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Fed boss warns on economy
16 Feb 2008 source: bbc.co.uk

Federal Reserve chairman Ben Bernanke has warned that the outlook for the US economy is deteriorating. He said the housing and credit market turmoil had hit the economy and added that a weak labour market could further undermine consumer spending. Given the risks facing the economy, Mr Bernanke signalled that additional US interest rate cuts were likely. The central bank began lowering the cost of borrowing in September and cut rates dramatically in January. 'Timely action' Mr Bernanke di ...


Rogue stockbroker in £350,000 swindle
13 Feb 2008 source: thisismoney.co.uk

This is Money13 February 2008, 11:35am An unauthorised stockbroker whose fraud and theft cost friends and clients £350,000 has been jailed for 15 months at the Old Bailey. OTHER STORIES Bank quashes hopes for big rate cuts B&B shares slide on £94m subprime loss Market report: Wednesday latest Agents see sixth month of property gloom Branson is winning Northern Rock batt ...


Darling 'climbdown' over non-dom tax
13 Feb 2008 source: thisismoney.co.uk

James Chapman and Benedict Brogan, Daily Mail13 February 2008, 8:34am Reader comments (1) Alistair Darling was accused of a climbdown last night over proposals to increase taxes on foreign businessmen. Retreat: Alistair Darling has been forced to backtrack OTHER STORIES Bank quashes hopes for big rate cuts B&B shares slide on £94m subprime loss Market report: Wednesday latest Agents see sixth month of property gloom Branson is winning Northern Rock battle  ...


Bank quashes hopes for big rate cuts
13 Feb 2008 source: thisismoney.co.uk

Press Association13 February 2008, 11:53am Vote | Video Homeowners are set to see interest rates come down further, but soaring inflation has dented hopes of US-style cuts in the cost of borrowing, the Bank of England signalled today. 'Conservative': Mervyn King WANT TO KNOW MORE? Bank of England economic outlook: Expert views Interest rates: News and predictions Expert views: What next for rates? What is the real level of inflation? POLL: Where will the UK bank rate be a ...


Home ownership at decade low
13 Feb 2008 source: bbc.co.uk

Home ownership in England fell for the second year in a row last year, sliding to its lowest level since 1998, according to government statistics. The number of owner-occupiers dropped by 83,000 to 14.54 million, taking the rate of home ownership down to 69.8%. An analysis by the Halifax bank suggested that the main reason for the drop was high prices driving potential home buyers out of the market. A housing boom during the past decade has seen price growth outstrip incomes. Young squeeze  ...


UK sub-prime repossessions up
13 Feb 2008 source: bbc.co.uk

Sub-prime lenders are bringing more than half of UK repossession orders, despite accounting for just 6% of total mortgages, a BBC report has found. The sub-prime market caters for people with poor credit histories and has been under pressure because of an increase in interest rates and borrowing costs. Official figures showed last week that actual repossessions rose to an eight-year high of 27,000 in 2007. Analysts have warned that conditions may deteriorate further this year. The research ...


Homeowners face soaring mortgage costs
13 Feb 2008 source: thisismoney.co.uk

James Coney, Daily Mail13 February 2008 Vote | Guide | Deals | Calculate Homeowners have seen the cost of mortgage deals spiral by more than £1,300 in the past year. On the up: Mortgage costs have risen substantially over the past year WANT TO KNOW MORE? Homebuyer loans lowest since 1995 Mortgage best buys Find the best mortgage Has your mortgage rate been cut? POLL: Would you consider a 25-year fixed rate mortgage deal? OTHER STORIES How can we beat risi ...


BoE's King says it is quite possible UK house prices will fall in 2008 UPDATE ...
13 Feb 2008 source: iii.co.uk

(Updating to add comments on mortgage rates) LONDON (Thomson Financial) - It is quite possible that UK property prices will fall in 2008 as household spending decreases, Bank of England Governor Mervyn King said. Speaking at a press conference after the release of the Inflation Report, King said that as the economy slows, households' savings rates will have to increase, implying a fall in prices ...


BoE's King says it is quite possible UK house prices will fall in 2008 UPDATE ...
13 Feb 2008 source: iii.co.uk

(Updating to add comment on including house prices in CPI inflation measure) LONDON (Thomson Financial) - It is quite possible that UK property prices will fall in 2008 as household spending decreases, Bank of England Governor Mervyn King said. Speaking at a press conference after the release of the Inflation Report, King said that as the economy slows, households' savings rates will have to inc ...


Detroit had top foreclosure rate in '07
13 Feb 2008 source: iii.co.uk

LOS ANGELES (AP) - The Detroit area, hit hard by the double-whammy of unemployment and a slumping housing market, had the highest foreclosure rate in the nation last year, with several cities in California ranked close behind, an analysis of foreclosure activity in the country's largest 100 metropolitan areas shows. Some 4.9 percent of the households in the Detroit metro are ...


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