Even with mortgage interest rates dropping to 50-year lows, the demand for mortgages is falling. The number of mortgage applications has been falling for three weeks straight. Some say this could be due to double-dip recession fears or a hope that interest rates will fall further.
Also in the news...
- The number of uninsured Americans increased from 46.3 million to a record 50.7 million,
according to the U.S. Census. The corresponding drop in people with health coverage marks the first
time the number fell since the Census Bureau began tracking the data in 1987.
- The mother of a teen killed by a Chicago police officer on the Red Line is suing the department. Witness statements clash with police reports about whether the teen had a gun.
- The Illinois State Police is being sued over the use of private information at the "fusion center" they operate as part of national anti-terror efforts. The American Civil Liberties Union filed a lawsuit seeking records regarding how the organization protects people's privacy as the police agency combs through its databases compiling evidence of criminal activity. The lawsuit comes after reports of abuse from other fusion centers around the country and because the Illinois center has denied Freedom of Information Act requests for more information from the ACLU.
- Chicago area health care company Abbot Laboratories is cutting a three percent of its workforce, a total of 3,000 local jobs, following the company's purchase of Solvay SA's pharmaceutical business.
-Compiled by Louis McGill