6at4 Business Report: Hyundai, Land Rover, college costs, housing

January 9, 2012 2:42:42 PM PST
Car of the Year honors handed out in Detroit; housing news; college costs skyrocket.

Hyundai wins Car of Year honors
Hyundai drivers have earned some bragging rights because the Hyundai Elantra won the car of the year award. The announcement was made at the North American International Auto Show in Detroit. The Elantra beat out the Ford Focus and Volkswagen Passat. The Land Rover Range Rover Evoque won the Truck of the Year award. Check out the Car and Truck of the Year winners, along with all the new models from this year's auto show in Detroit.

Help for struggling homeowners
The bid to stem foreclosures front and center today as the government rolled out a new plan. Starting February 1st, homeowners who are out of work could be eligible for reduced or even suspended mortgage payments for up to a year! That is provided your home loan is owned by Freddie Mac or Fannie Mae, the two government-owned mortgage companies. If you're interested, it's up to you to contact your mortgage servicer or Fannie Mae.

U.S. housing upswing
The National Association of Homebuilders says a number of housing markets around the country including Philadelphia are showing a big improvement. In fact, the group says Philadelphia was previously not included on their list of cities seeing a housing upswing. The homebuilding group says there is a positive trend developing because so many more cities around the country are seeing an improvement based on housing permits, employment and housing prices for the past six months.

Projected college costs
For new moms and dads: Start saving up for that Ivy League education. According to The Daily, if college costs keep rising. In 20 years parents should expect to pay about $422,000 in today's dollars for a degree at one of the top-notch schools for kids in the class of 2034. College prices are going up significantly faster than family income.