Fed officials significantly downgraded their economic outlook, saying the “pace of recovery in output and employment has slowed in recent months” and was likely to be “more modest” than anticipated in the near term.

via FT.com / US / Economy & Fed – Fed downgrades recovery outlook.

The Miami-Fort Lauderdale metropolitan area continues to struggle under the weight of the housing crisis, with home values falling 15.2 percent, year-over-year, and 6.6 percent, quarter-over-quarter, according to the latest Zillow Home Value Index.

The report found home prices in the Miami-Fort Lauderdale area lost more than half their value (52.4 percent) since the peak of the housing market, falling to $146,500.

Nationwied (sec), home values fell 3.2 percent, year-over-year, and 0.6 percent, quarter-over-quarter, to $182,500.

Negative equity – which refers to the percentage of single-family homeowners with mortgages that are underwater – fell 3.2 percent, year-over year, to 21.5 percent nationwide. In the Miami-Fort Lauderdale area, 44 percent of homes were underwater in the second quarter. [emphasis added]

via S. Fla. home values remain depressed – South Florida Business Journal.

Income declined in 223 metro areas last year, increased in 134 and was unchanged in nine regions. Even though prices declined last year — down 0.2% from a year earlier as measured by the national price index for personal consumption expenditures — incomes fell even more. On average, personal income dropped 1.8% in 2009, following a 2.7% increase in 2007.

via U.S. Incomes Tumbled in 2009 – Real Time Economics – WSJ.

Bill Clinton said Friday that international donors are still reluctant to make good on billions of dollars in pledges for Haiti’s post-earthquake reconstruction.

…the former U.S. president told The Associated Press he hopes the presentation of $300 million worth of projects at the Aug. 17 meeting of the commission he co-chairs with Haiti’s prime minister will help open their wallets.

“We’re going for very specific projects at the next meeting and then we’re going to make another run at ’em and see what happens,” Clinton told AP during a two-day visit to the quake-ravaged country. “We just want to get the show on the road.”

Frustrations are running high nearly seven months after the quake, which killed a government-estimated 300,000 people. Reconstruction remains all but stalled as 1.6 million people remain homeless and rubble continues to choke thoroughfares in the capital and surrounding areas.

via The Canadian Press: Bill Clinton: Donors still holding out on billion in pledges for Haiti reconstruction.