Stay updated on financial news, market trends, and economic changes that affect your money. From interest rate hikes to government policy shifts, we break down what’s happening now—and what it means for your finances.
The inventory of existing homes on the market fell in October and the pace of home sales increased to a level 13.5% above what they were a year ago, according to a report released by the National Association of Realtors on Monday. October sales rose 1.4% from the previous month, to a seasonally-adjusted annual pace … Read more
Several banks announced they will nix their plans to increase debit card fees in response to consumer outcry. Wells Fargo said in a statement on Friday that they will cancel their five-state pilot program for a $3 a month debit card fee. Ed Kadletz, head of Wells Fargo’s Debit and Prepaid Cards, said, “As we … Read more
Many cost-conscious Americans choose to opt-out of the prescription drug benefit with their health plan in order to save on their premium. I’m one of them. I’m generally healthy and don’t need medications on a routine basis – it only makes sense. I pay out-of-pocket for any medications prescribed to me, and I often skip … Read more
Homeowners who are strapped with loans that are more than their homes are worth may be able to get some help for their traditionally hard-to-refinance underwater mortgage. The Federal Housing Finance Agency on Monday announced changes to the Home Affordable Refinance Program (HARP) for loans backed by Fannie Mae and Freddie Mac. With input from … Read more
The economy added more jobs than expected in September, the government reported on Friday. While not quite enough to reduce the unemployment rate, it may be enough to thwart another recession. Labor Secretary Hilda L. Solis said, “Our nation’s labor market posted growth in the month of September.” Non-farm payroll employment added 137,000 private sector … Read more
The job market remains depressed and the number of people filing first-time claims for jobless benefits was higher than expected last week. The Labor Department said on Thursday that initial unemployment claims fell by 9,000 to 423,000 for the week ending September 17. The four week moving average – which smooths out weekly volatility and … Read more
Reflecting the ongoing difficulty in the market for new single family homes, home builder confidence was virtually unchanged for September, according to an industry report released on Monday. Builder confidence fell one point to 14 on the National Association of Home Builders/Wells Fargo Housing Market Index – a low level that the index hasn’t budged … Read more
The IRS announced that it continues to make “strong progress” in their efforts to fight international tax evasion and has recieved up to 30,000 voluntary disclosures since 2009. “By any measure, we are in the middle of an unprecedented period for our global international tax enforcement efforts,” said IRS Commissioner Doug Shulman. “We have pierced … Read more
As consumers depend more on electronic communication, mail volume has plummeted by more than 43 billion pieces in the past five years – and continues to fall. The U.S. Postal Service said on Thursday that they plan to make serious changes to their infrastructure in order to cut costs and stay financially sustainable. Though it’s … Read more
Most Americans are skeptical about whether President Obama’s $447 billion American Jobs Act will actually help the nation’s employment situation, according to a Bloomberg National Poll conducted last weekend. The unemployment rate has stagnated at around 9% since the beginning of the year. The president’s approval rating has dropped to 45 percent, and Americans disapprove … Read more
