6at4 Business Report: Foreclosures; used cars; Citibank

February 10, 2012 2:18:23 PM PST
Expect foreclosures to jump; stocks tumble; used car prices climb.

Greece triggers stock fall
Stocks took a tumble on Friday, on concerns that Greece can't get its act together on a rescue package. Plus, consumer confidence among Americans dropped more than forecast.

Foreclosure jump expected
The housing market continues to be a sour spot in the economy. Realtytrac says that massive mortgage settlement announced yesterday is going to trigger a jump in foreclosures. Fed chairman Ben Bernanke agrees. Today he said foreclosures will remain high and he says the state of the housing and mortgage markets may be holding back the economic recovery. Bernanke said tight credit and the record low mortgage rates isn't doing what he had hoped.

New cars vs Used cars
New and used car prices are at the highest levels ever according to Bloomberg data. With the economy improving, it gives car buyers a reason to choose new cars. That's because used cars are just not the bargains they used to be: Their prices are up 25% since 2009 according to the manhein used car index. Plus, if you trade in your used car for a new one you'll likely get more money for it today compared to in past years.

Citibank opens new Wilmington office
The Action Cam was there for the grand opening of Citibank's brand new offices this afternoon. Governor Jack Markell joined other elected officials, Citibank executives, and employees for the celebration. The ceremony ended with a $5,000 Citibank donation to Delaware Futures, a non-profit group helping impoverished students.


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