Foreclosures, default notices, auction sale notices and bank repossessions in the U.S. increased 30 percent from last quarter and have nearly doubled from one year ago, a major real estate web site reports today.
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The Federal Reserve Board meets today and will decide if they will lower the federal funds rate. On September 18, 2007, the Fed cut the federal funds rate by 50 basis points. They cited slow economic growth and credit concerns as primary reasons for why the rate cuts were made in September.

With the housing market in turmoil, oil prices skyrocketing and consumer confidence shaken, a quarter percent rate cut would not be surprising. Generally, decreases in the federal funds rate help stimulate the economy by encouraging businesses and consumers to borrow money at a discounted interest rate.

How would a rate cut affect you? If you are looking to buy a home, then you could save thousands of dollars on your mortgage due to a lower interest rate. For example, the difference between a 6.75 percent and 7 percent interest rate on a 30 year home loan of $100,000 is a savings of more than $6,000.

A sluggish dollar could keep would-be travelers stateside this holiday season.
For example, a British pound is worth more than twice the American dollar. Therefore, if you plan to head to London for the holidays, you will pay twice as much for items you purchase in the United States.
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If you are worried about money and are spending less, then you are not alone.
The Consumer Confidence Index fell for the third month in a row in October and is at a two-year low, according to the Conference Board.
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