The housing sector turmoil scared a lot of people away from buying homes. Now, many people who can afford to buy are renting, sending rental prices soaring. In places such as New York City, they're near record highs.
The housing market is still operating at very depressed levels, despite low interest rates and lots of pent-up demand. But many buyers seeking a mortgage find that the hoops are being held very high. It's tough to jump through them all. From the credit score review to the appraisal process, each step is an ordeal for the potential buyer.
Before the financial crisis, five school districts in Wisconsin borrowed $200 million and invested in some very complicated financial instruments tied to real estate. They quickly became worthless. The school districts sued, claiming they were misled about the risk they were taking.
Shopping apps and retail websites give consumers the power to compare prices, read reviews and shop on the go. Stephanie Clifford, business reporter at The New York Times and market researcher Paco Underhill discuss how many brick-and-mortar stores are altering pricing strategies.
Automakers report having their best month in about four years, as buyers went in search of smaller vehicles. At the current pace, sales may be back to where they were in 2007 — before the most recent recession.
The city of Detroit is rapidly running out of cash. Michigan's governor wants the state to either help run the city's finances or impose an emergency manager with total authority over budgetary matters. A final decision will be made this week.
New Hampshire has eliminated funding for representation of indigent parents charged with abuse or neglect of their child — leaving many such parents to navigate the legal system on their own. Child advocates fear that ongoing budget pressures will push other states to follow suit.
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