This article covers some of the hot topics and today’s headlines including; home loans, mortgage rates, agriculture, jobless claims, earnings, the technology sector and oil prices.

Home Loans
The number of older Americans who have lost their homes has already reached nearly 1.5 million. Millions more are facing home losses as the national housing crisis is taking its toll on those who are in the worst position to ride out the storm, according to a new AARP report. Older African Americans and Hispanics have taken the hardest hits.

American International Group, Inc. (NYSE:AIG) is adding a home-loan insurance business, which is a business that Aldo Zucaro, chief executive officer of rival Old Republic International Corp. (ORI) claims makes no sense.

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Mortgage Rates

Mortgage borrowing has become even more inexpensive as rates hit fresh lows this week, as 30-year and 15-year fixed-rate mortgages dropped to record lows. The 30-year mortgage fell to 3.53% as compared to 3.56% last week, Freddie Mac (FRE) said in its weekly report. The 30-year fixed rate has matched or hit record lows in 12 out of the last 13 weeks. A year ago, the 30-year fixed rate stood at 4.52%.

Citigroup Inc. (NYSE:C) recently unveiled its plan to lay off nearly 350 additional workers this year from their securities division, which includes investment banking and trading. The cut represents about 2 percent of the unit’s staff.

Agriculture
The U.S. Department of Agriculture has nominated 11 Arkansas counties as main natural disaster areas because of the summer drought. The agency today also noted that farmers and ranchers in counties that are close to the primary disaster areas are also entitled for help.

Jobless Claims
The number of U.S. citizens filing for initial jobless claims bounced back last week, leading them back to levels reliable with modest job growth after a seasonal whim resulted in a sharp fall in the prior period. The Labor Department said on Thursday that new claims for state unemployment benefits grew 34,000 to a seasonally adjusted 386,000. The previous week’s data was modified up to 352,000 as compared to the previously reported 350,000.

Earnings Release

While a number of financial companies are still under pressure, including Morgan Stanley (NYSE:MS) which reported earnings that failed to meet analysts’ estimates, airlines and tech companies are reflecting some strength even with the slow economic rebound. Corporate staples like eBay Inc (NASDAQ:EBAY) and International Business Machines Corp. (NYSE:IBM) recently released strong earnings after U.S. markets closed on Wednesday, raising confidence of investors who are hunting for bargains after recent falls.

Verizon Communications Inc. (NYSE:VZ) reported today that its profits and revenue increased while Google Inc (NASDAQ:GOOG) will report second quarter earnings Thursday afternoon.

Technology Sector

U.S. technology stocks are trading higher today with Mellanox Technologies, Ltd. (NASDAQ:MLNX) leading top percentage gainers after strong earnings.

Microsoft Corporation (NASDAQ:MSFT) has appointed Mark Penn to serve as corporate vice president for strategic and special projects and will report to Chief Executive Officer Steve Ballmer as the company prepares new offerings for the tablet-computer market.

Chief Financial Officer at Verizon Wireless, Fran Shammo disclosed that total sales of Apple Inc.’s (NASDAQ:AAPL) iPhones via Verizon Wireless remained 2.7 million units in the second quarter.

Facebook Inc (NASDAQ:FB) has been given a buy rating by research analysts at Goldman Sachs and maintains a price target at $42.00.

Oil Prices Up
Oil prices have recently topped $91 a barrel for the first time since late May on signs of stronger demand in the U.S. and growing worries in the Middle East. Early in New York, benchmark crude gained $1.56 to reach at $91.43 a barrel. The price has grown nearly $14 per barrel since oil suffered its worst level for the year three weeks ago.

U.S. oil giant Chevron Corporation (NYSE:CVX) entered into an agreement to purchase two oil drilling blocks in Iraq’s northern Kurdish region, where regulators have been at loggerheads with the central government in Baghdad over how to allocate the region’s oil wealth. The California-based company said today it plans to acquire a stake of India’s Reliance Exploration and Production efforts to explore for oil in two parcels of land north of the Kurdish capital of Irbil.