June provided the latest evidence of the trend, as the number of U.S. homes entering the foreclosure process for the first time increased on an annual basis for the second month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.
California in particular saw a big spike in foreclosure starts, or homes placed on the foreclosure path for the first time. The increase was 18 percent from June last year, the firm said.
US 30-year mortgage rate drops to record 3.56 percentWASHINGTON (AP) â¿¿ Average U.S. rates on fixed mortgages fell again to record lows, giving would-be buyers more incentive to brave the housing market. Mortgage buyer Freddie Mac says the average rate on the 30-year loan fell to 3.56 percent. That's down from 3.62 percent last week and the lowest since long-term mortgages began in the 1950s. The average rate on the 15-year mortgage, a popular refinancing option, dipped to 2.86 percent, below last week's previous record of 2.89 percent. ___ Data firm: Global spending on drugs slows to 2016 TRENTON, N.J. (AP) â¿¿ Growth in global spending on medications will slow markedly over the next four years due to a slew of new low-cost generic drugs coming to pharmacies in the U.S. and other developed countries, along with slower increases in what those countries spend on brand-name drugs, according to a new forecast. That's good news for patients and the employers, labor unions and taxpayer-funded government health programs that help pay for drugs. During the same period, from 2012 through 2016, the pharmaceutical industry will sharply boost its sales in emerging markets including China, India and Russia, according to the report from data firm IMS Health, which collects and analyzes data on pharmaceutical sales around the world. ___ Price hike still haunts Netflix stock 1 year later