Personal Finance

Financial News Roundup: Low-Paying Positions Grow, Money Secrets Common Among Spouses

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Foreclosure discounts create pricing gap in housing marketToday’s top news headlines feature new data revealing a widening price divide between foreclosures and other properties. Plus, find out why low-paying jobs are replacing high-paying positions.

Married Couples Keep Money-Related Secrets, Study Shows
The New York Times

A number of studies reveal keeping financial secrets from spouses may be more common than Americans think, with individuals admitting to hiding everything from a minor credit card transaction to separate bank accounts or debt. One study shows 80 percent of spouses lie about their finances, while a more recent poll put this figure at 31 percent.

Foreclosure Discounts Create Price Gap In Housing Market
The Associated Press

Homebuyers who purchased a foreclosed property in 2010 experienced significant discounts, as the average price of a bank-owned property trumped those of non-foreclosures. The discount gap between foreclosures and non-foreclosures grew from 27 percent in 2009 to 28 percent last year. Realty Trac data also reveals foreclosures made up 26 percent of home sales in 2010.

Low- And Minimum-Wage Jobs Replace High-Paying Positions
The Huffington Post

A new report shows the previous 12 months of job growth have largely created more positions in low-paying industries, rather than high-wage jobs. The data compiled by the National Employment Law Project shows low-wage industries lost 23 percent of jobs over the last year, but experienced a recent growth of 49 percent. In contrast, high-wage industries only saw a recent growth of 14 percent, despite job losses of 40 percent.

Practice Financial Diligence To Control Debt While Unemployed

Millions of unemployed Americans are exploring ways to keep their debt levels under control and avoid racking up higher balances. Financial professionals encourage jobless individuals to rely as little as possible on their credit cards and make all minimum payments to keep their credit score intact. Individuals should also establish a budget and reduce unnecessary expenses, such as services or utility packages they do not need.

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