Thursday, September 26, 2013

Friday: Personal Income and Outlays for August, Consumer Sentiment

by Bill McBride on 9/26/2013 09:49:00 PM

From the LA Times: Downtown San Diego condo market's long drought may be ending

The Great Recession slammed the door on condominium construction in the 2.2-square-mile area. Projects were scrapped or converted to rentals. From 2001 through 2009, builders finished nearly 8,300 units, according to Civic San Diego, which oversees new construction planning downtown.

They haven't finished one since.

[Canadian developer Nat] Bosa's ritzy project, which he plans to break ground on during the first half of next year, would change that.
Downtown San Diego was one of the areas that was crushed during the downturn.

Along the same lines, I drove by "Central Park West" in Irvine today. That was the project that was built by Lennar and mothballed in 2007. There are several new buildings going up right now!

• 8:30 AM ET, the Personal Income and Outlays for August. The consensus is for a 0.4% increase in personal income, and for a 0.3% increase in personal spending. And for the Core PCE price index to increase 0.1%.

• At 9:55 AM, Reuter's/University of Michigan's Consumer sentiment index (final for September). The consensus is for a reading of 78.0, up from the preliminary reading of 76.8, but down from the August reading of 82.1.