Money Minute: Foreclosures, Ford, Verizon

BusinessMoney Minute: Foreclosures, Ford, VerizonMoney Minute: Foreclosures, Ford, VerizonThe Associated PressAccording to foreclosure listing service RealtyTrac, more than 261,000 homes received at least one foreclosure-related filing in May. That's up 7 percent from April and nearly 50 percent higher compared with a year earlier. (June 13)AP Money MinuteThe foreclosure rate has risen again. According to foreclosure listing service RealtyTrac, more than 261,000 homes received at least one foreclosure-related filing in May. That's up 7 percent from April and nearly 50 percent higher compared with a year earlier. The news comes as criticism mounts that efforts by government and the mortgage industry to stem the tide of foreclosures aren't keeping up with the rising number of troubled homeowners. ----------------------- Ford managers have told union officials that the automaker will have to further reduce the size of its factory work force to deal with the rapidly shifting U.S. auto market. The slumping economy has cut U.S. auto sales by 8 percent during the first five months of the year. Ford says high gas prices are sending consumers away from trucks and sport utility vehicles toward more fuel-efficient cars. Earlier this year, Ford announced corporate-wide buyout and early retirement offers for U.S. hourly workers, but only 4,200 took the offers. Ford said those offers will be extended to the newly affected workers.------------------------------------In response to households dropping traditional service in favor of cell phones, Verizon is set to give discounts to wireless customers who don't have landlines but order Internet or TV service from the phone company. Verizon's Flex Double Play bundle will give monthly discounts from $8 to $12 a month for those who combine a Verizon Wireless plan with broadband or FiOS TV. Surveys point to about one in seven U.S. households now lacking landlines.I'm Mark Hamrick with AP Money Minute

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YouTube | June 13, 2008

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