Spain economy shrinks, outlook bleak: minister

December 27, 2011 under Useful Articles
Agence France-Presse December 26, 2011 MADRID – Spain’s economy will shrink in the last quarter and faces a bleak outlook for the coming months, its new economy minister said on Monday, heightening fears of a fresh recession. Luis de Guindos dampened already gloomy expectations for the economy as the new conservative government got to work on its program of tough spending cuts. “This quarter the S
comments: Comments Off

China blasts U.S. for ignoring ‘ticking debt bomb’

December 27, 2011 under Useful Articles
Reuters Nov 22, 2011 – 7:37 AM ET BEIJING — The United States has ignored a “ticking debt bomb” in admitting defeat in reining in the country’s ballooning debt, Chinese state media said on Tuesday, criticising U.S. legislators for neglecting their duty to the world. On Monday, Republicans and Democrats on a 12-member congressional “super committee” said they were too d
comments: Comments Off

Stocks tick higher on positive jobs data

December 22, 2011 under Useful Articles
By Blake Ellis @CNNMoneyMarkets December 22, 2011: 12:17 PM ET NEW YORK (CNNMoney) — U.S. stocks drifted higher Thursday, as a better-than-expected reading on unemployment boosted investor optimism. The Dow Jones industrial average (INDU) edged up 40 points, or 0.3%, the S&P 500 (SPX) rose 7 points, or 0.5%, and the Nasdaq (COMP) ticked up 17 points, or 0.7%. The government reported that the number of Am
comments: Comments Off

Home prices stall for second straight month

December 22, 2011 under Useful Articles
Postmedia News December 21, 2011 OTTAWA — Home prices edged down in October from the month before, according Wednesday’s release of the Teranet-National Bank House Price Index. It was the second straight month that the index — which lost 0.04 per cent — stalled after nine consecutive months of gains. Prices were still 6.98 per cent higher than a year ago, according to the Teranet report,
comments: Comments Off

Canada’s inflation holds steady

December 20, 2011 under Useful Articles
Financial Post Staff Dec 20, 2011 – 7:12 AM ET | Last Updated: Dec 20, 2011 12:18 PM ET OTTAWA — Canada’s annual rate of inflation was flat in November, with a smaller increase in gasoline prices offsetting higher food costs, Statistics Canada said Tuesday. The federal agency’s consumer price index stands at 2.9%, matching the annual rate in October and down from 3.2% the previous mont
comments: Comments Off

U.S. housing starts surge on apartment demand

December 20, 2011 under Useful Articles
Reuters Dec 20, 2011 – 8:47 AM ET WASHINGTON — U.S. housing starts surged to a 1-1/2 year high in November and permits for future construction were the highest since March 2010 as demand for rental apartments rose, offering hope for the weak housing market. The Commerce Department said on Tuesday housing starts jumped 9.3% to a seasonally adjusted annual rate of 685,000 units, the highest since Apri
comments: Comments Off

Look for 5% to 10% drop in home prices in first half of 2012

December 20, 2011 under Useful Articles
Christine Dobby Dec 19, 2011 – 2:30 PM ET | Last Updated: Dec 19, 2011 5:57 PM ET Canadian home prices are likely to drop 5% in the first half of 2012 as the economy slows and could slide as much as 10% if the unemployment rate rises above 8%, economists at Bank of America Merrill Lynch said. Ryan Bohren and Sheryl King warn the market is overvalued and flooded with supply. The economists have taken a bear
comments: Comments Off

Variable rate mortgage discounts disappearing

December 19, 2011 under Useful Articles
Garry Marr Dec 17, 2011 – 8:45 AM ET | Last Updated: Dec 19, 2011 10:47 AM ET The days of getting any sort of discount on a variable rate mortgage are over — again. Those mortgages, tied to prime, have become a mainstay of the housing market. And, why not? While prime has stood at 3% at most major financial institutions, the discount has meant a rate as low as 2.1% at times this year. However, in th
comments: Comments Off

Spain Bad Loans Rise to Highest Level Since ’94 on Property Crash: Economy

December 19, 2011 under Useful Articles
By Charles Penty – Dec 19, 2011 4:28 AM PT Spanish banks reported more bad loans and lower lending and deposits in October, hurt by the fallout of the country’s property crash and the European sovereign debt crisis. The ratio of bad loans as a proportion of total lending climbed to 7.42 percent, the highest level since 1994, from 7.16 percent in September and 5.68 percent a year earlier as the value o
comments: Comments Off

Inflation holds steady in November

December 19, 2011 under Useful Articles
By Annalyn Censky @CNNMoney December 16, 2011: 9:28 AM ET NEW YORK (CNNMoney) — Good news for American wallets: Inflation doesn’t appear to be a problem. The government’s key measure of inflation, the Consumer Price Index, showed prices hardly moved from October to November. And in the past 12 months, prices were up 3.4%, barely changed from a 3.5% annual inflation rate in October. “The pace
comments: Comments Off