Unexpected Drop in New Unemployment Benefits

September 26th, 2013 by Peter Kedzior

For the week ended 20 September, the number of people claiming unemployment benefits fell to 305,000, down from 309,000 the week before. Most experts predicted the number of layoffs go to back to at least 320,000 a week  - to better reflect a difficult job market of the last two quarters. If the number of people losing jobs stays close to 300,000 (a pre-recession level), it would signal a very positive trend – even with new job creation as slow as it has been for the last 3 years, the number of unemployed workers would be getting lower and lower due to fewer people losing jobs. A continued slowdown of layoffs is creating a sense of better job security for the general population and may encourage increase in consumer spending – a vital part of the economic recovery.

Weekly Initial Jobless Claims

Source Data: U.S. Department of Labor

 

Top Killers of your FICO Credit Score

September 15th, 2013 by Peter Kedzior

Your FICO score is a numerical measure of your creditworthiness that ranges from 300 to 850. According to Rex Johnson, founder of credit union consulting firm Lending Solutions Consulting, a home foreclosure might dock about 200 points off your score while a short sale could cost you around 80 to 90 points. Declaring bankruptcy could lower a good score of 750 by up to about 250 points, Johnson said. Credit: CNN Money: http://money.cnn.com/2010/03/23/pf/credit_score_killers/index.htm

End of Foreclosures is Near

September 12th, 2013 by Peter Kedzior

Foreclosure crisis is drawing to an end. According to RealtyTrac,  new foreclosures are down 34% from a year ago – the lowest level in 8 years.