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Bankruptcy Filings Near 1 Million Mark, Up 29% on the Year

The number of U.S. residents and businesses that filed for bankruptcy rose 28.9% to 976,831 for the year ended June 30, 2008, according to U.S. court data released Wednesday.

The Administrative Office of the U.S. Courts reported that non- business filings comprised 96.5% of that total...

Mortgage Rates Drop Slightly but Loan Applications Way Down from 2007 Levels

Mortgage interest rates broke through the gridlock of the last few weeks and, with the exception of one-year adjustable rates, moved lower.

Mortgage activity as measured by the volume of loan applications increased by a marginal 0.5 percent on a seasonally adjusted basis from a week earlier and decreased by 0.9 percent unadjusted. Volume was down 31.2 percent compared to the same week in 2007.

FDIC's Problem Bank List Continues to Grow

Sheila C. Bair, chairman of the FDIC said, "By any yardstick, it was another rough quarter for bank earnings, but the results were not unexpected as the industry coped with financial market disruptions, the housing slump, worsening economic conditions, and the overall downturn in the credit cycle."

Higher provisions for loan losses were cited as the primary reason for the drop in industry profit. These provisions totaled...

Wednesday's Events: German Inflation Data; U.S. Durable Goods, Oil Inventories

German inflation data and comments from ECB's Lucas Papademos will top the macroeconomic release menu for the European session as U.S. markets prepare for durable goods, weekly oil inventories and a two-year bond auction. Canada's main releases for the day include some employment data followed by a real return bond auction at noon.

MBA Mortgage Applications Move Down in Week Ending August 22

Weekly mortgage applications in the United States increased in the week ending Aug. 22, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported a 0.5% week-over-week rise in applications.

In the previous week, applications also fell by 1.5%.

Fed's Lockhart Says House Prices May Fall Another 15%

Atlanta Fed President Dennis Lockhart welcomed the recent rise in the U.S. dollar, but said home prices in the U.S. could fall another 10-15%.

Following a speech at an Economic Outlook Conference in Atlanta Wednesday, Lockhart said "housing prices will continue to decline," perhaps by as much as 15%.

Meeting Minutes Say FOMC's Stance Remains Neutral

The minutes of the Federal Open Market Committee's (FOMC) Aug. 4-5 meeting show that board members "did not see the current stance of policy as particularly accommodative." It also revealed that most members anticipate the next policy move to be a tightening of rates, but the timing and extent of any change would depend on evolving developments.