There are some new rules now that could keep more homeowners out of foreclosure. The Federal Housing Agency is now requiring lenders to respond to short sale requests within thirty days, and make final decisions within 60 days. Banks can take months to approve these sales. A short sale is when the bank agrees to accept a price for a home that is less than what the homeowner still owes. Speeding up that process could keep more people out of foreclosure.
iPhone 5 expected in October
Apple's next iPhone will likely be released in October, according to Piper Jaffray analyst Gene Munster. As for design, he says the 5th generation iPhone will feature a new body design and work with faster wireless networks, meaning all those 4G LTE networks. The iPhone is Apple's top-selling product accounting for 53% of sales during the fourth quarter.
Bottle Water Sales Drop
Have you been reaching for the faucet when you're thirsty? More people are drinking tap water, instead of bottled water, in order to save a buck and go green by cutting down on the amount of plastic they use. So they may not switch back, even as the economy continues to improve. That's causing a profit drought at the world's biggest food company, Nestle, which has more than 60 water brands, including Perrier, Vittel and Pure Life.
Fashion Trucks on the Rise
Fashionistas, get ready for the "Style Liner." We've all heard about food trucks. The next big thing may be fashion trucks selling accessories from major designers. One, which originated here in New York, was in Florida earlier this month and is making its way next to Washington, D.C. in May and June. Last May, Christie Maruka, owner of the Fashion Fix truck was at our Action News studios for a live chat. You can also Watch a video of her interview.