December 11, 2008
December 11, 2008 by admin
The stock market took a nosedive following weakness in the banking industry and a sharp increase in oil prices. The market dropped by almost two percent as investors are growing concerned that the auto loan package may not proceed as their is some resistance at the Senate level from Republicans. The market has rallied strong over the past two weeks as investors have been looking past a slew of tough economic reports and focussing on the new administration and forward growth opportunities.
The housing industry received some good news as the rate of foreclosures in the month of November slowed down by approximately 7%. This drop can be tied into local and state level iniatives to try to prevent home foreclosures. Mortgage rates are now at their lowest level in the past five years and this could also be a boost to the economy. Low mortgage rates benefit both consumers who are refinancing as well as new home buyers who can now stretch their home buying dollars further.