Mortgage News - Wednesday, April 30, 2008 11:30 - 0 Comments
Economy grows by only 0.6 percent in 1st quarter of 2008
By Jeannine Aversa, AP Economics Writer
Economy limps ahead at a 0.6 percent pace in first quarter, better pace than expected
WASHINGTON (AP) — The bruised economy limped through the first quarter, growing at just a 0.6 percent pace as housing and credit problems forced people and businesses alike to hunker down.
The country’s economic growth during January through March was the same as in the final three months of last year, the Commerce Department reported Wednesday. The statistic did not meet what economists consider the classic definition of a recession, which is a retraction of the economy. This means that although the economy is stuck in a rut, it is still managing to grow, even if modestly. Continue…
Breaking News
- Morgan Stanley cut 1,500 jobs this week: source (Reuters)
- Wall St ends flat as energy gains offset sentiment (Reuters)
- Consumers' mood as grim as early-80s (Reuters)
- Shareholders file new legal claims in Yahoo case (Reuters)
- Lehman Brothers job cuts to start next week: report (Reuters)
- Surprise rebound in housing, outlook still shaky (AP)
- SMFG posts big rebound, forecasts modest growth (Reuters)
- Abercrombie profit edges up on sales increase (AP)
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Market News - May 16, 2008 11:08 - 0 Comments
U.S. Stocks Drop, Led by Stores, Banks; Dillard’s, KeyCorp Fall
By Eric Martin, May 16 (Bloomberg)
U.S. stocks fell, led by retailers and banks, after consumer confidence slumped to a 28-year low and Merrill Lynch & Co. advised selling two regional banks.
J.C. Penney Co. and Dillard’s Inc. fell as the Reuters/University of Michigan preliminary index of consumer sentiment dropped more than forecast and Goldman Sachs Group Inc. said higher energy costs may hurt retail earnings. KeyCorp, Ohio’s third-biggest bank, and Regions Financial Corp., Alabama’s largest bank, led financial shares lower after Merrill Lynch said Continue…
More In Market News
Mortgage News - Apr 30, 2008 11:30 - 0 Comments
Economy grows by only 0.6 percent in 1st quarter of 2008
By Jeannine Aversa, AP Economics Writer
Economy limps ahead at a 0.6 percent pace in first quarter, better pace than expected
WASHINGTON (AP) — The bruised economy limped through the first quarter, growing at just a 0.6 percent pace as housing and credit problems forced people and businesses alike to hunker down.
The country’s economic growth during January through March was the same as in the final three months of last year, the Commerce Department reported Wednesday. The statistic did not meet what economists consider the classic definition of a recession, which is a retraction of the economy. This means that although the economy is stuck in a rut, it is still managing to grow, even if modestly. Continue…
More In Mortgage News
Real Estate News - Apr 9, 2008 13:37 - 0 Comments
Foreclosure fix faces murky future
Senate fast-tracked legislation to stabilize housing. But Bush administration gives it low marks and House is proposing its own ideas and may even push for broader economic stimulus package.
By Jeanne Sahadi, CNNMoney.com senior writer
NEW YORK (CNNMoney.com) — The Senate is poised to pass a $15 billion package of housing measures intended to stabilize the housing market.
The proposed measures include a controversial tax break for homebuilders and other businesses, plus a new tax credit and deduction for homeowners and home buyers. Continue…
