Stay updated on financial news, market trends, and economic changes that affect your money. From interest rate hikes to government policy shifts, we break down what’s happening now—and what it means for your finances.
More than one out of every nine home loans in the U.S. is delinquent, according to a report released by the Mortgage Bankers Association (MBA) on Friday. The rate of residential mortgage delinquencies fell in the fourth quarter 2009 to a seasonally-adjusted rate of 9.47% of all mortgages. Non-adjusted, the fourth quarter delinquency rate was … Read more
The number of people filing for unemployment benefits for the first time unexpectedly rose last week, the Department of Labor reported on Thursday. For the week ending February 13, 473,000 initial claims were filed, up by 31,000 from the previous week’s revised figure of 442,000. The four-week moving average, which smooths out volatility, was 467,500, … Read more
Existing home sales were strong across most states during the fourth quarter of 2009 with many metro areas showing price increases from a year earlier, the National Association of Realtors (NAR) reported on Thursday. Fourth quarter sales increased from the previous quarter in 48 states and the District of Colombia and 32 states had gains … Read more
The unemployment rate fell in January from 10% to 9.7% in January, and the number of unemployed people fell to 14.8 million in January, the U.S. Bureau of Labor statistics (BLS) reported on Friday. However, the report also showed that last year’s job losses were almost 600,000 more than previously reported. Another 2.5 million were … Read more
The U.S. Commerce Department’s Bureau of Economic Analysis on Friday released the advance estimate of gross domestic product (GDP) for the fourth quarter of 2009. Real GDP rose 5.7% at an annual rate, the second consecutive advance and the strongest increase since the third quarter of 2003. “Today’s strong GDP showing represents important economic progress … Read more
Sales of existing homes fell in December after a rising surge from September through November. The drop was expected after a rush of buyers raced to meet the original tax credit deadline in November, the National Association of Realtors reported today. However, home prices rose from December 2008 and annual sales in 2009 improved. There … Read more
A mortgage broker, who was charged in December 2008 by the Federal Trade Commission (FTC) for throwing consumer’s credit reports and other sensitive documents in a publicly-accessible dumpster, was ordered to pay a $35,000 civil penalty to settle the FTC charges. The broker, Gregory Navone, was also ordered to employ a comprehensive information security program … Read more
The percentage of employees who were members of a union was 12.3% in 2009, virtually unchanged from the rate of 12.4% in 2008, the Labor Department’s Bureau of Labor Statistics (BLS) reported today. The number of wage and salary workers belonging to unions declined by 771,000 to 15.3 million, largely reflecting the drop in employment … Read more
Initial claims for unemployment benefits rose by 1,000 to 434,000 for the week ending January 2, the Labor Department reported on Thursday. The four-week moving average, which smooths out weekly volatility, was 450,250, a decrease of 10,250 from the previous week’s average of 460,500. Seasonally adjusted, the insured unemployment rate was 3.6% for the week … Read more
President Obama announced on Friday awards of $2.3 billion in Recovery Act funds to go towards new clean energy manufacturing across the U.S. “Building a robust clean energy sector is how we will create the jobs of the future,” said Obama. “The Recovery Act awards I am announcing today will help close the clean energy … Read more
