This morning I noted:

I’ve been discussing the National Association of Realtors (NAR) existing home sales data with several analysts. … I think the NAR started over estimating sales in 2006 or 2007 … and the errors have increased since then … I expect the NAR will revise down sales for these years in the not too distant future …

The NAR is planning on releasing revisions for the past three years (2008 through 2010) on February 23rd along with the January existing home sales report. Many housing analysts expect these revisions to be significant – and to be down. Assuming the revisions are down, this will also reduce the “distressing gap” between existing and new home sales.

Here is a repeat of the graph showing existing home sales (left axis) and new home sales (right axis) through December.

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ICBC, the Industrial and Commercial Bank of China, has agreed to buy a majority stake in the U.S. subsidiary of Bank of East Asia in a deal that would make it the first Chinese state-controlled bank to acquire retail bank branches in the United States, the paper said in its Saturday edition.

The deal, which still requires the approval of U.S. regulators, was signed Friday in Chicago on the last day of a visit by Chinese President Hu Jintao to the United States.

The price was not revealed but anonymous sources quoted by the Journal said it was around US$100 million.

The agreement comes as Beijing and Washington seek to increase trade and investment, signing US$45 billion in trade deals during Hu’s visit.

ICBC has been the most aggressive of China’s “big four” banks in expanding overseas, as the country’s lenders restart plans that were put on hold by the global financial crisis and seize new opportunities left in its wake.

Hong Kong-based Bank of East Asia has 13 branches in the United States, in New York and California. ICB

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The retail sector recorded its worst December sales figures on record as soaring prices and arctic weather conditions kept shoppers at home.

The Office for National statistics (ONS) said that retail volumes dipped 0.8% from November and that growth was flat year-on-year for the first time since records began in 1988.

Poor sales of fuel and food were the main drivers of the dismal festive trading numbers as sales of winter clothing and snow-related leisure items failed to plug the gap. Petrol stations recorded a 10.7% fall in trade as motorists opted not to risk driving on perilously icy roads in what the Met Office confirmed was the coldest December on record.

Hetal Mehta, UK economist at Daiwa Capital Markets, said: “These are hugely disappointing figures. O

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Tenant defaults could soar over the the coming year amid reports that lots of have borrowed money on credit cards to pay for their mortgage or rent over the past yr, warns top tenant eviction and hire collection firm Landlord Help.

The warning comes following a YouGov poll for housing charity Shelter which reveals a disturbing image of more than two million folks taking desperate actions with credit cards to maintain a roof more than their heads, a rise of more than 50 % previously yr.

In spite of encountering a buoyant 2010 and demand for rental properties currently exceeding supply, tenant arrears have remained a genuine concern for landlords.

These worries are unlikely to have been eased see how to avoid of this stark information and with public sector shelling out cuts set to consider their toll on employment and tenant finances this year.

Landlord Help is urging landlords to consider precautionary actions to protect their organization interests.

Graham Kinnear, MD of Landlord Help stated: “News of tenants spending money on their hire with credit cards is worrying for landlords. B

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We are given a research-based insight in to the inner workings of the Foreign Exchange Market by the author. He characterizes the numerous stances with the help of allegories. According to him, the prime metaphors used by traders are war, gambling, machine, beast, ocean, bazaar, and sports. It is not pure chance that these words were used. The metaphors function as a means by which the people sort out information and then construct their own sensitivities towards the market.

The research mainly holds that the mindset used to observe the markets is, at the same time, a major factor that influences the trade. The person who comes to the forex market with the attitude of a sports competition might think that s/he has to win, but then a loss might cause an emotional setback. So also, someone who perceives the market to be an ocean will think in terms of longer durations.

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