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Consumer spending rose in November by the largest amount in three years. Is “the demise of the US. consumer greatly exaggerated” or are Americans “buying on fumes”? [NYT]
economy
Foreclosures Up 68% From Last Year
By 12.19.07
Foreclosure tracking firm RealtyTrac has announced November’s foreclosure numbers and, while foreclosure activity is down 10% from last month’s number, the news isn’t happy. Foreclosures are up 68% from November 2006, with 201,950 foreclosure filings—up from 120,334 this time last year. Also worth mentioning, last year’s numbers weren’t exactly low—they were up 68% from 2005.
Sales Of Women's Clothing Drops, May Mean Steep Discounts Over The Next Week
By 12.18.07
Mastercard reported on Sunday that, after a slight bump around Black Friday, sales of women’s clothing has dropped again, down 6% even while sales of men’s clothing has gone up 4.5%. They think it has to do with an overall weak year for women’s fashion, and the fact that mothers tend to cut back on new clothes for themselves first when faced with a tighter budget. The silver lining: there may be considerable discounts at women’s clothing retailers in the immediate future as they try to bump up sales at the last minute.
Dollar Parity Results In Piles Of Clothes Discarded By Canadian Shoppers
By 12.17.07
Canadians are heading to the U.S. to do their shopping—and are leaving their old clothes behind in order to avoid paying a duty when they cross back into Canada.
By 12.17.07
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Stagflation is coming, stagflation is coming! [Bloomberg]
Freddie Mac Will Be Losing A Few Billion More, Decides To Stop Buying So Many Bad Loans
By 12.12.07
“If I were you, I would want in this time period someone running one of these companies (Fannie Mae and Freddie Mac) to err on the side of pessimism rather than optimism,” he said.
Hey, good point.
Fed Cuts Interest Rates By Quarter Point
By 12.11.07
The Fed cut interest rates again today as they continue in their attempt to swoop in and save the economy from the credit crunch. Much like Superman, but boring and not as effective.
By 12.7.07
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This year’s early Thanksgiving weekend is messing with retailers’ minds. [New York Times]
Shoppers Chill Out: Retail Sales Down 4.4% From Last Year
By 12.5.07
Reuters is reporting that retail sales are down 4.4 percent compared with same period a year ago.
Who Has A Subprime Mortgage? People With Good Credit
By 12.4.07
The Wall Street Journal analyzed more than $2.5 trillion in subprime loans made since 2000 and found that as the number of subprime loans grew, the loans were being issued to borrowers with better and better credit scores—borrowers who could have qualified for traditional loans with more reasonable terms.
Report Says Property Values Could Decline By $1.2 Trillion
By 11.27.07
An especially gloomy report by the U.S. Conference of Mayors says that property values across the U.S. could decline by $1.2 trillion next year, slashing tax revenue by $6.6 billion.
By 11.27.07
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Turbulence: Consumer confidence drops to 2-year low. Home prices drop the sharpest they’ve ever dropped. Stocks fall 10%.
10 Best And 10 Worst Housing Markets
By 11.23.07
Forbes has put together a list of the best and worst housing markets in the U.S. Think every market is dropping? Apparently not. Salt Lake City, you’re doing just fine. So far. Overall, the picture isn’t as rosy:
Mortgage Related Losses Could Reach $300 Billion
By 11.23.07
The Organization for Economic Cooperation and Development is predicting that mortgage-related write-offs could reach $300 billion, says the New York Times. Although major U.S. financial institutions have placed their estimates at around $50 billion, the OECD says that “a rougher period may yet await financial markets.”
Freddie Mac Loses $2 Billion, Needs Cash
By 11.20.07
Government-sponsored mortgage lender Freddie Mac, the second largest U.S. mortgage company, posted a $2 billion loss for the third quarter and warned that it may not have enough cash to cover its mortgage commitments.
How $100/Barrel Oil Will Affect You
By 11.13.07
Oil is poised to break the century mark, and SmartMoney has a short article that examines the effects it will have on the average American’s budget. A couple of reasons why we haven’t felt more of these effects so far is that the rising cost has largely been eaten by oil refining companies and their gas stations, and because consumers have actually begun to reduce their gas consumption. However, if the price-per-barrel continues to rise, the U.S. faces a cold winter, and the dollar continues its anemic performance, you can look forward to the following consequences:
What Does The Weak Dollar Mean To Shoppers?
By 11.1.07
You’ve probably been hearing a lot about the weak dollar, but might not be sure what exactly it means for you.
