Finance Globe

The pace of existing-home sales declined last month after four months of strong gains but still remained above what it was a year ago, according to a report released Thursday by the National Association of Realtors.August sales - including existing single-family, townhomes, condominiums, and co-ops - declined 2.7% to a seasonally-adjusted annual rate of 5.10 million units, down from a pace of 5.24 million units in July. The number is still 3.4% above the 4.93 million...

The American Bankers Association testified on Thursday about the impact that the economic situation and current regulatory environment are having on small business lending.Austin Roberts, III, president and CEO of Bank of Lancaster in Kilmarnock, VA, testified before the House Small Business Committee. He said that it is now a critical time for banks - especially for the smaller banks that depend on having good business relationships with their local communities.“Every bank in this country is...

The Federal Trade Commission issued a warning to consumers on Friday not to be duped by the latest scam - sweepstakes scammers posing as government officials.Here's how the scam works: The crooks call the consumer to tell them they've won a sweepstakes prize. The con artist tells the consumer that they must pay the taxes or a service charge on the bogus "prize" before they can claim their winnings. But after paying the money, the winnings...

Ford Motor Company closed last week on its Department of Energy loan of $5.9 billion, according a statement released on Thursday by Department Secretary Steven Chu. The loan to Ford is the first to be finalized since the program was appropriated in the fall of 2008.The funds will be used to transform factories across Illinois, Kentucky, Michigan, Missouri, and Ohio to produce vehicles that are more fuel efficient.The loan is part of the Energy Department’s Advanced...

Builder confidence in the market for newly built, single-family homes edged higher for a third consecutive month in September, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released on Wednesday. The HMI rose one point to 19 this month, its highest level since May of 2008. The HMI survey gauges and categorizes builders' sales expectations for single-family homes for the next six months as “good,” “fair” or “poor.” The survey...

The number of newly unemployed workers claiming jobless benefits fell last week, according to report released on Thursday by the Labor Department.For the week ending September 12, the advance figure for seasonally adjusted initial claims was 545,000, down 12,000 from 557,000 in the week before. The four-week moving average, which smooths out volatility, was 563,000, down by 8,750 from the previous week's revised average of 571,750.The advance number for seasonally adjusted insured unemployment during the week...

International buyers are showing less interest in U.S. real estate due to the global recession and severe ongoing credit crunch, according to a statement released today by the National Association of Realtors (NAR).The 2009 NAR Profile of International Buying Activity reported that foreign buyers who use Realtor services make up a smaller share of real estate activity than in previous years, but that nearly half of those paid in all cash - skipping the mortgage process...

Retail sales rose 2.7% in August, according to a government report released on Tuesday. Analysts had expected an increase of 2%.But the increase is likely to be only temporary - the big boost in sales was led by a 10.6% jump in motor vehicle sales, thanks to the government's (read: taxpayer's) $3 billion Cash for Clunkers program that ended on August 24, 2009.Retail sales excluding motor vehicles increased by 1.1%, higher than the .4% that analysts...

The self-employed person generally enjoys the freedom and flexibility that comes with being their own boss. We prefer to make our own rules, make our own schedule, and make our own money. And with that freedom and flexibility that self-employment offers, we also have a few choices in how to go about planning for retirement - the SEP Plan, Solo 401(k), and the Keogh Plan. Here's a quick rundown of retirement plans available to those who...

Non-farm employment decreased by 216,000 and the unemployment rate shot up by 0.3% to 9.7% in August, the U.S. Bureau of Labor Statistics reported today.Economists had expected a jobless rate of 9.5% for August. But while the unemployment rate was higher than expected, the number of jobs lost in August was less than July's upwardly revised total of 276,000 - and August posted the lowest number of jobs lost in a year.Since the start of the...