Blogs

What comes as a surprise to only economists and politicians, more Americans unexpectedly filed applications for unemployment insurance last week, signaling more people are being laid off as the economy slows. 

Economists forecast claims would fall to 465,000, according to the median of 42 projections in a Bloomberg News survey. Estimates ranged from 450,000 to 480,000. The government revised the prior week’s claims figure up to 482,000 from a previously reported 479,000. 

Home prices rose in 100 U.S. cities in the second quarter as a buyer tax credit boosted demand and distressed properties made up a smaller portion of sales.

The median price of a single-family home sold in Akron, Ohio, climbed 36 percent from a year earlier to $119,700, the biggest rise of 155 cities measured, the National Association of Realtors said in a report today. Prices in San Jose, California, gained 26 percent to $630,000 and San Francisco added 25 percent to $591,200. The median U.S. price rose 1.5 percent to $176,900.

Mortgage rates have hit an all-time low, but investors and consumers are not hearing a screaming buy signal. The average rate on a 30-year fixed-rate mortgage dropped to 4.69 percent this week from 4.75 percent last week, Freddie Mac reported Thursday. That marks the lowest level since the company started tracking the data in 1971 and breaks the most recent low set in December. Rates have hovered below 5 percent since early May.

When someone is paying $50,000 a year to attend college, are they getting what they pay for? As many students begin applying for the 2010 academic school year, they are entering a climate where endowments have been slashed, student loans are more restrictive, and parents have seen 529 college investment plans sink along with the markets.