Despite the economic slowdown, wealthy consumers have not cut back on their discretionary spending, and they remain optimistic about the economy, according to research by Phoenix Marketing International, a marketing services firm. Of all households surveyed with assets of at least $250,000, more than half (54 percent) said their discretionary spending remained the same over [...]

HOPE NOW, a private-sector alliance of mortgage firms, counselors and investors that is working to help prevent foreclosures, reports that lenders have helped more than 1.7 million homeowners avoid foreclosure since the program began in July 2007, including 170,000 homeowners in May 2008. Approximately 100,000 of the prime and subprime loan workouts in May were [...]

NAR’s latest Pending Home Sales Index, which is based on contracts signed in May, fell 4.7 percent from April and was 14.0 percent below its May 2007 level, the association announced this morning. The May index fell month-over-month in all regions: by 1.3 percent in the West, 2.9 percent in the Northeast, 6 percent in [...]