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.

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China Economic Superpower

China Ends U.S.’s Reign as Largest Auto Market
China supplanted the U.S. as the world’s largest auto market after its 2009 vehicle sales jumped 46 percent, ending more than a century of American dominance that started with the Model T .The nation’s sales of passenger cars, buses and trucks rose to 13.6 million, the fastest pace in at least 10 years, according to the China Association of Automobile Manufacturers. In the U.S., sales slumped 21 percent to 10.4 million, the fewest since 1982, according to Autodata Corp.

China Becomes Biggest Exporter, Edging Out Germany
Already the biggest auto market and steel maker, China edged past Germany in 2009 to become the top exporter, yet another sign of its rapid rise and the spread of economic power from West to East. Total 2009 exports were more than $1.2 trillion, China's customs agency said Sunday. That was ahead of the 816 billion euros ($1.17 trillion) forecast for Germany by its foreign trade organization, BGA. China's new status is mostly symbolic but highlights its growing presence as an industrial power, major buyer of oil, iron ore and other commodities and, increasingly, as an investor and key voice in managing the global economy.

Canada’s Debt-To-Income Ratio 142%

Canadians' Rising Debt Worries Bank
The Bank of Canada used record-low interest rates to help save the economy and put it back on the road to growth. But in doing so it might have created a bigger headache down the road with Canadians carrying too much debt. The central bank acknowledged as much on Thursday in the latest edition of its financial system review, in which it suggested the risk posed by rising household debt levels to financial market stability has increased. Canada’s debt-to-income ratio had climbed to a new high of 142% as of the end of June, in part because consumers are rushing to take advantage of low borrowing costs to buy up assets. Nowhere is this more evident than in the housing market, where the average price of an existing home is up 21% from a year ago while sales volume has climbed 41%. But in taking on new debt, consumers may be failing to account for higher interest rates in the foreseeable future, leaving households “increasingly vulnerable” to any economic shocks, the central bank indicated. “What the Bank of Canada is saying is that there might be too much of a good thing going on,” said Benjamin Tal, an economist at CIBC World Markets. “And I think the issue here is to what extent are extremely low interest rates are blinding Canadians, and giving them a false sense of confidence to buy a bigger house.”

U.S Foreclosures Skyrocket

U.S. Foreclosures to Reach 3.9 Million
Foreclosure filings in the U.S. will reach a record for the second consecutive year with 3.9 million notices sent to homeowners in default, RealtyTrac Inc. said. This year’s filings will surpass 2008’s total of 3.2 million as record unemployment and price erosion batter the housing market, the Irvine, California-based company said. “We are a long way from a recovery,” John Quigley, economics professor at the University of California, Berkeley, said in an interview. “You can’t start to see improvement in the housing market until after unemployment peaks.”

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