Moderator: Nicole Marie
Giant Communist Robot wrote:It could be around the corner.
Haggis@wk wrote:Giant Communist Robot wrote:It could be around the corner.
...and the sun will come out tomorrow
“A Senate Finance Committee proposal floated this past week as part of a highway-funding bill would give heirs five years to empty inherited individual retirement accounts or 401(k)s, which would typically trigger income-tax payments. The rule change could raise some $4.6 billion in income taxes over the next decade, according to a statement by Sen. Max Baucus (D., Mont.), chairman of the Senate Finance Committee.”
Bank repossessions, the final stage of the foreclosure process, increased at least 30 percent year-over-year in several states, including Massachusetts, which saw a 75 percent spike. Bank-owned or REO (real estate owned) activity hit a 16-month high in Illinois and a 15-month high in Indiana. Default notices, the first stage of foreclosure, were flat nationally in January, but spiked in judicial states, like Connecticut and Pennsylvania (up 112 percent) and even in non-judicial states like Maryland (up 100 percent).
Distressed property sales lower the value of homes around them, and that pushes more borrowers into a negative equity position, owing more on their mortgages than their homes are currently valued. Until banks work through the enormous backlog of foreclosures, which number in the millions, home prices will not hit a firm bottom, especially in the most troubled local real estate markets.
Giant Communist Robot wrote:I'm convinced we've seen the worst.
I'm inclined, cautiously, to agree with you.
After three years with unemployment topping 8 percent, the U.S. has seen the longest period of high unemployment since the Great Depression, the [urlhttp://cboblog.cbo.gov/?p=3333]Congressional Budget Office noted in a report issued today.[/url]
And, despite some recent good news on the economic front, the CBO is still predicting that unemployment will remain above 8 percent until 2014. The report also notes that, including those who haven't sought work in the past four weeks and those who are working part-time but seeking full-time employment, the unemployment rate would be 15 percent.
After three years with unemployment topping 8 percent etc., etc...
Users browsing this forum: No registered users