So apparently apartment vacancies were up to 8% in the last quarter, which is weird because one would assume that people getting tossed from their foreclosed houses would be renting. Marketplace has some thoughts on the problem. [More]
recession watch
Think Times Are Tough? Try The Recession Of 410-1100
By 12.23.09
Cheer up! Sure, you may be unemployed. The bank may be close to foreclosing on your home. And other creditors are circling like vultures to make sure they get a piece of your hide before you declare bankruptcy or go underground. But at least you don’t have to deal with a complete collapse of all commerce, no infrastructure to speak of and the total loss of all skilled labor. Of course, as long as you weren’t covered in sh*t, you were probably doing OK. [More]
Million-Dollar Homeowners Defaulting At Double The Rate Of Others
By 12.18.09
The mortgage crisis isn’t just about homeowners with underwater subprime mortgages on unsellable houses. Folks with million-dollar homes are also finding it difficult to get out from under their hefty mortgages, and are defaulting at rates that are double those for homeowners with mortgages under $250,000. The difference? They’re often willing to sell at a loss, and their lenders are willing to let them do so, instead of foreclosing and destroying their credit ratings. [More]
Citi Getting Out From Under TARP
By 12.14.09
Citigroup plans to repay $20 billion that it borrowed from U.S. taxpayers through the Troubled Asset Relief Program. That’s good news for Citi execs, who will be able to pay themselves whatever they want once they’re free from TARP restrictions. And it may be good for taxpayers, as long as Citi doesn’t take any of those ultra-cheap Federal loans like BofA did. Citi shareholders? Hey, somebody’s gotta pay for this. [More]
15-Year-Old Cheese Sells For Only $50 Per Pound
By 12.9.09
Do you enjoy cheddar cheese? Do you prefer your cheese well-aged? Perhaps you would enjoy, for $50 per pound, what the Milwaukee Journal-Sentinel calls “the single malt scotch of cheddar.” It’s 15-year-old cheddar from Hook’s Cheese Co. of Mineral Point, Wisconsin. And the few stores allowed to carry it can barely keep it on the shelves. [More]
Give Us Your Questions For The White House: Small Business Edition
By 12.9.09
Yesterday, President Obama spoke at the Brookings Institute about his administration’s plan for spurring job growth in our not-quite-a-recession-anymore-but-still-pretty-much-a-recession. Now they’ve invited Consumerist to bring our readers’ questions about the program to Austan Goolsbee, the staff director and chief economist on the President’s Economic Recovery Advisory Board. [More]
Live From The White House: Obama Plan For Job Growth
By 12.8.09
In a speech this morning, President Obama is expected to address the economy, and “outline some key priorities for encouraging businesses to invest and create jobs,” according to White House Communications Director Dan Pfeiffer. Will it work? Watch the speech here at 11:15 a.m. EST, and let us know what you think. [More]
Your COBRA Subsidy Is Ending, What Now?
By 12.7.09
The American Recovery and Reinvestment Act of 2009 (ARRA) provided a 65% reduction in premiums for health benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, which you probably know as COBRA. Now the benefits are ending for the first wave of unemployed people who signed up at the beginning of the program. [More]
About 1 In 4 Borrowers Is Underwater
By 12.1.09
The Wall Street Journal says the number of borrowers currently underwater on their mortgage (meaning they owe more than the property is worth) has swelled to 23%. Ouch. [More]
New Record! 9.64% Of All Mortgages Delinquent!
By 11.19.09
The Mortgage Bankers Association has announced that 9.64% of all mortgages are now delinquent, and this delinquency rate breaks the record set last quarter. The records are based on MBA data dating back to 1972.
Pontiac Silverdome Sells For Only $583,000
By 11.18.09
35 years ago, taxpayers paid $55.7 million to build the Pontiac Silverdome, former home of the Detroit Lions. The city of Pontiac has been itching to be free of the stadium’s $1.5 million umaintenence bill, so it sold the property at auction. For $583,000.
Laundromats Enter Underfilled Recession Cycle
By 11.7.09
Are you doing laundry this weekend? Are you running fewer loads than you used to, going longer between washes, or even using a friend or relative’s equipment in order to avoid unloading a pocketful of quarters at the laundromat? If so, you’re not alone. Laundromats, once thought to be a recession-proof business, are surprisingly vulnerable to economic downturns.
Unemployment Hits A 26-Year High Of 10.2%
By 11.6.09
The pace of job losses has slowed significantly, but the economy still divested itself of 190,000 jobs in October, sending the national unemployment rate to 10.2%, says the Bureau of Labor Statistics. It should be noted that the unemployment rate only tracks people actively seeking work.
Man Stabs Himself So He Doesn't Have To Work At Blockbuster
By 11.4.09
Blockbuster must be a very unpleasant place to work, because police say a Colorado man stabbed himself and blamed “three skinheads or Hispanic males dressed in black.” (Really.) According to the cops, the guy eventually admitted that he stabbed himself so he wouldn’t have to go to work.
Man Attempts To Rob Taco Bell, Then Asks For A Job Application
By 11.3.09
Well this guy is doing it wrong: We’ve been alerted to a report from Haverstraw, NY where police say a man entered a Taco Bell, waved a gun around, demanded money — then asked for a job application.
Consumers Forgo Restaurants, Cook Fancy Steaks At Home
By 10.31.09
Americans love steak. Now, in a recession, we still love it, but we’ve shifted to buying and cooking delicious high-end steaks at home instead of eating them in restaurants, thanks to greater availability of fancy cuts of meat to consumers.
Problem Solved! GDP Shows 3.5% Growth
By 10.29.09
No, just kidding. We know you still don’t have a job. The Commerce Department announced that the economy grew 3.5% in the third quarter — snapping the longest streak of economic contraction since 1947.
