BRIC Aback

   News items:  For a while, the four BRIC countries -- Brazil, Russia, India and China -- were supporting worldwide economic growth as richer nations stumbled. But now the BRICs are slowing, and despite some reports, the richer nations are not taking up the slack.
   The Federal Reserve Board's Open Market Committee admitted that real GDP growth in the U.S. "was weaker, on net, in the first half of the year than had been anticipated." Fed staffers still hope, however, that things will pick up during the second half of 2013. And growth in Japan has not been what it was.
   Uneasy investors in India drove the rupee to a record low while they waited for the Fed report on its meeting three weeks ago. 
      
   Meanwhile, on the home front, the National Association of Realtors said Wednesday that existing home sales in America leaped in July, and the median price is still hopping at a double-digit pace over the year.
   Even though mortgage rates are up -- the NAR reported that the average rate for a 30-year, fixed rate home loan was 4.37 percent, from 4.07 percent in June, the highest level in two years -- NAR chief economist Lawrence Yun said several other conditions may offset the loss of some buyers.
   Initially, rising rates were a good incentive to close a deal, Yun noted, but "further rate increases will diminish the pool of eligible buyers."

   On the whole, there has been some good news and some not-so-good news, but overall, the picture in the crystal ball is still cloudy.
   Meanwhile, employment remains a major issue in America. You can't buy a home without a job.