Bear Roundup:
Foreclosure: Oregon's rate at highest level since mid- '80s
01/15/03
PETER SLEETH
Oregon's residential foreclosure rate topped 1 percent of all home loans issued in the second and third quarter of 2002, the highest level since the mid-1980s when Oregon was emerging from a steep recession.
In the Portland area, that means at least 2,053 homes went back to the lender last year, up from 80 in 1994.
"I can tell you our calls are running about 200 percent more than last year," said Richard Trefren, executive director of the Community Housing Resource Center in Vancouver, which counsels people facing foreclosure. "The most dominant pattern is job loss."
oregonlive.com
German economic growth slows to 9-year low
By Hugh Williamson in Berlin
Published: January 16 2003 9:34 | Last Updated: January 16 2003 9:34
The German economy grew by only 0.2 per cent last year, its worst performance since 1993, sparking concern over growth prospects this year in Europe's largest economy.
Germany's budget deficit last year was 3.7 per cent of gross domestic product, according to data issued on Thursday by the federal statistics office.
The 0.2 per cent GDP growth rate was in line with analysts' expectations, and the worst rate since 1993 when the economy shrank by 1.1 per cent. The economy grew by 0.6 per cent in 2001 and by 2.9 per cent in 2000.
Wolfgang Clement, economics and labour minister, last week admitted that economic growth this year would be weaker than expected, and was likely to be less than 1 per cent, below the government's official estimate of 1.5 per cent.
news.ft.com
Bank of America Cut Loans to Brazil, Mexico by 20% in 4th Qtr
By Charles Penty
Sao Paulo, Jan. 15 (Bloomberg) -- Bank of America Corp. cut its loans and other commitments to Brazil and Mexico by 20 percent in the fourth quarter, scaling back its risk in Latin America's two biggest economies.
The third-largest U.S. bank said it reduced commitments, including derivatives, to Brazil by $372 million, or 24 percent, to $1.18 billion, and to Mexico by $303 million, or 16 percent, to $1.59 billion.
quote.bloomberg.com |
