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Bankrate's 2008 Financial Forecast
A look back at 2007
When it comes to personal finance, you can learn a lot about what will happen by looking at what has happened.
Month-by-month snapshot
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Financial review of 2007

This month in history:
July 1, 1862
President Abraham Lincoln signed the first income tax bill. The bill put into effect a levy of 3 percent on incomes of $600 to $10,000, and a 5 percent tax on incomes more than $10,000.
July 1, 1862
The Bureau of Internal Revenue was established by an act of Congress.
July 20, 1969
A global audience watched on television as Apollo 11 Astronaut Neil Armstrong took his first step on the moon.
July 30, 1975
Former Teamsters union leader James Hoffa was last seen outside a restaurant near Detroit.
July 31, 1790
The U.S. Patent Office first opened its doors.
The toy recall mess continues when Mattel issues a recall for 1.5 million, then 9 million toys containing lead and potentially unsafe parts made in China.

"Harry Potter and the Deathly Hallows," the seventh and last book in author J.K. Rowling's popular series, debuts to a record 8.3 million copies in 24 hours.

The world loses The Weekly World News, the supermarket tabloid that brought us Batboy and repeated visits from aliens. The publication is shut down by parent company American Media due to declining sales, but is still available online after a short suspension of new material.

The dollar hits a 25-year low against the pound and a record low against the euro.

A look at the numbers

Unemployment rate: 4.6 percent
CPI one-month change: +0.1 percent
Productivity: Q2 +2.6 percent
60-month new-car loan rate: 7.83 percent
Federal funds rate: 5.25 percent
NAR existing homes sales: 5,750,000
Months' supply of existing home sales: 9.5
Existing home sales price: $228,700
Consumer debt: Q3 $2,482,000,000
Dow Jones industrial average high: 14,121.04
Average price for gallon of regular gas: $2.95
U.S. months' supply of houses

U.S. months' supply of houses
The supply of houses is a measure of the number of houses currently on the market divided by the number of homes sold in the previous month.
-- Posted: Dec. 10, 2007
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