For the third time in the last five months a new record for foreclosure filings has been reached says foreclosure tracking firm RealtyTrac. July saw an increase of 7% from June of this year and, even more telling, a 35% increase from last year.
economy
Mickey D's Profits Rise 4.3% Thanks To "Fancier" Items
By 8.10.09
McDonald’s sales rose 4.3% on the tongues of customers clamoring for a taste of the good life for cheap. McCafe coffees, which offer a proxy of brews found in places like Starbucks, and Angus burgers drove sales. [Bloomberg] (Photo: andinarvaez)
Poor Customer Service Preventing Home Owners From Modifying Mortgages?
By 8.4.09
There is currently a $75 billion program called MHA or Making Home Affordable, which aims to modify mortgages so home owners can stay in their homes. According to a new report by the Treasury Department, some banks are starting off so slowly that they’ve yet to modify a single mortgage. Others, like Bank of America, have modified only 4% of the eligible mortgages in its portfolio that are 60 or more days delinquent.
OutOfYourLife.Com: The Man Eater's Cash4Gold?
By 7.31.09
Here’s a common problem: we have many ex-lovers, who have put ice on our wrists and given us countless pearl necklaces. But these wealthy suitors have left our hearts broken and in this economy, we’re hurting for cash. Thankfully, we discovered Out of Your Life (motto: “It’s time to break up with his jewelry, too”), who will buy our tear-stained jewelry back from us!
Why Cash For Clunkers Was Doomed
By 7.31.09
Cash For Clunkers never had a chance. It was smothered at birth by a pile of paperwork and ever-changing rules, as this dealership worker reveals, using a combination of the words “cluster” and “fudge,” except, of course, not fudge.
New Home Sales Increase! Still Down 21%!
By 7.27.09
The world is currently overjoyed at the news that new home sales have increased by 11% this month, which is apparently much more than expected, but are still 21% below the levels of a year ago.
Consumers Are Scared To Lose Their Jobs, Still Saving For Their Inevitable Unemployment
By 7.24.09
The deepest “employment slump of any recession in the last eight decades” has consumers convinced they’re about to lose their jobs — and that’s affecting consumer confidence, says Bloomberg.
Fed: The Economy Is Recovering — Even If Nobody Has A @#$*@* Job
By 7.21.09
Fed Chariman Ben Bernanke testified before the House Committee on Financial Services today, reassuring lawmakers that the bailouts were working — but cautioned that they shouldn’t expect their constituents to have jobs again until 2012.
Financial Crises Are The New Babies — Have One To Save Your Marriage
By 7.17.09
At first glance, an awful economy would seem to be bad for marriages, since money squabbles would presumably lead to more fights. But divorce filings are down 50 percent nationally according to an Associated Press story.
Who Will Save The Economy? Not Strapped Consumers
By 7.7.09
Consumer delinquencies hit a record high in the first quarter of the year. Debt-to-disposable income ratios are down only slightly from the beginning of the recession. Who will save the U.S. economy if consumers can’t return to our habits of buying crap we can’t afford and don’t need?
How Much Does That $12 Chain Restaurant Sandwich Really Cost?
By 7.4.09
Chain restaurants are trying to lure in recession-weary diners with deep discounts, but franchisers worry that if you suddenly start paying half-price for sandwiches, you won’t be willing to pay full price when the economy recovers. We’re all accustomed to chain restaurant sandwiches costing $8 and up, but how much do those sandwiches really cost restaurants to make?
Sears: Lose Your Job, Keep Your Purchase, Forget The Debt
By 6.29.09
Acknowledging that skittish consumers are still unwilling to buy big-ticket items, Sears tomorrow plans to unveil a bold new guarantee: if you lose your job after charging a purchase worth $399 or more to your Sears card, the retailer will credit 1/12th of the purchase price to your account for each month you are unemployed. If you stay jobless for one year, the debt is entirely forgiven, and the appliance is yours to keep.
Daddy, Is The Recession Over Yet? Handy Chart Holds The Answer
By 6.26.09
When are we going to pull out of the recession? The Kiplinger Recovery Index thinks it can tell you, using a sophisticated system of red and green colored boxes and checkmarks and X’s.
Men Go Mad In Herds
By 6.25.09
Men…think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.
Farmers Slaughtering Dairy Cows Rather Than Lose Money Producing Milk
By 6.22.09
It’s so expensive to produce milk right now — due to low demand and high feed costs — that farmers are being paid to slaughter dairy cows in order to “shift the pain to consumers,” says Bloomberg.
AIG's WCIA 2009 Award Mailed
By 6.22.09
We put AIG’s Worst Company in American 2009 award in the mail today. Here is the congratulatory letter that accompanied their prize:
Stuff Is Cheaper Now Than It Was Last Year, Consumer Price Index Reveals
By 6.18.09
Even though gas prices keep rising, businesses haven’t been sticking customers with price hikes. In fact, the bear economy has staggered the Consumer Price Index once again, with the index rising only 0.1 percent in May. The miniscule, less-than-expected increase, following a flat April, means that prices were 1.3 percent lower in May than they were a year ago — the largest year-over-year drop since 1950.
