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.
New home sales slide unexpectedly in September as the deadline for the first-time homebuyer’s credit draws near, according to a report released today by the Commerce Department. Sales of new single-family homes decreased 3.6% to a seasonally-adjusted annual pace of 402,000, down from the revised August rate of 417,000. Analysts had expected a rate of … Read more
While speaking on Tuesday at Florida Power and Light’s (FPL) DeSoto Next Generation Solar Energy Center, President Obama announced a $3.4 billion investment to spur transition to a smart energy grid. The president described what a clean energy future would look like. “We can imagine the day when you’ll be able to charge the battery … Read more
Sales of existing homes were strong in September, up 9.4% to a seasonally-adjusted annual pace of 5.57 million units, including single-family homes, townhomes, co-ops, and condominiums, according to a report released today by the National Association of Realtors (NAR). The September rate of sales was 9.2% higher than from a year ago, and sales activity … Read more
Applications for mortgages in the week ending October 16 was sharply down again for the second week in a row, according to a report released today by the Mortgage Bankers Association (MBA). The Market Composite Index, a measure of mortgage loan application volume, decreased 13.7% on a seasonally-adjusted basis from the previous week. This includes … Read more
The twelve Districts of the Federal Reserve reported either “stabilization or modest improvements” since their last report, though often from depressed levels to begin with, according to the Fed’s most recent publication of the Beige Book. Residential real estate and manufacturing lead the more positive sector reports, both showing a pattern of improvement since the … Read more
A money transfer company that allowed fraudulent telemarketers to rip off thousands of consumers has settled Federal Trade Commission (FTC) charges and has been ordered to pay $18 million in consumer redress. According to FTC charges, MoneyGram International, Inc., the second-largest money transfer company in the U.S., knew that their service was being utilized to … Read more
Retail sales in September declined by 1.5%, mostly due to the steep 10.4% drop in motor vehicle sales after the expiration of the Cash for Clunkers program, the Census Berueau reported today. Analysts had expected a decline of 2.1% in total sales for September. “Retail sales in the third quarter saw its strongest gain in … Read more
The American Bankers Association testified on Friday on the impact of the recession on lending to small businesses. Testifying on behalf of ABA before the Senate Banking Committee, community banker Stephen Wilson, Chairman and CEO of LCNB National Bank in Lebanon, Ohio, said that this is not the first recession faced by the banking industry, … Read more
The Treasury Department reported on Thursday that under the Making Home Affordable program, more than 500,000 trial loan modifications are in progress. Earlier this year in July, the Treasury and the U.S. Department of Housing and Urban Devolopment (HUD) set the 500,000 benchmark for November 1. This goal pushed servicers to ramp up program implementation … Read more
The Federal Trade Commission (FTC) and Federal Communications Commission (FCC) issued a joint statement today encouraging consumers to protect their privacy when online. FCC Chairman Julius Genachowski said, “The American public increasingly relies on the Internet to create, exchange and receive information, news, education, and entertainment and it is critical that all consumers take precautions … Read more
