The Good, the Bad, and the Ambiguous

There are three sorts of economic news: good, hinting that a recovery might be around the corner; ambiguous, perhaps hinting that a double dip is unlikely; and bad.

The good news is that auto sales rose 7.5 percent last month, and the economy grew 2.5 percent in the third quarter. U.S. banks have been able to sell bonds, reducing the threat of a credit crunch. And prices of condominiums in Florida are improving: bulk sales of distressed units now bring 75 cents for each dollar of debt, compared with 30-50 cents in the recent past. This uptick in one of the nation’s most troubled property markets might just be a sign of things to come in the still-depressed national housing market.