CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, released its August CoreLogic Home Price Index (HPI®) report. Home prices nationwide, including distressed sales, increased 12.4% on a year-over-year basis in August 2013 compared to August 2012. This change represents the 18th consecutive monthly year-over-year increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.9% in August 2013 compared to July 2013.

Excluding distressed sales, home prices increased on a year-over-year basis by 11.2% in August 2013 compared to August 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1% in August 2013 compared to July 2013. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic Pending HPI indicates that September 2013 home prices, including distressed sales, are expected to rise by 12.7% on a year-over-year basis from September 2012 and rise by 0.2% on a month-over-month basis from August 2013. Excluding distressed sales, September 2013 home prices are poised to rise 12.2% year over year from September 2012 and by 0.7% month over month from August 2013. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

“Home price gains were negligible month over month in August—an expected decrease in the pace of appreciation as housing enters the off-season,” said Dr. Mark Fleming, chief economist for CoreLogic. “While prices increased more than 12% on a year-over-year basis, the month-to-month change is more telling of this year’s late summer trend.”

“After a strong run, the rate of home price appreciation slowed in August. In addition to normal seasonality, the recent sharp rise in mortgage rates off their historic lows was a clear driver behind the slowdown,” said Anand Nallathambi, president and CEO of CoreLogic. “We anticipate moderate gains in home prices over the balance of this year, supported by the recent downward trend in rates and continued tight supplies of homes in many markets.”

Highlights as of August 2013:

•   Including distressed sales, the five states with the highest home price appreciation were: Nevada (25.9%), California (23.1%), Arizona (16.4%), Wyoming (15%) and Georgia (+14.8%).
•   Including distressed sales, no states posted home price depreciation in the month of August.
•   Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (23.4%), California (19.8%), Arizona (14%), Utah (13.7%) and Florida (+13.5%).
•   Excluding distressed sales, no states posted home price depreciation in the month of August.
•   Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to August 2013) was -17.1%. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -12.6%.
•   The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-41.9%), Florida (-37.2%), Arizona (-32%), Rhode Island (-29.1%) and Michigan (-25.7%).
•   Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 99 were showing year-over-year increases in August, equaling the measure in July 2013, the one CBSA that did not experience a gain was Akron, OH (-0.3%).

See links to full reports from CoreLogic here:
Table 1: August HPI for the Country’s Largest CBSAs by Population (Ranked by Single Family Including Distressed)

Table 2: August National and State HPI (Ranked by Single Family Including Distressed)

Figure 1: Home Price Index Percentage Change Year Over Year

Figure 2: YoY HPI Growth for 25 Highest Rate States Min, Max, Current Since January 1976

Map 1: Single-Family Combined Series Peak to Current Declines 12-Month Change by State

Map 2: Single-Family Combined Excluding Distressed Series Peak to Current Declines 12-Month Change by State

COLUMBUS, Ohio — After more than 50 years in business, JC’s 5 Star Outlet/JCPenney Outlet has announced the wind down of operations and the closing of all 15 Outlet stores in 14 states. “Going Out of Business” or “Total Inventory Blowout” sales will start Wednesday in each Outlet store, offering consumers $70 million worth of quality name brand and private label products at significant discounts from the already low outlet prices of 25 percent to 75 percent off comparative retail.

The Outlet stores trace their roots to the JCPenney Company’s 1962 purchase of a Milwaukee Wisconsin mail order company, the General Merchandise Company. JCPenney realized the need for a process to sell overstocked and discontinued merchandise from its catalog and mail order operations, and in 1963 opened its first new Outlet store in Wauwatosa, WI. This original store, selling overstocked and discontinued merchandise, was advertised as “Penney’s Catalog Warehouse Outlet, an all-new, revolutionary type of Penney store.”

The Outlet stores, which have been designated for closure by JCPenney, were acquired by SB Acquisitions in October 2011.

Glen Gammons, the former head of the JCPenney Outlet Store Division, and CEO of JC’s 5 Star Outlet, said closing the Outlet stores was a painful decision.

“The closing of the Outlets was necessitated by the precipitous decline of sales,” Gammons said. “After exploring all the alternatives, we could no longer incur the losses resulting from the continued operation of the Outlet stores.”

Gammons continued, “We wish to thank all of our associates for their hard work and dedication to the company throughout the years.”

JC’s 5 Star Outlet/JCPenney Outlet sells a wide range of private-label and national-brand apparel, shoes, and accessories for the entire family, as well as small electrics, domestics, housewares, and other products for the home.

“With discounts ranging up to 50 percent off the Outlet store price on fresh, in-season merchandise and clearance goods, consumers will realize significant savings off our already low Outlet prices,” Gammons said.

In addition to the inventory liquidation, fixtures and equipment from the stores also will be sold.

JC’s 5 Star Outlet/JCPenney Outlet locations:

• Decatur Mall, 1801 Beltline Rd. SW, Decatur, AL
• Arizona Mills Mall, 5000 S. Arizona Mills Circle, Tempe, AZ
• Ontario Mills Mall, 4410 Mills Circle, Ontario, CA
• Sawgrass Mills Mall, 12801 West Sunrise Blvd, Sunrise FL
• 5500 S. Expressway, I-75 at Exit 237, Forest Park, GA
• Machesney Park Mall, 8702 N. 2nd Street, Machesney Park. IL
• 9495 W. 75th Street, I-35 at 75th St., Overland Park, KS
• 3430 Preston Highway, I-65 at Exit 131B, Louisville, KY
• Jamestown Mall, 246 Jamestown Mall, Florissant, MO
• 190 East Glendale Avenue, Sparks, NV
• 2361 Park Crescent Drive< I-70 at Brice, Columbus, OH
• Rolling Acres Mall, 2442 Romig Road, Akron, OH
• Fairgrounds Square Mall, 3050 N. 5th Street Highway, Reading PA
• Grapevine Mills Mall, 3000 Grapevine Mills Parkway, Grapevine TX
• Liberty Fair Mall, 240 Commonwealth Blvd., Martinsville VA

For other articles on JCPenney and financial problems  click here and here

(SOURCE JC’s 5 Star Outlet/JCPenney Outlet)

The Dow Jones industrial average ended the day Wednesday down 58.56 points, or 0.4%, at 15,133.14 points. The Standard & Poor’s 500 index fell 1.13 points, or 0.1%, to 1,693.87. The NASDAQ composite declined 2.96 points, or 0.1%, to 3,815.02. This Day Two of the slimmer government.

LODGE OWNER URGES HELP TO KEEP GRAND CANYON OPEN
TUSAYAN, AZ– Faced with the prospect of disappointed tourists from around the country and around the world, Red Feather Properties is pledging $25,000 to help keep the Grand Canyon open and the South Rim area-based company is urging business owners around the State of Arizona and around the United States to follow its lead. It’s been done before. In 1995, then Governor Fife Symington marshaled state resources and private donations to keep the Park partially open for 21 days during a government shutdown. Red Feather Properties Manager Clarinda Vail urged fellow business owners in Tusayan and in Arizona to pledge funds to keep the Canyon open. Vail can be contacted at (928) 638-2414.

DICK’S SPORTING GOODS ADDING 300 STORES BY 2017
Pittsburgh — Dick’s Sporting Goods on Wednesday detailed its long-term plan to deliver sales and operating profit growth and drive shareholder value over the next five years, with the company’s namesake stores, new Field & Stream retail format and omnichannel platform driving its growth. Dick’s anticipates growing its store base to over 800 namesake stores by the end of fiscal 2017, an increase of approximately 300 stores from the 518 stores it operated at the end of fiscal 2012. The chain will continue to remodel its existing stores to keep them fresh, focusing on key initiatives such as vendor shops and shared service footwear decks. In addition, Dick’s plans to grow its new Field & Stream outdoor specialty store concept to approximately 55 locations and $750 million in sales by the end of fiscal 2017.  On the omnichannel front, the company plans to grow e-commerce sales to approximately $1.1 billion by the end of fiscal 2017, from $292 million in fiscal 2012. Dick’s also revealed it is planning to internally control its e-commerce platform, beginning with Golf Galaxy and Field & Stream in 2014 and Dick’s Sporting Goods by the end of fiscal 2017.
During its Analyst Day meeting, Dick’s presented a sales target of $10 billion by the end of fiscal 2017, representing a 5-year compounded annual growth rate of approximately 11% from fiscal 2012 sales of $5.8 billion.

ARIZONA STAYS IN LAWSUIT WITH AIRLINES AFTER TEXAS EXITS
Texas has pulled out, but Arizona is staying in the federal antitrust lawsuit opposing the $11 billion merger between Tempe-based US Airways Group Inc. (NYSE: LCC) and American Airlines. Texas Attorney General Greg Abbott said Wednesday he reached a deal with US Airways chairman and CEO Doug Parker and American CEO Tom Horton to maintain post-merger flights at 22 Lone Star State airports. Texas, Arizona, Florida, Pennsylvania and Tennessee joined a U.S. Justice Department lawsuit challenging the big merger on antitrust grounds.  The states involved in the federal lawsuit worried the merger would reduce competition, cut flights and raise fares.  Arizona Attorney General Tom Horne does not plan on exiting the suit.

TUCSON IN USA TODAY’S ‘BEST PLACE TO WATCH A SUNSET’ CONTEST
The current leaders on 10 best and USA TODAY‘s “Best Place to Watch a Sunset” contest category are:

1. Clearwater Beach, FL
2. Leland, MI
3. Albuquerque, NM

Tucson should totally be at the top of this list! Vote now, and every day, until October 14 to show everyone that we really do have the best sunsets in the US! Vote Here

ISM REPORT ON BUSINESS SHOWS US MANUFACTURING EXPANDING
WASHINGTON – The latest Manufacturing ISM Report On Business, which was released  this week, found that economic activity in the U.S. manufacturing sector expanded in September for the fourth consecutive month, and the overall economy grew for the 52nd consecutive month. The Purchasing Managers Index came in at 56.2 percent, an increase of 0.5 percentage points from August. September’s index reading is the highest of the year, leading to an average reading of 55.8% for the third quarter. The Institute for Supply Management (ISM) said its purchasing managers index for manufacturing activity rose to 56.2% in September from 55.7% in August. The PMI index’s half point gain in September was led by a 2.1 point month-on-month jump in the employment sub-index. Production edged up 0.2 point, while new orders fell 2.7 points. All three of the index’s sub-components remained in growth territory.  “The September manufacturing report adds to growing evidence that the muted recovery in global economic activity is benefitting U.S. manufacturing growth and helping the factory sector to recover from the shallow output contraction that it suffered in the spring of this year,” said Cliff Waldman, senior economist for the Manufacturers Alliance for Productivity and Innovation (MAPI).  “While encouraging, recent ISM manufacturing reports have been somewhat overstating the growth in factory sector output” he cautioned. “The outlook for U.S manufacturing remains one of moderate but strengthening activity for the balance of this year and into 2014 and 2015,” Waldman concluded. “Nonetheless, the negative surprises that could still be delivered by an economically and politically complex global picture, as well as a troubled U.S. policy dynamic, should not be discounted.”