COPENHAGEN, Denmark— Sweden's central bank has cut its key interest rate to a record low of minus 0.35 percent saying "events in Greece over the past few days have substantially increased the uncertainty." In a statement, the bank says the consequences of the situation in Greece for the eurozone as a whole and for Sweden "are difficult to judge.» Read More
Senate Majority leader Harry Reid (D-Nev.) is offering an amendment to the American Jobs and Closing Tax Loopholes Act of 2010, to extend the closing deadline to September 30th.
Another day, another report on the state of our nation's housing market. Today it's the monthly foreclosure report from RealtyTrac, saying that while total foreclosure activity is decreasing, the number of homes being repossessed by the banks hit a new record high.
The lack of refis in such a positive mortgage rate environment is nearly as bad a sign as the now 5-week drop in purchase applications. It just proves that government involvement in the housing market is a double-edged sword.
The United States will have to adopt austerity measures similar to the ones taken in Europe, because the problems faced are largely the same, Timothy Scala, macro-strategist at Sophis Investments, told CNBC.com.
A consensus is forming that policymakers should tighten fiscal policy, sharply, in countries with large fiscal deficits. But what if they find that it tips economies into recession, or even deflation? The FT reports.
We've been reporting a lot of anecdotal information about life after the home buyer tax credit, but now we're starting to get some numbers.
The common wisdom is that the very rich are often immune from the ups and downs of the economy. If that's true, it's good news for real estate developer Richard Kurtz, who is selling is his mega-mansion, the priciest property in Alpine, N.J., in the nation’s wealthiest zip code. That code, by the way, is 07620, a half-hour drive from Manhattan.
“The current problems will be with us for 5 years or more and uncertainty is very high," Anthony Fry, senior managing director at Evercore Partners, told CNBC Monday.
Thanks to a slightly bizarre story about a New Jersey couple putting their almost-finished home on the market for $68 million, I decided to take a look at the luxury home market today.
Austerity measures imposed by the euro zone will likely push the euro back towards $1.50 or even $1.60 but the European currency is unlikely to achieve the status of reserve currency, economist Warren Mosler, founder and principal of broker/dealer AVM, told CNBC.com Friday.
At about 1am today, after all their data had run through whatever data system it runs through, they learned that the office vacancy rate had turned for the first time since Q3 2007.
Now that the tax credit is gone, and employment is slowly improving, renters have to look at the equation again locally and see if it all adds up financially. A new report from Trulia.com tries to do that for you, but I found some really surprising results in it.
This morning executives at Bank of America rolled out their new "Principal Reduction Enhancement" program, which is an earned principal forgiveness plan for borrowers behind on their mortgages and whose loans are at least 20 percent underwater in value.
Everybody take a nice long look at today's Pending Home Sales Index from the National Association of Realtors, because it's just about the last positive picture we're going to see for a while.
Fed Chairman Ben Bernanke says central banks round the world face a delicate tasks of dciding when to start boosting interest rates and reeling in all the stimulus pumped out during the global financial crisis.
Abolishing the mortgage-interest deduction enjoyed by some 75 million homeowners is a a way to “end the subsidization of too much debt,” which was at the crux of the recent financial meltdown, a Cato Institute official told CNBC Friday.
Obviously, given the sheer number of troubled borrowers (approximately 6 million currently delinquent nationwide) there are ample opportunities for mistakes to be made.
While sales of existing homes shot up across most of the nation in April, they fell in the West, down 6.2 percent.
Concerns about the debt crisis in Europe has helped push London Interbank Offer Rates (LIBOR) to new highs. The benchmark rate that represents the interest rate at which British banks borrow from one another is up 115% year-to-date. While the rise may seem high, it is far from levels it has seen in the past.
The New Home Sales report today was nothing short of exceptional. The number beat all expectations and beat them by a lot. So are the builders back? Not so fast.