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Half of U.S. states, including New York, New Jersey and California, are projecting budget deficits next fiscal year amid the worst housing slump in 16 years.
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Last month's median home price was 17.8 percent below the $505,000 peak reached last spring and summer.
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Brace yourself California because that $14 billion deficit is likely to double or triple. If double another 10% budget cutback will be needed. If triple, an additional 20% in budget cuts will be needed.
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Fear that a hobbled banking sector may set off another Great Depression could force the U.S. government and Federal Reserve to take the unprecedented step of buying a broad range of assets, including stocks....
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French and German students undergo a dangerous indoctrination. Taught that economic principles such as capitalism, free markets, and entrepreneurship are savage, unhealthy, and immoral, they are raised on a diet of prejudice and bias.
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In this video of today's news conference you will witness a Treasury Secretary who looks like he is standing on a bed of red hot coals.
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The middle class is shrinking: more are moving upwards.
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The local Super Bowl Host Committee shoveled out about $17 million for the weeklong Super Bowl party in Phoenix. Some are lobbying to have the legislature make taxpayers bear more of the expense of bringing the Super Bowl back to Phoenix in 2012.
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The Detroit-based automaker said it was offering a new round of buyouts to all 74,000 of its U.S. hourly workers who are represented by the United Auto Workers.
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By AIG's definition, housing must be at "depression levels". However, we are only in the third inning or so of housing declines. Six more innings are coming. What will AIG's swaps look like then.
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The credit crisis is no longer just a subprime mortgage problem. As home prices fall and banks tighten lending standards, people with good, or prime, credit histories are falling behind on their payments for home loans, auto loans and credit cards at
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So not only is this the highest yearend inventory in history, but the December decline was less than normal (only 7.4%).
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So where is the money? It's not in the US. Paulson has resorted to begging sovereign wealth funds to bail out capital impaired US banks.
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"We are way early in the curve in terms of the devastation to housing," said Manhattan appraiser Jonathan Miller, executive vice president at Radar Logic, a real estate data firm
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In evaluating the nation’s 330 biggest metropolitan areas, SmartMoney magazine says the median price in Las Vegas should be closer to $198,000, down 31 percent from $286,000 in 2007’s second quarter.
In evaluating the nation’s 330 biggest metropolitan areas, SmartMoney magazine says the median price in Las Vegas should be closer to $198,000, down 31 percent from $286,000 in 2007’s second quarter.
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It is being reported that 38% of sales in Las Vegas are "lender-owned", so Phoenix appears to still be in better shape. However, the foreclosure rate continues to grow in the Phoenix area.
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President Hugo Chavez threatened to cut off oil sales to the US if Exxon Mobil wins court judgments to seize billions of dollars in Venezuelan assets. "If you end up freezing [our assets], we're going to harm you," Chavez said. "Do
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"So the bottom line is that what the payroll data have missed is the fact that over the past six months, 520,000 self-employed individuals have fallen by the wayside (more than were lost in the entire 2001 recession).
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The problem for the FDIC is that it has never supervised a bank failure which exceeded 175,000 accounts. So the impending financial tsunami is likely to be a crash-course in crisis management.
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Sitting around wondering how to spend your "stimulus" check when it arrives? Here is an idea:
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Congress passed and sent to President Bush a $168 billion economic stimulus package that he said is needed to help boost the slowing economy. The legislation would send tax rebate checks to more than 111 million households, [INFLATION]
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Investors are wary of insurance guarantees for some bonds issued by cities to fund capital projects. [So if cities default, what is the collateral? Shhhhh... hint: you're living in it.]
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NEW YORK (Reuters) - In the latest example that the U.S. dollar just ain\'t what it used to be, some shops in New York City have begun accepting euros and other foreign currency as payment for merchandise.
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NEW YORK (Reuters) - In the latest example that the U.S. dollar just ain't what it used to be, some shops in New York City have begun accepting euros and other foreign currency as payment for merchandise.
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Amid the worst housing crisis in a generation, pressures are mounting for an expanded role by the two mortgage finance companies, even as lawmakers also call for a tightening of the reins on them....
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Raising the cap, they warned, to include so-called ‘jumbo’ mortgages just raises the potential for bigger losses.
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In the latest example that the U.S. dollar just ain't what it used to be, some shops in New York City have begun accepting euros and other foreign currency as payment for merchandise.
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Seven of the top 100 worst hit zip codes last December were in the gaming capital, according to statistics compiled for CNNMoney.com by RealtyTrac, which markets foreclosed properties online.
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Even Hollywood's rich and famous can't avoid the housing downturn that's sweeping the nation. In Los Angeles, only 4,430 homes were sold in December, down 48% from the previous year.
