New home sales fell a whopping 13.4 percent in July, an unexpected drop that has darkened the sunny outlook for the US housing recovery. Climbing mortgage rates and higher prices could be to blame.
Fast-food restaurant chains are constantly rejiggering their menus in the hopes of luring new customers and coming up with the next buzzworthy food item. But often, when restaurant chains swing for the fences, they miss. Here are some of the most memorable fast-food failures of the past few decades.
Existing home sales leaped 6.5 percent in July, their highest level since last 2009 when a tax credit artificially boosted sales. But some analysts worry that rising interest rates and continuing low inventory could put a damper on existing home sales in the coming months.
Second newspaper starts up in Long Beach, while online news provider Patch slashes its staff. Yahoo's online-savvy CEO makes a fashion statement – in a magazine. This week in the economy.
Hyundai recall of 260,000 vehicles involves two separate issues with corrosion and axle alignment. So far, no accidents or injuries have been reported as a result of the Hyundai recall.
Retail sales rose 0.2 percent in July. It's a meager total, but a bounce back for "core" retail sales hints at accelerated consumer spending.
Next Federal Reserve chairman must strongly support central bank's dual mandate, president says, and right now that means boosting employment. Also this week: jobless claims rise, credit card debt falls, and drama unfolds at J.C. Penney.
President Obama wants to reduce the government's role in the mortgage giant by phasing out mortgage financing giants Fannie Mae and Freddie Mac. The idea has broad support, but interest rates on home loans would go up, especially for low-income families.
In a shift, President Obama offers Republicans a new 'grand bargain' – cuts in corporate taxes in exchange for a jobs program. The recovery in the labor market makes Obama's jobs program a tougher sell.
Housing starts fell sharply in June, with US builders starting work on fewer single- and multi-family homes. But there was some good news for the housing recovery: Permit applications for single-family homes hit a five-year high.