How is this economy shaping up? We know that jobless claims are still high and unemployment is over 9 percent. And RealtyTrac's latest foreclosure survey shows that foreclosure filings are still on the rise, up 4 percent in August.

It was reported a few weeks ago by Clear Capital that a double dip in the economy is unlikely. And a report from the National Bureau of Economic Research reported the recession ended a year ago. That doesn't mean that the affects aren't still being felt in across the nation.

The Consumer Price Index (CPI) is a measure of the average change in prices over time of goods and services purchased by households. The Bureau of Labor Statistics is showing that the CPI is stable. But according to Joel Naroff with Naroff Economic Advisors, while in normal times that would be a good thing, in today's economy, a stable CPI actually brings up concerns over deflation and inflation.

For housing, it's mixed news, as well. Juli Neimann, of Smith Moore and Company, told Marketplace Morning on American Public Media last week that buyers have a "fear and loathing" of returning to the housing market.

This in turn is affecting builder confidence. "The stall in the nation's housing market continues," said NAHB Chief Economist David Crowe. "Builders report that the two leading obstacles to new-home sales right now are consumer reluctance in the face of the poor job market and the large number of foreclosed properties for sale. However, we do expect that moderate improvement in the job market will help boost consumer confidence and improve conditions for new-home sales in this year's final quarter."

NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich. says, "If anything, consumer uncertainty has increased, and builders feel their hands are tied until potential home buyers feel more secure about the job market and economy."

On a more promising note, there could be fewer foreclosures on the market soon, since U.S. Representatives Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.) proposed H.R. 6133, "Prompt Decision for Qualification of Short Sale Act of 2010," which would make it law for lenders to respond to consumer short sale requests within 45 days.

And finally this week, the U.S. Department of Housing and Urban Development (HUD) has allocated $50 million in disaster funding slated for Kentucky, Rhode Island, and Tennessee. The supplemental disaster funding, provided through HUD's Community Development Block Grant (CDBG) Program, will help support the long-term disaster recovery and critical infrastructure needs in each state and local government receiving funds.

"Families, businesses and communities in these states and communities are struggling to rebuild following this year's natural disasters," said HUD President Shaun Donovan. "Today, we are providing much needed assistance to help them get back on their feet."

HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all, and it seems this is a step in the right direction.

Published: September 27, 2010

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Carla Hill, M.A., works on the Realty Times staff as Managing Editor for our online publication. She also is Producer for the real estate news channel, seen daily on RealtyTimes.com and on video newsletters nationwide.