Higher mortgage rates spur home sales uptick

The country’s economic engine seems to be running in reverse as more expensive borrowing spurs home sales, and an uptick in borrowing sends mortgage rates back down.

The recent surge in mortgage rates, by all rational calculations, should have made America’s already troubled housing market worse off. Instead, higher borrowing costs modestly boosted homes sales in November. [Read the full story...]

Stake, earns $12 billion profit

Author: Reuters
The U.S. government sold off its remaining shares in Citigroup on Monday for $4.35 each, marking an exit from ownership in the bailed-out banking giant with a $12 billion gross profit for taxpayers. The U.S. Treasury said it will take in $10.5 billion in sale proceeds… [Read the full story...]

Dollar 2010: Rate, not great, expectations

Author: Albert Bozzo – 
Senior Features Editor, CNBC.com
You can stop worrying about the weak dollar—you can also stop hoping for a strong one. Most currency market analysts expect the U.S. currency to build on its 5-percent December bounce, as traders continue to factor in a stonger U.S. economy… [Read the full story...]

House budget panel to push tax, spending cuts: Ryan

Author: Michelle Lodge – Writer, CNBC.com

Rep. Paul Ryan (R-Wisc.), the incoming chairman of the House Budget Committee, told CNBC Wednesday that he would push for permanent lower tax rates, “real” spending cuts and… [Read the full story...]

Two investment strategies for the payroll tax-cut

Author: John Carney – Senior Editor, CNBC.com

How should you invest to profit from the one-year cut in payroll taxes that are promised in the tax compromise deal cut this week between Obama and Republican lawmakers? The answer depends on what you think will happen to the extra-income people receive from the… [Read the full story...]

16 apply for three vacancies on Chicago City Council

Source: Chicago Tribune

Mayor Richard Daley said today that he will review applications from 16 people who want to finish the terms of three aldermen who left office this week.

The mayor said he received two completed on-line applications to succeed Ald. Toni Preckwinkle, who… [Read the full story...]

Illinois plan could triple number of casinos

Author: KMOV.com

SPRINGFIELD, Ill. (AP) — Cash-strapped Illinois is considering a massive casino expansion in Chicago and elsewhere that could leave nearby competitors playing for smaller stakes.

With most state governments facing serious budget problems amid plunging tax revenues, expanding or even adding gambling can seem like… [Read the full story...]

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