Most Educated Cities in America - Percentage of residents with graduate degrees
1 Arlington, VA 35.70%
2 Davis, CA 34.60%
3 Brookline, MA 32.50%
4 Evanston, IL 31.20%
5 Bloomington, IN 31.20%
6 Towson, MD 31.20%
7 Oak Park, IL 29.10%
8 Bethesda, MD 29.10%
9 Alexandria, VA 29.00%
10 West Hartford, CT 28.90%
11 College Station, TX 27.70%
12 Ames, IA 27.50%
13 Columbia, MO 27.50%
14 Iowa City, IA 27.40%
15 Newton, MA 26.90%
16 Cambridge, MA 26.30%
17 Corvallis, OR 25.70%
18 Palo Alto, CA 25.40%
19 Berkeley, CA 24.50%
20 Lawrence, KS 24.30%
21 Champaign, IL 24.10%
22 Irvine, CA 24.00%
23 Santa Monica, CA 23.80%
24 Catalina Foothills, AZ 23.70%
25 Gainesville, FL 23.70%
Source: US Census Bureau
Wednesday, February 9, 2011
Boston Housing Market Beats Most in Declining Home Value (versión en español a continuación )
Homeowners in the Boston area don't have to worry as much as most of the country when it comes to declining home values, according to a recent report from real estate website Zillow.
The average Boston home value was reported to be $314,200 in the fourth quarter 2010, a 1.9 percent decrease from the same time in 2009. It was a 3.2 percent decline from the third quarter 2010.
The country as a whole experienced a 5.9 percent decline in home value between the fourth quarter 2009 and the fourth quarter 2010, according to Zillow's report. The end of the homebuyer tax credits contributed to the decline in home value.
"While the tax credits did not hurt the housing market, they did delay its bottom by interrupting the housing correction that was taking place," said Stan Humphries, Zillow chief economist. "Home value trends in the fourth quarter remained grim, but the good news is that these declines, while painful in the short-term, mean we're getting closer to the bottom."
Zillow
When you are looking for a property go to my website:
http://www.creatini.com/
Los propietarios de viviendas en el área de Boston no tiene que preocuparse tanto como la mayoría del resto del país cuando se trata del decenso de los valores de las casas, según un informe reciente reporte de Zillow.
El valor medio de las casas en Boston segun se informó fue de $314.200 dólares en el cuarto trimestre de 2010, una disminución de 1,9 por ciento con respecto al mismo trimestre en el 2009, y un descenso del 3,2 por ciento respecto al tercer trimestre de 2010.
El país en su conjunto experimentó una disminución del 5,9 por ciento en el valor de la vivienda entre el cuarto trimestre de 2009 y el cuarto trimestre de 2010, según el informe de Zillow. El resultado de los créditos fiscales para primeros compradores de vivienda no ha afectado el mercado de la vivienda pero si contribuyo al retraso en la corrección que estaba teniendo lugar", dijo Stan Humphries, economista jefe de Zillow.
"Las tendencias en cuanto a la valuación de la vivienda en el cuarto trimestre se manifestó sombrío, pero la buena noticia es que estos descensos, aunque dolorosos en el corto plazo, significa que nos estamos acercando al piso del mercado."
Zillow
Si esta buscando comprar una propiedad vaya a mi website:
http://www.creatini.com/
Alejandra
The average Boston home value was reported to be $314,200 in the fourth quarter 2010, a 1.9 percent decrease from the same time in 2009. It was a 3.2 percent decline from the third quarter 2010.
The country as a whole experienced a 5.9 percent decline in home value between the fourth quarter 2009 and the fourth quarter 2010, according to Zillow's report. The end of the homebuyer tax credits contributed to the decline in home value.
"While the tax credits did not hurt the housing market, they did delay its bottom by interrupting the housing correction that was taking place," said Stan Humphries, Zillow chief economist. "Home value trends in the fourth quarter remained grim, but the good news is that these declines, while painful in the short-term, mean we're getting closer to the bottom."
Zillow
When you are looking for a property go to my website:
http://www.creatini.com/
Los propietarios de viviendas en el área de Boston no tiene que preocuparse tanto como la mayoría del resto del país cuando se trata del decenso de los valores de las casas, según un informe reciente reporte de Zillow.
El valor medio de las casas en Boston segun se informó fue de $314.200 dólares en el cuarto trimestre de 2010, una disminución de 1,9 por ciento con respecto al mismo trimestre en el 2009, y un descenso del 3,2 por ciento respecto al tercer trimestre de 2010.
El país en su conjunto experimentó una disminución del 5,9 por ciento en el valor de la vivienda entre el cuarto trimestre de 2009 y el cuarto trimestre de 2010, según el informe de Zillow. El resultado de los créditos fiscales para primeros compradores de vivienda no ha afectado el mercado de la vivienda pero si contribuyo al retraso en la corrección que estaba teniendo lugar", dijo Stan Humphries, economista jefe de Zillow.
"Las tendencias en cuanto a la valuación de la vivienda en el cuarto trimestre se manifestó sombrío, pero la buena noticia es que estos descensos, aunque dolorosos en el corto plazo, significa que nos estamos acercando al piso del mercado."
Zillow
Si esta buscando comprar una propiedad vaya a mi website:
http://www.creatini.com/
Alejandra
Saturday, February 5, 2011
How Many Folks Have “Lost Their Homes” to Foreclosure/Short Sales/DILs?
How Many Folks Have “Lost Their Homes” to Foreclosure/Short Sales/DILs?
According to Hope Now estimates, completed foreclosure sales (rounded) were about as follows over the past few years.
Year Completed Foreclosure
2007 514,000
2008 914,000
2009 949,000
2010 1,070,000
While these numbers are disturbingly high, they are not nearly as large as one would have expected given the surge in seriously delinquent loans and loans in the process of foreclosure. For the latter, here is a chart based on data from the MBA’s National Delinquency Survey, which covers “over 85%” of total 1-4 family first-lien mortgages.
On one side, the “completed foreclosure sales” understates the number of homes “lost,” given that many homeowners have “lost” their homes but been able to negotiate a short sale or (much less likely) done a deed in lieu of foreclosure. While there are no official estimates of either short sales or DILs, there is no doubt that the volume of short sales increased dramatically in 2009 and 2010.
Using CoreLogic’s estimates and grossing them up to reflect its incomplete geographic coverage, one would get short sales estimates of around 78,000 for 2007, 164,000 for 2008, 278,000 for 2009, and 331,000 for 2010. However, based on data reported by lenders on short sales in the OCC/OTS mortgage metrics reports, the CoreLogic estimates of short sales look way too high for 2007 and 2008 (the 2009 estimates look OK, but the 2010 estimates – which admittedly are not available for the full year – look a tad low). Using instead my own estimates for 2008 through 2010, here’s what completed foreclosure sales plus short sales might look like (I don’t have a DIL estimate, but it appears as if the volume of DILs was pretty low).
Year Completed Foreclosure Sales Short Sales Total
2008 914,000 95,000 1,009,000
2009 949,000 263,000 1,212,000
2010 1,070,000 375,000 1,445,000
On the other hand, the above numbers could well OVERSTATE significantly the number of homeowners who lost their primary home either to foreclosure or to a short sale. A “significant” % of completed foreclosure sales has been completed foreclosures on non-owner-occupied homes, though estimates vary as to what that % has been. In addition, not all short sales have involved homeowners “involuntarily” leaving their home, but who instead wanted to (for economic or other reasons) move and who were able to negotiate a short sale with their lender.
So what is the right number for folks who lost their residence to foreclosure, a short sales, or a DIL? I don’t rightly know.
It is pretty clear, however, that overall foreclosure moratoria, foreclosure delays, modifications, and other workout activity continued to keep the number of homeowners who “lost” their homes to foreclosure massively lower than one would have expected given the delinquency/in foreclosure numbers.
Year Completed Foreclosure Sales plus Short Sales Loans in Foreclosure/90+ Delinquent at end of previous year
2008 1,009,000 1,664,760
2009 1,212,000 2,859,959
2010 1,445,000 4,296,018
Note: the loans in foreclosure/90+ delinquent are derived from the MBA National Delinquency Survey, which only covers somewhere around 85-87% of the total 1-4 family first-lien mortgage market. A crude estimate of the “total” market would “gross up” the above numbers by around 1.163 (or 1/0.86).
CR Note: This was from housing economist Tom Lawler.
Posted by CalculatedRisk on 2/02/2011 05:30:00 PM Lawler: How Many Folks Have “Lost Their Homes” to Foreclosure/Short Sales/DILs?
According to Hope Now estimates, completed foreclosure sales (rounded) were about as follows over the past few years.
Year Completed Foreclosure
2007 514,000
2008 914,000
2009 949,000
2010 1,070,000
While these numbers are disturbingly high, they are not nearly as large as one would have expected given the surge in seriously delinquent loans and loans in the process of foreclosure. For the latter, here is a chart based on data from the MBA’s National Delinquency Survey, which covers “over 85%” of total 1-4 family first-lien mortgages.
On one side, the “completed foreclosure sales” understates the number of homes “lost,” given that many homeowners have “lost” their homes but been able to negotiate a short sale or (much less likely) done a deed in lieu of foreclosure. While there are no official estimates of either short sales or DILs, there is no doubt that the volume of short sales increased dramatically in 2009 and 2010.
Using CoreLogic’s estimates and grossing them up to reflect its incomplete geographic coverage, one would get short sales estimates of around 78,000 for 2007, 164,000 for 2008, 278,000 for 2009, and 331,000 for 2010. However, based on data reported by lenders on short sales in the OCC/OTS mortgage metrics reports, the CoreLogic estimates of short sales look way too high for 2007 and 2008 (the 2009 estimates look OK, but the 2010 estimates – which admittedly are not available for the full year – look a tad low). Using instead my own estimates for 2008 through 2010, here’s what completed foreclosure sales plus short sales might look like (I don’t have a DIL estimate, but it appears as if the volume of DILs was pretty low).
Year Completed Foreclosure Sales Short Sales Total
2008 914,000 95,000 1,009,000
2009 949,000 263,000 1,212,000
2010 1,070,000 375,000 1,445,000
On the other hand, the above numbers could well OVERSTATE significantly the number of homeowners who lost their primary home either to foreclosure or to a short sale. A “significant” % of completed foreclosure sales has been completed foreclosures on non-owner-occupied homes, though estimates vary as to what that % has been. In addition, not all short sales have involved homeowners “involuntarily” leaving their home, but who instead wanted to (for economic or other reasons) move and who were able to negotiate a short sale with their lender.
So what is the right number for folks who lost their residence to foreclosure, a short sales, or a DIL? I don’t rightly know.
It is pretty clear, however, that overall foreclosure moratoria, foreclosure delays, modifications, and other workout activity continued to keep the number of homeowners who “lost” their homes to foreclosure massively lower than one would have expected given the delinquency/in foreclosure numbers.
Year Completed Foreclosure Sales plus Short Sales Loans in Foreclosure/90+ Delinquent at end of previous year
2008 1,009,000 1,664,760
2009 1,212,000 2,859,959
2010 1,445,000 4,296,018
Note: the loans in foreclosure/90+ delinquent are derived from the MBA National Delinquency Survey, which only covers somewhere around 85-87% of the total 1-4 family first-lien mortgage market. A crude estimate of the “total” market would “gross up” the above numbers by around 1.163 (or 1/0.86).
CR Note: This was from housing economist Tom Lawler.
Friday, February 4, 2011
Las 25 Ciudades con más alto nivel de Ejecuciones Hipotecarias
La buena noticia es que la actividad de ejecuciones se ha reducido en las ciudades de los EE.UU. más afectadas por la crisis del mercado de la vivienda. La mala noticia? Las ejecuciones hipotecarias en general han aumentado en un 72% en las otras ciudades importantes de todo el país que no fueron afectadas previamente.
"Estamos siguiendo los hogares que recibieron al menos un aviso de ejecución hipotecaria y que podrían haber estado en cualquier etapa del proceso, o bien al inicio o al final, explica Rick Sharga, vicepresidente senior de RealtyTrac. "Así habrá de extenderse a los hogares en 2011."
Al igual que 2009, Las Vegas fue la peor con 88.198 documentos que fueron presentados el año pasado, con uno de cada nueve propietarios de viviendas en apuros. Permítanme poner estos números de otra manera: si usted vive en Las Vegas y tiene una cena con sus ocho amigos más cercanos, uno de ellos probablemente estará en el proceso de perder su casa.
La crisis hipotecaria de Las Vegas, al igual que en las peores ciudades afectadas, está mostrando signos de desaceleración.
Nevada, Florida, Arizona y California han sido líderes en la crisis de ejecuciones hipotecarias del país desde hace varios años, gracias a los préstamos incobrables y a los severamente depreciados mercados de la vivienda. Su recuperacion esta siendo dificil porque sus economías se han basado en gran medida en industrias relacionadas con la propiedad, como la construcción.
La presencia de varios de los recién llegados a la lista (ver más abajo) significa un cambio de las ejecuciones hipotecarias causadas por las hipotecas sub-prime, con respecto a los propietarios de bajos niveles de calificación de las ejecuciones hipotecarias causadas por el desempleo. Estamos presenciando un cambio de la primera ola de ejecuciones, a la segunda ola.
"El valor atípico en esta lista es la ciudad de Boise [Idaho]," dice Sharga. "Boise es representante de la segunda ola de actividad en las ejecuciones hipotecarias que estamos viendo en este momento. Donde la causa esta impulsada en gran medida por el desempleo y la recesión económica" En 2010, Boise fue la ciudad top 20 para la actividad de ejecuciones, con 11.289 hogares. Uno de cada 21 propietarios de viviendas Boise perdió o está perdiendo sus propiedades.
Sharga explica que Boise no tienen muchos préstamos tóxicos o denominados exóticos, que son los que hundieron el mercado de la vivienda en la primera ola de ejecuciones hipotecarias. Más bien, la capital del estado de Idaho está experimentando ejecuciones hipotecarias casi exclusivamente sobre la base de su economía débil y un 9,9% en la tasa de desempleo.
"Es probablemente la vanguardia que veremos en el resto del país", afirma Sharga. En efecto, mientras que las ciudades en Florida, California, Las Vegas, Arizona están mostrando señales de desaceleración de ejecución hipotecaria, un preocupante 72% de todo el resto de las otras ciudades en los EE.UU. están mostrando signos de aumento en la actividad.
Entonces, ¿qué significa todo esto para el 2011? "Estamos viendo otro año récord de ejecuciones hipotecarias y otro año récord de embargos bancarios", afirma Sharga. "Hay una segunda oleada de préstamos tóxicos - que será la tercera ola del ciclo de ejecución hipotecaria - debido a las propiedades que están perdiendo 30-50% de sus valores. Por lo que podría causar problemas este año también. "
A continuación está la lista de RealtyTrac de las 25 peores ciudades para las ejecuciones hipotecarias el año pasado:
1. Las Vegas, NV: 1 de cada 9 los propietarios de viviendas
2. Cape Coral-Fort Meyers, FL: 1 de cada 12 propietarios de viviendas
3. Modesto, CA: 1 de cada 14 propietarios de viviendas
4.Phoenix, AZ: 1 de cada 14 propietarios de viviendas
5. Miami-Fort Lauderdale, FL: 1 de cada 14 propietarios de viviendas
6. Riverside, CA: 1 de cada 14 propietarios de viviendas
7. Stockton, CA: 1 de cada 14 propietarios de viviendas
8. Merced, CA: 1 de cada 14 propietarios de viviendas
9. Orlando, FL: 1 de cada 15 propietarios de viviendas
10.Vallejo-Fairfield, CA: 1 de cada 16 propietarios de viviendas
11.Reno, NV: 1 de cada 16 propietarios de viviendas
12. Bakersfield, CA: 1 de cada 17 propietarios de viviendas
13. Deltona, Daytona Beach, FL: 1 de cada 17 propietarios de viviendas
14. Naples, FL: 1 de cada 18 propietarios de viviendas
15. Sacramento, CA: 1 de cada 19 propietarios de viviendas
16. Port St. Lucie, FL: 1 de cada 19 propietarios de viviendas
17. Tampa-St. Petersburg, FL: 1 de cada 20 propietarios de viviendas
18. Lakeland, FL: 1 de cada 21 propietarios de viviendas
19. Sarasota, FL: 1 de cada 19 propietarios de viviendas
20. Boise, ID: 1 de cada dueño de la casa 19
21. Greeley, CO: 1 de cada 19 propietarios de viviendas
22. Palm Bay, FL: 1 de cada 19 propietarios de viviendas
23. Visalia-Porterville, FL: 1 de cada 22 propietarios de viviendas
24. Fresno, CA: 1 de cada 22 propietarios de viviendas
25. Atlanta, GA: 1 de cada 23 propietarios de viviendas
"Estamos siguiendo los hogares que recibieron al menos un aviso de ejecución hipotecaria y que podrían haber estado en cualquier etapa del proceso, o bien al inicio o al final, explica Rick Sharga, vicepresidente senior de RealtyTrac. "Así habrá de extenderse a los hogares en 2011."
Al igual que 2009, Las Vegas fue la peor con 88.198 documentos que fueron presentados el año pasado, con uno de cada nueve propietarios de viviendas en apuros. Permítanme poner estos números de otra manera: si usted vive en Las Vegas y tiene una cena con sus ocho amigos más cercanos, uno de ellos probablemente estará en el proceso de perder su casa.
La crisis hipotecaria de Las Vegas, al igual que en las peores ciudades afectadas, está mostrando signos de desaceleración.
Nevada, Florida, Arizona y California han sido líderes en la crisis de ejecuciones hipotecarias del país desde hace varios años, gracias a los préstamos incobrables y a los severamente depreciados mercados de la vivienda. Su recuperacion esta siendo dificil porque sus economías se han basado en gran medida en industrias relacionadas con la propiedad, como la construcción.
La presencia de varios de los recién llegados a la lista (ver más abajo) significa un cambio de las ejecuciones hipotecarias causadas por las hipotecas sub-prime, con respecto a los propietarios de bajos niveles de calificación de las ejecuciones hipotecarias causadas por el desempleo. Estamos presenciando un cambio de la primera ola de ejecuciones, a la segunda ola.
"El valor atípico en esta lista es la ciudad de Boise [Idaho]," dice Sharga. "Boise es representante de la segunda ola de actividad en las ejecuciones hipotecarias que estamos viendo en este momento. Donde la causa esta impulsada en gran medida por el desempleo y la recesión económica" En 2010, Boise fue la ciudad top 20 para la actividad de ejecuciones, con 11.289 hogares. Uno de cada 21 propietarios de viviendas Boise perdió o está perdiendo sus propiedades.
Sharga explica que Boise no tienen muchos préstamos tóxicos o denominados exóticos, que son los que hundieron el mercado de la vivienda en la primera ola de ejecuciones hipotecarias. Más bien, la capital del estado de Idaho está experimentando ejecuciones hipotecarias casi exclusivamente sobre la base de su economía débil y un 9,9% en la tasa de desempleo.
"Es probablemente la vanguardia que veremos en el resto del país", afirma Sharga. En efecto, mientras que las ciudades en Florida, California, Las Vegas, Arizona están mostrando señales de desaceleración de ejecución hipotecaria, un preocupante 72% de todo el resto de las otras ciudades en los EE.UU. están mostrando signos de aumento en la actividad.
Entonces, ¿qué significa todo esto para el 2011? "Estamos viendo otro año récord de ejecuciones hipotecarias y otro año récord de embargos bancarios", afirma Sharga. "Hay una segunda oleada de préstamos tóxicos - que será la tercera ola del ciclo de ejecución hipotecaria - debido a las propiedades que están perdiendo 30-50% de sus valores. Por lo que podría causar problemas este año también. "
A continuación está la lista de RealtyTrac de las 25 peores ciudades para las ejecuciones hipotecarias el año pasado:
1. Las Vegas, NV: 1 de cada 9 los propietarios de viviendas
2. Cape Coral-Fort Meyers, FL: 1 de cada 12 propietarios de viviendas
3. Modesto, CA: 1 de cada 14 propietarios de viviendas
4.Phoenix, AZ: 1 de cada 14 propietarios de viviendas
5. Miami-Fort Lauderdale, FL: 1 de cada 14 propietarios de viviendas
6. Riverside, CA: 1 de cada 14 propietarios de viviendas
7. Stockton, CA: 1 de cada 14 propietarios de viviendas
8. Merced, CA: 1 de cada 14 propietarios de viviendas
9. Orlando, FL: 1 de cada 15 propietarios de viviendas
10.Vallejo-Fairfield, CA: 1 de cada 16 propietarios de viviendas
11.Reno, NV: 1 de cada 16 propietarios de viviendas
12. Bakersfield, CA: 1 de cada 17 propietarios de viviendas
13. Deltona, Daytona Beach, FL: 1 de cada 17 propietarios de viviendas
14. Naples, FL: 1 de cada 18 propietarios de viviendas
15. Sacramento, CA: 1 de cada 19 propietarios de viviendas
16. Port St. Lucie, FL: 1 de cada 19 propietarios de viviendas
17. Tampa-St. Petersburg, FL: 1 de cada 20 propietarios de viviendas
18. Lakeland, FL: 1 de cada 21 propietarios de viviendas
19. Sarasota, FL: 1 de cada 19 propietarios de viviendas
20. Boise, ID: 1 de cada dueño de la casa 19
21. Greeley, CO: 1 de cada 19 propietarios de viviendas
22. Palm Bay, FL: 1 de cada 19 propietarios de viviendas
23. Visalia-Porterville, FL: 1 de cada 22 propietarios de viviendas
24. Fresno, CA: 1 de cada 22 propietarios de viviendas
25. Atlanta, GA: 1 de cada 23 propietarios de viviendas
Monday, January 31, 2011
HOUSE DETOX Common indoor plants to fight indoor air pollution
Common indoor plants may provide a valuable weapon in the fight against rising levels of indoor air pollution. Those plants in your office or home are not only decorative, but NASA scientists are finding them to be surprisingly useful in absorbing potentially harmful gases and cleaning the air inside modern buildings.
NASA and the Associated Landscape Contractors of America (ALCA) have announced the findings of a 2-year study that suggest a sophisticated pollution-absorbing device: the common indoor plant may provide a natural way of helping combat “SICK BUILDING SYNDROME”.
“Combining nature with technology can increase the effectiveness of plants in removing air pollutants,” he said. “A living air cleaner is created by combining activated carbon and a fan with a potted plant. The roots of the plant grow right in the carbon and slowly degrade the chemicals absorbed there,” Wolverton explains.
For this reason, the Plants For Clean Air Council (PCAC) recommends 1 potted plant per 100 square feet (~10m2). . For homes under 2,000 square feet (~185m2) , the study recommended at least 15 houseplants.
Plants most effective in removing
Formaldehyde, Benzene, and Carbon Monoxide from the air
Bamboo Palm – Chamaedorea Seifritzii
Chinese Evergreen - Aglaonema Modestum
English Ivy Hedera Helix
Gerbera Daisy Gerbera Jamesonii
Janet Craig - Dracaena deremensis “Janet Craig”\
Marginata - Dracaena Marginata
Mass cane/Corn Plant - Dracaena Massangeana, fragrans
Snake Plant, Mother-in-Law’s Tongue Sansevieria Laurentii
Pot Mum – Chrysantheium morifolium
Peace Lily - Spathiphyllum
Warneckii - Dracaena “Warneckii”
Epipiremnum aureum, golden photos
Ficus benjamina, weeping fig
Chemicals Used
Trichloroethylene (TCE) is a commercial product found in a wide variety of industrial uses. Over 90 percent of the TCE produced is used in the metal degreasing and dry cleaning industries. In addition, it is used in printing inks, paints, lacquers, varnishes, and adhesives. In 1975 the National Cancer Institute reported that an unusually high incidence of hepatocellular carcinomas was observed in mice given TCE by gastric intubation and now considers this chemical a potent liver carcinogen.
Benzene is a very commonly used solvent and is also present in many common items including gasoline, inks, oils, paints, plastics, and rubber. In addition it is used in the manufacture of detergents, explosives, pharmaceuticals, and dyes.
Benzene has long been known to irritate the skin and eyes. In addition, it has been shown to be mutagenic to bacterial cell culture and has shown embryotoxic activity and carcinogenicity in some tests. Evidence also exists that benzene may be a contributing factor in chromosomal aberrations and leukemia in humans. Repeated skin contact with benzene will cause drying, inflammation, blistering and dermatitis.
Acute inhalation of high levels of benzene has been reported to cause dizziness, weakness, euphoria, headache, nausea, blurred vision, respiratory diseases, tremors, irregular heartbeat, liver and kidney damage, paralysis and unconsciousness. In animal tests inhalation of benzene led to cataract formation and diseases of the blood and lymphatic systems. Chronic exposure to even relatively low levels causes headaches, loss of appetite, drowsiness, nervousness, psychological disturbances and diseases of the blood system, including anemia and bone marrow diseases.
Formaldehyde is a ubiquitous chemical found in virtually all indoor environments. The major sources which have been reported and publicized include urea-formaldehyde foam insulation (UFFI) and particle board or pressed wood products used in manufacturing of the office furniture bought today. It is used in consumer paper products which have been treated with UF resins, including grocery bags, waxed papers, facial tissues and paper towels. Many common household cleaning agents contain formaldehyde. UF resins are used as stiffeners, wrinkle resisters, water repellents, fire retardants and adhesive binders in floor coverings, carpet backings and permanent-press clothes. Other sources of formaldehyde include heating and cooking fuels like natural gas, kerosene, and cigarette smoke.
Formaldehyde irritates the mucous membranes of the eyes, nose and throat. It is also a highly reactive chemical which combines with protein and can cause allergic contact dermatitis. The most widely reported symptoms from exposure to high levels of this chemical include irritation of the eyes and headaches. Until recently, the most serious of the diseases attributed to formaldehyde exposure was asthma. However, the Environmental Protection Agency (EPA) has recently conducted research which has caused formaldehyde to be strongly suspected of causing a rare type of throat cancer in long-term occupants of mobile homes.
Best recommended plants: Golden Photo, Peace lily
Green lifestyle Magazine
NASA and the Associated Landscape Contractors of America (ALCA) have announced the findings of a 2-year study that suggest a sophisticated pollution-absorbing device: the common indoor plant may provide a natural way of helping combat “SICK BUILDING SYNDROME”.
“Combining nature with technology can increase the effectiveness of plants in removing air pollutants,” he said. “A living air cleaner is created by combining activated carbon and a fan with a potted plant. The roots of the plant grow right in the carbon and slowly degrade the chemicals absorbed there,” Wolverton explains.
For this reason, the Plants For Clean Air Council (PCAC) recommends 1 potted plant per 100 square feet (~10m2). . For homes under 2,000 square feet (~185m2) , the study recommended at least 15 houseplants.
Plants most effective in removing
Formaldehyde, Benzene, and Carbon Monoxide from the air
Bamboo Palm – Chamaedorea Seifritzii
Chinese Evergreen - Aglaonema Modestum
English Ivy Hedera Helix
Janet Craig - Dracaena deremensis “Janet Craig”\
Marginata - Dracaena Marginata
Mass cane/Corn Plant - Dracaena Massangeana, fragrans
Snake Plant, Mother-in-Law’s Tongue Sansevieria Laurentii
Pot Mum – Chrysantheium morifolium
Peace Lily - Spathiphyllum
Warneckii - Dracaena “Warneckii”
Chemicals Used
Trichloroethylene (TCE) is a commercial product found in a wide variety of industrial uses. Over 90 percent of the TCE produced is used in the metal degreasing and dry cleaning industries. In addition, it is used in printing inks, paints, lacquers, varnishes, and adhesives. In 1975 the National Cancer Institute reported that an unusually high incidence of hepatocellular carcinomas was observed in mice given TCE by gastric intubation and now considers this chemical a potent liver carcinogen.
Benzene is a very commonly used solvent and is also present in many common items including gasoline, inks, oils, paints, plastics, and rubber. In addition it is used in the manufacture of detergents, explosives, pharmaceuticals, and dyes.
Benzene has long been known to irritate the skin and eyes. In addition, it has been shown to be mutagenic to bacterial cell culture and has shown embryotoxic activity and carcinogenicity in some tests. Evidence also exists that benzene may be a contributing factor in chromosomal aberrations and leukemia in humans. Repeated skin contact with benzene will cause drying, inflammation, blistering and dermatitis.
Acute inhalation of high levels of benzene has been reported to cause dizziness, weakness, euphoria, headache, nausea, blurred vision, respiratory diseases, tremors, irregular heartbeat, liver and kidney damage, paralysis and unconsciousness. In animal tests inhalation of benzene led to cataract formation and diseases of the blood and lymphatic systems. Chronic exposure to even relatively low levels causes headaches, loss of appetite, drowsiness, nervousness, psychological disturbances and diseases of the blood system, including anemia and bone marrow diseases.
Formaldehyde is a ubiquitous chemical found in virtually all indoor environments. The major sources which have been reported and publicized include urea-formaldehyde foam insulation (UFFI) and particle board or pressed wood products used in manufacturing of the office furniture bought today. It is used in consumer paper products which have been treated with UF resins, including grocery bags, waxed papers, facial tissues and paper towels. Many common household cleaning agents contain formaldehyde. UF resins are used as stiffeners, wrinkle resisters, water repellents, fire retardants and adhesive binders in floor coverings, carpet backings and permanent-press clothes. Other sources of formaldehyde include heating and cooking fuels like natural gas, kerosene, and cigarette smoke.
Formaldehyde irritates the mucous membranes of the eyes, nose and throat. It is also a highly reactive chemical which combines with protein and can cause allergic contact dermatitis. The most widely reported symptoms from exposure to high levels of this chemical include irritation of the eyes and headaches. Until recently, the most serious of the diseases attributed to formaldehyde exposure was asthma. However, the Environmental Protection Agency (EPA) has recently conducted research which has caused formaldehyde to be strongly suspected of causing a rare type of throat cancer in long-term occupants of mobile homes.
Best recommended plants: Golden Photo, Peace lily
Green lifestyle Magazine
Wednesday, January 26, 2011
Which Home Improvements Pay Off?
GENERALLY SPEAKING, there are two ways to go about making home improvements. Either you splurge for something purely for the sybaritic pleasure of having it — the Italian marble bathroom you've dreamed about; that skylight that your spouse has been hinting at for the last six years — or you take a pragmatic approach, buying an energy-efficient furnace or repairing a leaky roof because you want to increase your home's market value.
Don't expect to score on both counts. Just because you pour $20,000 into your home doesn't mean that your house is worth $20,000 more. Many homeowners spend on amenities such as phones in every bathroom or a decorative stone wall that are only peripheral to the value of the house.
Exactly how much you'll recoup in costs depends on several factors, including the direction of the broader housing market, the value of the homes in your neighborhood, when you plan to sell the home and the nature of the project itself. In some housing markets, you could, indeed, earn more than your investment back on a remodeling project. Adding a midrange deck to a home in San Francisco, for example, often recoups well more than 100% of its costs on homes sold within the year of the project’s completion. But you shouldn't count on those types of returns. In Columbus, Ohio, the same project is likely to recoup less than two-thirds of its costs.
And keep in mind that the longer you hold on to your home after a remodeling project is completed, the less likely you are to recoup its value. That's in part because design tastes can shift significantly over time. Remember when avocado green was all the rage? Also, there's little reward for having the fanciest house on the block. A house that's priced higher than its neighboring homes could be perceived as overpriced — even if it does have more value.
This section examines a few improvements that real estate experts say pay off more often than not — and some that rarely make a difference when it comes time to sell your home.
Kitchens
Even a few basic improvements to your kitchen can pay handsome dividends, For most buyers, the kitchen is the heart of the house. Paint, wallpaper, and even refloor the room if necessary. Consider sanding, staining or painting dingy-looking cabinets. Replace old cabinet hardware — a low-cost improvement that makes a big difference in appearance." Just be sure to go with a classic design and, if possible, use high-quality materials -- after all, good taste endures. Expect to recoup between 70% and 80% of kitchen-remodeling jobs.
Creating New Space
As a rule, improvements that increase the functional space of a home hold their value longer than ones that just make a house look better. It's also significantly cheaper than adding an addition to your home. Converting an attic into a bedroom, for example, can returns upwards of 75% of its cost. Turning your basement into a room for socializing will set you back, but about 75% of the costs are likely to be recouped.
An Extra Bathroom
Adding an extra bathroom with all the trimmings — marble vanity top, molded sink, bathtub with shower and ceramic tile — almost pays for itself. You should make back between 65% and 75% of your costs of remodeling a full bathroom, and around 65% of the costs of adding a full bath.
Decks
Installing a deck may be the most cost-efficient way to add square footage to your house, and of all the outdoor home improvements except painting, it may be the most reliable value. Deck additions generally recoup 85% of their value.
New Windows and Other Green Updates
The savings on your utility bills is reason enough to consider energy-efficient improvements, but they will also add to the resale value of your home. Efficient windows and doors, a new roof (maybe even solar panels), and new insulation may be pricey, but some 65% to 76% may be recovered at resale. When considering new windows, however, keep in mind that customizing windows with fancy shapes, bays and bows doesn’t necessarily add any resale value.
Swimming Pools
It's commonly agreed that a swimming pool has no resale value at all. In fact, some home buyers spend thousands of dollars to fill in a pool after purchasing a property. The main reason pools repel more prospective buyers than they attract is that they need expensive upkeep. Running a close second is the fear of liability: Pool accidents are a quick way to end up the subject of a negligence suit. A lot of people simply don't want the responsibility.
Manicured Gardens
Fancy gardens — which will require time and money to tend — usually won't add to the offering price. Landscaping is for your own enjoyment. It may be a $40,000 investment, but it won’t add $40,000 to the value of your house. The same goes for expensive fences and stone walls. They look nice, but buyers don't pay up for them.
Basic Improvements
It may not be all that enjoyable, but it's the basic improvements that may have the greatest return on your home's value. You could have a beautiful new kitchen, but if your roof is leaking, you have a real problem. So if you're thinking of putting your house on the market in the next year or so, be sure to tackle any problems with the home's structure or mechanical systems before you, say, install that hot tub you've always dreamed of.
Read more: Which Home Improvements Pay Off? - Personal Finance - Real Estate - SmartMoney.com http://www.smartmoney.com/personal-finance/real-estate/which-home-improvements-pay-off
Don't expect to score on both counts. Just because you pour $20,000 into your home doesn't mean that your house is worth $20,000 more. Many homeowners spend on amenities such as phones in every bathroom or a decorative stone wall that are only peripheral to the value of the house.
Exactly how much you'll recoup in costs depends on several factors, including the direction of the broader housing market, the value of the homes in your neighborhood, when you plan to sell the home and the nature of the project itself. In some housing markets, you could, indeed, earn more than your investment back on a remodeling project. Adding a midrange deck to a home in San Francisco, for example, often recoups well more than 100% of its costs on homes sold within the year of the project’s completion. But you shouldn't count on those types of returns. In Columbus, Ohio, the same project is likely to recoup less than two-thirds of its costs.
And keep in mind that the longer you hold on to your home after a remodeling project is completed, the less likely you are to recoup its value. That's in part because design tastes can shift significantly over time. Remember when avocado green was all the rage? Also, there's little reward for having the fanciest house on the block. A house that's priced higher than its neighboring homes could be perceived as overpriced — even if it does have more value.
This section examines a few improvements that real estate experts say pay off more often than not — and some that rarely make a difference when it comes time to sell your home.
Kitchens
Even a few basic improvements to your kitchen can pay handsome dividends, For most buyers, the kitchen is the heart of the house. Paint, wallpaper, and even refloor the room if necessary. Consider sanding, staining or painting dingy-looking cabinets. Replace old cabinet hardware — a low-cost improvement that makes a big difference in appearance." Just be sure to go with a classic design and, if possible, use high-quality materials -- after all, good taste endures. Expect to recoup between 70% and 80% of kitchen-remodeling jobs.
Creating New Space
As a rule, improvements that increase the functional space of a home hold their value longer than ones that just make a house look better. It's also significantly cheaper than adding an addition to your home. Converting an attic into a bedroom, for example, can returns upwards of 75% of its cost. Turning your basement into a room for socializing will set you back, but about 75% of the costs are likely to be recouped.
An Extra Bathroom
Adding an extra bathroom with all the trimmings — marble vanity top, molded sink, bathtub with shower and ceramic tile — almost pays for itself. You should make back between 65% and 75% of your costs of remodeling a full bathroom, and around 65% of the costs of adding a full bath.
Decks
Installing a deck may be the most cost-efficient way to add square footage to your house, and of all the outdoor home improvements except painting, it may be the most reliable value. Deck additions generally recoup 85% of their value.
New Windows and Other Green Updates
The savings on your utility bills is reason enough to consider energy-efficient improvements, but they will also add to the resale value of your home. Efficient windows and doors, a new roof (maybe even solar panels), and new insulation may be pricey, but some 65% to 76% may be recovered at resale. When considering new windows, however, keep in mind that customizing windows with fancy shapes, bays and bows doesn’t necessarily add any resale value.
Swimming Pools
It's commonly agreed that a swimming pool has no resale value at all. In fact, some home buyers spend thousands of dollars to fill in a pool after purchasing a property. The main reason pools repel more prospective buyers than they attract is that they need expensive upkeep. Running a close second is the fear of liability: Pool accidents are a quick way to end up the subject of a negligence suit. A lot of people simply don't want the responsibility.
Manicured Gardens
Fancy gardens — which will require time and money to tend — usually won't add to the offering price. Landscaping is for your own enjoyment. It may be a $40,000 investment, but it won’t add $40,000 to the value of your house. The same goes for expensive fences and stone walls. They look nice, but buyers don't pay up for them.
Basic Improvements
It may not be all that enjoyable, but it's the basic improvements that may have the greatest return on your home's value. You could have a beautiful new kitchen, but if your roof is leaking, you have a real problem. So if you're thinking of putting your house on the market in the next year or so, be sure to tackle any problems with the home's structure or mechanical systems before you, say, install that hot tub you've always dreamed of.
Read more: Which Home Improvements Pay Off? - Personal Finance - Real Estate - SmartMoney.com http://www.smartmoney.com/personal-finance/real-estate/which-home-improvements-pay-off
Tuesday, January 25, 2011
When the Economy Cools Down, Financial Scams Heat up
The economy may be slow, but for thieves prowling for victims, business is always brisk.
"Crooks are taking advantage of the difficult economy, including tighter credit and higher unemployment, to trick people into accepting fraudulent and deceptive offers that seem beneficial on the surface but actually could cost a lot of money or result in identity theft," said Michael Benardo, manager of the FDIC's Financial Crimes Section.
Here are some common schemes being reported, followed by tips for protecting yourself:
Mortgage rescue schemes:
Con artists are preying on hard-pressed homeowners in the current depressed housing market. David M. Nelson, a fraud examiner in the Financial Crimes Section, said that companies posing as foreclosure specialists "promise miracles," such as falsely claiming they can save a home from foreclosure by lowering the loan balance, interest rate and monthly payments, and "all for a large upfront fee."
Instead, distressed homeowners should contact their mortgage loan servicer to request a modification of their loan at no cost (see When Payments Are a Problem). "It's very important for qualified borrowers to understand that the industry best practice is loan modifications free-of-charge," said FDIC Chairman Sheila C. Bair. "They do not need to spend thousand of dollars to get help."
Before contacting your lender or loan servicer, though, think about getting help from a trained, reputable housing counselor who can help you for no charge or a small fee. Find one through groups such as NeighborWorks America (www.nw.org) or by calling 1-888-995-HOPE (4673). Or, for a referral to a counseling agency certified by the U.S. Department of Housing and Urban Development (HUD), visit www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call 1-800-569-4287.
To see a Federal Trade Commission warning about foreclosure rescue scams, go to www.ftc.gov/bcp/edu/pubs/consumer/credit/cre42.shtm.
Other credit-related scams involving upfront fees:
Several of these have been circulating since problems emerged in mortgage and other credit markets. In some cases, con artists claim they can "guarantee" loan approvals to people with credit problems — in exchange for a big upfront fee. Of course, after collecting the nonrefundable fee, the loan falls through.
"No legitimate lender can promise a loan without looking at a borrower's financial condition," explained Michael L. Jackson, an Associate Director of the FDIC's Division of Supervision and Consumer Protection. "And in most cases, loan fees are typically collected at the end of the lending process, not at the beginning."
For guidance about avoiding scams involving credit counseling for people behind on their bills, see When a Debt Collector Calls.
Work-at-home scams:
Thieves prey on people who have lost their jobs or need extra cash by sending unsolicited e-mails and running advertisements on the Internet and in newspapers. The ads offer flexible, easy part-time jobs working at home and involve a lot of pay for doing very little, such as processing payments or shipping items. These offers may seem especially attractive if you've just lost your job. What can go wrong? Here are two common scenarios.
Your "employer" may steal your identity and commit fraud by obtaining your bank account and Social Security numbers, perhaps as part of a fake job application. Or, you could face major losses if your new boss requests that you deposit a check or electronic transfer into your bank account and wire funds out of your account (after deducting your "commission"), and later your bank tells you that the original deposit was bogus and you're responsible for the money.
According to Nelson, "If the check or electronic deposit is fraudulent, you will likely lose the money wired out of your account, plus you may have difficulty opening a new bank account until your name is cleared from any suspicion that you were a willing partner in any fraud."
For more information about work-at-home scams and a complaint form, go to www.IC3.gov, a Web site established by the U.S. Department of Justice and the National White Collar Crime Center.
"Mystery shopper" scams:
It's common for businesses and consulting firms to pay consumers to visit and shop at their retail locations or dine at their restaurant and then submit confidential reports about the experience. These part-time workers are known as "mystery shoppers" and "secret shoppers." But fraud artists are cashing in by setting up fake mystery-shopping programs that look very real, including job applications (requesting Social Security numbers) and professional-looking Web sites, and then convincing new recruits to wire money using funds from their own checking account.
Here's a typical scenario. Your first assignment as mystery shopper is to deposit a $2,000 cashier's check into your bank account — supposedly to cover a $1,900 purchase you're about to make for your new part-time "job," plus a $100 advance payment for your services. You're then instructed to withdraw $1,900 in cash from your bank account, take it to a particular store to have the funds wired to a person (a "colleague" of your new employer) in Canada. Later, you'll go home and fill out an evaluation of the store's money-transfer service. But eventually, perhaps a couple of weeks later, the cashier's check you deposited will be returned as counterfeit, and you will be responsible for the money you withdrew from your account.
"Part of what makes this swindle successful is that the criminals stress that the entire assignment must be 'confidential,' from ordering the money transfer at the store to filling out the evaluation form," explained Millie Spencer, a financial crime specialist with the FDIC.
Fraudulent e-mails, calls and faxes related to bank failures, mergers or other current events: Crooks are pretending to be from a financial institution in the news (perhaps one that has acquired a failed institution) or a government agency (such as the FDIC) asking for consumers to supply personal information, such as account and Social Security numbers or passwords. Don't fall for this trick.
"For example, your bank, credit card issuer and any other reputable business you deal with won't call or e-mail you to confirm account numbers or passwords because it will already have that information," said Nelson.
False or misleading sales of certificates of deposit (CDs):
Bank CDs issued by FDIC-insured institutions have long been considered to be among the safest financial investments available because of the deposit insurance protection. However, with the slow economy resulting in relatively low interest rates on insured CDs, savers looking for high yields may be tempted by Internet or newspaper advertisements offering unusually high returns. While most advertising for CDs is accurate and legitimate, beware that some may be misleading or even untrue.
"Look very closely at the fine print in those eye-catching ads," said Richard M. Schwartz, an FDIC attorney who specializes in consumer issues. "Some high-yielding accounts have strings attached, like a requirement that you buy insurance or annuities you may not want. Other accounts may be deceptively advertised as FDIC-insured accounts but they're not, and that's a violation of federal law."
In general, how can you protect yourself from financial scams and rip-offs?
•Be wary of requests to "update" or "confirm" personal information — such as your Social Security numbers and bank account and credit card numbers (including security codes) — in response to an advertisement or an unsolicited call, text message or e-mail. Be extremely skeptical of any unsolicited offer that requires you to send a payment or provide bank account or other personal information before receiving anything in return.
•Take the time to thoroughly research the people or organizations offering a job, loan, deposit, investment or other "opportunity" involving your money or personal information.
•Walk away from any offer from a stranger that would involve a large deposit into your account and instructions to wire any of that money back, perhaps to someone in another country.
•In general, assume that any offer that sounds unrealistic or otherwise "too good to be true" — especially one from a stranger or an unfamiliar company — is probably a fraud.
To learn more about common financial frauds and how to protect yourself, see back issues of FDIC Consumer News (online at www.fdic.gov/consumernews) and our multimedia presentation "Don't Be an Online Victim" (at www.fdic.gov/consumers/consumer/guard).
Also visit www.mymoney.gov/, the scams and frauds section of the U.S. government's Web site dedicated to financial education.
"Crooks are taking advantage of the difficult economy, including tighter credit and higher unemployment, to trick people into accepting fraudulent and deceptive offers that seem beneficial on the surface but actually could cost a lot of money or result in identity theft," said Michael Benardo, manager of the FDIC's Financial Crimes Section.
Here are some common schemes being reported, followed by tips for protecting yourself:
Mortgage rescue schemes:
Con artists are preying on hard-pressed homeowners in the current depressed housing market. David M. Nelson, a fraud examiner in the Financial Crimes Section, said that companies posing as foreclosure specialists "promise miracles," such as falsely claiming they can save a home from foreclosure by lowering the loan balance, interest rate and monthly payments, and "all for a large upfront fee."
Instead, distressed homeowners should contact their mortgage loan servicer to request a modification of their loan at no cost (see When Payments Are a Problem). "It's very important for qualified borrowers to understand that the industry best practice is loan modifications free-of-charge," said FDIC Chairman Sheila C. Bair. "They do not need to spend thousand of dollars to get help."
Before contacting your lender or loan servicer, though, think about getting help from a trained, reputable housing counselor who can help you for no charge or a small fee. Find one through groups such as NeighborWorks America (www.nw.org) or by calling 1-888-995-HOPE (4673). Or, for a referral to a counseling agency certified by the U.S. Department of Housing and Urban Development (HUD), visit www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call 1-800-569-4287.
To see a Federal Trade Commission warning about foreclosure rescue scams, go to www.ftc.gov/bcp/edu/pubs/consumer/credit/cre42.shtm.
Other credit-related scams involving upfront fees:
Several of these have been circulating since problems emerged in mortgage and other credit markets. In some cases, con artists claim they can "guarantee" loan approvals to people with credit problems — in exchange for a big upfront fee. Of course, after collecting the nonrefundable fee, the loan falls through.
"No legitimate lender can promise a loan without looking at a borrower's financial condition," explained Michael L. Jackson, an Associate Director of the FDIC's Division of Supervision and Consumer Protection. "And in most cases, loan fees are typically collected at the end of the lending process, not at the beginning."
For guidance about avoiding scams involving credit counseling for people behind on their bills, see When a Debt Collector Calls.
Work-at-home scams:
Thieves prey on people who have lost their jobs or need extra cash by sending unsolicited e-mails and running advertisements on the Internet and in newspapers. The ads offer flexible, easy part-time jobs working at home and involve a lot of pay for doing very little, such as processing payments or shipping items. These offers may seem especially attractive if you've just lost your job. What can go wrong? Here are two common scenarios.
Your "employer" may steal your identity and commit fraud by obtaining your bank account and Social Security numbers, perhaps as part of a fake job application. Or, you could face major losses if your new boss requests that you deposit a check or electronic transfer into your bank account and wire funds out of your account (after deducting your "commission"), and later your bank tells you that the original deposit was bogus and you're responsible for the money.
According to Nelson, "If the check or electronic deposit is fraudulent, you will likely lose the money wired out of your account, plus you may have difficulty opening a new bank account until your name is cleared from any suspicion that you were a willing partner in any fraud."
For more information about work-at-home scams and a complaint form, go to www.IC3.gov, a Web site established by the U.S. Department of Justice and the National White Collar Crime Center.
"Mystery shopper" scams:
It's common for businesses and consulting firms to pay consumers to visit and shop at their retail locations or dine at their restaurant and then submit confidential reports about the experience. These part-time workers are known as "mystery shoppers" and "secret shoppers." But fraud artists are cashing in by setting up fake mystery-shopping programs that look very real, including job applications (requesting Social Security numbers) and professional-looking Web sites, and then convincing new recruits to wire money using funds from their own checking account.
Here's a typical scenario. Your first assignment as mystery shopper is to deposit a $2,000 cashier's check into your bank account — supposedly to cover a $1,900 purchase you're about to make for your new part-time "job," plus a $100 advance payment for your services. You're then instructed to withdraw $1,900 in cash from your bank account, take it to a particular store to have the funds wired to a person (a "colleague" of your new employer) in Canada. Later, you'll go home and fill out an evaluation of the store's money-transfer service. But eventually, perhaps a couple of weeks later, the cashier's check you deposited will be returned as counterfeit, and you will be responsible for the money you withdrew from your account.
"Part of what makes this swindle successful is that the criminals stress that the entire assignment must be 'confidential,' from ordering the money transfer at the store to filling out the evaluation form," explained Millie Spencer, a financial crime specialist with the FDIC.
Fraudulent e-mails, calls and faxes related to bank failures, mergers or other current events: Crooks are pretending to be from a financial institution in the news (perhaps one that has acquired a failed institution) or a government agency (such as the FDIC) asking for consumers to supply personal information, such as account and Social Security numbers or passwords. Don't fall for this trick.
"For example, your bank, credit card issuer and any other reputable business you deal with won't call or e-mail you to confirm account numbers or passwords because it will already have that information," said Nelson.
False or misleading sales of certificates of deposit (CDs):
Bank CDs issued by FDIC-insured institutions have long been considered to be among the safest financial investments available because of the deposit insurance protection. However, with the slow economy resulting in relatively low interest rates on insured CDs, savers looking for high yields may be tempted by Internet or newspaper advertisements offering unusually high returns. While most advertising for CDs is accurate and legitimate, beware that some may be misleading or even untrue.
"Look very closely at the fine print in those eye-catching ads," said Richard M. Schwartz, an FDIC attorney who specializes in consumer issues. "Some high-yielding accounts have strings attached, like a requirement that you buy insurance or annuities you may not want. Other accounts may be deceptively advertised as FDIC-insured accounts but they're not, and that's a violation of federal law."
In general, how can you protect yourself from financial scams and rip-offs?
•Be wary of requests to "update" or "confirm" personal information — such as your Social Security numbers and bank account and credit card numbers (including security codes) — in response to an advertisement or an unsolicited call, text message or e-mail. Be extremely skeptical of any unsolicited offer that requires you to send a payment or provide bank account or other personal information before receiving anything in return.
•Take the time to thoroughly research the people or organizations offering a job, loan, deposit, investment or other "opportunity" involving your money or personal information.
•Walk away from any offer from a stranger that would involve a large deposit into your account and instructions to wire any of that money back, perhaps to someone in another country.
•In general, assume that any offer that sounds unrealistic or otherwise "too good to be true" — especially one from a stranger or an unfamiliar company — is probably a fraud.
To learn more about common financial frauds and how to protect yourself, see back issues of FDIC Consumer News (online at www.fdic.gov/consumernews) and our multimedia presentation "Don't Be an Online Victim" (at www.fdic.gov/consumers/consumer/guard).
Also visit www.mymoney.gov/, the scams and frauds section of the U.S. government's Web site dedicated to financial education.
Subscribe to:
Posts (Atom)
-
In Southern California the firm Greene and Greene are the most renowned practitioners of the original American Craftsman Style, ... -
More Pictures Find inspiration for your remodeling project form these amazing Before and After bathrooms Source Source Sourc...
