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Business News for Friday July 30, 2010
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NEW YORK -- The number of Americans who own homes fell in the second quarter of the year to the lowest level since 1999, said a government survey released Tuesday.
The Census Bureau said the home ownership rate fell to 66.9% in the second quarter of 2010, down half a percentage point from the previous year. The home ownership rate was 67.1% in the first quarter of the year.
In the second quarte.. more
FORTUNE -- Modern America has long paired the "America Dream" with home ownership. The idea of staying put, paying property taxes and periodically mowing the lawn belonged to citizens who were somehow more American than the poor saps who could only afford to rent the place they called home.
The notion isn't accidental. Ownership and the American Dream are deeply linked in government policies that.. more
(Money Magazine) -- With plans to start a family, Michael and Becky McCullough, 33 and 31, wanted more space. So last year they snapped up a four-bedroom foreclosure in Brookhaven, Ga., for $480,000.
Then came the hard part: trying to sell their Atlanta townhouse. Priced at $309,000, it sat on the market for months. They dropped it to $291,000. Still no bites.
Reluctant to sell for less, the cou.. more
FORTUNE -- It's human nature to want to pay as little in taxes as possible, and to have someone else pick up the tab for the taxes we do have to pay. For most of us, alas, that's just a fantasy. But to the folks who run America's biggest and most prominent buyout funds, it's reality.
Sounds like I'm being unfair, doesn't it? But watch as I combine a recent filing by KKR Co. LP (KKR) with the deba.. more
DESTIN, Fla. -- Wednesday marks the 100th day since the oil spill began, and business owners across the Gulf Coast who've seen the tourists they depend on disappear hope that somehow the next 100 days will get better.
The man in charge of making that happen is oil spill czar Kenneth Feinberg, the former special master of the 9/11 Victim Compensation Fund. He's in Destin, Fla., meeting with jitte.. more
NEW YORK� -- U.S. stocks were poised for a rocky start Wednesday as economic woes hung over investors.
Dow Jones industrial average (INDU),S&P 500 (SPX)andNasdaq (COMP)futureswere narrowly lower ahead of the opening bell.
Futures measure current index values against perceived future performance.
Wall Street had a bumpy Tuesday, erasing earlier gains to end the session mixed after a drop .. more
NEW YORK -- Think your whole family is covered by your company health plan? Get ready to prove they're actually your kin.
Under the new healthcare legislation, beginning next year employers will have to provide coverage for dependents of employees 'till age 26.
That will further inflate coverage costs for companies at a time when employers are already bracing for a 9% jump in their health care .. more
Ford executives said they wanted the new SUV to fit the changed needs of SUV buyers.
"It had to look modern and contemporary -- inside and out -- yet be instantly recognizable as an Explorer," Ford Engineer Jim Holland said in an announcement.
But, since the new Explorer is entering a very crowded "crossover" market, Ford has its work cut out for it. Click through to find out what sets it apart... more
Just one year ago, Motorola's future looked bleak. Android was still in its infancy, few mainstream devices ran it, and there were no visible signs of any forthcoming smartphones that would challenge the dominance of RIM's BlackBerry or Apple's iPhone.
Then the Motorola Droid hit. The floodgates opened, and out poured a steady stream of relatively polished devices running Android 2.x. The pace is.. more
(Money Magazine) -- Question: I'm 28 and would like to have $1 million by the time I retire at 65. What are some of the investing options I should consider? --Joshua Sin, Fresno, Calif.
Answer: I'm all for savvy investing, and I'll get to what I think you should do on that front in a minute. But let's not forget that when it comes to building wealth, investing alone won't do it.
You also need to.. more
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