September 2010

How to Get Out of Debt

Posted on Friday, September 24, 2010

Jennifer Jones was $80,000 in debt and unable to get out from under it. Excessive spending and being out of work several times over the past 15 years was her downfall. "I was keeping up with minimum payments, then the bottom fell out, and I couldn't keep up," says Jones (not her real name). She...

Personal Responsibility

Posted on Friday, September 24, 2010

Op-Ed Columnist NYT The Responsibility Deficit By DAVID BROOKS One of the oddities of the current moment is that the country wants a radical change in government but not a radical change in policy. On the one hand, voters are completely disgusted with Washington. On the other hand, th...

Income Inequality

Posted on Friday, September 24, 2010

Americans vastly underestimate the degree of wealth inequality in America, and we believe that the distribution should be far more equitable than it actually is, according to a new study. Or, as the study's authors put it: "All demographic groups -- even those not usually associated with wealth r...

Biggest Employers Then and Now

Posted on Friday, September 24, 2010

By 24/7 Wall Street: Today's corporate America is dominated by service companies, tech firms, and huge retailers which have thousands of locations and hundreds of thousands of workers. At the end of the decade following WWII, corporate America looked very different from it does now. Fifty five yea...

Time Share Scamemrs Busted

Posted on Friday, September 24, 2010

Four people were arrested and seven companies, four in South Florida, were ordered to stop business operations under what state officials say may be the largest action against Florida's burgeoning time share resale industry. Three state agencies cooperated in a sweep of 67 companies across the st...

More Incentives

Posted on Friday, September 24, 2010

Fannie Mae is offering buyers up to 3.5% in closing cost assistance and a $1,500 selling agent bonus on HomePath® properties. To be eligible for this incentive: • Initial offers must be accepted on or after September 23, 2010; • Property sales must close on or before December 31, 2010, and close ...

How Al Franklin Connects GMAC with HAMP - looks like he's still doing comedy

Posted on Friday, September 24, 2010

I love this story about how Al Franklin thinks the mess at GMAC shows we need to strengthen HAMP. There are a ton of things the GMAC story tells us need to be done. But spending more on a program that made little sense from the get-go is not one of them; The revelation that massive numbers of ...

GMAC Busted! But is it more about a broken system?

Posted on Thursday, September 23, 2010

Ally Financial legal issue with foreclosures may affect other mortgage companies Ariana Eunjung Cha Washington Post Staff Writer Some of the nation's largest mortgage companies used a single document processor who said he signed off on foreclosures without having read the paperwork - an admi...

Price Waterhouse Survey

Posted on Thursday, September 23, 2010

Investor Appetite Strengthens for Core Assets, According to PricewaterhouseCoopers' Korpacz Real Estate Investor Survey® Market Uncertainty and Minimal Leasing Velocity Drive Flight to Quality For Commercial Real Estate Investors Average Overall Cap Rates Decrease in 26 of the Survey's 31 ...

More on Poverty from Brookings

Posted on Thursday, September 23, 2010

The number of people living in poverty in the richest country in the world remains stubbornly high, higher than it was back in the 1970s. The 1960s and 1970s brought considerable progress for the poor but were followed by the lost decade of the 1980s, during which little additional progress occurr...

10 Million Predicted to be added to poverty over next few years

Posted on Thursday, September 23, 2010

According to new data recently released by the Census Bureau, 14.3 percent of Americans were living in poverty in 2009. In September of 2009 we performed an analysis in which we simulated what would happen to the poverty rate over the next several years based on projections of the unemployment rat...

HAMP Update. Goals was Millions. Outcome Not Even Close

Posted on Thursday, September 23, 2010

The number of homeowners receiving permanent relief under the Obama administration's primary foreclosure-prevention initiative hit a 10-month low as home prices dropped and repossessions jumped, threatening more homeowners just as the administration's aid program winds down. Just over 33,000 home...

Existing Home Sales Numbers Released Today

Posted on Thursday, September 23, 2010

Existing home sales were up 7.6% MOM from July to August 2010, but still down 19% YOY from August 2009. In terms of volume that translates to 4.13 million annual sales compared to 3.84 using July's number. That says good things for the demand side of the supply-demand equation affecting prices....

GMAC

Posted on Wednesday, September 22, 2010

I’ve had 78, count them, 78 telephone calls today about the mess with GMAC foreclosures. And that’s nothing compared to the size of the mess itself. This case is not entirely unlike the one being investigated by the Florida A.G. already. Firm staff signed documents reflecting themselves as of...

College Education

Posted on Tuesday, September 21, 2010

Value of College Degree Is Growing, Study Says By TAMAR LEWIN NYT Despite rising tuition and student-loan debt levels, the long-term payoff from earning a college degree is growing, according to a report to be issued Tuesday by the College Board. Post a CommentWorkers with a coll...

Not Done Yet...

Posted on Tuesday, September 21, 2010

Foreclosure Kitchen Has More Food to Cook How the housing recovery affects household wealth recovery Eric Fry Reporting from Laguna Beach, California for The Daily Reckoning Last Friday, the Dow Jones Industrial Average tacked on 13 points, boosting its gains for the week to 145 points...and...

GDP

Posted on Tuesday, September 21, 2010

Gross Domestic Product: What You Need to Know by NAR Research Staff Gross Domestic Product – GDP – measures the total final market value of all goods and services produced in a given year in the United States. A number of components make up the GDP: Consumption, Investment, Government Expenditur...

Household Formation

Posted on Tuesday, September 21, 2010

Household Growth: Projections from The State of the Nation’s Housing Report by Selma Lewis, Research Economist Each year, the Joint Center for Housing Studies at Harvard University issues a report on “The State of the Nation’s Housing.” The report provides an overview of the U.S. housing ma...

Housing Affordability

Posted on Tuesday, September 21, 2010

Housing Affordability: A Possible Good Omen by Lawrence Yun, NAR Chief Economist NAR Amid all the media reports on how housing is still “in the tank,” one piece of news seemed to have escaped many of the pundits. Housing affordability could possibly reach an all-time high of near 200 in the sec...

GDP Says Recession Ended June 2009?

Posted on Tuesday, September 21, 2010

Recession May Be Over, but Joblessness Remains By CATHERINE RAMPELL NYT The United States economy has lost more jobs than it has added since the recovery began over a year ago. Enlarge This Image Justin Sullivan/Getty Images Demonstrators in San Francisco this month. The United ...

International Home Buyers in the US

Posted on Tuesday, September 21, 2010

International Home Buying: Highlights from NAR's 2010 Survey by Keunwon Chung, Statistical Economist NAR International real estate purchases in the U.S. continue to account for a significant share of business for many REALTORS®. Beginning in 2007, NAR Research has conducted an annual survey of ...

Underwater Mortgages

Posted on Monday, September 20, 2010

RECENT calls for another federal stimulus package raise an important question: Before considering costly short-term measures to raise overall consumer demand, have we done enough to ensure that financial markets will work properly and lead us to recovery? For housing — the sector at the cente...

FDIC Press Release on Basel Reserve Requirement Reforms

Posted on Monday, September 20, 2010

U.S. Banking Agencies Express Support for Basel Agreement FOR IMMEDIATE RELEASE September 12, 2010 The U.S. federal banking agencies support the agreement reached at the September 12, 2010, meeting of the G-10 Governors and Heads of Supervision (GHOS). This action, in combination with the a...

10 Reasons to Buy Now

Posted on Monday, September 20, 2010

10 Reasons to Buy a Home Time magazine is being overly pessimistic in its recent cover piece that called into question the benefits of homeownership. In fact, now is a great time to buy. And, what's more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn'...

Pros and Cons

Posted on Monday, September 20, 2010

Some pros and cons: Renting is easy in and easy out. That’s important if you may be changing jobs or having more or less people live in the home. You’ll need to stay put for at least five years in order to re-coup the purchase and sale costs if you plan to own. So factor that into your cost. The...

Social Security

Posted on Monday, September 20, 2010

The End of Social Security as We Know It By Ian Mathias Baltimore, Maryland On September 30, America will quietly begin a generational shift. This will be the final day of the government’s fiscal year 2010, and consequentially, a very notable day for Social Security. September 30 will be the la...

What Things Used to Cost

Posted on Monday, September 20, 2010

The cost of living in America has gone up about fifteen fold since the Declaration of Independence was signed in 1776. Of course, not all prices have risen at the same rate. The value of coffee has increased fifteen times from its price 234 years ago. This is a similar increase to the value of th...

LPS Numbers

Posted on Monday, September 20, 2010

(LPS) is offering a sneak peak at its upcoming mortgage market report, scheduled for release September 24. The company’s study will show that the national home loan delinquency rate has retreated, while the foreclosure rate is on the rise. LPS says the numbers are a sign that more delinquent...

Will Fannie and Freddie Survive Reform?

Posted on Monday, September 20, 2010

Fannie and Freddie May Not Survive Overhaul A top Treasury official will announce Wednesday that mortgage giants Fannie Mae and Freddie Mac won’t survive a revamp of the U.S. housing finance system in their current form. "Private gains will no longer be subsidized by public losses, capital and ...

Problmes qwith Nevada's Program

Posted on Monday, September 20, 2010

NEVADA — One of the states where home prices went stratospheric during the housing mania — is now reporting some of the nation’s most horrifying foreclosure figures. Last week, RealtyTrac said that 1 in every 84 households in the state had received a foreclosure notice in August, 4.5 times the natio...

Average American Net Worth Down

Posted on Monday, September 20, 2010

Americans' net worth plunged in the second quarter of this year, new data from the Federal Reserve show, erasing the gains of the previous two quarters and adding evidence to the argument that the economy has entered a double-dip recession. The net worth of households and non-profit organizations...

“more distress with distressed home sales.”

Posted on Monday, September 20, 2010

CORELOGIC on Thursday announced the inaugural release of its U.S. Housing and Mortgage Trends report, a bi-monthly study of housing sales, valuation, negative equity, and foreclosure activity and trends. The California-based research firm says its data indicate “more distress with distressed ho...

Austan Goolsbee's Opinion

Posted on Monday, September 20, 2010

White House economist Austan Goolsbee, who was elevated to chairman of the Council of Economic Advisers (CEA) last week, acknowledged on “Fox News Sunday” that the country may face a protracted job shortage. “I don't think the unemployment rate will be coming down significantly at any time in the ne...

rouble Ahead With Retirement?

Posted on Friday, September 17, 2010

America's retirement crisis has reached epic proportions, according to a recent study by Boston College's Center for Retirement Research. The study estimates that the current retirement income deficit, or the gap between the retirement savings of U.S. households and what they need to have in order t...

Broken Housing

Posted on Friday, September 17, 2010

NEW YORK - A sure sign of a dysfunctional market economy is the persistence of unemployment. In the United States today, one out of six workers who would like a full-time job can't find one. It is an economy with huge unmet needs and yet vast idle resources. The housing market is another U.S. ano...

FNMA Housing Survey

Posted on Friday, September 17, 2010

Fact Sheet Fannie Mae National Housing Survey Key Findings The Fannie Mae National Housing Survey polled homeowners and renters between June 2010 and July 2010 to assess their confidence in homeownership as an investment, the current state of their household finances, views on the U.S. housing fin...

FNMA Survey

Posted on Friday, September 17, 2010

New National Housing Survey Results Released Fannie Mae has released results of its second survey this year on Americans' views and attitudes toward housing. The comprehensive survey polled homeowners and renters between June 2010 and July 2010 to assess their confidence in homeownership as an in...

High

Posted on Friday, September 17, 2010

The number of homes taken back by lenders hit a new record high last month, according to RealtyTrac. Lenders foreclosed on 95,364 U.S. properties in August, about 2 percent higher than the previous peak of 93,777 recorded by the company in May 2010. August REO activity increased 3 percent fr...

Trade Imbalance Long Haul

Posted on Friday, September 17, 2010

The latest trade deficit number is encouraging. But it continues to spark the usual doubts about America's ability to compete on the global stage. And such monthly hand-wringing over the deficit increases fears of imports, while ignoring the growth opportunities in exports. U.S. companies and the...

Poverty Rate

Posted on Friday, September 17, 2010

Recession Raises Poverty Rate to a 15-Year High By ERIK ECKHOLM Published: September 16, 2010 Recommend Twitter comments (499) Sign In to E-Mail Print Single Page Reprints Share CloseLinkedinDiggMixxMySpaceYahoo! BuzzPermalink The percentage of Americans struggling...

Census Bureua Numbers and Health UInsurance

Posted on Friday, September 17, 2010

The Census Bureau’s latest report on poverty and health insurance coverage is bleak. With millions of Americans out of work, it could hardly be otherwise. Census BureauThe record number of people last year without health insurance — 50.7 million, up from 46.3 million in 2008 — provides stark evi...

Lost Decade?

Posted on Friday, September 17, 2010

Wall Street Journal: The downturn that some have dubbed the "Great Recession" has trimmed the typical household's income significantly, new Census data show, following years of stagnant wage growth that made the past decade the worst for American families in at least half a century. The bureau...

Census Bureau Numbers

Posted on Friday, September 17, 2010

The Census Bureau poverty data released today makes it clear that our country is facing a state of emergency. In just one year, 3.7 million more people, including 1.4 million children, fell into poverty. Today, more than one in five children is poor. The depth of poverty created by the Great Rec...

DownPayments Today

Posted on Thursday, September 16, 2010

6 ways to come up with a down payment on a home The Department of Housing and Urban Development offers a Good Neighbor Next Door program that will allow state workers to buy a home for 50% off of the list price. (©iStockphoto.com) Click image to enlarge Also on the Web 5 Simple Ways To In...

HomeBuyer First Look Over Investors at Freddie

Posted on Wednesday, September 15, 2010

Freddie Mac First Look Initiative Gives Homebuyers 15 Days to Buy Homesteps® Homes Without Investor Competition For Immediate Release September 15, 2010 Contact: corprel@freddiemac.com or (703) 903-3933 McLean, VA – Freddie Mac (OTC: FMCC) today announced it is expanding the Freddie M...

Incntives to Lure Investors

Posted on Wednesday, September 15, 2010

The secondary market for new commercial mortgage-backed securities (CMBS) went dark after the real estate downturn sent property values plummeting and defaults soaring. Investor losses have piled up from old CMBS deals and there’s still more to come. Two different ratings agencies both reported ...

to be or not to be?

Posted on Wednesday, September 15, 2010

The debate over what’s next for the government-backed mortgage giants Fannie Mae and Freddie Mac has begun. Last month, the Treasury invited a wide range of industry stakeholders to a summit in Washington to provide some guidance on the administration’s proposal for GSE reform. The general con...

FNMA in Florida

Posted on Wednesday, September 15, 2010

Fannie Mae recently issued a new servicing guide regarding pre-foreclosure mediation for mortgage loans in Florida. Last December, the Florida Supreme Court issued an administrative order mandating mediation sessions before a summary judgment or foreclosure sale can be held. The statewid...

Gloomy News for Home Prices...

Posted on Wednesday, September 15, 2010

Home prices have hit upon relatively stable ground in recent months – a welcome reprieve from the freefall days most markets had grown acutely accustomed to after the reverberating bursting of the housing bubble. But that stability may be fleeting. If you heed the words of the seers keeping a...

New Basel Rules

Posted on Tuesday, September 14, 2010

Editorial NYT The New Bank Rules Published: September 13, 2010 Basel Committee on Banking SupervisionThe most significant rule approved by the Basel Committee on Banking Supervision — a group of regulators from 27 countries, including the United States — means banks will have to boost t...

FHA Loan Fraud Continues

Posted on Tuesday, September 14, 2010

The Federal Housing Administration (FHA) has failed to root out several executives with criminal records whose firms continue to do business with the agency in violation of federal law, according to the Center for Public Integrity, a nonprofit investigative organization focused on public policy issu...

Short Sales and DIL Increase at GSEs

Posted on Tuesday, September 14, 2010

Nearly 31,000 borrowers with Fannie Mae and Freddie Mac loans forfeited their homes through a short sale or deed-in-lieu during the second quarter of this year. The figure represents a 27 percent increase over the 24,000 short sale and deed-in-lieu transactions completed by the GSEs during t...

HUD Reports Shows Things Still Shaky

Posted on Tuesday, September 14, 2010

Housing conditions continued to show signs of stabilizing during the second quarter of this year, following a downward trend that began to reverse itself in mid-2009, HUD says in a new report. The federal agency immediately follows that assessment, though, with “the housing market’s recovery remains...

NYT Op Ed Chimes In

Posted on Tuesday, September 14, 2010

Op-Ed Columnist A Recovery’s Long Odds By BOB HERBERT Published: September 13, 2010 Robert Reich, in his new book, “Aftershock,” gives us one of the clearest explanations to date of what has happened — how the United States went from what he calls “the Great Prosperity” of 1947 to 1975 to the Gr...

Digging Deeper

Posted on Tuesday, September 14, 2010

AMERICANS are used to thinking of their job market as lithe and supple. Employment snaps back quickly after recessions. Workers routinely shuttle between industries and cities to wherever jobs are abundant. But in the past decade, the labour market has resembled an ageing athlete. Each new injury is...

and IT

Posted on Tuesday, September 14, 2010

Economics focus Automatic reaction IT spending has hollowed out labour markets, to the detriment of middle-income workers Sep 9th 2010 AN ODDLY entrancing YouTube video of a robot folding a pile of freshly laundered towels has been viewed over half a million times. Although it does this quot...

Ideas Needed

Posted on Monday, September 13, 2010

Housing Doesn’t Need a Crash. It Needs Bold Ideas. By GRETCHEN MORGENSON WE all know that most of us don’t tackle problems until they’ve morphed into full-blown crises. Think of all those intersections that get stop signs only after a bunch of accidents have occurred. Better yet, think about t...

Indutrsies Wiped Out Since Bubble

Posted on Monday, September 13, 2010

It has become clear that jobs in some industries may never come back or if they do it will take years or decades for a recovery. 24/7 Wall St. examined the Bureau of Labor Statistics’ “Employment Situation Summary” and a number of sources that show layoffs by company and sector. The weakness in thes...

13 Historical Hiccups

Posted on Monday, September 13, 2010

A recession is generally defined as two quarters of GDP contraction as noted by the Business Cycle Dating Committee of the National Bureau of Economic Research. The GDP contraction definition is narrow and cannot be used to define the recessions and depressions that occurred in the first 150 years a...

The Reserve Requirement Balancing Act

Posted on Friday, September 10, 2010

In addition to Frank Dodd Act reforms, banks will be contending with Basel reforms international regulators are considering which could increase reserve requirements. That means how much money bank need to keep on hand to protect them from losses. The more the banks need to hold, the less the taxp...

Saving

Posted on Friday, September 10, 2010

Feeling Guilty: Americans Say They Aren't Saving Enough by Richard Morin, Senior Editor, Pew Social & Demographic Trends Project Most Americans say they're not saving as much as they should -- but they're apparently not worried enough to do much about it, according to federal economic data and a...

Saving Habits

Posted on Friday, September 10, 2010

We Try Hard. We Fall Short. Americans Assess Their Saving Habits Download the complete report for topline results At a time when the personal savings rate in this country has fallen into negative territory for the first time in modern history, more than three-quarters (77%) of all Americans d...

Malls

Posted on Friday, September 10, 2010

The Devil's New Playground: The Shopping Mall by Richard Morin While bars, cheap hotels and similar places of low repute may remain America's favorite spots to sin, two economists say that giving people an extra day to shop at the mall also contributes significantly to wicked behavior -- especia...

The Young Unemployed

Posted on Friday, September 10, 2010

Home for the Holidays...and Every Other Day Recession Brings Many Young Adults Back to the Nest by Wendy Wang and Rich Morin, Pew Research Center The journey home for Thanksgiving won't be quite so far this year for many young adults. Instead of traveling across country or across town, many gro...

Upward Mobility

Posted on Friday, September 10, 2010

Americans See Less Progress on Their Ladder of Life Download the complete report In the past four years, some of the edge has come off good old American optimism. Just under half (49%) of the respondents in a new Pew Research Center survey rate the quality of the life they expect to be leadi...

Who is Our Next Generation?

Posted on Friday, September 10, 2010

The Millennials by Scott Keeter and Paul Taylor This is part of a Pew Research Center series of reports exploring the behaviors, values and opinions of the teens and twenty-somethings that make up the Millennial Generation Generations, like people, have personalities. Their collective identiti...

Retirement?

Posted on Friday, September 10, 2010

Working After Retirement: The Gap Between Expectations and Reality More than three quarters of today's workers (77%) expect to work for pay even after they retire, according to a new Pew Research Center survey. Of those who feel this way, most say it's because they'll want to, not because they'll...

Multi Generational Households

Posted on Friday, September 10, 2010

The Return of the Multi-Generational Family Household Summary of Findings This report documents major changes in family household living arrangements that have unfolded over the past three decades and accelerated during the Great Recession. Its principal focus is on the revival since 1980 of th...

Attitudes About "Stuff"

Posted on Friday, September 10, 2010

Luxury or Necessity? The Public Makes a U-Turn by Rich Morin and Paul Taylor, Pew Research Center From the kitchen to the laundry room to the home entertainment center, Americans are paring down the list of familiar household appliances they say they can't live without, according to a new nation...

Who Wants to be a Millionaire?

Posted on Friday, September 10, 2010

Who Wants To Be Rich? The Currently Hard-Pressed Put a Higher Personal Priority on Being Wealthy than Do the Well-to-Do by Richard Morin, Senior Editor, Pew Social & Demographic Trends Project Who says Americans worship at the feet of the almighty dollar? Not the American public. Only 13% of adul...

Our Next Gen

Posted on Friday, September 10, 2010

A Portrait of Generation Next How Young People View Their Lives, Futures and Politics Download the complete report A new generation has come of age, shaped by an unprecedented revolution in technology and dramatic events both at home and abroad. They are Generation Next, the cohort of young ...

Reccession Overview

Posted on Friday, September 10, 2010

The Great Recession at 30 Months Half of Work Force Has Taken a Job-Related Hit, but Some Green Shoots of Optimism More than half (55%) of all adults in the labor force say that since the Great Recession began 30 months ago, they have suffered a spell of unemployment, a cut in pay, a reduction in ...

Homeownership and Minorities

Posted on Friday, September 10, 2010

Through Boom and Bust: Minorities, Immigrants and Homeownership by Rakesh Kochhar, Associate Director for Research, Pew Hispanic Center; Ana Gonzalez-Barrera, Research Analyst; Daniel Dockterman, Research Assistant The boom-and-bust cycle in the U.S. housing market over the past decade and a half ...

Patriots

Posted on Friday, September 10, 2010

Proud Patriots -- and Harsh Critics of Government Nearly all Americans consider themselves patriotic and voice pride in being American. Sizeable demographic and political differences do emerge, however, when it comes to intense expressions of patriotism. And many of those who voice strong patriot...

Politics

Posted on Friday, September 10, 2010

Trends in Political Values and Core Attitudes: 1987-2007 Political Landscape More Favorable To Democrats Increased public support for the social safety net, signs of growing public concern about income inequality, and a diminished appetite for assertive national security policies have improved t...

Unemployment Changes Lives

Posted on Friday, September 10, 2010

Lost Income, Lost Friends -- and Loss of Self-Respect The Impact of Long-Term Unemployment by Rich Morin and Rakesh Kochhar, Pew Research Center Long-term unemployment takes a much deeper toll than short-term unemployment on a person's finances, emotional well-being and career prospects, accord...

Retirement? Not So Fast My Friend

Posted on Friday, September 10, 2010

Most Middle-Aged Adults Are Rethinking Retirement Plans The Threshold Generation By Rich Morin, Senior Editor, Pew Research Center In the midst of a recession that has taken a heavy toll on many nest eggs, just over half of all working adults ages 50 to 64 say they may delay their retirement --...

Boomer Funk

Posted on Friday, September 10, 2010

Baby Boomers: The Gloomiest Generation by D'Vera Cohn, Senior Writer, Pew Social & Demographic Trends Project America's baby boomers are in a collective funk. Members of the large generation born from 1946 to 1964 are more downbeat about their lives than are adults who are younger or older, acco...

Patriotism

Posted on Friday, September 10, 2010

Who Flies the Flag? Not Always Who You Might Think A Closer Look at Patriotism by Carroll Doherty, Associate Director, Editorial, Pew Research Center for the People & the Press America is a patriotic country. Pew's political values surveys over the past 20 years have found overwhelming agreement...

Employment After Unemployment

Posted on Friday, September 10, 2010

Most 'Re-employed' Workers Say They're Overqualified for Their New Job by Rich Morin, Senior Editor, Pew Research Center Workers who suffered a spell of unemployment during Great Recession are, on average, less satisfied with their new jobs than workers who didn't. They are more likely to consid...

Employment Impacts You Just Dont Think About...

Posted on Friday, September 10, 2010

Recession Turns a Graying Office Grayer America’s Changing Work Force Overview The American work force is graying -- and not just because the American population itself is graying. Older adults are staying in the labor force longer, and younger adults are staying out of it longer. Both trends t...

Future?

Posted on Friday, September 10, 2010

Once Again, The Future Ain't What It Used to Be The idea that each generation of children will grow up to be better off than the one that preceded it has always been a part of the American dream. But barely a third of adults expect things to work out that way for today's children, according to a ne...

Impacts on American Families

Posted on Friday, September 10, 2010

Since the Start of the Great Recession, More Children Raised by Grandparents by Gretchen Livingston and Kim Parker, Pew Research Center September 9, 2010 One child in ten in the United States lives with a grandparent, a share that increased slowly and steadily over the past decade before rising...

the UNITED States of America?

Posted on Friday, September 10, 2010

What Divides America? Immigration and Income -- Not Race -- Are Seen as Primary Sources of Social Conflict by Rich Morin, Pew Research Center It may surprise anyone following the charges of racism that have flared up during the debate over President Obama's health care proposals, but a survey tak...

Attitudes About Homeownership

Posted on Friday, September 10, 2010

No Place Like Home -- Even if the Value Is in the Tank by D'Vera Cohn, Senior Writer, Pew Research Center Not even a housing-led recession can shake Americans' faith in the blessings of homeownership. House prices may be falling, foreclosures rising and residential sales weak -- yet the vast ...

Immigration

Posted on Friday, September 10, 2010

Immigration to Play Lead Role In Future U.S. Growth U.S. Population Projections: 2005-2050 by Jeffrey Passel and D'Vera Cohn, Pew Research Center Executive Summary If current trends continue, the population of the United States will rise to 438 million in 2050, from 296 million in 2005, and...

Long in the Making...

Posted on Friday, September 10, 2010

The Phantom Recovery A new Pew Research Center report finds that for the typical American household, the Great Recession that began more than a year ago came on the heels of a less dramatic but equally unusual economic phenomenon: a Phantom Recovery. The Center's analysis of Census Bureau da...

Tough Times

Posted on Friday, September 10, 2010

Inside the Middle Class: Bad Times Hit the Good Life Executive Summary This report on the attitudes and lives of the American middle class combines results of a new Pew Research Center national public opinion survey with the center's analysis of relevant economic and demographic trend data fro...

A Long Crisis in the Making

Posted on Friday, September 10, 2010

Before the Current Recession, a Phantom Recovery Testimony of Pew Research Center Executive Vice President Paul Taylor before the Senate Finance Committee Chairman Baucus, Ranking Member Grassley and members of this Committee, thank you for the opportunity to testify at this hearing on middle cl...

High Anxiety

Posted on Friday, September 10, 2010

The Middle Class Blues: Pricey Neighborhoods, High Stress by D'Vera Cohn, Senior Writer, Pew Social & Demographic Trends Project When it comes to anxiety about family finances, an old truism applies: Where you stand depends on where you sit. Or, more precisely, on where your house or apartment s...

More Than One Middle Class?

Posted on Friday, September 10, 2010

America's Four Middle Classes by Richard Morin, Senior Editor, Pew Research Center There isn't one American middle class; there are four. Each is different from the others in its attitudes, outlook and financial circumstance--sometimes in ways that defy traditional stereotypes of the middle cl...

and Blacks

Posted on Friday, September 10, 2010

Blacks See Growing Values Gap Between Poor and Middle Class Optimism About Black Progress Declines African Americans see a widening gulf between the values of middle class and poor blacks, and nearly four-in-ten say that because of the diversity within their community, blacks can no longer be thou...

FHA and Freddie Try Short StrRefi Programs

Posted on Friday, September 10, 2010

Tuesday marked the start of a new, targeted government housing program designed to help the millions of Americans who, in the wake of plummeting property values, owe more on the mortgage than their home is worth. The government’s mortgage insurer, the Federal Housing Administration, is at the center...

First First Time Buyer Tax Credit

Posted on Friday, September 10, 2010

Recipients of First Tax Credit to Begin Payback Borrowers who took advantage of the original 2008 home buyer tax credit must begin paying the credit back this year. The Inspector General for Tax Administration (TIGTA) says 950,000 owe money. The required payments are amortized over 15 years – $...

What Do They Think of Us?

Posted on Friday, September 10, 2010

Restoring America's Reputation in the World by Andrew Kohut, President, Pew Research Center March 4, 2010 The following briefing by President Andrew Kohut was presented to the House Foreign Affairs Subcommittee on International Organizations, Human Rights, and Oversight on the work of the Pew G...

Comparisons to Japan's Crisis

Posted on Friday, September 10, 2010

n the late 19802 Japan was at the top of its game. The leader in cars, electronics and other industries. With cash to spare. Then real estate and stock prices crashed. And the flow of money through its banking system froze for a logn time. Sound familiar? One fear now is that here in the US ...

Pink Slip

Posted on Friday, September 10, 2010

You're Laid Off A Worsening Economy Couldn't Come at a Worse Time for Many U.S. Workers by Richard Morin, Senior Editor, Pew Social and Demographic Trends Project At a time when the American economy is trending down and the unemployment rate is ticking up, one out of every seven U.S. workers fe...

Lessons from 14 Past US Recessions

Posted on Friday, September 10, 2010

A recovery in residential construction has historically lead the US to recovery in other sectors. Some will argue this time is different. And it may be. This time its certainly deeper and longer. And this time we have supply swollen by foreclosures and shadow inventory and over $700 billion in neg...

Impacts Differ from Great Depression

Posted on Friday, September 10, 2010

Not Your Grandfather's Recession -- Literally Different Ages, Different Downturns by Rich Morin and Paul Taylor, Pew Research Center The ongoing recession has had different impacts on different age groups in America. Adults 65 and older -- most of whom have already retired and downsized their l...

Can No Down Payment Loans Ever Make Sense?

Posted on Tuesday, September 07, 2010

The Affordable Advantage, available to first-time home buyers in four states and created in conjunction with the states’ housing finance agencies is aiming to prove they can. But according to FNMA, the program is expected to stay small. The loans are 30-year fixed mortgages, with mandatory home...

Cracking Down on Servicer Delays

Posted on Tuesday, September 07, 2010

The nation’s largest mortgage company is about to start cracking down on servicers for letting delinquent loans languish too long without action. Fannie Mae issued a notice this week alerting servicers that it is monitoring all delinquent loans in its portfolio and mortgage-backed securities (MBS) ...

Going After Strategic Defaulters

Posted on Tuesday, September 07, 2010

The GSEs should absolutely pursue strategic defaulters for deficiency judgements. We're going after lenders, servicers, brokers, anyone who broke their agreement or, worse yet, the law. Thats exactly what strategic defaulters do. The GSEs has every right, and in fact an obligation to tax payers, ...

New Short Refi Plan

Posted on Tuesday, September 07, 2010

The Obama administration on Tuesday will launch its most ambitious effort at reducing mortgage balances for homeowners who owe more than their homes are worth. Officials say between 500,000 and 1.5 million so-called underwater loans could be modified through the program, the first initiative to targ...

Feeling Making Ends Meet? Its Not Your Imagination

Posted on Tuesday, September 07, 2010

• Robert B. Reich, secretary of labor in the Clinton administration, professor of public policy at the University of California, Berkeley, and the author of the forthcoming “Aftershock: The Next Economy and America’s Future,” Published the following opinion ibn last week’s NYT. It also illustrate...

U.S. Census Bureau and HUD 2007 Homeownership Survey

Posted on Thursday, September 02, 2010

The U.S. Census Bureau and HUD publish an American Housing Survey ever two years. The recently released 2009 Survey reflects some interesting measures; The U.S. population as of 12/30/09 was 308 million and change. The age distribution in our country is as follows: 20% are age 0 to 14. 67% are...

Average American's Financial Distress

Posted on Wednesday, September 01, 2010

High levels of unemployment and the strain of housing costs continue to keep consumers mired in financial distress, according to data released by the nonprofit credit counseling agency CredAbility. The Atlanta-based organization’s quarterly Consumer Distress Index measures the financial conditio...

Home Prices

Posted on Wednesday, September 01, 2010

Home prices rose in June for the third consecutive month – a precipitate of the homebuyer tax credit that sparked a flurry of purchase activity during the spring months and helped to prop up home values. Buyer demand, though, has now dropped off substantially, as evidenced by the sharp decline in...

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