The home-sales headlines are consistently negative, depressing and often confusing, but what do they mean for us in Marblehead?
More: continued here
Speaking before the Exchequer Club of Washington, U.S. Treasury Secretary Henry Paulson said the stimulus package has supported the economy in the last year.
Paulson said market turmoil and energy prices have dragged on the economy, while the labor market has softened…
More: continued here
Zimbabwe is the latest example of what happens when inflation spirals out of control to the point of hyperinflation. With the highest rate of inflation in the world - about 2.2 million per cent - Zimbabwe last week issued a Z$100 billion note, though still not enough to buy a loaf of bread, which is roughly double the price.
More: continued here
In an interview on CNBC, Former Federal Chairman Alan Greenspan warned that if the Federal Reserve is given a role to oversee the financial system it could undermine its credibility.
Greenspan said the US is facing a “once in a century crisis.” He warned that the U.S. teeters on the brink of recession…
More: continued here
The ISM-Chicago business barometer bounced into growth mode in July following five months of slowdown. The growth was led by advances in production and new orders, even as prices hit a 28-year high and employment remained in contraction for the eighth straight month.
More: continued here
The advance U.S. GDP report came in lower than expected for the second quarter of 2008, rising by 1.9% against expectations of 2.3% growth, according to the Bureau of Economic Analysis on Thursday. Revisions showed the U.S. economy shrank 0.2% in the fourth quarter 2007.
The negative figure is the first decline in quarterly growth since Q3 2001.
More: continued here
DANVERS, Mass.—-The Danversbank Charitable Foundation has made grants totaling nearly $180,000 in its first six months in existence, according to Kevin Noyes, Danversbank 1st Vice President and Director of the Foundation.
More: continued here
It’s new foreclosure fighting program is open to almost everyone, but your lender still has the final word.
More: continued here
Economists say the reported 1.9% GDP growth for the second quarter of 2008 was boosted by a 1.5% increase in consumption and a 2.4% gain in net exports. The figure was lower than expectations, however, as inventories saw a sharp reduction.
Aside from the headline, the big news came from revisions to the previous two quarters…
More: continued here
Freddie Mac today told mortgage servicers it was doubling the amount of money it pays for each workout that keeps a delinquent borrower with a Freddie Mac-owned mortgage out of foreclosure.
Freddie Mac also announced it will start reimbursing servicers for the cost of door-to-door outreach programs, give servicers more time to negotiate workouts in states with fast foreclosure processes, and make administrative changes intended to streamline the workout process.
More: continued here