National / International News

Number of whooping cough cases falls

BBC - Thu, 2014-05-08 15:23
A scheme encouraging pregnant women to be vaccinated against whooping cough helps to reduce the number of children affected by the illness.

The missing budget Braille e-reader

BBC - Thu, 2014-05-08 15:08
Why can't you buy a braille e-reader?

VIDEO: What can a $200 smart vest do?

BBC - Thu, 2014-05-08 15:07
Richard Taylor finds out from Stephane Marceau, founder of Canadian startup OMSignal, what their $200 smart vest can do.

What is 'feminist' pornography?

BBC - Thu, 2014-05-08 15:02
What happens when feminists make sex films?

US House backs new Benghazi inquiry

BBC - Thu, 2014-05-08 14:57
The US House of Representatives votes to create a panel to investigate the White House response to the 2012 attack on the US consulate in Benghazi, Libya.

House Lawmakers Vote To Reopen Benghazi Probe

NPR News - Thu, 2014-05-08 14:50

On a largely party-line vote, Republicans and some Democrats approved the establishment of a committee to dig deeper into the Sept. 11, 2012, attack on a U.S. diplomatic mission in Libya.

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Dyke warns critics of bleak future

BBC - Thu, 2014-05-08 14:47
FA chairman Greg Dyke says English football faces a bleak future if it fails to adopt his commission's four-point plan.

Latest Partisan Flashpoint: GOP Benghazi Fundraising

NPR News - Thu, 2014-05-08 14:42

Raising money after tragedy isn't new. But the latest dust-up comes as both parties try to energize their grass-roots supporters with control of Capitol Hill in the balance.

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World Cup hit by new stadium death

BBC - Thu, 2014-05-08 14:31
A worker is electrocuted at a stadium in western Brazil, the eighth to die in an accident during the building of the 12 World Cup arenas.

VIDEO: 'I ran and ran to escape kidnappers'

BBC - Thu, 2014-05-08 14:15
The abduction of more than 200 Nigerian girls by Boko Haram could be a turning point in the battle against Islamist militants, Nigeria's leader has said.

Family 'shot' in burned Florida home

BBC - Thu, 2014-05-08 14:12
Police have said four people found dead in a burned Florida home were shot and a gun registered to the father of the family that rented the home was found.

VIDEO: East Ukraine rebels back referendum

BBC - Thu, 2014-05-08 13:58
Pro-Russian activists in eastern Ukraine have decided to go ahead with an independence referendum on Sunday, despite a call from Russian President Vladimir Putin to postpone it.

Oklahoma agrees to stay of execution

BBC - Thu, 2014-05-08 13:44
The state of Oklahoma agrees to a six-month stay of execution for a convicted murder after another inmate's execution was botched last week.

Snapchat settles with US regulators

BBC - Thu, 2014-05-08 13:35
Ephemeral messaging service Snapchat settles with US regulators over charges it deceived users when it promised their messages would disappear.

Lawro's predictions v Fatboy Slim

BBC - Thu, 2014-05-08 13:34
BBC Sport's football expert Mark Lawrenson takes on DJ and Brighton fan Fatboy Slim

The Messy Legal Road That Led To Oklahoma's Botched Execution

NPR News - Thu, 2014-05-08 13:19

Most of the country became aware of issues with the state's capital punishment protocols last week after Clayton Lockett's bungled execution, but his lawyers had been worried for months.

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If the housing market can't find its mojo...

Marketplace - American Public Media - Thu, 2014-05-08 13:11

Federal Reserve Chair Janet Yellen feels alright about most of the economy, she told Congress’ Joint Economic Committee yesterday, saying that “many recent indicators suggest a rebound in spending and production is already underway.” 

But keep an eye, she advised, on one sector:

“One cautionary note though is that readings on housing activity, a sector that has been recovering since 2011 have remained disappointing so far this year and will bear watching.”

Stephanie Rizk didn’t need to hear it from Ms Yellen though. Two years after the housing market bottomed out, she can see it from the window of her house in Laurel, Maryland. 

“On my street there are three abandoned or foreclosed properties that are empty,” she says. “There’s a decaying speedboat in the back yard of one. I can’t do anything about that as a homeowner.” 

Rizk put her house up for sale last year because she wanted to move closer to work and school. The house didn’t sell, even after six months on the market.

“It’s really hard to sell a house when there are literally no neighbors because the houses are empty,” she says. Luckily, Rizk found renters. She and her family were able to move...but not buy. 

Buying a home new home was a whole other ordeal involving disputes over appraisals and stubborn sellers. “It was very frustrating,” she says.  

Chris Mayer, professor of real estate at Columbia School of Business says this is not terribly surprising. “Sales activity of new and existing homes have not recovered anywhere near the levels in a normal recovery,” says Mayer. 

Whereas we would expect to see maybe 2 million housing starts a month, says Mayer, we’re seeing less than a million.

Malcolm Hollensteiner, who directs retail lending and sales at TD Bank, says from his vantage point “the concern we have in the industry is that the first time homebuyer has not resurfaced during this recovery.” Rather, “In many markets, 30-40 percent of home buyers are all cash buyers – this means that a high percentage are investors instead of first time homebuyers.”

One reason for this is that Federal Housing Authority has increased the cost of loans for first time home buyers, charging more for mortgage insurance. 

“In typical years,” says Hollensteiner, “the FHA share of the first time homebuyer market was as high as 60 or 70 percent -- it’s dropped to the 30 percent range as of today.”

Another, less structural factor behind the current flatness of housing sales compared to last year is that “some sales a year ago were leftover foreclosures,” says Nicholas Retsinas, senior lecturer on real estate at Harvard Business School. “Some is left but a lot went by the wayside,” he says. Additionally, last year there were even more investors buying homes. Now that prices have risen modestly, “investors can’t find that low hanging fruit anymore,” further reducing sales.  

The problem for economists including those at the Federal Reserve is that when people don’t buy homes, they don’t buy a lot of other things. “When you buy a home one of the first things you do is go out and get new furniture, talk to contractors, supply companies,” says Columbia’s Mayer. And don’t forget the real estate agents and the lawyers.

In the past, economic recovery depended on this, depended on housing.

Retsinas says “if you go back to the last six or seven recessions, it was the secret sauce.” 

No longer, he says. It’s a smaller part of the economy now, and it’s just not recovering quickly.

“It still has some punch, but the punch may not be what it once was.”

If housing isn’t the main driver of the economy, what is? Retsinas says he doesn’t know. Maybe there isn’t just one, or maybe there just isn’t one. 

VIDEO: 'Nightmare' as rats invade homes

BBC - Thu, 2014-05-08 13:10
Leicester residents demand action after rats have infested their homes for the last seven months.

Only we can tackle immigration - BNP

BBC - Thu, 2014-05-08 13:01
BNP leader Nick Griffin says the European elections are about "our issues" of immigration and leaving the EU.

'Sex tape' school head is suspended

BBC - Thu, 2014-05-08 12:57
A head teacher and another member of staff have been suspended at a Swansea school after an alleged "sex tape" was posted on social media sites by pupils.
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