Banks cut U.S. Treasury debt holdings
The 18 banks and securities firms that trade directly with the Federal Reserve are sharply cutting their holdings of U.S. Treasury debt. Since Nov. 24, the firms’ net holdings of federal debt have fallen from $81.3 billion to $2.3 billion. In a bet on faster growth, their holdings of corporate bonds have risen steeply.
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Foreclosures drop
U.S. home foreclosures took a one-month tumble of 21 percent in November 2010 as banks held off seizing residences amid rising scrutiny of foreclosure practices. Fewer foreclosed homes on the market could translate into rising prices for residential real estate.
The New York Times
Consumers remain wary of debt
Consumer credit grew a scant $1.3 billion in November, with most of the loans going toward car purchases or education. Total consumer indebtedness stands at $2.4 trillion, nearly 7 percent below July 2008’s peak of $2.6 trillion.
USA Today
Price of Volkswagen's new Passat sedan drops
Volkswagen said this week it would build its largest sedan, the Passat, at its new $1 billion facility in Chattanooga, Tenn. Due in showrooms next autumn, the redesigned Passat will carry a sticker price of about $20,000, down from the $26,000 charged for the previous model.
Nashville Business Journal
Apple's rising value
Although Apple CEO Steve Jobs did not add to his holdings of company stock in 2010, his shares increased in value by more than $620 million, to $1.79 billion. Apple’s per-share price rose from $210.73 at the end of 2009 to $322.56 at the close of 2010.
247WallSt.com