Archive for the 'Economy' Category
U.S. Foreclosure Filings Surge 55%; Fannie Looking to Bundle Properties for Bulk Sales to Investors
August 14th, 2008Via: AP: The number of homeowners stung by the dramatic decline in the U.S. housing market jumped last month as foreclosure filings grew by more than 50 percent compared with the same month a year ago, according to data released Thursday. Nationwide, more than 272,000 homes received at least one foreclosure-related notice in July, up […]
European Economy Shrinks in Second Quarter
August 14th, 2008Via: AP: Euro-zone growth braked sharply in the second quarter as major economies Germany, France and Italy shrank, EU statistics showed Thursday, with high fuel and food prices holding back consumer spending. Growth in the 15 economies that share the euro currency contracted by 0.2 percent from the first quarter, expanding just 1.5 percent from […]
Bank Owned House in Detroit Sells for $1
August 13th, 2008Via: Detroit News: One dollar can get you a large soda at McDonald’s, a used VHS movie at 7-Eleven or a house in Detroit. The fact that a home on the city’s east side was listed for $1 recently shows how depressed the real estate market has become in one of America’s poorest big cities. […]
One Third of New Home Owners Owe More Than House Is Worth
August 13th, 2008Via: Bloomberg: Almost one-third of U.S. homeowners who bought in the last five years now owe more on their mortgages than their properties are worth, according to Zillow.com, an Internet provider of home valuations. Second-quarter home prices fell 9.9 percent from a year earlier, giving 29 percent of owners negative equity, said Zillow, the Seattle-based […]
U.K. Unemployment Rose the Most Since 1992 in July
August 13th, 2008Via: Bloomberg: U.K. unemployment rose the most in almost 16 years in July and wage growth slowed as the deepening economic slowdown drove companies to cut jobs and hold down pay. Claims for jobless benefits climbed 20,100 from June to 864,700, the biggest increase since December 1992, the Office for National Statistics said today in […]
Japanese Economy Shrinks 2.4% as Exports Decline; Recession Looms
August 13th, 2008Via: Bloomberg: Japan’s economy, the world’s second biggest, contracted last quarter as exports fell and consumers spent less, bringing the country to the brink of its first recession in six years. Gross domestic product shrank an annualized 2.4 percent in the three months ended June 30 after expanding 3.2 percent in the first quarter, the […]
U.S. Oil Demand Falls Most Since 1982
August 13th, 2008Via: Reuters: U.S. oil demand during the first half of 2008 fell by an average 800,000 barrels per day compared to the same period a year ago, the biggest volume decline in 26 years, the Energy Information Administration said on Tuesday. In its latest monthly energy forecast, the EIA said the huge drop in demand […]
Most U.S. Corporations Pay no Federal Income Taxes
August 12th, 2008Via: AP: Two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, according to a new report from Congress. The study by the Government Accountability Office, expected to be released Tuesday, said about 68 percent of foreign companies doing business in the U.S. avoided corporate taxes over the same period. Collectively, the […]
GOLD: STRATEGIC SUPPORT BREACHED
August 11th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. There it goes… $850 was the BIG one. Via: Market Watch: Gold futures dropped to their lowest level of the year Monday afternoon as a decline in oil prices and strength in the dollar sent the precious metal’s prices down by […]
Put Options “Lotto” on Bear Stearns Collapse Paid Out More than $270 Million
August 11th, 2008I watched another one pop, then, finally, I thought: “This is the scene of a crime for sure.” —Insider Crimes, Funny Money and Options Rackets Via: Bloomberg: On March 11, the day the Federal Reserve attempted to shore up confidence in the credit markets with a $200 billion lending program that for the first time […]
