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  • Foreclosures on the Rise
    Foreclosures reached a record amount in the spring—the result of the collapse of the subprime mortgage market. According to the Mortgage Bankers Association, borrowers forced into foreclosure from April to June hit 0.65%. That’s the third quarter in a row of record highs. Meanwhile, the delinquency rate was also up. The rate refers to the percentage [...]
    [September 29th, 2007]
  • Construction Activity Plummets
    The Commerce Department reports that construction activity plummeted in July—the largest decline in six months. The problems in the housing market occurred as the amount of money spent on houses dropped for the 17th month in a row. Construction spending decreased 0.4% in July. That’s the worst rate since a decline of 0.6% in January. Forecasters had [...]
    [September 29th, 2007]
  • Impact of Credit Crisis Appears Limited
    While the nation’s credit crisis has had a devastating effect on the housing sector, its effects on other segments of the economy appear to be limited, according to the Federal Reserve. A Federal Reserve report stated, “Outside of real estate, reports that the turmoil in financial markets had affected economic activity during the survey period were [...]
    [September 29th, 2007]
  • Ex-Fed Chief Concedes Mistakes in Forecasting
    The one-time head of the Federal Reserve admits that he didn’t see the subprime crisis coming. Former Federal Reserve Chairman Alan Greenspan says he was unaware of the potential economic threat posed by mortgages issued to individuals with troubled credit histories. With subprime mortgages, homeowners received a low introductory rate, but then saw the rate skyrocket, resulting [...]
    [September 29th, 2007]
  • Investor Confidence Wanes Amid Housing Troubles
    The chairman of the House Financial Services Committee says investor confidence is slipping in the wake of what has been described as the worst housing crisis in 16 years. “What we have is a severe lack of investor confidence,” stated Rep. Barney Frank (D-MA). The Congressman is calling on Congress and the White House to join [...]
    [September 27th, 2007]
  • Consumer Confidence Shows Signs of Weakening
    Consumer confidence showed signs of weakening in August—an apparent result of the ongoing housing crisis and the turbulent stock market. The Conference Board, which is headquartered in New York, states that the Consumer Confidence index dropped to 105.0 for the month. That’s down from the 111.9 rate recorded the month before. Even though consumer confidence appears to [...]
    [September 27th, 2007]
  • Freddie Mac Earnings Plunge in 2nd Quarter
    Freddie Mac, which ranks number 2 in the nation in terms of buying home mortgages, saw its earnings plummet 45% in the 2nd quarter. The home loan giant had to earmark more than $300 million on account of bad loans. The company, which is based in Virginia, is symptomatic of the housing crisis which has rocked [...]
    [September 27th, 2007]
  • 30-Year Mortgage Rates Head Downward
    Homeowners received some encouraging news this week, thanks to an item from the mortgage company known as Freddie Mac. Freddie Mac reports that 30-year mortgage rates have declined to their lowest level in some three months. The fixed-rate mortgage rate now averages 6.45%. That’s a decline from the 6.52% rate the previous week. It’s also the lowest [...]
    [September 27th, 2007]
  • National Economic Picture Brightens
    The U.S. economic picture brightened this past spring, thanks to an expansion in the gross domestic product. Still, the national housing crisis and problems within the credit card industry mean there continue to be clouds on the horizon. During the 2nd quarter of the year, the gross domestic product increased at a yearly rate of 4%, [...]
    [September 19th, 2007]
  • President Tries to Help Homeowners Avoid Default
    President George W. Bush is taking action to try to prevent homeowners who took out subprime mortgages from going into default. Some observers believe the action is long overdue, given the current housing crisis. Economists have said the housing situation threatens to throw the economy into a tailspin, resulting in recession. Defaults have been on the rise, [...]
    [September 19th, 2007]
  • Specter of Recession Looms in the U.S.
    The specter of recession is rising in the U.S., buoyed by the tidalwave of troubles in the stock market and housing sector. A string of losses on Wall Street has renewed talk of recession. The Federal Reserve attempted to fight the recession threat last week by cutting its discount rate on loans to banks. Meanwhile, the nationwide [...]
    [September 19th, 2007]
  • Study Demonstrates Popularity of Check Cards
    A survey by Bankrate demonstrates just how much American consumers are benefiting from debit cards. Debit cards are more popular than ever, as consumers turn to them for their convenience and budget-management capability. The cards have also gained acceptance because they do not carry any transaction fees but do offer a number of rewards programs. Bankrate polled [...]
    [September 18th, 2007]
  • Fall is the Time for Re-evaluating Credit Card Options
    With fall just around the corner, many people - especially college-age people - may be re-evaluating their credit card options. This year, there are an endless number of possibilities for those seeking to expand their credit horizons. To begin with, students may be interested in applying for a student VISA Platinum Plus. This card carries no [...]
    [September 17th, 2007]
  • Barclays Credit Business Reaches Milestone
    Barclays has become the fastest-growing credit card issuer in the U.S., based on figures just released by the company. Barclays’ credit card business has now exceeded $5 billion, with the number of accounts quintupling in just two-and-a-half years. The number of Barclays credit accounts is now more than 3.5 million. Meanwhile, its list of partnerships now [...]
    [September 17th, 2007]
  • Foreclosures in the U.S. on the Rise Again
    The number of individuals forced into home foreclosure is rising. Statistics show that the foreclosure rate jumped 9% in July over the previous month’s totals. When compared with last year, the foreclosure rate is up an astounding 93%. The highest foreclosure rates appear to have occurred in the states of Nevada, Georgia, and Michigan. The dismal [...]
    [September 17th, 2007]
  • Mastering Money
    For a teenager, turning 16 means nabbing that first drivers’ license, securing that first job, and earning that first paycheck. But it can also be an age of rude awakening, as a teen must, often for the first time, deal with money matters. Unfortunately, many teens don’t know the first thing about juggling car payments, managing [...]
    [September 17th, 2007]
  • Credit Card Customers Face Debt Trap
    A New York think tank has determined that many credit card customers are trapped in what is being described as a “dangerous cycle of debt.” As a result, their financial security has been seriously compromised. Approximately 1/3 of credit cardholders pay interest of more than 20%, according to a study released by the think thank known [...]
    [September 13th, 2007]
  • U.S. Economic Problems Have Worldwide Effect
    The high default rate among U.S. homeowners is not simply a domestic problem. There are distinct indications the housing crisis is also having an impact on world financial markets. Markets in Frankfurt and Tokyo have been jolted by news of the severity of the U.S. housing slump. As a result, housing prices in America could decline [...]
    [September 13th, 2007]
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