Interesting Personal Debt News Links (March 08, 2009)
March 8, 2009
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* Clusters of trouble (Crain’s Cleveland Business)
Fresh off being tagged as Foreclosureville by The New York Times , our region makes an appearance in a USA Today piece noting that more than half of the nation’s foreclosures last year took place in 35 counties.
* Money Trouble, Debt Become McCafferty Trial Focus (WCPO)
Credit card debt and other family money trouble could be the focus when the Cheryl McCafferty murder trial resumes in Newport Friday morning.
* The ailing economy: How sick can it get?
The recession is already in its 15th month, making it longer than all but two downturns since World War II. For now, everything seems to be getting worse: The Dow is in free fall, jobs are vanishing every day, and one in eight American homeowners is in foreclosure or behind on payments.
* Economists watch for turning point
The recession is already in its 15th month, making it longer than all but two downturns since World War II. For now, everything seems to be getting worse: The Dow is in free fall, jobs are vanishing every day, and one in eight American homeowners is in foreclosure or behind on payments.
* Foreclosure hits Lesslie man hard (The Herald)
LESSLIE — Bill Wright answered his door a few days ago. He found reality wearing a business suit wanting the mortgage money.
Another great article by Harry Gross of the Philadelphia Inquirer.
Dear Harry: I know how you hate those ARMs (adjustable-rate mortgages), but I went for one five years ago, because I didn’t think my job assignment in New Jersey would last this long. It now appears that I will have at most another three years here and then be transferred back to St. Louis. Here’s the problem: Our ARM had a fixed rate of 5 percent for the first five years. Now it is about to ad…
San Francisco Chronicle: Mortgage rates fall again
February 23, 2009
Here is today’s article from San Francisco Chronicle.
The average rate on a 30-year fixed mortgage dropped to 5.04 percent last week from 5.16 percent the previous week. A year ago, the 30-year, fixed-rate mortgage averaged 6.04 percent.
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