Monday, December 29, 2008

Tuesday, December 23, 2008

Think Small and Local

Small financial insitutions and credit unions have been noticing deposit increases over the last three months. Americans are weary of big banks and many of their customers are turning to smaller, local financial institutions. 
While the other banks were failing, credit unions noticed an increase in small business customers and requests for housing loans. Credit unions are seeing growths of nearly 50% from last year. The smaller the financial institution, the more appealing it is to customers. Large banks can't compete with the deposit and loan rates that credit unions have to offer. 

Thursday, December 18, 2008

The Economy Can't Trim Christmas Tree Sales

Although the economy is in a less than desirable position, Floridians are still going all out for Christmas. 

A drive in nearly any Florida neighborhood will tell you that there is nothing "depressive" about this Christmas. People are decorating with more lights and props than previous years and don't seem to be cutting back on tradition at all. 

Christmas tree sales are another example of this. So far, tree sales have survived the holiday spending cuts, despite initial fears of a slow season. 

The president of the Florida Christmas Tree Association explained this unexpected Christmas spirit by saying, "I think people just like to have a Christmas tree; it's not the most expensive part of Christmas, really, it's a symbol."

Of course, this is true. It just wouldn't be Christmas without a tree and some lights. 

Monday, December 8, 2008

Florida Tops Nation's Mortgage Loan Defaults

According to the Mortgage Bankers Association, Florida has one of the highest third quarter loan delinquencies in the nation. 

Florida topped the nation in subprime adjustable rate mortgage (ARM) foreclosures as well as prime and subprime fixed rate mortgage foreclosures. 

However, there are financial institutions in Florida who can help. 
Don't become another statistic, refinance your mortgage with Tropical Financial Credit Union

Friday, December 5, 2008

It's Official: US Recession Since December '07


On December 2, 2008, Economists announced that the US has been in a recession since last December.

In declaring that the economy has been in a downturn for the last twelve months, economists confirmed what many Americans have already been experiencing: job cuts, bank bailouts and depreciation of the dollar.

This economic news didn't seem to shock many Americans. It seemed more of a question of "when," rather than "if," a recession would be announced.