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need to know
Costco same-store sales rise significantly
Europe markets rise | FTSE 100 heads for gain
Eurozone economy grows faster than seen
Glass Lewis opposes B. of A. board proposal
IMF: China slowdown threatens global outlook
Treasury's Lew irked by China's FX move
Rio Tinto sees solid demand for iron ore, steel
Novartis to begin selling Neupogen copy in U.S.
Asian shares rise; China closed for holiday

5 things to watch at today’s ECB meeting

ECB forecasts to come under close scrutiny
French jobless rate holds steady at 10.3%


Why India is worth a look if you’re cooling on China

History’s lessons in surviving market crashes

Bill Gross calls a Fed rate hike ‘too little, too late’
FDIC chief: Rates may catch banks off-guard
Junk-bond stress level climbs to 5-year high

Apple’s biggest challenge: Topping the iPhone 6
Apple set to join content contest
What to expect from the Apple event on Sept. 9

Liberal arts majors may become a thing of the past
They tangled with student debt all summer
College help for low-income families

43% of U.S. homes are at high risk of natural disaster
43% of U.S. homes are at high risk of natural disaster

China stock markets close for World War II anniversary
China tightens controls to fight capital outflows
See the massive military parade in Beijing


Almond milk and other notable Fed nuggets

Fed Beige Book finds rising wage pressures

Why gold now looks more risky than stocks
Why gold now looks more risky than stocks: Reeves
Still too many gold market bulls: Mark Hulbert

GoPro’s stock rocked by supplier’s outlook

Intel hopes its chip retool can revive PC sales

Donald Trump, Hillary Clinton playing game of liar’s poker with the voters
Trump, Clinton play game of liar’s poker: Delamaide
Bush mounts ‘germophobe’ attack on Trump

Salesforce’s new target: rationalizing medical info

Medicare premiums will be going up for many

Growing doubts among Viacom investors lead to 50% stock drop
Growing doubts among Viacom investors
Hulu rolls out ad-free option for $11.99 a month
Digital subscriptions can exceed our cable bills

Guide to managing money from your 20s to your 70s
Guide to managing money from your 20s to your 70s
How estate planning can be stress-free
Take your company pension, or buy an annuity?
Is this all the investing advice you’ll ever need?

Clinton's $10 billion anti-drug-addiction plan

10 cities in U.S. with the very worst traffic problems
Lowest Labor Day gas prices in 11 years: AAA
/conga/frontpage.html 354018

Markets »

133.48MDow Volume:
Avg Vol: 113.01M
Unchanged
201
Decliners
1922
Advancers
4480
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
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Dow
/quotes/zigman/627449/realtime 16,351 +293 1.82%
Nasdaq
/quotes/zigman/12633936/realtime 4,750 +114 2.46%
S&P 500
/quotes/zigman/3870025/realtime 1,949 +35 1.83%
GlobalDow
/quotes/zigman/629063/realtime 2,321 +8 0.35%
Gold
/quotes/zigman/662444/delayed 1,129 -5 0.43%
Oil
/quotes/zigman/2331095/delayed 46.18 -0.07 0.15%
FTSE 100
/quotes/zigman/3173262/delayed 6,175 +91 1.50%
DAX
/quotes/zigman/2380246/delayed 10,212 +164 1.64%
CAC 40
/quotes/zigman/3173214/delayed 4,618 +63 1.38%
FTSE MIB
/quotes/zigman/1482176/delayed 21,909 +297 1.38%
IBEX 35
/quotes/zigman/2759620/delayed 10,012 +74 0.74%
Stoxx 600
/quotes/zigman/2380150/delayed 359 +5 1.48%
Asia Dow
/quotes/zigman/6959860/realtime 2,712 +8 0.31%
Nikkei 225
/quotes/zigman/5986735/delayed 18,182 +87 0.48%
Hang Seng
/quotes/zigman/2622475/delayed 20,935 -250 1.18%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,765 +311 1.22%
Singapore
/quotes/zigman/1709939/delayed 2,906 +28 0.98%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 0.00 0.04%
Yen
/quotes/zigman/16008150/realtime/sampled 120.31 -0.02 0.01%
Pound
/quotes/zigman/16008140/realtime/sampled 1.53 0.00 0.13%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 0.00 0.43%
DXY Index
/quotes/zigman/1652083/delayed 95.89 -0.09 0.10%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.65 +0.09 0.11%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.18 0.00 0.08%
German 10y
/quotes/zigman/15866409/realtime 0.78 0.00 0.59%
Italy 10yr
/quotes/zigman/15866497/realtime 1.98 -0.01 0.57%
Spain 10yr
/quotes/zigman/15866444/realtime 2.14 0.00 0.19%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.82 +0.00 0.01%
Japan 10yr
/quotes/zigman/15866525/realtime 0.40 +0.00 0.13%
Crude Oil
/quotes/zigman/2331095/delayed 46 0 0.15%
Gold
/quotes/zigman/662444/delayed 1,129 -5 0.43%
Corn
/quotes/zigman/7599553/delayed 367 -1 0.20%
DJIA F
/quotes/zigman/38649152/delayed 16,399 +69 0.42%
S&P F
/quotes/zigman/30356461/delayed 1,954 +7 0.37%
Silver
/quotes/zigman/3134148/delayed 15 +0 0.05%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 89.89 2.66 3.05%
AAPL /quotes/zigman/68270/composite 112.34 4.62 4.29%
GOOG /quotes/zigman/30194416/composite 614.34 16.55 2.77%
BAC /quotes/zigman/190927/composite 15.85 0.32 2.06%
C /quotes/zigman/5065548/composite 51.75 0.81 1.59%
F /quotes/zigman/264304/composite 13.87 0.15 1.09%
T /quotes/zigman/398198/composite 32.82 0.50 1.55%
BP /quotes/zigman/247026/composite 32.20 0.06 0.19%
GE /quotes/zigman/227468/composite 24.57 0.69 2.89%
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Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

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Foreclosure Sales Flood Market

Foreclosures and other distressed properties account for more than a third of all home sales, and data released today suggests that figure may soon grow even bigger.

Lenders in January took back nearly 91,100 distressed properties, which includes foreclosures and short sales, up 29% from the previous month, according to data released this morning by LPS Applied Analytics, which tracks mortgage performance.  In the next few months, experts say those homes will make their way back to the market to join the already high percentage of distressed homes being snatched up by buyers.

That addition of distressed properties will likely lead to further drops in home prices, says Tom Popik, research director at Campbell Surveys, a real estate research firm. Foreclosures and short sales accounted for roughly 35% of total existing home sales in January — up 16% from June, according to the National Association of Realtors. Over that period, the median home price fell 8.5% to $154,700. “Prices are going to continue to go down for a long time,” says Popik

To be sure, distressed properties tend to make up a greater share of overall sales in the winter when investors are the predominant buyers, says Walter Molony, a spokesman for the National Association of Realtors. Families typically purchase a home in the spring and summer before the new school year begins. And because families tend to avoid buying foreclosures, distressed properties make up a smaller market share of home sales during that time, he says.

Still, as banks reclaim more foreclosed properties and put them back on the market, experts say homeowners are likely to feel the impact of a nearby foreclosure on their own property’s value. On average, home property values drop about 1% when they’re within one-eighth of a mile from a residence that’s received a foreclosure filing, according to the Woodstock Institute, which researches foreclosures, and the Georgia Institute of Technology. When the home is sold – whether in an auction or taken back by the lender – homes within a quarter mile lose up to around 4% of their value, which they’ll need between two and five years to recoup, according to a separate study in the Journal of Real Estate Finance and Economics.

For homeowners, more foreclosure sales in their neighborhood can lead to losing home equity at a time when millions already owe more on their home than it’s worth. Less equity will make it harder to borrow against homes for renovations, repairs, or other purposes, says Spencer Cowan, vice president at the Woodstock Institute.

Real estate pros say those who want to sell will likely end up getting less for their property than they expected. That’s because they’ll be competing with foreclosed homes that sell at a roughly 29% discount on average, according to RealtyTrac.com. Of course, these homes may stand out to buyers who prefer to buy a move-in ready home or at least one that doesn’t require extensive repairs like most foreclosures do.

What’s bad news for sellers, of course, is good news for buyers. In particular, experts say the spike in foreclosures means buyers have more leverage to negotiate a price on a non-distressed sale if it’s in a market where a significant number of homes are in foreclosure. They may also be able to purchase a foreclosed home at a relatively low price (though they’ll likely have to pump money into it for repairs).

During the last quarter of 2011, foreclosure sales in Las Vegas accounted for 59% of all home sales – among the highest in the country — according to RealtyTrac.com. Those homes sold for an average discount of 19%. In Sacramento, foreclosures made up 50% of all sales and sold at a 25% discount. But while they may get a deal, buyers shouldn’t count on turning a profit quickly especially if foreclosures continue to rise in the area dragging property prices further down.

Also See:

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Comments (5 of 59)

View all Comments »
    • By WebOsPublisher

      #!/usr/bin/env python
      # Copyright (c) 2008 Patryk Zawadzki
      # Based on an idea and Ruby script by Jakub Steiner
      #
      # Licensed under LGPL v3+ (gnu.org/copyleft/lesser.html)
      from xml.dom.minidom import parse
      import os
      import sys
      INKSCAPE = ‘inkscape’
      SRC = ‘./svg’
      def renderIt(template):
      print ‘Rendering %s…’ % template
      doc = parse(template)
      groups = doc.getElementsByTagName(‘g’)
      layers = [g for g in groups if g.parentNode.tagName == 'svg']
      for l in layers:
      plate = None
      for s in l.getElementsByTagName(‘g’):
      if ‘plate’ in s.getAttribute(‘inkscape:label’):
      plate = s
      break
      if plate:
      # if no plate is found, it could be a drawing aid, skip it
      context = ‘unknown’
      icon_name = ‘unknown’
      for t in plate.getElementsByTagName(‘text’):
      if t.getAttribute(‘inkscape:label’) == ‘context’:
      context = t.childNodes[0].childNodes[0].data.strip()
      elif t.getAttribute(‘inkscape:label’) == ‘icon-name’:
      icon_name = t.childNodes[0].childNodes[0].data.strip()
      sizes = plate.getElementsByTagName(‘rect’)
      for s in sizes:
      rectid = s.getAttribute(‘id’)
      width = s.getAttribute(‘width’)
      height = s.getAttribute(‘height’)
      dirname = u’%sx%s/%s’ % (width, height, context)
      if not os.path.exists(dirname):
      os.makedirs(dirname)
      fname = u’%sx%s/%s/%s.png’ % (width, height, context, icon_name)
      cmd = u’%s -i “%s” -e “%s” “%s”‘ % (INKSCAPE, rectid, fname, template)
      os.system(cmd)
      if __name__ == ‘__main__’:
      args = sys.argv[1:]
      if args:
      for a in args:
      renderIt(a)
      else:
      for root, dirs, files in os.walk(SRC):
      for f in files:
      if os.path.splitext(f)[1] == ‘.svg’:
      renderIt(os.path.join(root, f))

    • Greetings from Ohio! I’m bored at work so I decided to check out your wtseibe on my iphone during lunch break. I love the info you provide here and can’t wait to take a look when I get home. I’m surprised at how quick your blog loaded on my cell phone .. I’m not even using WIFI, just 3G .. Anyhow, excellent site!

    • Very good post, I was really searching for this topic as I wanted this topic to understand completely and it is also very rare in internet that is why it was very difficult to understand.
      Private Equity UK

    • For those people that have excellent credit and a secure job now is the perfect time to buy especially since mortgage rates are at historical lows and home prices have corrected 35 to 40 % over the past 5 years.

    • The sooner the forclosure market clears the better. But that is still several years. Home-ownership rates will not recover anytime soon either. And post-election (when interest rates start to creep back up) foreclosures will still be taking market share from “market based” sales. It’s a marathon, not a sprint.

      http://multifamilyinsight.com

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MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

New York Markets Open in:

Futures: /quotes/zigman/30356461/delayed S&P 500 +0.4% /quotes/zigman/38649152/delayed DOW +0.4% /quotes/zigman/30356458/delayed NASDAQ +0.4%

need to know
Costco same-store sales rise significantly
Europe markets rise | FTSE 100 heads for gain
Eurozone economy grows faster than seen
Glass Lewis opposes B. of A. board proposal
IMF: China slowdown threatens global outlook
Treasury's Lew irked by China's FX move
Rio Tinto sees solid demand for iron ore, steel
Novartis to begin selling Neupogen copy in U.S.
Asian shares rise; China closed for holiday

5 things to watch at today’s ECB meeting

ECB forecasts to come under close scrutiny
French jobless rate holds steady at 10.3%


Why India is worth a look if you’re cooling on China

History’s lessons in surviving market crashes

Bill Gross calls a Fed rate hike ‘too little, too late’
FDIC chief: Rates may catch banks off-guard
Junk-bond stress level climbs to 5-year high

Apple’s biggest challenge: Topping the iPhone 6
Apple set to join content contest
What to expect from the Apple event on Sept. 9

Liberal arts majors may become a thing of the past
They tangled with student debt all summer
College help for low-income families

43% of U.S. homes are at high risk of natural disaster
43% of U.S. homes are at high risk of natural disaster

China stock markets close for World War II anniversary
China tightens controls to fight capital outflows
See the massive military parade in Beijing


Almond milk and other notable Fed nuggets

Fed Beige Book finds rising wage pressures

Why gold now looks more risky than stocks
Why gold now looks more risky than stocks: Reeves
Still too many gold market bulls: Mark Hulbert

GoPro’s stock rocked by supplier’s outlook

Intel hopes its chip retool can revive PC sales

Donald Trump, Hillary Clinton playing game of liar’s poker with the voters
Trump, Clinton play game of liar’s poker: Delamaide
Bush mounts ‘germophobe’ attack on Trump

Salesforce’s new target: rationalizing medical info

Medicare premiums will be going up for many

Growing doubts among Viacom investors lead to 50% stock drop
Growing doubts among Viacom investors
Hulu rolls out ad-free option for $11.99 a month
Digital subscriptions can exceed our cable bills

Guide to managing money from your 20s to your 70s
Guide to managing money from your 20s to your 70s
How estate planning can be stress-free
Take your company pension, or buy an annuity?
Is this all the investing advice you’ll ever need?

Clinton's $10 billion anti-drug-addiction plan

10 cities in U.S. with the very worst traffic problems
Lowest Labor Day gas prices in 11 years: AAA
/conga/frontpage.html 354018

Markets »

133.48MDow Volume:
Avg Vol: 113.01M
Unchanged
201
Decliners
1922
Advancers
4480
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,351 +293 1.82%
Nasdaq
/quotes/zigman/12633936/realtime 4,750 +114 2.46%
S&P 500
/quotes/zigman/3870025/realtime 1,949 +35 1.83%
GlobalDow
/quotes/zigman/629063/realtime 2,321 +8 0.35%
Gold
/quotes/zigman/662444/delayed 1,128 -5 0.46%
Oil
/quotes/zigman/2331095/delayed 46.14 -0.11 0.24%
FTSE 100
/quotes/zigman/3173262/delayed 6,176 +92 1.52%
DAX
/quotes/zigman/2380246/delayed 10,213 +165 1.64%
CAC 40
/quotes/zigman/3173214/delayed 4,618 +63 1.38%
FTSE MIB
/quotes/zigman/1482176/delayed 21,909 +297 1.37%
IBEX 35
/quotes/zigman/2759620/delayed 10,012 +74 0.74%
Stoxx 600
/quotes/zigman/2380150/delayed 359 +5 1.47%
Asia Dow
/quotes/zigman/6959860/realtime 2,712 +8 0.31%
Nikkei 225
/quotes/zigman/5986735/delayed 18,182 +87 0.48%
Hang Seng
/quotes/zigman/2622475/delayed 20,935 -250 1.18%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,765 +311 1.22%
Singapore
/quotes/zigman/1709939/delayed 2,906 +28 0.98%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 0.00 0.04%
Yen
/quotes/zigman/16008150/realtime/sampled 120.31 -0.02 0.01%
Pound
/quotes/zigman/16008140/realtime/sampled 1.53 0.00 0.14%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 0.00 0.44%
DXY Index
/quotes/zigman/1652083/delayed 95.90 -0.09 0.09%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.64 +0.09 0.10%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.18 0.00 0.04%
German 10y
/quotes/zigman/15866409/realtime 0.78 0.00 0.59%
Italy 10yr
/quotes/zigman/15866497/realtime 1.98 -0.01 0.57%
Spain 10yr
/quotes/zigman/15866444/realtime 2.14 0.00 0.19%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.82 +0.00 0.07%
Japan 10yr
/quotes/zigman/15866525/realtime 0.40 +0.00 0.13%
Crude Oil
/quotes/zigman/2331095/delayed 46 0 0.24%
Gold
/quotes/zigman/662444/delayed 1,128 -5 0.46%
Corn
/quotes/zigman/7599553/delayed 367 -1 0.20%
DJIA F
/quotes/zigman/38649152/delayed 16,395 +65 0.40%
S&P F
/quotes/zigman/30356461/delayed 1,954 +7 0.35%
Silver
/quotes/zigman/3134148/delayed 15 0 0.01%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 89.89 2.66 3.05%
AAPL /quotes/zigman/68270/composite 112.34 4.62 4.29%
GOOG /quotes/zigman/30194416/composite 614.34 16.55 2.77%
BAC /quotes/zigman/190927/composite 15.85 0.32 2.06%
C /quotes/zigman/5065548/composite 51.75 0.81 1.59%
F /quotes/zigman/264304/composite 13.87 0.15 1.09%
T /quotes/zigman/398198/composite 32.82 0.50 1.55%
BP /quotes/zigman/247026/composite 32.20 0.06 0.19%
GE /quotes/zigman/227468/composite 24.57 0.69 2.89%
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Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

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