Vacant Homes for Sale Hit a New Record High
The percentage of vacant homes for sale in the United States set a new record high in the first quarter of this year.
The Census Bureau report released recently shows that 2.9% of U.S. homes — excluding rental properties — were vacant and up for sale, compared with 2.8% in the fourth quarter of 2007. It was the highest quarterly number in records going back to 1956.
That works out to 2.28 million properties, up from 2.18 million in the same quarter last year.
The Census Bureau's report also said that the U.S. homeownership rate remained at 67.8% in the first quarter, down from a peak of 69.2% at the end of 2004.
The National Association of Realtors also reported recently that sales of existing homes also fell in March, dropping by 2%, with prices declining on a year-over-year basis by 7.7%.
Gas Prices Continue to Spike
The average price of gasoline has jumped another 15 cents over the past two weeks to a national average of $3.62 per gallon of self-serve regular, according to a national survey. That rise continued at virtually the same rate as the previous two weeks, and forecasts are, it will only get higher.
We'd love to hear what you think. Do you think oil companies are just gouging us? Or do you think it's wise to drop the tax on gasoline to help us consumers? Use the comment link below to sound off on this gasoline price spike situation. We'd love to hear your comments and feelings on this subject. And don't worry, even though your email address is required to post a comment, that email address will never be published here for your protection. So go ahead, tell us what you think about the high gas prices!
Fed Cuts Funds Rate Again
For the seventh consecutive meeting, the Federal Open Market Committee (FOMC) cut the Fed Funds Rate, this time reducing it to 2.00%.
Lowering the Fed Funds Rate makes it less expensive for banks to lend to one another, which could make funding more readily available for consumer loans, such as adjustable rate mortgages, home equity lines of credit and credit cards.
Many believe it may, however, be the last rate cut for some time.
The Fed's statement made it clear that it is tending to two different fires right now; on one hand stoking the economy to keep it from slipping into a deep recession, while also dousing the flames of inflation as the costs of oil, food and other commodities begin to burn out of control.
We'd love to hear your feedback. Have any of the previous rate cuts made any noticeable difference to your personal financial situation? Have you seen lower interest rates on your credit cards, or is all of this rate cutting news not really making any difference at all to the average consumer? Use the comment link below and tell us what you think.
The Subprime Crisis: A Humorous Look
Everyone knows the sub-prime mortgage crisis is serious, but today, we thought we'd try to lighten things up a bit and bring you a funny look at the whole mess. John Clarke and Bryan Dawe are satirists. They stage interviews for the Australian news networks. Their commentary is biting and hilarious. In this case, Clarke and Dawe take on subprime lending. They provide a perfect explanation for bad-banking practices. You’ll love it!
We hope you enjoyed seeing a little LIGHTER bit of news today. Tell us what you think. Leave us your comment below. We'd love to hear from you.
Identity Theft: How to Stop It
Identity Theft is a crime so common that if it hasn't happened to you personally, you probably know a victim. So why are so many people still being victimized? Money Editor Stacy Johnson takes a closer look in this video. (Runs 1:36)
Have you been a victim of identity theft? Know someone else who has? Tell us about your experience…we'd love to get your feedback on this topic. Just use the "comment link" below to sound off on this delicate topic. Don't worry, your email address will never be published on our site to protect (at least that much of) your identity.
