The Vegas Way Out
Las Vegas homeowners are more likely than those elsewhere to walk away from their mortgages even though they can afford them, according to a study by two Chicago-area universities. The reason: Las Vegas — where 81 percent of homes are worth less than their mortgages based on the latest figures — leads the nation in the rate of foreclosures. And the decision to default on a mortgage can be contagious. The more it occurs, the more acceptable it becomes.
Wednesday, August 12, 2009
The Vegas Way Out
Vancouver Tanks First For Net Worth
Vancouver has stolen Calgary's crown as the city with the highest net worth. In a soon-to-be-published database that looks at how Canadians handled their wealth during the rapid change of fortunes that marred 2008, Environics Analytics exposes profound changes in the way people approach their wealth. Canadians have seen their nest eggs shrivel, beefed up their savings, scaled back their borrowing, and embraced caution, an abrupt change in attitude that will likely persist, says Catherine Pearson, vice-president of Environics Analytics in Toronto. Generally, the research, which crunches and dissects numbers from 80 different sources and goes into deep local detail, found that the richer Canadians were, the harder they fell.
Friday, August 7, 2009
US Food Stamp List Tops 34 million For First Time
For the first time, more than 34 million Americans received food stamps, which help poor people buy groceries, government figures said on Thursday, a sign of the longest and one of the deepest recessions since the Great Depression Enrollment surged by 2 percent to reach a record 34.4 million people, or one in nine Americans, in May, the latest month for which figures are available.