Wednesday, April 14, 2010

Shopping till we drop?
Canadian homebuyers are spending beyond their limits and a looming increase in interest rates will likely leave many consumers stretched thin, according to a new report by Canadian Imperial Bank of Commerce."After this wave of borrowing, which culminated this spring, we will have a consumer that is much more vulnerable to higher interest rates," said CIBC economist Benjamin Tal.

Dollar Closes Above Par

Dollar Closes Above Par
The Canadian dollar Wednesday closed above parity with the U.S. currency for the first time in 22 months, since July 28, 2008. The loonie finished up .27 of a cent at 100.08 cents US.

U.S. Foreclosure Filings Rise 16%

U.S. Foreclosure Filings Rise 16%
Foreclosure filings in the U.S. rose 16 percent in the first quarter from a year earlier and bank seizures hit a record as lenders stepped up action against delinquent homeowners, according to RealtyTrac Inc. A total of 932,234 homes, or one out of every 138 households, received a default or auction notice, or were repossessed by banks, the Irvine, California-based firm said today. In March, filings rose 8 percent to the most in any month since RealtyTrac began publishing reports in January 2005.