High-flying housing market hits turbulence and risk
The housing boom slows as mortgage rates rise and supply gluts grow. Fed keeps rates steady, signaling a gradual cooling that could damp inflation. Experts warn of potential price declines in California Florida the Mountain West and Northeast with overvalued metros.
MENTIONED IN THIS ARTICLE
Zandi
California
Florida
Mountain West
Northeast
Richard Dekaser
National City Corp
David Lereah
National Association of Realtors
Mortgage rates dip for third week in a row
Freddie Mac reported 30-year fixed rate mortgages at 6.55 percent this week, down from 6.63 percent, the lowest since April. The decline comes as signs of a slowing economy and the Federal Reserve’s pause on rate hikes ease pressure on borrowing costs. 15-year loans averaged 6.20 percent, one-year ARMs 5.69 percent, and five-year ARMs 6.21 percent.
MENTIONED IN THIS ARTICLE
Martin Crutsinger
Washington
Federal Reserve
Ben Bernanke
Congress
Fed
Mark Zandi
Moody's Economy.com
Freddie Mac
Frank Nothart
Confidence slides as energy costs weigh on economy
Consumer confidence drops to 74.8 in early August from 90.1 in July, the lowest since May, with economists citing rising energy prices and a cooling housing market. Growth slowed to 2.5 percent in Q2 and unemployment rose to 4.8 percent in July, fueling concerns over household finances and future spending.
MENTIONED IN THIS ARTICLE
Miami
Maurice Veissi
Fed
Alan Greenspan
AP Economics
Washington
ABC
Ipsos
Peter Morici
University of Maryland
Robert H. Smith School of Business
Carl Tannenbaum
LaSalle Bank
Chavez Eyes Castro Recovery Amid Great Battle for Life
President Chavez said Fidel Castro is in a great battle for life but optimistic about his recovery. He described Castro's condition in a televised Anzoategui address and voiced belief Castro will defy U S plans for a transition and return to leadership. Chavez cited a hopeful message from Castro and noted both brothers have not appeared publicly since July 31 surgery.
MENTIONED IN THIS ARTICLE
Municipio Independencia
Venezuela
Hugo Chavez
Fidel Castro
Fidel
Chavez
Anzoategui
Castro
U.S
Cuba
Raul
Communist Party
Shiite mob torches Kurdish party office in Kut
In Kut, about 50 gunmen loyal to a Shiite cleric attacked the Patriotic Union of Kurdistan office, beating guards and setting it on fire. The incident followed sectarian tensions after a deadly bombing near Najaf. Separately, two U S service members missing since a UH-60 Blackhawk crash were found west of Baghdad. The deaths bring US toll in Iraq to 2,597.
MENTIONED IN THIS ARTICLE
Baghdad
Iraq
Kut
Patriotic Union of Kurdistan
Jalal Talabani
Othman al-Sami
Anbar
U.S
Associated Press
China Typhoon Saomai Death Toll Rises
The death toll from Typhoon Saomai, the strongest storm in five decades to hit China, rose to at least 104 with about 190 missing as authorities evacuated over 1.5 million people. Thousands of homes were destroyed and ships capsized, with damage possible in areas still recovering from Bilis. Saomai weakened to a tropical low inland south of the coast.
MENTIONED IN THIS ARTICLE
Beijing
China
Saomai
Bilis
Hong Kong Observatory
Also Mentioned on This Page
Economics
International News
Bauman
Rauman
Romania
Garnett
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