About 5.1 million mortgage holders (or roughly 10% of Americans with mortgages) will own homes that are worth 75% or less than what they owe on their mortgages by mid-June. This is the conclusion of a new study by First American CoreLogic given exclusively to The New York Times. One of the firm’s senior economists, Sam Khater, told the paper, “People’s emotional attachment to their... 

PHOENIX — Arizona state legislators go back to work Monday in an attempt to battle a nearly $1.5 billion dollar deficit. “The February school payment we can’t make, February payroll there’s no money there,” said State Treasurer, Dean Martin. Martin said unless the capitol buildings are sold before the end of the month, there will be no more money meaning, “If they... 

While iconic American automakers General Motors and Chrysler were saved from the brink of disaster in 2009, others were not so lucky, succumbing to the fate of the worst economic downturn since the Great Depression.   American businesses, struggling with lower consumer demands and hard-to-get credit, attempted to cut costs in a myriad of ways last year – slashing jobs, cutting back hours, freezing...