Over 900,000 borrowers are losing their homes, up 71% from a year ago, and a record number of home owners are behind on payments.
Fed: Homeowner Equity Falls Below 50%
Americans' percentage of equity in their homes has fallen below 50% for the first time on record since 1945, the Federal Reserve said Thursday.
Dollar hits new low vs euro on recession fears
The dollar hit a record low against the euro on Friday after the European Central Bank played down the prospects of an interest rate cut and did not express concerns about the euro's strength. The dollar also hit new lows against a basket of major currencies and the Swiss franc, and fell to a fresh three-year low against the yen.
Europe Outpaces U.S.
As the U.S. teeters on the brink of a recession after the end of a five-year housing boom, growth in the 15 nations that share the euro is poised to outpace the American economy for a second straight year.
Oil hits record near $106 on weak dollar
Oil hit a record high near $106 on Thursday, fueled by the weak dollar and OPEC's decision to hold crude output steady. U.S. oil settled up 95 cents at $105.47 a barrel after hitting a record $105.97
U.S. CBO forecasts $396 bln FY08 budget deficit
The U.S. budget deficit is likely to hit $396 billion in the fiscal year ending Sept. 30, as deficit-spending is rapidly surpassing last year's pace and the growth in revenues continues to slow, the Congressional Budget Office said on Thursday.
Consumer bankruptcies to rise in '08
Personal bankruptcy filings climbed last month to their highest level since 2005, when Congress enacted laws aimed at discouraging such filings, and experts predicted more than a million Americans will seek bankruptcy protection this year. The American Bankruptcy Institute, citing data from the National Bankruptcy Research Center, said 76,120 people filed for bankruptcy in February, a 15 percent increase from January.
US economy sputtering on several fronts
The US economy is struggling on several fronts, with housing, manufacturing and retail activity losing steam, the Federal Reserve said in its Beige Book survey Wednesday.
Service sector activity shrinks; factory orders drop
Activity in the nation's service sector shrank in February for the second straight month, though at a much slower pace than the previous month, and factory orders dropped sharply in January, according to two reports released Wednesday.
US consumer confidence plummets
US consumers lost further confidence in their economic wellbeing this month, according to an influential survey released Tuesday which showed confidence had slumped to its lowest level since the US-led invasion of Iraq in 2003.
The close: The floor gave in
The index’s lowest close of 1310.5 gave way on Thursday, when it closed at 1304.34, down 29.26 points or 2.2 per cent. The declines were widespread, with 97 per cent of the shares ending the day in negative territory, led by Exxon Mobil Corp., General Electric Co., Citigroup Inc. and Microsoft Corp.
US economy slows
A new report from the US Federal Reserve is further gloomy reading on the US economy which it says has seen a slowdown across all regions since January.
Unemployment rate rose slightly in February
Government data released Friday is forecast to show the nation's unemployment rate rose slightly in February to return to the level reached late last year that fueled by recession concerns.Elect another dumb Republican and we'll find out.
