St Louis Home Mortgage News: Second Month In A Row Retail Sales Down [News Hot Line: 314-334-0210 | Floyd Tapia]
Nationwide retail sales fell almost $360 billion or 0.5 percent in June 2010 according to the Commerce Department which was compared with May’s upwardly revised 1.1 percent decrease.
Many economists who were surveyed (more…)
St Louis Finance News: St Louis Small Business Loans Drying Up [News Hot Line: 314-334-0210 | Floyd Tapia]
Small business loans have dropped considerably from $710 billion that was made available in the (more…)
St Louis Finance News: Foreclosures Are Predicted To Persist [News Hot Line: 314-334-0210 | Floyd Tapia]
There is news coming out of the Federal Reserve Bank of Cleveland saying that they believe this country’s high foreclosure rate will most likely continue for some time.
As part of a national study involving the health of this nation’s financial system as a whole, the Fed looks closely at the overall changes in foreclosure and unemployment rates especially noting the differences in the timing of these movements.
Other data used to predict the continuation of this foreclosure epidemic was based in part on the fact that several states including California, Texas, Massachusetts and Oklahoma experienced boom-bust housing cycles which in turn had elevated foreclosure starts for years after the peak in foreclosure starts and inventory.
These previous boom-bust cycles “were small in comparison to the current cycle,” according to the Fed’s report.
While the recession has left indelible marks in the housing and labor markets, added with the unemployment rate doubling and the foreclosure start rate tripling, the timing seems to show that the timing of the movements differs over this financial cycle as brought out by Timothy Dunne, a vice president at the Federal Reserve Bank of Cleveland, and Kyle Fee, a research assistant.
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St Louis Finance News: No More Non-Prime Mortgages For Wells Fargo [News Hot Line: 314-334-0210 | Floyd Tapia]
America’s fourth-largest bank in the nation has decided it will no longer originate sub-prime mortgages.
As a result, Wells Fargo recently announced their decision to close more than (more…)
St Louis Finance News: Bankruptcy Filings Up As Expected [News Hot Line: 314-334-0210 | Floyd Tapia]
The American Bankruptcy Institute recently posted data showing that bankruptcy filings skyrocketed 14 percent during the first six months of 2010.
There were 770,117 total filings through June which was 94,766 more than compared to the 675,351 filed (more…)
St Louis Finance News: Taxpayers Could Pay Over $1 Trillion For Fannie And Freddie Bailout [News Hot Line: 314-334-0210 | Floyd Tapia]
It is now being estimated that American consumers may be on the line for more than the original (more…)
St Louis Finance News: 485 Arrests Made In Sweeping Crackdown Involving Mortgage Fraud Task Force [News Hot Line: 877-334-0210 | Floyd Tapia]
March 1st saw the official launch of the national mortgage fraud enforcement campaign. The efforts of federal agents led to 485 arrests nationwide, making it the (more…)
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