US economic growth revised up to 3%

February 29, 2012 under Useful Articles
29 February 2012 Last updated at 12:08 ET The US economy grew by more than first thought in the fourth quarter of 2011, government figures have shown. The economy grew at an annualised rate of 3% in the October to December quarter, the Commerce Department said, up from its previous estimate of 2.8%. The growth estimate was revised up because consumers spent more than first thought, and businesses cut spending by mu
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South Korea and Japan report jump in industrial output

February 29, 2012 under Useful Articles
29 February 2012 Last updated at 01:03 ET South Korea and Japan posted a rise in their factory outputs easing concerns about a slowdown in their economies. Output in South Korea rose by 3.3% in January from December, while Japan reported a rise of 2%. The jump in Japan’s numbers was led by auto and electronics makers as they continue to recover from disruptions caused by floods in Thailand. The data also alla
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U.S. durable goods take a dive

February 28, 2012 under Useful Articles
Reuters  Feb 28, 2012 – 8:50 AM ET WASHINGTON — New orders for U.S. manufactured goods fell in January by the most in three years as demand fell across the board from machinery to aircraft, suggesting the economy started the year on weaker footing than expected. Durable goods orders dropped 4.0%, the biggest drop since January 2009 when the country was still mired in a deep recession, according to
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Germany approves second Greek bailout

February 27, 2012 under Useful Articles
Reuters  Feb 27, 2012 – 11:55 AM ET | Last Updated: Feb 27, 2012 1:11 PM ET BERLIN — Chancellor Angela Merkel managed to get a second Greek bailout approved in the German parliament on Monday without having to rely on the votes of opposition lawmakers, but she fell short of the wide majority needed for a convincing victory. The motion passed easily, with 496 of the 591 members of the Bundestag (low
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Latest update – Feb 23, 2012

February 25, 2012 under Tony's Latest Updates
Housing Bubble in Canada There’s been a debate for many years whether Canada will experience a Housing correction or not.  The Canadian Real Estate Association suggests that we may experience a softening in 2012, however; CMHC has just published their Q1 2012 Housing Market Outlook and they forecast that we will experience a stable market for the next few years.  ‘Click here for full reportâ€
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Brace for debt shock, Bank of Canada warns

February 24, 2012 under Useful Articles
Postmedia News  Feb 23, 2012 – 10:52 AM ET | Last Updated: Feb 24, 2012 11:23 AM ET OTTAWA — The Bank of Canada has renewed its warning that debt-laden Canadians could face a “significant shock” if housing prices fall. With the ratio of household debt to income reaching 153%, fanned by low interest rates, there are concerns that some consumers could soon be at the breaking point. â€
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New Concerns about Liberal Lending Practices, Proof of Income

February 24, 2012 under Useful Articles
Tuesday, 31 January 2012 12:00 Newsroom Alarm bells are sounding again, as watchdogs are drawing parallels between the US subprime crisis, and what they feel are some risky lending practice that are emerging, particularly when it comes to the self-employed and new immigrants. The Office of the Superintendent of Financial Institutions is zeroing in on equity  lines of credit and mortgages where they feel that l
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Why we’re in trouble if housing craters

February 24, 2012 under Useful Articles
Tim Shufelt  Feb 23, 2012 – 6:53 PM ET | Last Updated: Feb 24, 2012 11:17 AM ET Household debt accumulation The Canadian household debt burden has climbed ever upward over the last 30 years. That trend generally held globally, amplifying in the years preceding the financial crisis. Unlike in the United States and the United Kingdom, Canada refrained from the worst of those “excesses,” and thus
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It will be tougher to get a mortgage in the future, survey of economists predicts

February 23, 2012 under Home Buyer Resources
By Louise Egan, Reuters February 22, 2012 The federal government will make it tougher for many homebuyers to get mortgages this year as it grapples with an overheated property market, according to analysts in a Reuters poll, who also ruled out the prospect that prices could suddenly crash. Ten of 14 economists and strategists surveyed last week in Reuters’ first poll on the Canadian housing sector answered
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U.S. economy shows signs of life

February 23, 2012 under Useful Articles
Tim Shufelt  Feb 22, 2012 – 6:57 PM ET Mostly comatose since the shock of the financial crisis, the U.S. economy just twitched a finger. It has happened before, to little effect. “We were originally suckered in in early 2010; we’re a bit more cautious now,” said Paul Ashworth, chief U.S. economist at Capital Economics. “You need evidence it’s going to be sustained over more
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