Man Buys 650 Foreclosures: How Much Did He Pay?
iStockphoto/Thinkstock(MACOMB COUNTY, Mich.) — Until a year ago, Bill McMachen, 71, had never bought or sold a foreclosed home. Then in 2011 he bought one for $12,000 and flipped it a week later for $18,000. “That went pretty good,” he say…
Nearly 700 Miles: World’s Longest Yard Sale Kicks Off
Handout/Fentress County Chamber of Commerce(NEW YORK) — Are you ready for some bargain knick knacks? How about so many that you’ll not in a lifetime get to see them all?What’s being billed as “The World’s Longest Yard Sale” kicked off on Thursday, giv…
Stocks Finish Day Lower, European Central Bank Disappoints
iStockphoto/Thinkstock(NEW YORK) — New worries about the shaky financial situation in Europe forced U.S. markets down Thursday. Investors may have been disappointed with the European Central Bank’s (ECB) obscurity in addressing the region’s debt…
New Romney Ad Hammers Obama Over Handling of Economy in Florida
Saul Loeb/AFP/J.D. Pooley/GettyImages(NEW YORK) — The Romney campaign is out with a new ad targeting Obama’s handling of the economy and its impact in Florida ahead of his trip to the state today.The ad, titled “Focus,” hammers Obama…
Retailers Report Stronger-Than-Expected Sales in July
Brand X Pictures/Thinkstock(NEW YORK) — There are signs that the back-to-school shopping season is off to a good start.Retailers are reporting strong gains last month and a report from research firm Thomson Reuters finds three quarters of them say sal…
Facebook Stock Dips Below $20
Justin Sullivan/Getty Images(NEW YORK) — Facebook shares hit a new low Thursday, dipping under $20 for a short time.The company’s latest stock woes come on a day when bad news piled up for the social network.Top Facebook executives Katie Mitic a…
San Bernardino, Calif., Files for Bankruptcy
Jupiterimages/Thinkstock(SAN BERNARDINO, Calif.) — San Bernardino today became the third California city since June to file for bankruptcy, citing a $46 million budget shortfall and $1 billion in debt.Under Chapter 9 bankruptcy, Mayor Patrick J. Morri…
Stocks Close Lower as Fed Delays Action on Economy
iStockphoto/Thinkstock(NEW YORK) — The Federal Reserve’s decision not to take immediate action to stimulate the economy helped drive stocks lower Wednesday.The Dow closed at 12,976, a loss of 33 points. The Nasdaq lost 19 points, falling to 2,920, whi…
Consumer Confidence Climbs Higher
Ingram Publishing/Thinkstock(WASHINGTON) — After four months of declines, consumers showed in July that they are more hopeful about the economy, according to the Conference Board. The Board’s latest reading, released Tuesday, is the highest since Apri…
US Consumers Refrain from Further Spending
Brand X Pictures/Thinkstock(NEW YORK) — Because of limited job growth in America, consumers have cut back in spending reports Bloomberg.In the second quarter, state and local governments have also slashed budgets. With looming U.S. tax changes and the…
White House Projects $1.2 Trillion Deficit This Year
Comstock/Thinkstock(WASHINGTON) — The Obama administration has lowered its projection of the size of this year’s budget deficit by $116 billion, the Office of Management and Budget announced in its Mid-Session Review to Congress. “Thi…
US Economy Expanded at Weak 1.5% Pace in Second Quarter
Comstock Images/Thinkstock(WASHINGTON) — The struggling economy grew at a 1.5 percent pace in the second quarter, the government reported on Friday, confirming a slowdown that has confounded politicians and forced companies to curtail hiring and inves…
As ‘Fiscal Cliff’ Looms, Obama to Sign Bill Detailing Budget Cuts
Ingram Publishing/Thinkstock(WASHINGTON) — Layoff notices could begin going out this fall, warning many of those who work for and with the federal government that they’ll lose their jobs if previously agreed upon spending cuts take effect.Unless a dea…
Economy Drives Birthrate Down to Lowest Level in 25 Years
Jupiterimages/Thinkstock(NEW YORK) — Seeing fewer babies these days? That’s because young couples don’t think they can afford another hungry mouth to feed.Demographic Intelligence says that America’s birthrate is at its lowest point since 1987 d…
Food Prices Could Rise 5 Percent in Next 9 Months
Jupiterimages/Pixland/Thinkstock(WASHINGTON) — The cost of filling grocery carts in America is going up. The U.S. Department of Agriculture announced Wednesday that it is projecting as much as a five percent price hike for some food items over the nex…
Food Prices Could Rise 5 Percent in Next 9 Months
Jupiterimages/Pixland/Thinkstock(WASHINGTON) — The cost of filling grocery carts in America is going up. The U.S. Department of Agriculture announced Wednesday that it is projecting as much as a five percent price hike for some food items over the nex…
Federal Reserve Closer to Providing More Stimulus?
Chip Somodevilla/Getty Images(NEW YORK) — The Federal Reserve may be getting ready to pounce. Published reports say top officials are moving closer to taking new steps to boost economic growth. This may include expanding the Fed’s holdings…
Is a New Recession Ahead?
Comstock Images/Thinkstock(NEW YORK) — New cracks may be appearing in the economy’s fragile recovery. The number to watch this week will be Friday’s first estimate of GDP growth for the second quarter. It may drop to under 1.5 percen…
Heineken Offers to Buy Asian Brewer for $6 Billion
Hemera/Thinkstock(NEW YORK) — Heineken, the world’s third biggest brewer, bid $6 billion for complete control of Asia Pacific Breweries Ltd., according to Bloomberg.Although Heineken owns 42 percent of APB, they would like to buy out Fraser and …
US Postal Service Expected to Default on Billions in Health Payments
Joe Raedle/Getty Images(WASHINGTON) — The ailing U.S. Postal Service is expected to default on two annual payments totaling more than $11 billion in health benefits for future retirees.The USPS said this week that unless congress steps in, the Postal …