Mortgage Debt Swells as Home Prices Soar Via Breitbart: The mortgage debt rose 1.9 percent this past quarter as the housing market continues to soar coming out of the pandemic. Mortgage debt on consumer credit reports had increased by 1.9 percent, or $207 billion, during the second quarter of 2022, according to data released Tuesday by the Federal Reserve Bank of New York. The data showed that mortgage debt now stands at $11.39 trillion at the end of […]
Homebuilders are boosting incentives as they suddenly struggle to sell homes Via CNBC.com: After two years of not being able to build homes fast enough to keep up with demand, the nation’s homebuilders are now experiencing a slowdown in sales and an increase in supply. Sales of newly built homes fell more than 8% in June from the prior month and were 17% lower than June of 2021, according to […]
Biden administration tries to redefines recession ahead of likely negative GDP report Via Just The News: The White House is attempting to redefine what classifies a recession, ahead of report to be released this week show the second consecutive quarter of declining gross domestic product, "While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate […]
Homebuyers are canceling deals at the highest rate since the start of the pandemic Via CNBC.com: Americans are canceling deals to buy homes at the highest rate since the start of the Covid pandemic. The share of sale agreements on existing homes canceled in June was just under 15% of all homes that went under contract, according to a new report from Redfin. That is the highest share since early […]
An unwelcome Memorial Day record: highest gas prices ever in America Via Just The News: The cost of gasoline hit a new record high on Monday as many Americans kicked off the summer season traveling over Memorial Day weekend. The average price of a gallon of gasoline climbed to $4.62 a gallon Monday, up about a penny from Sunday and $1.58 higher than last Memorial Day, when the average cost […]
A Record 4.5 Million Workers Quit Their Jobs in March Via Breitbart: A record number of American workers voluntarily quit their jobs in March, signaling the strength of the labor market and putting upward pressure on wages. The Bureau of Labor Statistics said Tuesday that 4.5 million workers quit, up by 150,000 from the prior month. That means three percent of all workers left work. The record high level of […]
85% of Americans Concerned About Inflation, Credit Card Interest Up by $3.3B Via Breitbart: The financial website WalletHub took the pulse of Americans as the Federal Reserve is poised for a rate change. John S. Kiernan, managing editor of the site, wrote about the survey: Federal Reserve rate hikes can send shockwaves through stock markets and put many people to sleep. But just because the nitty-gritty of the country’s fiscal […]
Price of corn hits 9-year high as surge in commodities continues Via CNBC.com: The surging price of corn hit another milestone on Monday morning as the cost of global commodities continues to push higher. The contracts for July corn futures were trading above $8 per bushel on Monday, the highest level since September 2012. The contracts were trading near $6 per bushel at the start of the year. Corn is […]
Stuck container ship in Chesapeake Bay finally refloated Via AP News: A container ship the length of more than three football fields has finally been pried from the muddy bottom of the Chesapeake Bay more than a month after it ran aground. After two unsuccessful attempts to dislodge it, and the subsequent removal of roughly 500 of the 5,000 containers it was carrying, the Ever Forward was refloated just before […]
