While one might initially expect an increase in shoplifting to be a sign that more people are facing dire financial straits, there are those who believe the recent uptick in retail theft could actually be a hint that the economy is improving. [More]
Even The Home Alone House Can't Sell
By June 24, 2011
The house made famous by Home Alone, the 1990 movie that showed us all it’s okay to be neglectful parents of obnoxiously precocious children because that same precocity will come in handy when fighting off a pair crooks straight from Central Casting, has been up for sale for a few months now. But in spite of all the press this piece of real estate has received, it hasn’t attracted a buyer. [More]
A Tale Of Two Recoveries: Wealthy Rebounding While Lower-Income Families Struggle
By June 23, 2011
While there may be a load of mansions and McMansions sitting empty or half-finished as a result of the economic collapse, don’t take that as a sign that the wealthy are bogged down in the same swamp as the rest of us. According to a study from our research-happy relatives at Consumer Reports, America’s well-to-do have been on the upswing for almost 18 months while lower-income families continue to feel the pinch. [More]
Fed: Economic Recovery Not Happening As Quickly As Expected
By June 22, 2011
While some of us have managed to go back to our pre-bust ways of eating gold-dusted diamonds and speculating on real estate, the Federal Reserve said today that the overall economic recovery hasn’t moved as swiftly as it had previously expected. [More]
Expect To Pay More For A Used Car As Supply Shrinks
By June 21, 2011
Between June and November of 2008, while the nation plunged into economic turmoil, car leasing dropped off by 58% as people looked to save money wherever possible. Fast forward to the present day where, because of that drop-off in leased vehicles, the supply of late-model vehicles coming up for resale will soon be shrinking. [More]
Man Holds Up Bank For $1 And Free Prison Medical Care
By June 21, 2011
A 59-year-old man recently walked into a bank in Gastonia, NC, intent on robbing one dollar — no more or less — from the financial institution. Was it because he was aiming low for his first foray into bank robbery? No, he says it was because he needs medical care and the only way he could think to afford it was by going to prison. [More]
Cable Companies Finally Realizing They Might Have Priced Themselves Into A Corner
By June 15, 2011
What has cable company executives losing sleep at night? It’s certainly not thoughts on how to improve customer service or billing. But it’s also not Netflix, Hulu, BitTorrent or any other obvious customer siphon. No, cable suits confess, it’s actually the fact that a growing number of Americans find themselves too poor to pay to watch TV. [More]
Millions Of Homeowners Have Not Made Mortgage Payments In Years
By June 9, 2011
It now takes an average of 565 days from a homeowner’s first missed payment until a lender ultimately forecloses on a property. It takes significantly longer — 807 days on average — in Florida, a state with a large number of underwater mortgages. And then there are all the people who won’t necessarily go into foreclosure but who have been advised not to make payments in order to qualify for a loan modification. This all adds up to millions of Americans who have gone at least one year without making a single payment. [More]
Obama: Personal Finances And The Nation's Finances Aren't So Different
By June 8, 2011
Earlier today, President Obama popped into the White House Personal Finance Online Summit, where our own Meg Marco was in attendance. Speaking to the small group of writers, the president offered up his advice on personal finance. [More]
More People Using 401(K) Funds As Piggy Banks
By June 7, 2011
Even though the economy has begun to demonstrate occasional signs of life, many Americans are still feeling the sting of those darkest days. Millions of homeowners are struggling to pay mortgages they can’t afford and those that have walked away from underwater loans now have battle-scarred credit reports. So in order to stay afloat, more consumers are taking loans from their own retirement savings. [More]
This Rotting Mansion Kind Of Represents The American Dream
By June 2, 2011
In a rural area in Maryland, reader MrStinkhead came across something that’s not so unusual: a mansion in the middle of a swath of farmland. What makes it unusual is that construction stopped partway through, sometime in 2010, and the building has been left exposed to the elements since. We don’t have any more details than that, which makes it nicely mysterious. [More]
Just Because You Defaulted On Your Mortgage Doesn't Mean You Can't Get A Loan These Days
By June 1, 2011
As we reported last month, U.S. banks are finally getting back into the business of making loans to consumers. And a new report says that it’s not just those with pristine credit histories that are able to borrow. [More]
Home Prices Continue To Fall Everywhere Except Seattle & DC
By May 31, 2011
The folks behind the all-important Case-Shiller Home Price Index have released their numbers for March 2011 and for the eighth month in a row, the average price of a home in the U.S. has declined. Only two of the 20 cities in the index — Seattle and Washington, D.C. — experienced even a slight uptick from the previous month, while a dozen cities are at or near four-year low points. [More]
NY Attorney General Investigating Pre-Bust Hijinks At Bank Of America, Goldman Sachs & Morgan Stanley
By May 17, 2011
Just when you think the beleaguered bankers of the world can finally stop dealing with pesky investigations into their roles in the recent financial ugliness (some would call it a global economic meltdown), some Columbo-like snoop has to say, “Just one more thing” and open up all new cans of worms. The latest can-opener is New York state Attorney General Eric Schneiderman, who has reportedly begun a broad investigation of Goldman Sachs, Bank of America and Morgan Stanley. [More]
Home Buyers And Sellers Turning To The Supernatural For Help Because… Why Not?
By May 12, 2011
The news about the economy — and more precisely the real estate market — is full of shrugs and dart-throwing guesswork about exactly where prices and interest rates will go in the coming year. So, reports the Boston Globe, a growing number of home buyers are looking to the spirit world for guidance and assistance. [More]
Banks Back In Business Of Lending Money, People Back To Borrowing
By May 9, 2011
The New York Federal Reserve just issued its latest quarterly Household Debt & Credit report — which looks at the state of mortgages, home equity borrowing, auto loans and credit cars — and, for the first time in a few years, there are a number of not-so-bad things to say about things. [More]
Mortgage Rates Hit 4-Month Low
By May 5, 2011
For those potential home-buyers with enough money for a down payment, it looks like you may want to start scanning the real estate listings. According to Freddie Mac, the average rate on 30-year fixed-rate mortgages has hit a four-month low. [More]
Walmart CEO: Our Customers Are Running Out Of Cash
By April 29, 2011
Walmart CEO Mike Duke says the company is continuing to slash prices, but the chain’s quest to remain the cheapest big-box store may not matter to many of its customers, who are running out of money faster than usual, thanks to higher gas prices and the sluggish economy. [More]
