Can't pay the mortgage? You still might be able to stay in your home. Mortgage giant Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes.
Dear Fixer: I attended National-Louis University's Michigan Avenue campus from the summer of 2000 through the fall of 2001 and completed all my classes.
Get ready to pay more to ship certain packages through the post office next year. The U.S. Postal Service is boosting overall prices for priority mail by 3.3 percent beginning Jan. 4, the agency said Wednesday.
The Federal Reserve's efforts to lower mortgage rates are paying off. Rates on fixed 30-year loans averaged 5.03 percent, Freddie Mac reported last week, down from 6.46 percent last year. On a $200,000 mortgage, that reduces the monthly payment by about $182 to $1,077.
Two-thirds of independent landlords will reduce rents to help tenants remain in their homes. And one-third of these landlords say they have lowered rents over the past 18 months, according to a new survey.
Automatic enrollment in 401(k) plans, which is on the rise, appears to significantly boost participation in the plans, but the process may leave some workers with too little in savings when they retire.
Wednesday, November 4, 2009
How moms make ends meet
Moms are cutting back on household spending, making more home-cooked meals, sacrificing quality for everyday value for themselves and making special shopping trips to save money, according to a survey on how the recession is changing family habits. While mom is buying herself lower-quality clothes -- if she's buying any at all -- and cutting back on the quality of cosmetics and health products she buys for herself, she's not scrimping on the quality of food or clothing for her kids, the survey showed.
Fewer employers are contributing to their workers' consumer-driven health-care plans, according to a new report from the Employee Benefit Research Institute.
Credit unions offer much lower annual percentage rates, less punitive penalty rates and engaged in far fewer unfair or deceptive practices than their banking peers, according to a report from the Pew Charitable Trusts. In July 2009, purchase annual percentage rates ranged from 12.24 percent to 17.99 percent at bank issuers, compared with 9.9 percent to 13.75 percent at credit union issuers. Cash advance APRs also were substantially less, and penalty APRs were 28.99 percent at bank issuers, compared with 17.9 percent at credit union issuers.
It was a weird day in the book price wars. The cost of John Grisham's Ford County, released Tuesday, moved up and down like stock market shares as rivals Amazon.com and Walmart .com extended, then rescinded, their high discounts for top-selling pre-orders.
Tuesday, November 3, 2009
Half of all kids on food stamps at some point
If she didn't get food stamps, Angie Minix and her two boys would have had to survive on the peanut butter-and-jelly diet. The Sauk Village mom isn't alone. In fact, nearly half of all U.S. children and 90 percent of black youngsters will be on food stamps at some point during childhood, and fallout from the current recession could push those numbers even higher, researchers say.
Help with heating bills available for poor
Peoples Gas and North Shore Gas customers in need of help with their heating bills can apply now for the Low Income Home Energy Assistance Program. Customers may be eligible if their income is 150 percent of the federal poverty guidelines. For a family of four, that is a 30-day income level of $2,756. For a single individual, that is $1,354.
Do you have lots of presents to buy this holiday season? If you do and you've created a holiday shopping budget, we'd like to hear from you. E-mail us with your daytime telephone number at fknowles@suntimes.com.
Monday, November 2, 2009
Battered investors tired of hearing recession over Terry Savage: The American public is starting to get more than mildly annoyed at those who tell them the economy is bouncing back. For every economist or politician who tells you the recession is over, there are a dozen people who think we're in the midst of a depression. For every administration official who points to the success of the stimulus plan in creating jobs, there are many thousands of ordinary citizens in line at the unemployment office.
The American public is starting to get more than mildly annoyed at those who tell them the economy is bouncing back.
Get an early line on holiday deals
Web sites that compile deals, discounts and door-buster sales from major retailers are launching services to help shoppers find bargains. DealNews.com has launched its "Black Friday Guide" at dealnews.com/ black-friday.html, detailing rumored and published deals that retailers are expected to offer the day after Thanksgiving.
Starting salaries are expected to remain pretty much flat in accounting and finance, information technology and administrative fields, according to Robert Half International's 2010 salary guides.
Dear Fixer: I purchased two tickets to a White Sox game through Onlineseats.com on Sept. 9. I have used this broker close to 50 times over the past three years and have had good experiences. As the name implies, I ordered my seats via their Web site. Any time an order is placed, this particular broker gives a discount code for either 10 percent or $35 off the next order.
Heartburn relief at a lower cost
People with heartburn are paying too much green for the little purple pill, Nexium. That's according to research from Consumer Reports on Health that finds relief can be had for less than what the popular heartburn pill costs.
Goblins, ghosts and ghouls have nothing on fears of foreclosure, financial ruin and frighteningly high unexpected bills, a credit-counseling agency says.
Looking for a new job? Don't take a holiday from your job search. During the Thanksgiving, Christmas and New Year's holiday season, many job seekers take a vacation from the job search -- bad move. Employers hire and interview throughout the year.
Home prices in the Chicago metropolitan area rose 1.7 percent in August from June, and while over the year prices dropped 12.7 percent, that was an improvement over July's 14.2 percent annual decline, the latest Standard & Poor's Case Shiller report showed.
Tuesday, October 27, 2009
Blame the dollar: Gasoline jumps 26 cents in a month
There is more pain at the pump. The average price of unleaded regular gasoline in Chicago spiked 26 cents a gallon from a month ago to $2.85 and jumped 17 cents from a week ago, according to AAA. Prices are advancing toward the year-ago level of $3.05 a gallon.
Whose property taxes went up most in Chicago?
Four out of five Chicago homeowners will see their property taxes go up when they get their bills later this week, Cook County Assessor Jim Houlihan said Monday. In the West Garfield Park neighborhood, the median tax bill will jump 46.4 percent, the highest spike in the city, according to the numbers compiled by Houlihan's office. "I think it's outrageous. It doesn't seem fair," said Latonya Nelson, 39, who rehabbed a 100-year-old graystone opposite the park with her husband.
The Rockford metropolitan area had one of the highest year-over-year increases in foreclosure activity in the third quarter with the number of properties receiving notices spiking 64 percent.
Holiday shoppers looking to give gift cards of pre-loaded American Express, Mastercard or Visa credit cards should realize they are paying $4 to $7 to buy the card, plus the amount of the card itself, the Consumer Federation of America warned Monday.
Checking accounts with high-cost overdraft fees hurt older people disproportionately, according to a report by the Woodstock Institute, a Chicago advocacy group.
Is there any way out of America's financial woes? If you stand back and take an honest look at the growing debt and the promises we've made, the situation seems hopeless. Not only have we promised baby boomers their Social Security and Medicare benefits, we're now close to adding health care for all, and money to buy a new car.
Don't let the price of Halloween costumes scare you. Retailers such as Kmart, Walgreens and Target are advertising adult costumes starting from $17.99, while shopping their Web sites can yield a 50 percent savings and free shipping. Browse comparison-shopping sites, too, such as PriceGrabber.com and NexTag.com to satisfy your ghoulish desire for bargains.
The Securities and Exchange Commission on Thursday launched its first investor-education Web site, investor.gov, offering tips on investing wisely, planning for the future and avoiding getting scammed.
Thursday, October 22, 2009
How to get into the global market Terry Savage: International investing always was seen as a way to "diversify" risk in an investment portfolio -- on the theory that if the stock market fell in the United States, markets in other counties would take up the slack. In hindsight, that theory seems not only wrong, but impossibly naive.
Since stock markets around the world all "crashed" at the same time, what's the point of international investing?
Still time to close the deal for $8,000 tax credit
It's crunch time for those looking to take advantage of the $8,000 tax credit for first-time home buyers. Although efforts are under way in Congress to extend the credit, viewed by many as a dose of good medicine for the still sickly housing market, for now the door is set to slam shut on the program at the end of next month. Those looking to take advantage of the credit must close on their homes by Nov. 30, and that means quick action to take part.
To be considered a first-time home buyer, an individual and spouse must not have jointly or separately owned another principal residence during the three years prior to the home purchase.
There's still enough time to complete a conventional home purchase, or even the purchase of a bank-owned property, says Diann Patton, consumer spokeswoman for Coldwell Banker Real Estate.
Wednesday, October 21, 2009
Survey: Home-price floor not reached
Home prices will continue to drop in the first half of next year, with the Chicago median price forecast to 4.1 percent, and Cook County's median to fall 2.8 percent, according to a survey released Tuesday.
With the economy struggling, parents and students dared to hope this year might offer a break from rising college costs. Instead, they got another sharp increase.
The recession and tightening of credit have pushed more people to seek high-cost payday loans, according to data compiled by a loan company. Payday loans -- typically loans repayable on the borrower's next payday -- are taking the place of credit cards even for middle-class families who need to get through tight spots or times of lowered income, according to Instant Loan, a Phoenix-based online loan provider.
It was only five years ago that people were regaling me with their plans for "early retirement" at age 62, or 60, or even in their 50s! After all, back then, their 401(k) portfolio was soaring, and so was the market value of the family home.
It was only five years ago that people were regaling me with their plans for "early retirement" at age 62, or 60, or even in their 50s! After all, back then, their 401(k) portfolio was soaring, and so was the market value of the family home.
Dear Fixer: My wife surprised me by getting us the Bank of America/Major League Baseball credit cards. After accumulating many points, I went online to redeem 7,800 points for some Red Sox merchandise on Feb. 27.
Consumer prices in the Chicago metropolitan area fell 1.9 percent over the 12-month period ended in September as the costs of transportation and housing dropped, a Labor Department report released Thursday showed.
Dear Fixer: In October 2007, I began receiving services from Comcast and was issued a digital converter, a DVR and an analog converter. The following month, I had a problem with the DVR and a repairman came to my house.
There will be no cost-of-living increase for more than 50 million Social Security recipients next year because of falling consumer prices, marking the first year without a raise since automatic adjustments were adopted in 1975.
Oil prices on Wednesday rose above $75 a barrel exactly one year after it last reached that mark, because of a weak dollar and the belief that the upcoming holiday shopping season will bring more traffic to the roads. Oil prices have wavered mostly between $50 and $70 a barrel since May. On Wednesday, benchmark crude for November delivery added $1.03 to settle at $75.18 on the New York Mercantile Exchange.
No Social Security cost of living increase next year
WASHINGTON--There will be no cost of living increase for more than 50 million Social Security recipients next year, the first year without a raise since automatic adjustments were adopted in 1975, the government announced Thursday.
Mayor Daley on Tuesday ruled out a property tax increase to close a $520 million budget gap amid word that he would hold the line on all major taxes by raiding reserve funds generated by city asset sales.
If you're a senior fortunate enough not to need to withdraw money from your IRA, you get a special break this year. For this year only, those required withdrawals have been suspended. And even if you've already taken money out, you can return it to your IRA without penalty if you choose.
