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.
Builder confidence in the market for newly-built single-family homes remained unchanged at a low level in November, according to a report released on Tuesday by the National Association of Home Builders (NAHB). The NAHB/Wells Fargo Housing Market Index (HMI) remains at 17 for November – signalling that many builders see the current conditions as extremely … Read more
On Monday, as part of its effort to increase consumer protections, the Federal Reserve Board announced proposed new rules that would restrict the fees and expiration dates that may eat up the value of gift cards. The rules would protect consumers from unexpected costs associated with not using the gift card right away, and also … Read more
New jobless claims for the week ending November 7 was 502,000, seasonally-adjusted, which is down 12,000 from the previous week’s revised figure 514,00, the Department of Labor (DOL) reported on Thursday. The four-week moving average, which smooths out volatility, was 519,750, down 4,500 from the previous week’s revised average of 524,250. The advance number for … Read more
On Tuesday, the Obama Administration released the next monthly report for the Making Home Affordable loan modification program. As part of the administration’s ongoing commitment to transparency, the report includes for the first time state-specific trial modification numbers. The Treasury Department said that there are more than 650,000 modifications under way across the country, and … Read more
Existing-home sales continue to rise in most states across the U.S. for the third quarter, according to a report released today by the National Association of Realtors (NAR). From the second quarter, sales rose in 45 states and the District of Colombia – with 28 states and D.C. experiencing gains in the double digits. Lawrence … Read more
To help the housing recovery along and aid in stimulating the economy, President Obama signed an expanded and extended homebuyer’s tax credit last Friday. The $8000 first-time home-buyer’s credit was set to expire on November 30, 2009 under the original plan. The extended program keeps the first-time buyer program in effect until April 30, 2010. … Read more
Pending home sales rose for the eighth straight month of consecutive gains – the longest winning streak since measurement in 2001 – according to a report released today by the National Association of Realtors (NAR). The pending home sales index rose 6.1% to 110.1 from a reading of 103.8 in August, the highest reading since … Read more
Nine more U.S. banks failed on Friday – all subsidiaries of one company, the FBOP Corporation. The banks were located mostly in the West: Arizona, California, Illinois, and Texas. The FDIC entered into a purchase and assumption agreement with U.S. Bank, NA, of Minneapolis, Minnesota, a wholly-owned subsidiary of U.S. Bancorp, to assume all of … Read more
The Department of Energy (DOE) announced on Thursday awards of $338 million in Recovery Act funding for the development domestic geothermal energy. The grants will be used to support 123 projects in 39 states for the exploration and development of new geothermal fields and research into advanced geothermal technologies. Also, the grants will support the … Read more
The Federal Deposit Insurance Corporation (FDIC) has issued a warning to consumers that fraudulent emails have been circulating, clearly in an attempt for identity thieves to obtain consumers’ personal identifying information. The emails falsely inform consumers that their personal bank has failed and has been taken over by the FDIC, and instruct consumer to follow … Read more
