Baby boomers, those who were born in the post-World War II era, face an uncertain retirement brought about by poor personal savings and shoddy financial planning, analysts say. An estimated 10,000 baby boomers will turn 65 each day beginning next month and the trend will continue for the next two decades. “The situation is extremely […]
In a sign that the weak housing market will drag down the economic recovery, analysts expect that soon-to-be-released official reports will show that home prices dipped in October. A Bloomberg survey of 14 economists revealed that property values in 20 U.S. cities dwindled 0.2 percent from October of last year, the first decrease year-on-year since […]
Social security checks will no longer be issued by the government and American retirees should no longer expect them in the mail soon. The Social Security Administration is phasing out paper checks in accordance with a directive from the Treasury Department in a cost-cutting move. The said move would free up some $120 million in […]
U.S. mortgage firms wants the mortgage loan modification options of American homeowners restricted. Among these are the owners exercising their right to invalidate home loans on the basis of faulty documents. Consumer advocates say that right must be retained because it aims to protect against unfair lending practices by some firms. The so-called right of […]
The state attorney generals of Nevada and Arizona have filed lawsuits against Bank of America regarding mortgage modification practices. The suits allege that Bank of America went ahead with foreclosures despite the fact that homeowners’ requests for mortgage modifications were still pending. Arizona attorney general Terry Goddard said in a statement that what Bank of […]
Former U.S. Federal Reserve Chairman Alan Greenspan says that the U.S. economy would continue its rebound and register a 3-3.5 percent growth next year. “The U.S. economy unquestionably has some momentum,” Greenspan told Bloomberg yesterday. “The fourth quarter looks good. The growth rate could be 3.5 percent or more” for the last quarter of 2010. […]
Surging exports to meet gaining foreign demand and the weak dollar have helped trim down the U.S. trade deficit to a nine-month low. The Department of Commerce announced on Friday that the trade deficit in October stood at $38.7 billion, significantly lower than the $44.6 billion gap recorded in September. Exports of American goods, led by […]
Unemployment benefit claims have dropped more than expected last week according to the latest weekly report released by the Labor Department. For the week ended December 4, jobless claims dropped by 17,000 to 421,000. The claims forecast was between 436,000 and 438,000 and a dip of 13,000. In another sign that the job market is […]
The retirement savings of middle-class Americans are not nearly enough to sustain them when they enter retirement age. The survey issued by Wells Fargo & Co. on Wednesday revealed that most Americans feel a $300,000 retirement fund will be sufficient for them. But they have only saved $20,000 on average, or just seven percent of […]
Another U.S. recession is looming next year despite the quantitative easing implemented by the Federal Reserve according to investor John Taylor of FX Concepts. He expressed this prediction about the economy during the Reuters Investment Outlook Summit on Monday. If a recession happens, it would be favorable to the dollar and weigh on commodities. “It’s […]
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