Homebuilder Sentiment Improving
Posted on July 7, 2010
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New Chapter in Foreclosure Crisis
Posted on July 7, 2010
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California’s Own Debt Crisis
Posted on July 7, 2010
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Winner or loser: Credit cards
Posted on May 26, 2010
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Historical perspective
This is the first time the Fed has sliced the federal funds rate since August 2006. The rate has stuck to 5.25 percent after rising a quarter point for 17 meetings in a row.
Accordingly, interest rates on all cards — standard, gold and platinum — both fixed and variable have remained relatively flat for nearly a year. Currently, the standard fixed-rate is 13.48 percent and the standard-variable rate is 14.57 percent. The fixed rate for all cards dipped to 11.85 percent while the variable rate increased to13.97 percent.
Smart strategies
Shop around. No matter what’s going on with rates, check out the commission to make sure you’re getting the best deal and not paying more in fees and interest.
Always pay more than the minimum, if possible, and send payments on time to avoid late fees, rate increases and a lower credit score. Work at paying your balances off, and in the future, try to keep balances low enough so you can pay them off each month to avoid paying interest altogether and accumulating expensive credit card debt.
Take action
Figure out how long it will take you to pay off your credit card balance by using our payment calculator.
Compare credit card offers here.
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Winner or loser: Auto loans
Posted on May 26, 2010
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Historical perspective
This year auto loans have kept a pretty steady course, varying by an average of about a third of a percent as the year has progressed, according to weekly Bankrate.com interest rate surveys.
In mid-January rates lurched upwards to hit the high for 2007; 7.95 percent for the standard 60-month new car loan and, in the same week, 8.8 percent for the 36-month used car loan rate. The five-year rate dipped to 7.7 percent at the beginning of May and floated there for six weeks along with the three-year loan rate at 8.46 percent.
Smart strategies
“Competition among lenders is another big component of auto loan rates,” McBride says.
With dealerships competing with banks for buyers’ financing dollars, savvy shoppers with good credit can find rates on auto loans below the national averages. As Jonathan Welsh reported in the Wall Street Journal on Sept. 11, automakers have been loudly touting rebates and special financing as they try to prop up slumping sales.
Even luxury brands such as Lincoln and Acura are offering incentives with super low interest rate offers of zero percent and 2.9 percent respectively. Almost a quarter, 24 percent, of financing and leasing deals from July and August had interest rates of less than 5 percent.
A great interest rate on a loan won’t necessarily make that new Mercedes within your grasp if you’re on a Kia budget.
“Just remember that on a $25,000 car loan one full percentage point translates to savings of $12 a month,” McBride says. “You’re not going to upgrade to the luxury car on that, but you can use the competition to your advantage to find the best deals.”
Take action
When shopping for a new car, follow these steps to make sure you don’t end up paying more than you have to.
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Winner or loser: Home equity loans
Posted on May 26, 2010
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Loser: HELOC borrower
The rate on your home equity line of credit won’t change. That’s the good news. The bad news is that you probably expected the HELOC’s rate to fall when the Fed cut the federal funds rate.
Bottom line: You didn’t really lose out when the Fed didn’t cut short-term rates, but you could have won if the Fed had cut rates.
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Cutting Unnecessary Spending
Posted on May 25, 2010
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Home Prices Edge Down
Posted on May 25, 2010
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The Standard & Poor’s/Case-Shiller 20-city home price index posted a 0.5 percent drop from February. Prices in 13 of the 20 cities tracked by the index fell month over month. David Blitzer, S&P 500 Index Committee chairman, discusses the data with CNBC. More from MND
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U.S. Housing Starts Rise to Highest Level Since 2008: Video
Posted on May 18, 2010
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Tweet This – New! Click the video to start playing. May 18 (Bloomberg) — Housing starts rose to a 672,000 annual rate last month, the highest since October 2008 and up 5.8 percent from March, Commerce Department figures showed today. Wholesale prices in the U.S. unexpectedly dropped 0.1 percent in April, the second decrease in three months, signaling the global economic recovery from the worst recession in the post-World War II era has yet to stoke inflation. Bloomberg’s Betty Liu reports. (Source: Bloomberg) More from MND
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Main Street Business Report
Posted on May 18, 2010
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Tags aigandrew cuomobailoutBank failuresbank of americabank rescuebank stress testbanking industrybarack obamabarney frankben bernankecase shillerchinacitiCitibankcitigroupcitimortgagecommercial real estateconsumercredit crisisDepressioneconomyedward liddyfannie maefdicfederal reservefinancial crisisfinancial regulationforeclosureG20goldman sachsgreen homehealthcarehigh frequency tradinghome priceshouse financial services committeehousing markethousing outlookhousing planhousing startshousing vacancieshsbcIberiaimfinflationinterest ratesivanka trumpjamie dimonjobless claimsjobsjp morganken lewislloyd blankeinloan modificationmark to marketmerrill lynchMohamed El-Erianmortgage fraudmortgage ratesnationalizationnew home salesnouriel roubininyseobamaoilpaul krugmanPIMCOppipproduce the noteproperty taxesratings agenciesreal estatereal estate investmentron paulsheila bairsolar powerstock marketstress testsun tubestalftarptarp oversighttimothy geithnertoll brotherstoo big to failtoxic assetstreasury billstreasury departmentubsus dollarvaliant bankwarren buffettwater technologywells fargowilliam isaacwind energywind farmwind powerwindmill homeswritedowns
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