 Personal Finance Daily FEBRUARY 16, 2012 Thursday's Personal Finance StoriesBy MarketWatch
Meanwhile, the number of Americans who applied for unemployment benefits dropped last week to the lowest level in almost four years. Still, halfway marks and four-year lows don't get us back to a healthy economy. As RealtyTrac reports, the housing market is a real mess in some places (to wit: my home state of California, home to nine of the top 10 metro areas with the highest foreclosure rates). Then there's the job market, which still has a very long way to go. Rex Nutting, in his commentary , devises a new labor-market measure he calls "person-years of unemployment," which he says is "the time that's wasted due to the lack of jobs, above and beyond the usual levels of unemployment. It's time that we'll never get back; it's labor that will never be used." So far, since this economic crisis started, "we've endured about 24 million person-years of unemployment," Nutting writes. "We have approximately 26 million to go." That makes the glass look less like it's half-full, and more like there's not a drop to drink. — Andrea Coombes , Personal Finance editor REAL ESTATE Mortgage delinquencies, foreclosures fall The percentage of mortgages at least one payment past due fell in the fourth quarter of 2011 and fewer loans entered the foreclosure process, reflecting improvement seen in the economy, the Mortgage Bankers Association reports. Mortgage delinquencies, foreclosures fall. Foreclosure activity up 3% in January Foreclosure activity rose 3% in January, compared with December, and there are signs that the foreclosure process is beginning to get back to normal after its slowdown, the chief executive of RealtyTrac says. Foreclosure activity up 3% in January. 30-year mortgage holds at record low The average interest rate on the 30-year fixed-rate mortgage isn't budging from its record lows, holding at 3.87% for the third week in a row, according to Freddie Mac's weekly survey of conforming mortgage rates. 30-year mortgage holds at record low. January housing starts rise 1.5% New construction of U.S. houses rose in January, according to government data that analysts say was boosted by unseasonably warm weather. January housing starts rise 1.5%. CHARITABLE GIVING Business owners tap skills to run nonprofits Charitable giving is on the rise, thanks in part to business owners who harness experience running a for-profit company to launch projects aimed at the greater good. Business owners tap skills to run nonprofits. CREDIT & DEBT CFPB to police credit bureaus, debt collectors Debt collectors and credit-reporting agencies would face federal supervision for the first time under a rule a new U.S. federal watchdog proposes. CFPB to police credit bureaus, debt collectors. CAREERS No jobs? Just learn to code In Silicon Valley, many people are realizing that future employment may rely on knowing how to code, writes Ruti Polachek. No jobs? Just learn to code. Our prolonged employment gap The economy is underachieving now and will be for many years. Rex Nutting figures that the Great Recession will cost 50 million person-years of unemployment. Our prolonged employment gap. INVESTING 5 money moves a small-cap stock pro is making now Small-cap U.S. stocks are charging ahead in 2012 as investors emerge from the shelter of the most solid and safest companies and shoulder more risk. For stock analyst Satya Pradhuman, small-caps' outperforming large-caps so far this year is something of a vindication. 5 money moves a small-cap stock pro is making now. Readers say the darndest things There are a lot of questions about the market and economy these days. Here are Chuck Jaffe's answers about the Fed, Greece and other investor concerns. Readers say the darndest things. The low number of new highs Many worry about the overall market's health when more of the heavy lifting is being done by just a relatively few stocks like Apple Inc. (AAPL) Mark Hulbert investigates. The low number of new highs. ECONOMY & POLITICS Deal on payroll tax includes pension contributions House and Senate negotiators strike a deal to extend a payroll-tax break, provide extra jobless benefits and not cut payments to doctors serving Medicare patients, with some other provisions attached. Deal on payroll tax includes pension contributions. Jobless claims fall to nearly four-year low The number of Americans who applied for unemployment benefits dropped last week to the lowest level in almost four years, further evidence of an improving U.S. labor market. The Labor Department says jobless claims fell by 13,000 to a seasonally adjusted 348,000 in the week ended Feb. 11. Jobless claims fall to nearly four-year low. U.S. wholesale prices rise slightly in January U.S. wholesale prices rose slightly in January, spurred by higher costs of pharmaceutical drugs, but the cost of fuel and food fell. U.S. wholesale prices rise slightly in January. Philly Fed index hits four-month high in February A closely followed index of manufacturing activity in the Philadelphia area reaches a four-month high in February in further evidence of continued strength in the manufacturing sector. Philly Fed index hits four-month high in February. Bernanke defends low rates to community bankers Federal Reserve Chairman Ben Bernanke told community bankers that he recognizes that the central bank's low interest rates hurts their profitability, but he added that the policy is necessary to drive the economic recovery. Bernanke defends low rates to community bankers. Greece will take years to repair: U.S. official Greece faces a daunting task in making lasting reforms intended to restore its economic growth and sustainability, according to the Treasury undersecretary for international affairs. Greece will take years to repair: U.S. official. Tensions rise as Greek bailout drama continues The fate of a second Greek bailout remains unclear against a backdrop of rising tensions between Athens and its European partners. Tensions rise as Greek bailout drama continues. French vote may correct balance in euro debate The election of Socialist Francois Hollande in France could upset the euro zone's apple cart, but that might not be a bad thing, writes Darrell Delamaide. French vote may correct balance in euro debate. Angela Merkel and the politics of doom Will Germany's relentless push for austerity as the solution to the euro zone's debt crisis lead to the re-emergence of populist nationalist extremism? Angela Merkel and the politics of doom. Get the latest news on our mobile site: http://www.marketwatch.com/m  MarketWatch has sent you this newsletter because you signed up to receive it. To ensure you receive this newsletter in the future, please add marketwatchmail.com to your list of approved senders. Sent to: kumaresan.selva.blogger@gmail.com Unsubscribe | Subscribe Copyright 2012 MarketWatch, Inc. All rights reserved. MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc. 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Thursday, February 16, 2012
Personal Finance Daily: Housing and jobs on the mend ... or are they?
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