The wealth gap between whites and Hispanics has increased to its widest in 25 years, according to new analysis of Census data by the Pew Research Center. We’re talking a 20-1 ratio between whites and blacks, and an 18-1 between whites and Hispanics. Like so many things, it comes down the the housing crisis. [More]
recession watch
Want A Job? Try Texas Or North Dakota
By 7.25.11
While some parts of the country continue to struggle, Texas has added over 500,000 jobs during the last five years, making it the overall leader in job growth, according to an analysis of statistics from the Bureau of Labor Statistics. North Dakota, which added about 41,000 jobs over the same period, takes the crown for percentage growth: non-farm employment is up nearly 12% there. [More]
Borders CEO's Goodbye Email To His Customers
By 7.22.11
Mike Edwards, the CEO of the liquidating Borders bookstores emailed a farewell note to all Borders Rewards Members last night. In it, he looked back at the over 40 years of bookselling and imagination-stoking the chain has done and explained why they were closing down. Beyond the sentiments, he also explained some important things you’ll want to know if you want to buy some books from them before they close their doors for good. [More]
Quiznos Risks Defaulting
By 7.21.11
“Torpedoing.” “Toasted.” The food that Quiznos is having trouble selling is full of metaphors for how its business is going. Crunched by the recession, its own policies towards franchise owners, competitors adding toasters, and an “everyday value” strategy that ran counter to its position as a purveyor of premium sandwiches, Quiznos is on the edge of violating its loan terms and could go into default. [More]
It's Taking Longer For Small Businesses To Get Paid
By 7.19.11
Small business are experiencing a cashflow crunch as the average time it takes to get paid by customers has increased to 48 days, up from 42 days in 2010. [More]
6 Reasons To Live A Cash-Only Life
By 7.8.11
With every story we write about increased credit card fees, slashed rewards programs or hacked bank databases, a growing number of readers have expressed a growing interest in ditching their plastic and going cash-only. [More]
Unemployed Homeowners Will Have Longer Before Facing Foreclosure
By 7.7.11
If you’re unemployed and worried about losing your home, here’s some news that might make your day a little brighter. The White House announced earlier today that all FHA-approved mortgage servicers must extend the forbearance period for unemployed homeowners, currently four months, to one year. [More]
Personal Bankruptcy Filings Down In First Half Of 2011
By 7.5.11
If you’re looking for some not-so-bad news on the economy, here’s a morsel for you: The number of individuals filing for bankruptcy during the first six months of 2011 is down significantly compared to the same time period in 2010. [More]
Budget Cuts Force Coney Island To Ration Toilet Paper
By 7.5.11
Coney Island has removed the toilet paper from women’s stalls and is forcing patrons to form a line to get their ration of TP squares from a Park’s Department bathroom attendant. Pictured at left, is the queue. [More]
Chase And BoA Quietly Cutting Balances For Option-Arm Mortgagors
By 7.5.11
It’s a lovely surprise to get in the mail from your bank, a letter telling you they’re going to cut your mortgage balance in half while increasing your interest rate slightly. NYT reports that tens of thousands of option-arm mortgagors, homebuyers with a loan that had a low introductory interest rate that shot up after a set period, have been getting such letters from Chase and Bank of America over the past year. [More]
Windex Now Has Refill Pouches You Mix Yourself
By 7.1.11
Windex today launched Windex Minis, which let you refill your bottle of Windex by pouring in a pouch of Windex liquid, adding water, and stirring. They’re cheaper and there’s less waste. The bigger question is whether Americans will even go for a refillable at all. [More]
Here's What The .7% Rise In Home Prices Rise Actually Looks Like
By 6.29.11
As we noted this morning, there is a small respite from the recent glut of melancholic economic news: home prices inched upwards. Yep, on Tuesday, the widely-watched Standard & Poor’s/Case-Shiller index posted a rise of .7% for April. Let’s put that in context with this chart. No, that’s not just an ink smudge. [More]
New Federal Program Offers Underwater Homeowners Loans They May Not Have To Repay
By 6.29.11
With millions of homeowners still having difficulties catching up to their mortgage payments, the federal government continues to look for ways to stem the tide of foreclosures. The latest effort provides loans of up to $50,000 that some homeowners will never have to repay. [More]
Increase In Shoplifting May Be Sign Of Economic Recovery
By 6.27.11
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 6.24.11
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 6.23.11
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 6.22.11
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 6.21.11
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]
