Mortgage Rates, Dell Recall
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Metro Atlantaâs best home mortgage rates continue to hold at historic 30-year lows this week. After being grounded last week, the airlines are raising fares again to cover escalating fuel costs.
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Business & money: Sixth successive month of price falls, and mortgage lending at two-year low despite rate cuts
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Rates on 30-year and one-year mortgages climbed this week, while rates on some other home loans didn't budge.
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DALLAS -- Dell Inc.'s fourth-quarter profits plunged 33 percent because of weak sales of laptops and notebooks, and the computer maker still faces an unresolved federal accounting probe, customer service complaints, several shareholder lawsuits and stiff competition from rivals.
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(InfoWorld) - Dell Inc. has delayed filing its quarterly earnings report with the U.S. Securities and Exchange Commission (SEC) and may have to restate past earnings statements, the company said Monday. Dell's board of directors began an internal financial audit after learning in August 2005 that the SEC had begun an investigation of the company's revenue recognition and accounting practices for past fiscal years, Dell executives acknowledged Aug. 17 while announcing preliminary results for the second quarter. Since then, Dell learned of a second investigation when the U.S. Attorney for the Southern District of New York subpoenaed the company's financial reporting documents for the years from 2002 through today, said Dell spokesman TR Reid. Neither the SEC nor New York State has announced the results of their investigations, but Dell's internal audit has now revealed that the company may have misstated prior financial reports, including accruals, reserves and other balance sheet items. Until it settles those questions, the company cannot file its SEC Form 10-Q, which confirms its quarterly results, Reid said. Those preliminary results were bad even before Monday's news. Dell earned only US$502 million in profits for the second quarter of 2006, a drop of 51 percent below that period last year. The decline was a casualty of cutting prices in a slow market, Dell Chief Executive Officer Kevin Rollins told analysts in August. Dell, the world's largest PC vendor, has felt increasing competitive pressure from Hewlett-Packard Co. at the same timeÂ chip makers like Intel Corp. have been cutting prices on processors, helping to drive down PC prices. And on Aug. 14, Dell announcedÂ the largest recall of consumer electronics in U.S. history, recalling 4.1 million notebook batteries that suffered from a defect causing them to overheat and sometimes catch fire. Dell is cooperating with both investigations and "will take any appropriate remedial or corrective actions to address any problems," company chairman and founder Michael Dell said in a release. The company has also suspended its share repurchasing program and a meeting with analysts scheduled for Sept. 13. Â
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NEW YORK - New applications for US home loans dropped more than 9 percent last week even as average 30-year mortgage rates also eased from the previous week, an industry group said on Wednesday.
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This could be due to Dell&#39;s persistance of continually trying to make their products cheaper. Dell has recalled almost 1 million AC adapters that could start a fire.
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Applications for U.S. home mortgages  fell in the last week as mortgage rates edged higher and  refinancing applications fell, an industry group said on  Wednesday.
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WASHINGTON -- Rates on 30-year and 15-year mortgages fell this week to the lowest levels seen in six months, good news for people wanting to buy a home or refinance.
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Investor's Business Daily - The Mortgage Bankers Association&#39;s applications index rose a seasonally adjusted 1.3% to 622.9 in the week ended Aug. 31, but multiple applications and refilings caused by recent credit problems may have played a role. Activity could slow on higher interest rates. The MBA said a dearth of demand for short-term loans sent 1-year ARM rates to 6.52%, near week-ago levels but well above longer-term rates. Average 30-year mortgages edged up to 6.42% from 6.41%. ARMs made up just 12.6% of applications in the week, down from more than 30% just a few weeks ago.
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Investor's Business Daily - The Mortgage Bankers Association's application index fell 7.6% to 603.8 in the week ended Dec. 21, the lowest since Dec. '06, despite lower borrowing costs. Both home purchase and refi applications fell. Mortgage applications have been especially volatile in recent weeks. Fixed 30-year mortgage rates fell 8 basis points to 6.1%. One-year adjustable rates tumbled 46 basis points to a 1-month low of 6.03%.  U.S. commercial paper issuance grew by $1.2 bil in the week ended Dec. 26 to $1.785 tril, after a big decline in the previous week, the Fed said. But asset-backed paper fell by $15. ...
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Yesterday's release by Dell Computer of very preliminary earnings numbers for its previous fiscal quarter may give investors at least a handful of data to help them understand the turmoil from which it may be recovering...if it is recovering. The company doesn't appear to be hemorrhaging, and there seems to be at least some good news. But it's hard not to keep seeing question marks and unresolved issues.
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ROUND ROCK, Texas -- Computer maker Dell Inc. said Monday it will delay filing its fiscal second-quarter report and suspended its share repurchase program because of previously-disclosed accounting probes.
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New fallout from the United States housing slump hit mortgage and real estate companies yesterday as the subprime lender NovaStar Financial and the title insurer the First American Corporation announced job cuts, and NovaStarâs auditor expressed doubt that the company would survive.
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Rising construction costs and potential climate legislation in Congress halt at least 18 proposed power plants in the past nine months.            Presented By     From Dellâ¢ Home!      &nbsp;&nbsp;The new Dellâ¢ Inspironâ¢ 1520 notebook with hi-def widescreen and long-range wireless for only $799. Add mobile broadband for $150. Limited time offer. Click here. www.dell.com    Ads by Pheedo
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During a holiday-shortened week, U.S.  consumer's applications for home refinancing and purchasing  fell in spite of a drop in fixed mortgage rates, an industry  group said on Wednesday.
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After a shallow, one-week dip, mortgage rates have risen to just about where they were two weeks ago. Rates are still low. The question is whether they are low enough to keep the housing market hot.