Friday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Friday’s business headlines with Jane King.
Indiana has the country’s eighth-highest foreclosure rate
One in 600 homes are in foreclosure in Indiana, for a total of 4,800, according to Attom Data. The state’s foreclosure rate is the eighth-highest in the nation.
Attom Data also says that Vanderburgh County was among the 10 counties with the highest foreclosure rates in June. One in every 1,449 housing units in the county had a foreclosure filing.
Home prices have gone up, interest rates are heading higher, and the pandemic stimulus is essentially over. As a result, some people are struggling to make payments.
Average new car price hits all-time record
The average price for a new car in the United States hit $48,182 in July, a new all-time record.
Kelley Blue Book says the price surpassed the previous record, which was set in June.
The coronavirus pandemic saw a squeeze on the supply chain and increased demand for affordable vehicles. Now, the rush for affordable cars has subsided, leaving some buyers to opt for a more luxurious option than they may have chosen before.
USPS temporarily raising rates for the holidays
Sending gifts this holiday season is about to get more expensive.
The U.S. Postal Service says it will temporarily raise rates from Oct. 2 through Jan. 22 to offset rising delivery costs.
Price increases will depend on the type of parcel, the size of the package, and how far it’s going.
More than half of Generation X can’t afford to help their parents
More than half of the U.S. adults who are part of Generation X (born between 1965 and 1980) don’t have enough money to help their senior parents, according to a new study from reverse mortgage lender AAG.
AAG says older Americans are wary about tapping into their wealth.
The AAG study also found that the majority of Gen X is concerned that inflation is hurting their parents’ situation, with 62% of respondents saying they are worried about the impact that inflation is having on their parents’ finances.
Cost of back-to-school “essentials” is up
The cost of back-to-school essentials like glue, markers, pens, and backpacks, has jumped.
Klover, which collects spending data from its more than 3 million consumers, says the price of Scotch tape surged nearly 70% this year compared to 2021.
The cost of two other popular school supplies — Sharpie permanent markers and Elmer’s glue — are up nearly 55% and 30%, respectively