Sales of previously owned U.S. homes rose in January to the highest level since May 2010 as investors took advantage of lower prices to buy distressed properties. Purchases climbed 4.3 percent to a 4.57 million annual rate, less than forecast, from a revised 4.38 million pace in December that was slower than previously estimated, a report from the National Association of Realtors showed today in Washington. Distressed properties made up the largest portion of all purchases since April. Almost one in four of all transactions was made by investors. That’s helping to clear the market of unsold properties and may stabilize prices. While the threat of more foreclosures risks slowing progress, housing may get a boost from gains in employment and mortgage rates that are near record lows. “I don’t think we’re seeing a full-fledged recovery in housing,” said Michelle Meyer, a senior economist at Bank of America Corp. in New York. “Outside of investors and people wanting to buy distressed properties, the primary housing demand is recovering much more gradually.” Bloomberg
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Will there be a time in our lives when cars don’t crash? When a Mustang can warn a BMW that it’s changing lanes – or when we can just sit back and relax and our cars will drive themselves? Auto technology experts say “yes." And they say that some of those advances may happen quicker than you might think. “We are seeing just seismic changes as we speak,” said Scott Belcher, president and CEO of the Intelligent Transportation Society of America. CNN
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Car companies have conversations all the time, about all kinds of projects. But a possible link up between General Motors and France’s PSA Group, which owns Peugeot and Citroen, could help each company address some pressing needs. The talks were confirmed Wednesday by France’s labor minister, Xavier Bertrand, who said he had been briefed by PSA chief executive Phillipe Varin on Tuesday night, about the discussions. Forbes
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NEW YORK (CNNMoney) -- After more than a year in the making, the Obama administration on Wednesday released its plan to overhaul the corporate tax code. The main proposal for reform would slash the corporate tax rate to 28% from 35% and pay for the reduction by eliminating "dozens" of business tax breaks. There are currently more than 130 on the books. The Obama administration's plan is in sync with Republicans in terms of wanting to lower the top rate. But Republicans want to lower the corporate rate even further to 25%. There are also many other differences between their plans, and with Congress stuck in election-year gridlock, the odds of passage of any corporate tax reform plan this year are long. CNN
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If you’re searching for signs of hope in Northeast Florida’s economic future, consider looking to the area’s growing Asian-born population. That was the message from several people Tuesday who said that Asian immigrants are already helping to drive Jacksonville’s economy. “We are very much entrepreneurs. We’re driven to be business owners, business executives,” said Eric Nguyen, a member of the Vietnamese Association of Jacksonville. He was one of more than 100 people who came to an entrepreneurship and small business conference at the Main Library. The event was open to anyone, but a majority of the attendees were born in or traced their ancestry to Asia. Florida Times-Union
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Georgia lawmakers are considering a bill aimed at boosting investment in renewable energy production. A bill introduced into the Georgia Senate Feb. 7 would let businesses and other property owners finance the installation of solar panels and other types of renewable projects through third parties. Current law allows such projects but only if the business puts up the money and owns and operates the system. Atlanta Business Chronicle
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Caterpillar Inc. said Friday that it’s building a manufacturing plant close to Athens, Ga., bringing at least 1,400 jobs, and more in related production jobs. The company will relocate production of small excavators and backhoes from Japan. The plant is the largest creation of jobs in Georgia since Kia Motors moved to West Point, Ga. in 2009, Gov. Nathan Deal said in a press conference Friday morning. The announcement is a big win for Georgia, as Caterpillar (NYSE: CAT) has been courted by other Southeast states, including North Carolina, where the company has a division headquarters in Cary, near Raleigh. Atlanta Business Chronicle The announcement is a big win for Georgia, as Caterpillar (NYSE: CAT) has been courted by other Southeast states, including North Carolina, where the company has a division headquarters in Cary, near Raleigh. Atlanta Business Chronicle
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Four of the nation's 50 most poverty-stricken metropolitan or micropolitan areas are in Alabama, according to a new report from On Numbers. Selma (No. 12), Tuskegee (No. 40), Troy (No. 42) and Eufaula (No. 49) all had poverty rates of more than 20 percent. Selma's rate was 27.3 percent, Tuskegee's was 20.7 percent, Troy's was 20.5 percent and Eufaula's was 20 percent. Mobile (15.7 percent) had the worst rate among the state's largest metros. Birmingham (10.3 percent) had the third lowest rate in the state, followed by Daphne-Fairhope-Foley (9.1 percent) and Huntsville (9 percent). The rankings were based on data from the U.S. Census Bureau. Birmingham Business Journal
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NEW YORK — Oil prices have climbed to the highest level since May on concerns that Iran will cut off more oil to Europe. Benchmark crude rose by $2.65, or 2.6 percent, to end the day on Tuesday at $106.25 per barrel on the New York Mercantile Exchange. That’s the highest price for oil since May 4. “People are just scared about Iran,” independent analyst and trader Stephen Schork said. “They’re concerned about supply.” The Tennessean
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President Obama’s proposal to raise the tax on corporate dividends should leave investors trembling. It has the ability to affect anyone with an interest in equities, from the executive in the c-suite to the grandmother next door. You pay 15% on dividends right now. Under Obama’s plan, the wealthy would see a total personal tax rate of nearly 45%. And before a company gives a dividend, that money is taxed as corporate profit. Obama would like to lower the corporate tax rate to 28%. By the time the dividend reaches your bank account, it has been taxed twice, a total of 73%. The corporate dividend tax hike is part of Obama’s broader restructuring of America’s corporate tax structure. As a whole, the plan is a game-changer for American business. But the dividend tax increase is the plan’s most striking element, since it’s hard to identify who it would help. Forbes
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