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| Lies a new tool in foreclosure
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| Foreclosure lawyers want to take back property as fast as possible, and sometimes they do not let the facts slow them down. In case after case, lawyers representing banks are giving false statements in court about who owns mortgages, or whether the homeowner is willing to negotiate, or whether they have completed all the legal steps to put a foreclosed house back on the market.
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| @ Sarasota Herald Tribune
| Posted: 05/11/09 at 0201 EDST
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| Real Estate Market showing strong signs of life
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| The increase in sales is partially due to the following four factors. First, the prices are low enough for investors to justify. Secondly, against popular belief, banks have money to lend to people who can qualify. Thirdly, consumer confidence has risen in the housing market and lastly, sellers have finally realized that homes are only worth what a buyer is willing to pay.
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| @ Bradenton Herald
| Posted: 05/11/09 at 0315 EDST
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| Lee, Collier County banks foresee better times
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| Many hold foreclosures, rather than selling cheap
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| @ Ft. Myers News Press | Posted: 05/11/09 at 0320 EDST
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| The Palm Beach County Pocketbook Pain Index pulled back a bit in the fourth quarter.
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| In a nod to the Misery Index (which sums up national unemployment and inflation), the local index combines three economic indicators: unemployment in Palm Beach County (which stood at 7.8 percent in December); inflation in South Florida (which fell to 0.46 percent in December); and the rate of seriously delinquent mortgages in Florida (which hit 13.32 percent in the fourth quarter). For the fourth quarter of 2008, the index stood at 21.58, down from the third-quarter reading of 22.23.
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| @ Palm Beach Post | Posted: 05/11/09 at 0330 EDST
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| Chicago-area home sales fall 26.4% in first quarter
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| Chicago-area home sales fell more than 26% in the first quarter compared with the same period last year, a bigger year-over-year drop than in the fourth quarter.
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| @ Crain's Chicago Real Estate Daily | Posted: 05/11/09 at 0345 EDST
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| Illinois Civic Federation: Quinn should reduce tax plan, cut budget more
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Gov. Pat Quinn probably needs to raise state income taxes to balance the state budget, but not as much as he has proposed, the Civic Federation concludes in an analysis of Quinn’s budget proposal due to be released today. The federation, whose members include business and professional leaders from the Chicago area, also said it opposes a proposed $26 billion capital budget and a temporary sales-tax holiday on clothing and supplies for school.
Editor's Comment: The Governor is going to ask for a 50% increase is the State income tax
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| @ Springfield Journal Register
| Posted: 05/11/09 at 0400 EDST
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| The US Misery Index
Misery Index (8.12) = Unemployment rate (8.5) + Inflation rate (-0.38)
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| High: 21.98% June 1980 Low: 2.97% July 1953 The misery index was initiated by economist Arthur Okun, an adviser to President Lyndon Johnson in the 1960's. It is simply the unemployment rate added to the inflation rate. It is assumed that both a higher rate of unemployment and a worsening of inflation both create economic and social costs for a country. A combination of rising inflation and more people out of work implies a deterioration in economic performance and a rise in the misery index.
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| @ US Misery index
| Posted: 05/11/09 at 0415 EDST
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| Our Freewheeling Era
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| Massachusetts gives cars to welfare recipients. Can we at least make them drive Chryslers?
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| @ Wall Street Journal
| Posted: 05/11/09 at 0419 EDST
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| The sick banking system of Europe
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| The financial crisis provides a chance to fix Germany’s state banks. PERSONAL greed is often the explanation given for the disastrous forays of the world’s banks into America’s subprime mortgages. In Germany, however, many of the worst decisions were made not by the bonus-driven crowd in Frankfurt but by ostensibly well-intentioned public servants in the country’s public banks, or Landesbanken.
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| @ The Economist | Posted: 05/11/09 at 0646 EDST
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| UK bank deposits brighten economic outlook
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| The amount of cash UK households and companies hold in bank accounts piled up at its fastest rate since 2007 in the first quarter. Deposits by individuals and businesses excluding transactions within and between banks rose at an annualised rate of 5.4 per cent in the first three months of this year, compared with a low of 2.2 per cent in the third quarter of 2008, Bank of England figures show. This acceleration in M4, or “broad money”, is an important signal for the economic outlook, as a rise in the amount of cash sitting in bank accounts is likely to encourage spending.
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| @ Financial Times - UK | Posted: 05/11/09 at 0652 EDST
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| Economic status in European Union
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How is the economic crisis affecting the European Union? This map shows the figures for all the member states by year and quarter and lets you compare budget deficit, unemployment rate, national debt and economic contraction.
Editor's Comment: This is a good read.
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| @ Der Spiegel | Posted: 05/11/09 at 0655 EDST
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