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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
September

This month in history:
Sept. 2, 1789
The third presidential cabinet department, the U.S. Treasury, was established by Congress.
Sept. 8, 1883
The Northern Pacific Railroad across the U.S. was completed.
Sept. 16, 1908
General Motors was founded by entrepreneur William Crapo "Billy" Durant in Flint, Mich.
Sept. 20, 1873
The New York Stock Exchange was forced to close for the first time in its history as a result of a banking crisis during the financial panic of 1873.
The Mortgage Bankers Association reports a 30-year high in homes entering foreclosure, with 0.65 percent of mortgages in foreclosure, the highest ever recorded in their survey. Overall, 5.12 percent of all loans outstanding were delinquent.

Iranian President Mahmoud Ahmadinejad sparks controversy with scathing anti-American remarks during a visit to New York for appearances at the United Nations and Columbia University. A New York Post headline reporting the event said: "The Evil has landed."

The Fed surprises investors by cutting the federal funds rate by half a percent in an attempt to jump-start the economy and stabilize the stock market.

In a less successful attempt to pump life into her career, singer Britney Spears appears on MTV’s Video Music awards in a black sequined bikini, and bombs at her performance, leading to an outpouring of sympathy from hardcore fans and indifference from everybody else.

A look at the numbers

Unemployment rate: 4.7 percent
CPI one-month change: (-0.1) percent
Productivity: Q2 +2.6 percent
60-month new-car loan rate: 7.7 percent
Federal funds rate: Cut to 4.75 percent Sept. 18
NAR existing homes sales: 5,040,000
Months' supply of existing home sales: 10.5
Existing home sales price: $211,700
Consumer debt: Q3 $2,485,000,000
Dow Jones industrial average high: 13,994.64
Average price for gallon of regular gas: $2.82
Number of foreclosures by month (Realtytrac)

 
Number of foreclosures by month (Realtytrac)
The number of houses that have started or are already in the foreclosure process that month, as reported by Realtytrac.
-- Posted: Dec. 10, 2007
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NATIONAL OVERNIGHT AVERAGES
30 yr fixed mtg 4.45%
48 month new car loan 3.77%
1 yr CD 0.89%
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