Archive for October, 2008
Wednesday, October 29th, 2008
The Federal Reserve announced Wednesday that it would cut the
Federal funds target rate by half a point, as widely expected, to 1.00%
. The accompanying statement said economic activity had
decreased markedly from a decline in consumer expenditure.
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Wednesday, October 29th, 2008
Federal Deposit Insurance Corp. Chairman Sheila Bair
announced that the agency has created a program to offer economic
incentives to the mortgage industry to amend loans and aid
borrowers avoid foreclosures.
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Wednesday, October 29th, 2008
Weekly mortgage applications in the United States
increased in the week ending Oct. 24, according to data released from the
Mortgage Bankers' Association (MBA) on Wednesday, which reported a 16.8%
week-over-week gain in applications...
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Tuesday, October 28th, 2008
It is widely expected that the Federal Reserve will cut the
Fed funds rate by 50 basis points to 1.00% on Wednesday, the
lowest level since June 2004. Fed watchers expect the vote to be
unanimous and the accompanying statement to echo the "wait-and-see"
approach seen in previous months. ...
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Tuesday, October 28th, 2008
The National homeowner vacancy rate rose to 2.8% in
the third quarter, unchanged from the previous quarter, the U.S. Census
Bureau reported on Tuesday.
National vacancy rates for rental housing rates dipped slightly to
9.9% from 10.0% in the second quarter of 2008. The rental vacancy rate
was higher than ...
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Tuesday, October 28th, 2008
The Conference Board's U.S. consumer confidence index
plunged far beyond expectations to hit an all-time low of
38.0 in October. The previous all-time low was 47.3, reached in
February 1992. More recently, a 16-year low of 51.0 was reached last
June.
The previous month's headline reading of 56.9 was revised ...
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Tuesday, October 28th, 2008
There is no doubt the U.S. economy is in recession, caused by slowing
consumption spending and excessive debt, said former Federal Reserve
Chairman Paul Volcker on Tuesday.
"I don't think there is any doubt we are in a
recession," Volcker said in Miami Beach, Florida. "We should
have seen it coming." ...
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Tuesday, October 28th, 2008
Both Reuters and the Wall Street Journal were reporting on Monday that
more than a dozen banks had signed or expressed their intention to sign
on to sell preferred stock in return for government
funds in the last few days. They join the original nine
financial institutions which signed on ...
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Tuesday, October 28th, 2008
The S&P Case-Shiller home price index fell in line
with expectations in August as the 20-city composite index posted a
decline of 16.6%, extending July's 14.22% decline.
The Case-Shiller index has fallen every month since peaking in July
2006, but economists say the rate of decline may be steadying, as
evidenced ...
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Monday, October 27th, 2008
New home sales in the U.S. rose slightly more than
anticipated, moving up 2.7% in September to an annual pace of 464k, yet
the previous month's tumble was revised downward to a 12.6% decrease,
according to a report from the Commerce Department on Monday.
Economists were expecting September data to fall ...
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