The Real Economic Picture: Think The Stock Market Is Getting Ready To Crash Again? Here’s What is Really Going On
What are people doing with their 401k’s when they lose their job, what does the foreclosure and unemployment pictures tell us about next year, and did congress extend the first time home buyers credit?
A recent survey by consulting firm Hewitt Associates shows that, layoff or no, nearly half of people with 401(k)s who leave their job take the money and run. Finance.Yahoo.com
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Forty-six percent of those leaving a job in 2008 tapped into their 401(k), maintaining an “alarmingly high” rate of people cashing in since 2005. Sixty-percent of those cashing in were in their 20s, and 33% were in their 50s. However, those with more money saved tended to appreciate the importance of its purpose, with only 8% of those with balances of $100,000 or more dipping into the pot, and 85% of those with balances of $1,000 or less running with the money. Financial-Planning.com
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The average U.S. home price nearly doubled between January 2000 and April 2006, according to the First American Loan Performance index. Since then, the average has fallen about 30%. The drop has been 53% in the Las Vegas metropolitan area and 39% in Miami, where about a quarter of all households with mortgages are behind on their payments or in foreclosure. But more than 6.7 million U.S. households with mortgages, or about 13%, are behind on their payments or are in the foreclosure process, according to the Mortgage Bankers Association. Finance.Yahoo.com
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Zandi anticipates there will be about 2.4 million homes lost next year through foreclosure, short sales and deeds in lieu of foreclosure. That compares with 2 million homes lost in 2009. Finance.Yahoo.com
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Bankruptcy has become a largely middle-class phenomenon led by filers who are college-educated and owners of homes. According to a new study more than 100,000 middle-class families filed for personal bankruptcy every month in 2007. Those who filed in 2007 were in worse financial shape than those who had filed in 2001. Furthermore, the proportion of bankruptcy filers who have been to college, whether they dropped out or graduated, increased from 46.5% in 1991 to 58.9% in 2007. USAToday.com
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Congress earlier this month did extend that tax credit, for up to $8,000, until April. Finance.Yahoo.com
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