Retailers are happy
Nationally, retailers reported strong sales for the 2010 holiday shopping season. SpendingPulse, which tracks consumer spending, estimated a 5.5 percent increase in spending for the period of Nov. 5 to Dec. 24 over the same time in 2009. That marks the biggest increase in retail spending since 2007, when revenue rose 4.9 percent. Total sales of $584.3 billion surpassed 2007 holiday spending of $566.34 billion, though figures weren’t adjusted for inflation.
Foreclosures up around the nation in Q3: Several reports on the national housing market came out last week. The Office of the Comptroller reported that 245,000 U.S. homeowners received foreclosure notices in the third quarter, up 11.2 percent from the second quarter. Moody’s Analytics estimates that 1.8 million homes will be foreclosed in 2010 and another 2.1 million will be foreclosed in 2011. Standard & Poor reported that home prices fell across the country in October. The National Association of Realtors said Thursday that nationally pending home sales rose 3.5 percent from October.
Former EDC president lands new job: Deborah Knutson has been named president of the British-American Business Council of the Pacific Northwest. Knutson left her position as president of the Economic Development Council of Snohomish County earlier this year. She will replace Christine Fauske, who retired at the end of 2010. The British-American Business Council has 25 chapters and 2,500 member companies.
No more “rapid refunds” at H&R Block: Millions of H&R Block customers who relied on short-term loans backed by their expected tax refunds will not have that option this year, since Block’s banking partner was forced by federal regulators to stop offering the loans.
Michelle Dunlop, Herald writer
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