e aggressive interest rate cuts by the Federal Government to maintain jobs and even a stimulus package sent out to assist with finances, consumer confidence is still lingering around its lowest level in close to two decades.
Consumer confidence fell for the first time in June, according to the latest figures by Nationwide.
In any event, rising rates do nothing to encourage the recent program designed to help homeowners refinance their mortgages. HARP, or Home Affordable Refinance Program, allows those in situations where they owe between 80% and 105% of their home's value, to refinance at new lower rates. It was projected that the program could help almost five million homeowners ease their monthly payment.
Of particular concern in this issue is the abrupt weakening in the US labor market along with continued rapid decline in home prices which have eroded the main source of the average American's wealth and financial security and compromised their solvency. The acute stresses in the financial system (as underlined by the failure of several important regional and investment banks), and the perpetual volatility in the equity market, has resulted in an all time low in consumer confidence.
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