“The Changing Housing Cycle and Its Implications for Monetary Policy”
The authors argue that as mortgage markets develop, it becomes easier for problems in these markets to spillover to the rest of the economy. Because of the increased vulnerability of the economy to mortgage market problems, monetary policy should be more aggressive in countries where mortgage markets are well-developed: The changing housing cycle and its implications for monetary policy, by Roberto Cardarelli, Tommaso Monacelli, Alessandro Rebucci, and Luca Sala, Vox EU: After several years o
Target writes off 8.1% of its annualized credit card debt in March
Filed under: Earnings reports, Consumer experience, Target Corp. (TGT), RecessionTarget Corp. (NYSE: TGT) said this week that it wrote off 8.1% of its internal credit card loans in March. In case you haven’t heard, consumers are grappling with record gas prices, rising food prices and the worst housing market in 25 years. As such, consumers are defaulting on more than just mortgage debt from short-sighted loans. The second-largest discount retailer in the U.S. said that defaults from its own c
Slow market causes woe for area homeowners (The Journal News)
For the past two years, the residential real estate market in the Lower Hudson Valley has resembled a stalemated chess game, in which buyers on one side and sellers on the other have refused to make a move.