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.
Speaking at an annual conference in Wyoming, Federal Reserve Chairman Ben Bernanke gave an optimistic view of the economy on Friday. Bernanke said that Federal Reserve policies implemented in recent months have helped to stabilize a number of key financial markets across the globe. Bernanke said, “Short-term funding markets are functioning more normally, corporate bond … Read more
Sales of existing homes have increased for four months in a row for July, according to a report released today by the National Association of Realtors (NAR). Existing-home sales – including single-family, townhomes, condominiums, and co-ops – increased 7.2% to a seasonally-adjusted annual rate of 5.24 million units in July from a level of 4.89 … Read more
Mortgage application volume increased for the week ending August 14, according to a report released Wednesday by the Mortgage Bankers Association (MBA). The Market Composite Index, a measure of mortgage loan application volume, increased 5.6% on a seasonally-adjusted basis from the previous week. On an unadjusted basis, the Index increased 4.8% from the previous week, … Read more
New construction of homes dipped in July following a surge in June, according to a joint report released today by the Department of Housing and Urban Development and the U.S. Commerce Department’s Bureau of the Census. Overall permits to build privately-owned housing units decreased to a seasonally-adjusted annual rate of 560,000 – down 1.8% from … Read more
Builder confidence in August rose one point to its highest point in over a year, according to the latest reading of the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). After a two point gain in July, the HMI reached 18 this month – its highest point since June 2008. NAHB Chairman … Read more
Layoffs in the job market appear to be easing somewhat, though continued claims show that Americans are still having trouble finding work. There were 550,000 new claims – seasonally-adjusted – for unemployment benefits in the week ending August 1st, according to a government report released today. This is a decrease of 38,000 from the previous … Read more
Pending home sales were up for the fifth straight month in June, according to a report released yesterday by the National Association of Realtors. It was six years ago – June 2003 – the last time the pending home sales index rose for five consecutive months. The pending homes sale index is a forward-looking indicator … Read more
On Monday, the Department of Energy (DOE) announced that Michigan was awarded $32 million and Iowa received $16 million in Recovery Act funding to go towards energy projects. Then ten states on Wednesday were awarded a total of more than $204 million to fund energy programs: Arizona, Connecticut, Florida, Idaho, Kansas, Minnesota, South Carolina, South … Read more
A bogus mortgage foreclosure prevention operation has been charged with violating the FTC Act by fraudulently claiming they could prevent foreclosure. The fake company not only failed to deliver on their promises and refused to deliver the guaranteed refund to troubled homeowners, but also misrepresented the earnings potential of a “loss mitigation consultant” business opportunity … Read more
Sales of existing homes picked up the pace again in May, according to a report released by the National Association of Realtors (NAR). May’s increase – spurred by more affordable home prices, historically low interest rates, and the $8000 first-time homebuyer tax credit – was the first back-to-back monthly increase since September 2005. Sales of … Read more
