing its United Airlines hub this year. The Cincinnati/Northern Kentucky airport, while still nominally a Delta hub, has seen passenger departures reduced from over 10 million in 2005 to fewer than 3 million in 2013.
Estimating the Impact of Fast-Tracking Foreclosures in Ohio and Pennsylvania
All the signs in the housing market seem to be pointing the right way, except the amount of time loans are spending in the foreclosure process. Foreclosure fast-tracks for vacant homes in foreclosure may help reverse that trend.