*Yellen affirms view U.S. jobless rate understates slack. JACKSON HOLE, Wyo., Aug 22- The Federal Reserve should move cautiously in deciding when to raise interest rates given the U.S. labor market remains bruised from the Great Recession, Fed Chair Janet Yellen said on Friday amid calls from policy hawks for a near-term rate hike.» Read More
NOT SEEN ON T.V.: John Ulzheimer, with help from Carmen, acts out the phone call he made to his credit card company after having his credit limit lowered -- again.
Today the National Association of Realtors reported a 12.4 percent year-over-year drop in existing home prices in March. Yesterday the FHFA reported prices on homes with conventional loans fell 6.5 percent year-over-year and rose 0.7 percent from January to February. S&P Case-Shiller reports that home prices in the nation’s top twenty markets fell 19 percent in January, year-over-year. So why would anyone be confused, right?
Concessions must be made to boost the economy over the long-term, UK Minister of Trade and Investment, Mervyn Davies, UK Minister of Trade and Investment, told CNBC Thursday, one day after Labor announced a budget which was widely criticized.
We knew it was coming, and now it's here...the return of California's foreclosure crisis. DataQuick reports "lenders filed a record number of mortgage default notices against California during the first three months of this year, the result of the recession and of lenders playing catch-up after a temporary lull in foreclosure activity."
As the President prepares to sit down with top credit card execs, an industry representative tries to explain the motives behind the crackdown on interest rates and credit limits.
Are you surprised? We have got to get over the idea that we have real relationships with this business that we borrow from.
Federal regulators on Tuesday proposed some clarifications to sweeping new rules designed to shield consumers from unfair credit card practices.
The subprime mortgage crisis is for the most part over. Now the second housing crisis is upon us. Too much debt, too little income.
Despite the fact that the press representative in Senator Dick Durbin's (D-IL) office tells me "negotiations are still underway," several outlets are reporting that the Senate version of the so-called bankruptcy "cramdown" bill is imminent. The house passed legislation in March allowing bankruptcy judges to modify home loans, with a couple of caveats, the main one being that the borrower had to have exhausted all possibilities for modification with his/her lender.
Federal Reserve Chairman Ben Bernanke said on Friday that the U.S. recession had done lasting harm to household finances and that regulators must protect consumers from willfully confusing forms of credit.
The home builders are supposedly more upbeat this month than they have been in the better part of a year. At least that’s what the survey from the National Association of Home Builders says. The first-time home buyer tax credit, combined with lower mortgage interest rates, have potential contract signers out kicking the tires. Optimism is out there, if not actual signed papers.
After that surprising surge in February, housing starts went back to their usual freefall again last month. The nearly 11 percent drop was larger than expected, but inevitable given the huge supply of new and existing homes already on the market.
The global economy and global markets are on a volatile journey to a “new normal,” according to Mohamed El-Erian, CEO and co-CIO at Pimco.
The Obama administration will disclose details about its banking stress tests and what capital participants may need beginning next week, CNBC has learned.
The initial scare has gone from the market and it looks like the economy is showing signs of bottoming out, but it is difficult to predict where things will go from here, Jack Welch, the former CEO of CNBC parent General Electric, said Thursday.
While the technology sector struggled in global markets Thursday, experts tell CNBC there is big value there.
It should come as no surprise to anyone, given that the banks, Fannie and Freddie and several states had foreclosure moratoria that recently expired. Everyone was waiting to see the Obama plan for troubled loans, and once the Making Homes Affordable plan was set in motion, the moratoria were mostly lifted. Of course it begs the question, how exactly are those Obamamods doing?
Signs of long-term economic growth are still a way off, says Lawrence Lindsey, former National Economic Council director and president and CEO of the Lindsey Group. Lindsey predicts the stock market will retest its lows and says there is no bottom in sight for commercial real estate prices.
Global stocks declined Wednesday as grim data from China and the U.S. fueled concerns over the recovery of the global economy. Experts tell CNBC that although the economic slowdown is ongoing, the current rally still has some life in it.
I know we’ve been saying over and over that home affordability is soaring to record levels, but a report today from John Burns Real Estate Consulting really puts it into hard numbers, which I thought I’d share.