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Mortgage Rates Move Lower

WASHINGTON (UPI) — Average mortgage rates for long-term, fixed-rate loans keep falling to record lows, the Federal Home Loan Mortgage Corp. said Thursday. Average rates for 30-year contracts dropped from 3.79 percent to 3.78 percent with 0.8 points, a record low. Thirty-year mortgage rates averaged 4.6 percent the same week of 2011. Average rates on […]

U.S. Banks In Quarter Earned $35.3 Billion

WASHINGTON (UPI) — U.S. banks earned $35.3 billion in profits in the first three months of the year, a federal regulator said. The Federal Deposit Insurance Corp., said profits rose by $6.6 billion from the first quarter of 2011, a 22.9 percent rise. Average return on assets rose above 1 percent for only the second […]

Homeowners ‘Underwater’ By $1.2 Trillion

SEATTLE (UPI) — U.S. homeowners owed $1.2 trillion more on their homes than the homes were worth at the end of the first quarter, real estate Web site Zillow said Thursday. The company said 31.4 percent of U.S. homeowners were “underwater,” which is the trade term describing homes for which the value has fallen below […]

Times-Picayune To Cut Print Production

NEW YORK (UPI) — Advance Publications said its flagship newspaper, The (New Orleans) Times-Picayune, would cut its print schedule to three days a week this fall. The company, which is based in New York, said it would also scale back the production schedule for its newspapers in three cities in Alabama: Birmingham, Mobile and Huntsville, […]

U.S. Housing Market Senses A Turnaround

SAN FRANCISCO (UPI) — Selling homes at desperately low prices is a fading phenomenon in some U.S. locations, industry observers said. The National Association of Realtors said April’s inventory of homes on the market was down to a 6.6-month supply. A year earlier in April, there was a 9.1-month supply of homes for sale on […]

Oil Prices Lower On Increased Inventory

NEW YORK, (UPI) — Crude oil prices fell below $90 a barrel, the lowest in seven months, Wednesday on the New York Mercantile Exchange. Weekly data shows U.S. stockpiles at 382.5 million barrels, a 22-year high, analysts said. The weak euro also played a factor depressing oil prices. West Texas Intermediate crude for July delivery […]

U.S. Markets Recover From Steep Losses

NEW YORK, (UPI) — U.S. stocks closed mostly flat Wednesday as investors reversed the day’s steep losses in late day trading. The markets spent most of the day in decline as the euro dropped to the lowest level in nearly two years amid growing concern Greece could exit the eurozone, the 17 nations that use […]

Kraft To Change Name To Mondelez International

NORTHFIELD, Ill., (UPI) — Kraft Foods shareholders voted Wednesday to change the name of the U.S. company to Mondelez International. The proposal was approved by 90 percent of shareholders, the company said. The new name will become effective when the North American grocery business, Kraft Foods Group Inc. is spun-off from the global snacks business. […]

Lawsuit Filed Against Facebook

NEW YORK, (UPI) — Three Facebook investors have filed a civil lawsuit in New York federal court alleging the company and its underwriters failed to disclose forecast changes. The complaint, filed Wednesday by the law firm Robbins Geller Rudman and Dowd LLP, alleges the public offering document issued in connection with last week’s initial public […]

U.S. Housing Prices Rise

WASHINGTON, (UPI) — U.S. house prices rose modestly in the first quarter of 2012, the Federal Housing Finance Agency said Wednesday. The FHFA’s ‘s seasonally adjusted purchase-only house price index was up 0.6 percent since the fourth quarter of 2011. The HPI is calculated using home sales price information from Fannie Mae and Freddie Mac […]


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