CMHC backing fewer loans

January 31, 2012 under Useful Articles
Garry Marr  Jan 30, 2012 – 7:13 PM ET | Last Updated: Jan 30, 2012 7:18 PM ET Canada Mortgage and Housing Corp. is cutting back on mortgages it insures as the Crown corporation edges closer to a $600-billion cap imposed on it by the federal government, the Financial Post has learned. A CMHC spokesman confirmed that it had approached a number of lenders at the end of 2011 about reducing its “bulk or
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Canada’s economy shrinks

January 31, 2012 under Useful Articles
Financial Post Staff  Jan 31, 2012 – 8:34 AM ET | Last Updated: Jan 31, 2012 10:05 AM ET OTTAWA — Canada’s economy unexpectedly shrank in November, according to data released Tuesday. Statistics Canada said gross domestic product was down 0.1% for the month. That followed no growth in October and came short of expectations from economists that the economy grew 0.2% in November. The Canadian
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Spain’s unemployment total passes five million

January 30, 2012 under Useful Articles
27 January 2012 Last updated at 09:25 ET - BBC © 2012 Spain’s unemployment figure passed the five million mark in the last quarter of 2011, official figures show. The National Statistics Institute said 5.3 million people were out of work at the end of December, up from 4.9 million in the third quarter. The rate rose from 21.5% in the third quarter to 22.8% – the highest rate in nearly 17 years. Sp
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U.S. consumer spending fizzle

January 30, 2012 under Useful Articles
Reuters  Jan 30, 2012 – 9:17 AM ET WASHINGTON — U.S. consumer spending was flat in December as households took advantage of the largest rise in income in nine months to boost their savings, setting the tone for a slowdown in demand early in 2012. The Commerce Department said on Monday spending was the weakest since June and followed a 0.1% gain in November. Economists polled by Reuters had expected
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Growth in the US economy quickens in fourth quarter

January 27, 2012 under Useful Articles
27 January 2012 Last updated at 11:22 ET - BBC © 2012 The pace of US economic growth increased in the final three months of 2011, according to official figures. The economy grew at an annualised rate of 2.8%, the Commerce Department said. This was up from the 1.8% annual rate recorded in the previous quarter, although it was slightly lower than the 3% rate predicted by analysts. However, the growth largely ca
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First-time unemployment claims climb

January 26, 2012 under Useful Articles
By Annalyn Censky @CNNMoney January 26, 2012: 9:46 AM ET NEW YORK (CNNMoney) — After plunging the week before, first-time claims for unemployment benefits ticked up last week. The Labor Department reported Thursday that 377,000 people filed for initial unemployment benefits in the week ended Jan. 21, up 21,000 from a revised reading of 356,000 claims the week before. The slight bump up is not necessarily a ba
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Canadian home prices slide for first time in a year

January 26, 2012 under Useful Articles
Financial Post Staff  Jan 25, 2012 – 1:11 PM ET OTTAWA — Canadian house prices dropped in November for the first time in nearly a year, according to the monthly Teranet-National Bank house price index released Wednesday. The 0.2% drop followed two months of flat prices, and was the first decline in the index since a “brief correction during the three months ending November 2010,” said N
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Pre-Offer inspections the new norm?

January 25, 2012 under Useful Articles
Written by  Vernon Clement Jones It may be another indication of just how fierce the competition is for multifamily investment properties, with an industry leader launching what it calls a “Pre-Offer Home Inspection,” specifically designed to give buyers a leg up in multiple-bid situations. “This new product provides buyers with a comprehensive inspection before submitting their competitive bid
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More mortgage rules planned if housing market gets too hot

January 24, 2012 under Useful Articles
Garry Marr  Jan 23, 2012 – 12:23 PM ET A new round of mortgage rules from Ottawa could include tough new measures for calculating how the self-employed qualify for loans and tighten regulations for condominium buyers, according to two separate sources. Ottawa remains concerned about the possibility of an inflated housing market and wants to crack down on the practice where consumers self-disclose what the
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Eurozone may skirt recession

January 24, 2012 under Useful Articles
Reuters  Jan 24, 2012 – 7:29 AM ET | Last Updated: Jan 24, 2012 8:22 AM ET LONDON — The eurozone may escape recession thanks to a surprise upturn in the service sector this month but the overall economy is still struggling to gain any traction outside Germany and to a lesser extent France, surveys showed on Tuesday. Markit’s Flash Eurozone Purchasing Managers’ Composite Index (PMI), a
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