The Federal Reserve made a record profit of $46.1 billion last year, reflecting money made off its extraordinary efforts to rescue the U.S. from the worst economic and financial crisis since the 1930s, the central bank announced Tuesday. The windfall gets turned over to the Treasury Department. I
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01/12/2010
Dec. 22 (Bloomberg) -- Sales of existing U.S. homes rose more than forecast in November, to the highest level since February 2007, a sign housing is gaining strength along with the broader economy entering 2010. Purchases increased 7.4 percent to a 6.54 million annual rate from a revised 6.09 mil
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12/22/2009
December 15, 2009 (The Bookings Institute) - Nationwide, the recession is technically over. Or at least that is the view of most economists. They note that real U.S. gross domestic product (GDP) finally expanded in the third quarter of 2009, growing at a 2.8 percent annual rate after four consecu
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12/21/2009
Dec. 18 (Bloomberg) -- Moody's Investors Service placed $143 billion of jumbo-mortgage bonds under review for downgrades because of higher loss projections. Grades of senior securities issued in 2005 will be most affected by the new loan-loss projections, the New York-based ratings company said i
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12/18/2009
Dec. 17 (Bloomberg) -- Homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate and some are turning to so-called short sales to unload properties as stock-market losses and pay cuts squeeze wealthy borrowers. "The rich aren't as rich as they used to be," sai
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12/17/2009
Dec. 16 (Bloomberg) -- Housing starts in the U.S. rose in November and a gauge of consumer prices was unchanged, supporting forecasts for an economic recovery that will generate little inflation. Builders broke ground on 574,000 homes at an annual rate in November, an 8.9 percent increase from th
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12/16/2009
First-time home buyers reached the highest market share on record during the past year, according to the latest consumer survey of home buyers and sellers. The study was released here today at the 2009 REALTORS® Conference & Expo.The 2009 National Association of Realtors® Profile of Home Buyers a
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12/10/2009
Aided by the home buyer tax credit, the outlook for housing and the economy appears headed for a sustainable recovery, according to the National Association of Realtors®.Lawrence Yun, NAR chief economist, said the projections are enhanced by a tax credit expansion to more home buyers through the
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12/10/2009
Realtors® are the face of the housing market, the focal point of information, involvement and inventory, and the Federal Housing Administration is committed to help them be successful, FHA Housing Commissioner Dave Stevens told more than 1,000 Realtors® at a gathering here today. "You help to sta
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12/10/2009
SAN DIEGO (AP) - Federal Housing Administration Commissioner David Stevens said Saturday that concerns the agency is headed for the same financial trouble that snared Fannie Mae, Freddie Mac and the subprime sector are unwarranted. Stevens made the remarks during a speech at the National Associat
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11/16/2009
