Major US indices ended essentially flat for the day today, as investor anxiety mounted during the meetings in Europe concerning the state of the eurozone and what actions might be necessary. Yields on 10-year Treasury notes fell for the fourth day in a row, yet another sign of investor’s unease. In corporate news, Blackberry maker Research in Motion (RIMM) has replaced their co-CEOs with a single new CEO, Thorstein Heins, former COO of the company. Despite the company’s difficulty matching competitors in the smartphone market, Heins appears to be seeking a fairly conservative strategy. Starbucks (SBUX), meanwhile, has announced their intention to bring more and more alcoholic beverages to their cafes. Full Post…

According to a recent report by foreclosure research firm RealtyTrac, the rate of foreclosure in Alabama was 21 percent lower in 2011 than in 2010.  Last year, Alabama had the 31st lowest foreclosure filing rate in the country.

In total, 16,487 foreclosures were filed in Alabama last year.  The rate of foreclosure for 2011 was about 1 in every 132 homes.

Last month, foreclosures filings decreased by 24.3 percent from November, with a total of 1,122 foreclosures in the state.

Across the country, the foreclosure rate decreased by 34.3 percent, with 1.9 million foreclosures filed in the U.S. in 2011.  

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Two Orange County nursing homes, Newport Nursing and Rehabilitation Center in Newport Beach and Emeritus at Yorba Linda, both received Class “AA” citations, the most severe penalty under State law, from the State of California after investigations concluded that inadequate care at the nursing homes lead to a death at each facility, announced Dr. Ron Chapman, director of the California Department of Public Health (CDPH) and state public health officer.

Newport Nursing and Rehabilitation Center was fined $100,000 after a CDPH investigation found that the facility failed to provide adequate safety measures and supervision, leading to the patient’s death.

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What is shadow inventory?

It is an inventory of houses that will come to market as distressed properties at discounted prices. Each of the data companies define shadow inventory in slightly different ways. Standard & Poors defines it this way:

“We include in the shadow inventory all outstanding properties for which borrowers are 90 days or more delinquent on their mortgage payments, properties in foreclosure, and properties that are real estate owned (REO).

We also include 70% of the loans that “cured” from being 90 days delinquent (loans that once again became current) within the past 12 months because cured loans are more likely to re-default. Our ca

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