Obama offers mortgage relief on Western trip

Tuesday, October 25, 2011

by Alexandra Zega

LAS VEGAS (AP) -- President Barack Obama offered mortgage relief on Monday to hundreds of thousands of Americans, his latest attempt to ease the economic and political fallout of a housing crisis that has bedeviled him as he seeks a second term.

"I'm here to say that we can't wait for an increasingly dysfunctional Congress to do its job," the president declared outside a family home in Las Vegas, the epicenter of foreclosures and joblessness. "Where they won't act, I will."

Making a case for his policies and a new effort to circumvent roadblocks put up by Republican lawmakers, Obama also laid out a theme for his re-election, saying that there's "no excuse for all the games and the gridlock that we've been seeing in Washington."

"People out here don't have a lot of time or a lot of patience for some of that nonsense that's been going on in Washington," he said.

The new rules for federally guaranteed loans represent a recognition that measures the administration has taken so far on housing have not worked as well as expected.

His jobs bill struggling in Congress, Obama tried a new catchphrase -- "We can't wait" -- to highlight his administrative initiatives and to shift blame to congressional Republicans for lack of action to boost employment and stimulate an economic recovery.

Later in the week, Obama plans to announce measures to make it easier for college graduates to pay back federal loans. Such executive action allows Obama to address economic ills and other domestic challenges in spite of Republican opposition to most of his proposals.

While Obama has proposed prodding the economy with payroll tax cuts and increased spending on public works and aid to states, he has yet to offer a wholesale overhaul of the nation's housing programs. Economists point to the burst housing bubble as the main culprit behind the 2008 financial crisis. Meanwhile, the combination of unemployment, depressed wages and mortgages that exceed house values has continued to put a strain on the economy.

While the White House tried to avoid predicting how many homeowners would benefit from the revamped refinancing program, the Federal Housing Finance Agency estimated an additional 1 million people would qualify. Moody's Analytics say the figure could be as high as 1.6 million.

Under Obama's proposal, homeowners who are still current on their mortgages would be able to refinance no matter how much their home value has dropped below what they still owe.

"Now, over the past two years, we've already taken some steps to help folks refinance their mortgages," Obama said, listing a series of measures. "But we can do more."

At the same time, Obama acknowledged that his latest proposal will not do all that's not needed to get the housing market back on its feet. "Given the magnitude of the housing bubble, and the huge inventory of unsold homes in places like Nevada, it will take time to solve these challenges," he said.

In spelling out the plan to homeowners in a diverse, working-class Las Vegas neighborhood, Obama chose a state that provides the starkest example of the toll the housing crisis has exacted from Americans. One in every 118 homes in the state of Nevada received a foreclosure notice in September, the highest ratio in the country, according to the foreclosure listing firm RealtyTrac.

Obama visited the home of Jose and Lissette Bonilla, two grocery store workers whose house was refurbished under a program paid for by the original 2009 economic stimulus plan. The program was designed to stabilize communities hit by foreclosures or abandonment. Lissette Bonilla said she told the president that without his stimulus plan, the five members of her family would still be living in a one-bedroom apartment.

Presidential spokesman Jay Carney criticized Republican presidential candidate Mitt Romney for proposing last week while in Las Vegas that the government not interfere with foreclosures. "Don't try to stop the foreclosure process," Romney told the Las Vegas Review-Journal. "Let it run its course and hit the bottom."

"That is not a solution," Carney told reporters on Air Force One. He said Romney would tell homeowners, "`You're on your own, tough luck.'"

The president also was using his visit to Las Vegas to promote a $15 billion neighborhood revitalization plan contained in his current jobs proposal that would help redevelop abandoned and foreclosed properties and stabilize affected neighborhoods.

The Nevada stop was the first leg of a three-day tour of Western states, blending his pitch for boosting the economy with an aggressive hunt for campaign cash.

From Nevada, Obama will head for the glamor of Hollywood and the homes of movie stars Melanie Griffith and Antonio Banderas and producer James Lassiter for some high-dollar fundraising. On Tuesday, he will tape an appearance on "The Tonight Show" with Jay Leno. He will also raise money in San Francisco and in Denver.

Before the president addressed his mortgage refinancing plan, he attended a fundraiser at the luxurious Bellagio hotel, offering a sharp contrast between well-to-do who are fueling his campaign and the struggling homeowners hoping to benefit from his policies.

The mortgage assistance plan by the Federal Housing Finance Agency will help borrowers with little or no equity in their homes, many of whom are stuck with 6 or 7 percent mortgage rates, to seek refinancing and take advantage of lower rates. The FHFA plans to remove caps that had allowed homeowners to refinance only if they owed up to 25 percent more than their homes are worth.

The refinancing program is being extended until the end of 2013. It was originally scheduled to end in June 2012.

The administration's incremental steps to help homeowners have prompted even the president's allies to demand more aggressive action.

Rep. Dennis Cardoza, a moderate Democrat from California, gave voice to Democratic frustration on the housing front last week when he announced his decision not to seek re-election, blaming the Obama administration directly for not addressing the crisis.

"I am dismayed by the administration's failure to understand and effectively address the current housing foreclosure crisis," Cardoza said in a statement that drew widespread attention. "Home foreclosures are destroying communities and crushing our economy, and the administration's inaction is infuriating."

Obama's new "We can't wait" slogan is his latest in a string of stump-speech refrains he hopes will pressure Republicans who oppose his $447 billion jobs package. He initially exhorted Congress to "Pass this bill!" then demanded "I want it back," all in the face of unanimous Republican opposition in the Senate, though even some Democrats were unhappy with the plan.

Obama has now agreed to break the proposal into its component parts and seek congressional approval one measure at a time. The overall proposal would increase taxes on millionaires, lower payroll taxes on workers and businesses for a year, pay for bridge, road and school construction projects, and help states and local governments retain teachers and emergency workers.

The proposals with the best chance of passage are the payroll tax cuts and extensions in jobless insurance to the long-term unemployed.

Countering Obama's criticism, GOP leaders say the sluggish economy and stubbornly high unemployment rate are the result of failed Obama administration policies.

"It's another day in the campaign life of President Obama, and he's bringing his re-election tour to Nevada, ground zero for the damaging effects of his failed economic policies," Republican National Committee Chairman Reince Priebus said Monday.

(c) Jim Kuhnhenn, Associated Press

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10 Fantastic Towns for Fall

Wednesday, October 12, 2011

by Alexandra Zega

(c) Christine Sarkis

Fall is a time to slow down and enjoy the scenery, and small towns know a thing or two about embracing a slower pace of life. To help you make the most of the season, we've scoured the country to find 10 towns that deliver exceptional fall foliage.

Our top picks might have all weighed in with populations under 10,000, but all offer big reasons to visit.

J im Thorpe, Pennsylvania

During autumn in Jim Thorpe, a trip down memory lane is framed by brightly colored leaves. The historic town, tucked into a steep valley in the Poconos, offers wonderfully preserved buildings that house tea rooms, art galleries, and an old opera house popular on the Vaudeville circuit. Fall foliage weekends complete with arts, crafts, music, and kids' activities run throughout October, and this time of year also brings guided ghost walks to town.

Time it Right: October is prime time for both foliage and fall activities. This year, the projected peak of color is around October 12, but Alicia Quinn at the Pocono Mountains Visitors Bureau notes, "if history repeats itself, this will get pushed back until mid-month, and usually lasts about two weeks."

Sedona, Arizona

Arizona Office of Tourism

Sedona, Arizona

There's nothing understated about Sedona, about two hours north of Phoenix in the high desert of Central Arizona. Vibrant red mesas and blushing sandstone cliffs offer some of the country's most spectacular scenery, especially at sunrise and sunset. During fall, the color show takes it up a notch. In town you can browse art galleries—or get your energy balanced by one of the many healers and spiritual guides that call Sedona home—before heading out for some leaf peeping.

Time it Right: Ellen Bilbrey of Arizona State Parks says that fall foliage colors will likely start to appear in mid-October this year, but warns, "We never know the actual peak time until the weather starts to drop to temperatures of 45 degrees at night."

Stockholm, Wisconsin

Courtesy of RJ and Linda Miller

Stockholm, Wisconsin

The village of Stockholm, on the banks of the Mississippi River about 70 miles from Minneapolis, offers dozens of delightful ways to savor fall. Vast swaths of fall foliage adorn the landscape around the town, the local pie company bakes up fall in many flavors, and at the Maiden Rock Winery and Cidery, you can drink the season too, with wines made from apples and berries. And if that's not enough, you can tool around town on free blue bikes available for visitors or take advantage of some of the best boutique and antique shopping in the state.

Time it Right: This year, TravelWisconsin's fall color report predicts peak fall color in mid-October.

Woodstock, Vermont

Courtesy of Vermont Department of Tourism and Marketing

Woodstock, Vermont

In Woodstock the most wonderful time of the year comes early. With fall foliage that's nothing short of spectacular, the town and surrounding countryside put on a color show that draws visitors from around the world. Weekend events include harvest suppers, the Woodstock Apples and Crafts Fair, and the nearby Antique Show. Before you head out of town in search of the brightest reds and oranges of autumn, spend some time roaming the quaint downtown or exploring Vermont's rural heritage at the nearby Billings Farm & Museum.

Time it Right: The leaves have already started to change in Woodstock. Rain and wind dependant, peak season should fall between October 1 and October 10 to 15.

Jasper, Arkansas

Arkansas Department of Parks and Tourism

Jasper, Arkansas

Each fall, the tiny Ozark mountain town of Jasper beckons visitors with the promise of vivid fall colors and Southern hospitality. Start the warm fall days with a big breakfast at a local cafe or by people-watching in the downtown square before heading out for some serious leaf peeping, wildlife spotting, and scenic drives.

Time it Right: The best time to see the fall colors near Jasper is usually between October 15 and November 15. You can stay up to Sdate on fall foliage around the state by checking the Arkansas Department of Parks and Tourism website.

Hood River, Oregon

Peter Marbach

Hood River, Oregon

Colorful fall foliage and abundant harvests. That's what you'll get in and around Hood River, a town nestled in the Columbia River Gorge next to the Cascade Mountain Range. Plan your stay for the first weekend of any month and you'll get to enjoy First Friday, when art galleries, shops, and restaurants downtown put on an evening of new art exhibits, wine tastings, and free music between 6 and 9 p.m. October brings many fall festivities, including the Hood River Valley Harvest Fest and the Heirloom Apple Celebration.

Time it Right: Because summer has lingered this year, peak foliage likely won't arrive until early- to mid-October.

Stockbridge, Massachusetts

Art Evans @Norman Rockwell Museum

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Is It Time to Ditch Your Debit Card?

Saturday, October 01, 2011

by Alexandra Zega

provided by

What's the least-friendly piece of plastic in your wallet? With Bank of America's recent announcement that it will start charging for debit card use, upset customers might say there's a strong argument it's the debit card — and increasingly, there are better alternatives.

The change in debit card terms has been gradual. Most recently, Bank of America announced its plans to levy a $5 monthly fee for making debit-card purchases starting next year. Banks including Wells Fargo, SunTrust and Chase have already eliminated debit rewards programs, and Chase, PNC and TD Bank are testing ATM fees as high as $5 a pop in some markets.

Given the rising costs, consumers may be better off without debit cards at all, says Dennis Moroney, senior analyst covering bank cards at TowerGroup consulting firm. "I never understood why people wanted debit cards in the first place," he says.

Credit cards can often be a better fit. Consumers who pay off their balances in full avoid expensive interest charges and fees, often while earning rewards of 1% or better. And as recent data breaches have highlighted, credit cards offer better protections than debit cards in the case of fraud or theft. (When debit cards are stolen, consumers risk losing everything in their checking account if they don't report the theft before the card is used.)

Banks are also expected to start pushing prepaid cards as a debit alternative, says Odysseas Papadimitriou, chief executive at credit-card comparison web site CardHub.com. American Express became the first major bank to introduce one earlier this year. Of course, most of these cards aren't free either. Users with the American Express prepaid card get one free ATM withdrawal each month, then pay $2 for each one thereafter — in addition to any fees the ATM's owner might charge. The Green Dot Gold Prepaid Visa card may seem closer to a traditional debit card: For someone who signs up for direct monthly deposits of at least $2,000 and visits the ATM at least once a week, the card levies no additional fees, according to CardHub.com.

Remember cash? No fees or fine print, and more businesses are offering discounts for shoppers who use it. Of course, if it's stolen, there's no way to recover it. So even consumers who go cash-only should maintain a checking account with ATMs convenient to work and home, says Richard Barrington, an analyst at MoneyRates.com, which tracks bank rates.

For anyone who still really wants a debit card, smaller banks and credit unions may be the best alternatives. At online bank PerkStreet, for example, customers can earn up to 2% cash back on their debit purchases, as well as 5% on specific categories, like housing or dining, that change each month. (The bank has 37,000 ATMs throughout the country.) At Sovereign Bank, debit card holders get up to 20% cash back on purchases at more than 1,200 retailers, including Restaurant.com, TurboTax and Brookstone, which is then credited to their checking account.

Readers, would you pay $60 per year to use your debit card?

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Stay in the Loop

Thursday, September 29, 2011

by Alexandra Zega

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OCTOBER is chock full of FUN things to do - HAPPY FALL everyone!
{ what to do · where to eat }

Fall Harvest Festival Sunday & Monday, October 9 & 10 10:00AM - 5:00PM Celebrate autumn in Newburyport! A Newburyport tradition for over 35 years, Fall Harvest Festival features talented artisans offering handmade crafts & artwork, great local food vendors, live music in Market Square, the annual Scarecrow Contest and Kid's Korner. Free to all! For more info, click here!	Brought to you buy the Greater Newburyport Chamber of Commerce. Held in downtown Newburyport.

Oktoberfest
Saturday, October 15
12:00-6:00PM

Don't miss Newburyport's First Annual Oktoberfest!! This fun, family friendly event will feature traditional German food, live music and craft beers in the beer tent as well as games, activities and rides for all ages! Bring the whole family to the Bartlet Mall for a great day of fun, froth and food!

For more info, click here!

Brought to you buy the Greater Newburyport Chamber of Commerce. To be held at the Bartlet Mall, located on High Street in Newburyport at the intersection of Pond Street.

Newburyport ArtWalk
Saturday, October 15
3:00-7:00PM

The LAST Newburyport ArtWalk of the 2011 season happens on Saturday, October 15! Eight galleries located in or near downtown Newburyport participate in this free introduction to the visual arts in Newburyport. The ArtWalk brochure with map is available at galleries, the Greater Newburyport Chamber of Commerce, the middle passage way between State State and Inn Street, and many restaurants and inns. For more information please visit online at www.newburyportartwalk.com or find Newburyport ArtWalk on Facebook.

Witches Night Out
Friday, October 21
6:00-9:00PM

Calling all goblins, witches and warlocks for a "spooktacular" event in downtown Newburyport, the Tannery and Horton’s Yard. Enjoy merchant and restaurant hospitality while strolling and shopping! Many participating businesses will be decorating their stores in the best of Halloween finery, serving light refreshments, having a costume contest and offering a reverse trick or treat to benefit Pennies for Poverty: 2 Cents for Change.

Witches Night Out attendees are encouraged to dress as a witch or warlock to add to the festivity of the evening. Don't miss the Costume Contest at 8:00PM, location TBA. Two categories - Best Witch Costume and Best Costume Overall - winners will be awarded $50 Newburyport Gift Certificates!

For more info, click here!

Newburyport's Great Pumpkin
Lighting and Stroll
Saturday, October 22
6:00-9:00PM

Join us for this NEW fun event brought to you by the Greater Newburyport Chamber of Commerce and our retail members!! Families are encouraged and invited to bring a carved pumpkin that will be lit and placed on the stairs of Market Square for all to enjoy! Each family will receive a votive candle that will be lit all at once at dusk - approximately 6:15PM.

After the lighting, attendees are encouraged to stroll the downtown and Tannery to "ooh and ahh" at all the pumpkins designed by local businesses! At the end of the evening families are asked to take their pumpkins home for safe keeping. Activities include music, refreshments, and much more to be announced!

For more info, click here!

Downtown Merchant Trick or Treat
Friday, October 28
4:00-5:00PM

Join Downtown and Tannery Marketplace merchants as they celebrate Halloween! Stop by - in costume - for a trick or a treat! This event is intended for small children accompanied by an adult.

For more info, click here!

Newburyport's City-Wide Trick or Treat
Monday, October 31
5:30-7:30PM

For more information, contact the Newburyport
Police Dept. at 978-462-4411.

Blue Ocean Music Hall

With an exciting line-up of weekly shows, Blue Ocean Music Hall is the perfect venue to see top national acts in an intimate setting where most seats are within 50 feet of the stage. Blue Ocean Music Hall offers affordable tickets, ocean views, food and a full bar, nearby parking, and an up-close and personal live music experience close-by without the hassle of traveling to larger city venues. Check out our upcoming shows online at our website below!

Blue Ocean Music Hall 4 Oceanfront North, Salisbury Beach
978-462-5888 www.BlueOceanHall.com

The Firehouse Center for the Arts

CELEBRATING 20 YEARS! Whether it be music, dance, theater, film or art, we invite you to be part of the magic at the Firehouse Center for the Arts.

Upcoming Shows/Events:

Sept 30 • The Boston Horns
Oct 8 • DD Martin
Oct 15 • Bob Wolfman
Oct 16 • Cathy & Marcy
Oct 21 • The Port Follies
Oct 22 • Liz Frame and the Kickers
Oct 27-30 • Little City Comedy Co.
Oct 28 • Rocky Horror Picture Show

Nov 5 • Random Acts
Nov 10-13 • The Christina Experiment
Nov 17-20 • The Christina Experiment
Nov 26-27 • The Nutcracker

The Firehouse Center for the Arts Market Square, Newburyport
978-462-7336 www.firehouse.org

>> for more events: click here!

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what to do activities

Newburyport Whale Watch

The fall is a beautiful time to enjoy a whale watch cruise! The Newburyport Whale Watch departs from Newburyport Harborwalk and will whisk you out to Jeffreys Ledge where you’ll see Humpbacks, Minkes, Finback Whales and more on our half-day trips. Whale Watch tickets make for the perfect gift! Take advantage of our seasonal offering: Buy 3, Get 1 Free – just visit our website to purchase. For more information and reservations, please call or visit our website below.

Newburyport Whale Watch
54 Merrimac Street, Newburyport
978-499-0832 www.newburyportwhalewatch.com

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where to eat

Bob Lobster
On the way to and from Plum Island

For a great New England in-the-rough dining experience it’s Bob Lobster; serving golden-fried clams, fish ‘n chips, homemade chowders, the best lobster rolls, and more. Bob Lobster is also a lobster pound and fish market with a delicious assortment of homemade take-and-bake seafood pies; many available gluten-free.

Open year-round. Through October 16th open every day from 9:30am to 8:00pm. Beginning October 17th open Thursday thru Sunday 9:30am to 7:30pm. Situated along the beautiful Merrimack River, five minutes east of downtown Newburyport; credit cards accepted; children’s menu available; BYOB.

Bob Lobster 49 Plum Island Turnpike, Newbury (Plum Island)
978-465-7100 www.boblobster.com

David's Tavern on Brown Square

Chef owned and operated David’s Tavern, located in the historic Garrison Inn boutique hotel, has been serving creative American cuisine since 1989. Enjoy an abundant buffet brunch every Sunday from 9:00am to 2:00pm. Let our cozy brick and stone walled pub warm you with its charm as we move into fall. Tasty specials offered every evening with half portions available on grilled seafood and pasta dishes. Experience live entertainment Thursday-Saturday evenings. No Sitter? No Worries! We have one here for kid’s 18 months and older, call for details. Look for David’s food booth during the Fall festival. Open for dinner every evening at 5pm.

David's Tavern on Brown Square 11 Brown Square, Newburyport
978-462-8077 www.davidstavern.com

The Grog Restaurant

For 40 years, The Grog has been Newburyport’s place to meet and enjoy. As we continue to mark this anniversary, we maintain our tradition of presenting the best food, refreshment & entertainment. Our Sunday Brunch Buffet will return on October 9 from 11am to 2pm. Choose from our mouth-watering brunch entrées in addition to selections from our full menu. Our featured Craft Brewer for October will be Cisco Brewers on Nantucket; stop by for a Whale’s Tale!

The historic and eclectic function areas at The Grog are the perfect setting for your party, reception, or other special occasion. Please call us to discuss your event.

The Grog Restaurant 13 Middle Street, Newburyport
978-465-8008 www.thegrog.com

Michael's Harborside

October is National Seafood Month! Come dine at Newburyport’s favorite seafood restaurant for all your prime seafood picks! Introducing new Weeknight Specials, every Monday through Thursday starting in October! Monday: Bottomless Fish & Chips - $10. Tuesday: Kid’s Eat Free. Wednesday: Create-your-own Pasta Night - $10. Thursday: All-you-can-eat Fish Tacos - $10.

Looking to host a dinner, buffet, or a cocktail celebration, while enjoying the breathtaking water view? The decks at Michael’s are the perfect place for any special gathering. For more information or to book an event, call us at 978-462-7785 or email Matt Kirk.

Michael's Harborside One Tournament Wharf, Newburyport
978-462-7785 www.michaelsharborside.com

Not Your Average Joe's

Join us for “Octobeerfest”, our celebration of Germany’s beloved party! Featured bottled beers: Hacker Pschorr Oktoberfest, Ipswich Harvest Ale, Rogue Dead Guy Ale, Radeberger Pilsner & Harpoon Cider. Featured draft beers: Wolaver’s Pumpkin Ale & Paulaner Oktoberfest (all draft beers offered by the pitcher throughout Oktobeerfest).

Oktobeerfest specials: Prince Edward Island Mussels: oven-roasted and sautéed with Paulaner Oktoberfest beer, garlic, basil and tomatoes, served with our grilled foccacia - and - Schnitzel and Potato Kugel: our tribute to Oktoberfest, breaded pork cutlet with a touch of mustard sauce, braised red cabbage and crispy shredded potato kugel.

Call or go online to book a reservation!

Not Your Average Joe's One Market Square, Newburyport
978-462-3808 www.nyajoes.com

Starboard Galley Restaurant

When the sun is shining, Fall is a beautiful time of year to sit outside and enjoy the scenery along the Merrimack River. Our deck is still open and we have plenty of parking in the rear for our customers. Look for a coupon for our twin lobster special in the Daily News or the Lawrence Eagle Tribune - a deal you won’t want to miss! The rest of our entrees are also delicious, portions are generous, prices affordable, and children are always welcome. Full catering service also available. See why we have been “a way of life in Newburyport for over 33 years".

Starboard Galley Restaurant 55 Water Street, Newburyport
978-462-1326 www.starboardgalley.net

Ten Center Street Restaurant & Pub

We have a new fall menu rich in flavor, not in price. Enjoy Pan-Seared Atlantic Salmon, just $22, and Chicken Saltimbocca for $18, or the Braised Lamb Osso Buco, only $25, just to name a few. We’ve also brought back our popular half-portions on select menu items, like Lobster Shitake Risotto & Pan Roasted U-10 Scallops.

Enjoy live jazz every Wednesday night from 7-10pm by the Phil McGowan Trio and spend the weekend relaxing at our Sunday Brunch from 11am-3pm every Sunday. Ten Center’s Garden Room is the perfect place for your holiday celebration and we’d love to help you plan you special event! For more information or to book an event email Stacy Kelley or call 978-462-6652 ext. 16.

Ten Center Street Restaurant & Pub 10 Center Street, Newburyport
978-462-6652 www.tencenterstreet.com

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Top Stealth Home Energy Hogs

Monday, September 12, 2011

by Alexandra Zega

The relentless rise of electricity prices over the past decade has made many consumers more conscientious about how they use electric power. Many of those conscientious people may find it frustrating — to put it mildly — that their daily or even hourly efforts to turn off devices they're not using hasn't delivered the results they'd expected.

The blame belongs to the growing number of "vampire" or "phantom" electronic products that populate today's typical home. An alarmingly large number of electrical products cannot be truly turned off without being unplugged. These 'vampire' products draw power 24 hours a day whether "on" or "off."

These devices draw so-called standby power when they are off, according to the Lawrence Berkeley National Laboratory (LBNL), which has recently completed a large survey that measured the "standby power" in hundreds of products.

So what is "standby power"?

...standby power is electricity used by appliances and equipment while they are switched off or not performing their primary function. That power is consumed by power supplies (the black cubes—sometimes called "vampires"—converting AC into DC), the circuits and sensors needed to receive a remote signal, soft keypads and displays including miscellaneous LED status lights. Standby power use is also caused by circuits that continue to be energized even when the device is "off."

Based on LBNL's those results, Clean Beta created the following list of 26 electrical products that consume the most juice while they're "off." More specifically, the list ranks the most profligate electrical products based on the average number of watts they consume in "off" mode.

A watt is a measure of power — Joules/second — analogous to speed — miles/hour. So, to calculate watts, power must be converted into energy (like speed into distance). Here's an example: if a device draws 1 watt constantly for a year, then its energy consumption was 9 kWh. That corresponds to about $1.00.

While a single device consumes very little in annual electricity use, when multiplied by several dozen products, you're no longer talking about chump change.

An individual product draws relatively little standby power, but a typical U.S. home has forty products constantly drawing power. Together these amount to almost 10% of residential electricity use. Altogether, standby power use is roughly responsible for 1% of global CO2 emissions.

What can you do? It is not easy to reduce the amount of standby power many devices use, but it is possible. In fact, research has found that an aggressive effort can reduce standby use by about 30%.

Here are a few strategies:

Use a switchable power strip to pull the plug on clusters of computer or video products.

Buy low standby products if you can find them. Don't ask a salesperson though because they probably won't know. Better to look for ENERGY STAR products, which are tested for profligate reliance on standby power.

Buy a low-cost watt-meter, measure the devices in your home and take targeted action.

If all else fails, pull the plug, but be careful not to get electrocuted in the process.

Here are the top 10 energy that consume the most energy.

No. 1: Set-Top Box*
Average Watts While Off: 28.286
Average Watts While On: 30.198
*Average includes DVR, digital cable, digital cable with DVR, satellite, satellite with DVR.

No. 2: Notebook Computer
Average Watts While Off: 8.90
Average Watts While On: 29.48

No. 3: Inkjet/Multifunction Fax
Average Watts While Off: 5.31/5.26
Average Watts While On: 6.22/9.16

No. 4: DVD/VCR
Average Watts While Off: 5.04
Average Watts While On: 13.51

No. 5: VCR
Average Watts While Off: 4.68
Average Watts While On: 7.77

No. 6: Central Heating Furnace
Average Watts While Off: 4.21
Average Watts While On: 339.71

No. 7: Cable Modem
Average Watts While Off: 3.84
Average Watts While On: 6.25

No. 8: Multi-Function Laser Device
Average Watts While Off: 3.12
Average Watts While On: 46.98

No. 9: Cordless Phone With Answering Machine
Average Watts While Off: 2.92
Average Watts While On: 3.53

No. 10: Desktop Computer
Average Watts While Off: 2.84
Average Watts While On: 73.97

Click Here to See the Full List of the Top 26 Home Energy Hogs

(c) by William Pentland, FORBES.com

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What Outlet Malls Don't Want You to Know

Tuesday, September 06, 2011

by Alexandra Zega

Outlet malls have exploded in popularity in recent years, becoming one of the fastest-growing segments of American retail. For many shoppers, this siren song of bargains and high-quality designer merchandise at a low price is too irresistible to avoid, and they simply must stop to shop. But beneath all the fancy sparkle and fresh spackle of the countless outlets popping up all over the country, do they really deliver all they promise? It turns out that outlets have a few sneaky ways of tricking us into thinking we’re getting a much better deal than we actually are.

The Merchandise Isn’t What You Think
The original outlet and factory stores sold overstocked, discontinued items, and imperfect merchandise unfit for retail sale; that’s what made the prices so cheap. But nowadays, the majority of common outlet stores supplement their stock with merchandise created especially for outlet-store sale. These lines carry the brand name, but they’re made with lower-quality fabrics and cheaper construction techniques. The companies depend on customers’ inability to tell the difference between the quality of real designer merchandise and the lower-quality knockoffs carrying the same label. The knockoffs may be cheap, but that cheapness comes at the expense of quality.

It’s All About the Marketing
Merchandise at outlet stores usually comes with a price tag that prominently displays both the retail and the outlet price:“Manufacturer’s Suggested Retail Price $100, Our Price $25.” The tags lead customers to believe that they’re getting a huge discount. But the truth is that the listed MSRP is whatever the store wants it to be—there’s no guarantee that the item is really worth that much, or that it was ever listed for that price at a retail store. This trick, called “reference pricing,” is widely used to assuage shoppers’ anxieties and loosen their purse strings by convincing them that they’re saving more money than they’ve spent.

The Location is Remote So You Never Leave Empty-Handed
Outlet malls are notorious for being located in out-of-the-way suburbs and off deserted interstate highways. One big advantage of the remote location is a psychological effect called the “sunk cost fallacy,” according to Ellen Ruppel Shell, author of Cheap: The High Cost of Discount Culture. By driving twenty-five, fifty, or one hundred miles to the outlet mall, customers invest serious amounts of time and energy; it’d be a pity if they didn’t leave with something. Customers don’t like to feel like they made a bad investment, and making purchases justifies all that effort. Of course, behavioral economists know that it’s irrational to spend more time and money to justify spending time and money, but whoever said that shoppers were rational?

How to Out-Smart the Outlets
In reality, outlet malls promise something—high quality for a low price—that is very hard to deliver. The next time you’re tempted to swing through an outlet mall, consider these savvy shopping tips.

Look at apparel tags. Irregular or imperfect merchandise usually carry tags that are sliced, marked on, or otherwise altered to indicate that it’s not fit for retail sale, whereas knockoffs usually carry different tags altogether. At Gap Outlets, the tags are white with blue lettering, the reverse of the retail tags. At Banana Republic Factory Stores, the tags have three small diamonds indicating they’re not retail quality. Get familiar with real retail tags, so you can spot the impostors at outlet stores.
Know what an item is really worth. How can you know whether you’re getting a great deal at the Samsonite outlet if you don’t know the real retail price of a suitcase? Comparison shop for large purchases; don’t rely on the reference price quoted by the store.
Think seasonally. It’s a good bet that any in-season merchandise is from an outlet-only line. Real retail overruns don’t arrive in outlet stores until after the season has passed.
Remember that fewer stores = better quality. If you’re shopping at a store that has posts in every outlet mall in the country, you’re almost guaranteed to be getting outlet-quality merchandise. At an outlet with only a few locations, the merchandise is more likely to be true overruns, discontinued items, and last-season’s line because the company doesn’t have to fill hundreds of stores.
Shop the sales. Outlet stores have sales at the same times that normal retail stores do, and customers can often get even better discounts at these times. But sales at retail stores can offer savings just as valuable as regular outlet prices.

(c) DivineCaroline, Yahoo Shine, Financially Fit

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Fabulous Freebies

Tuesday, August 23, 2011

by Alexandra Zega

By Erin Burt, Kiplinger.com

Photo:Images_of_Money/Flickr

At Kiplinger, we believe you can have the best of both worlds: that you can live frugally and live well.

To prove that point, we're back with our fifth annual list of fabulous freebies. We found 31 categories of quality goods and services -- from free financial services to free entertainment, no useless junk allowed! -- that you would happily pay money for, except you don't have to.

Welcome to the land of the freebies, the home of the savers.

Yoga Session

Free Hobbies

Want to learn something new in your spare time? Many local retailers offer free workshops. For instance, you can improve your culinary skills at Williams-Sonoma's free technique classes. At REI, take advantage of free clinics on bike maintenance, backpacking, camp cooking and more (offerings vary by location). Lululemon Athletica stores host free yoga sessions. Apple, Home Depot, Lowe's and Michaels stores offer free classes for adults and kids.

Check your local library, too. We've seen free hands-on workshops for computers, chess, knitting and more. You can learn a new language at FSI-language-courses.org, learn to draw at Drawspace.com, or improve your golf game at Golf.com, just to name a few resources.

Photo: ibm4381/Flickr

Free Food

Your favorite snack shop or fast food restaurant may have an annual freebie day. Mark your calendar for free IHOP pancakes and Rita's Italian ice in March; free Ben & Jerry's ice cream, Pretzelmaker pretzels, Cinnabon treats and Starbucks coffee in April; free Haagen-Dazs ice cream in May; a free Krispy Kreme doughnut and TCBY frozen yogurt in June; and a free Chick-Fil-A meal in July -- to name a few.

You can also sign up to score free food on your birthday from Famous Dave's BBQ, Cold Stone Creamery, Denny's and other eateries. Search the Web for "birthday freebies," or call your local restaurants to ask whether they offer such a deal.

Free Investing Apps

Stay up-to-date on the financial markets with free apps on your iPhone, Blackberry or Android.

Some of our favorites: Bloomberg for up-to-the-minute stock quotes and breaking news, Morningstar for mutual fund research at your fingertips, and Yahoo Finance for the latest financial headlines, stock news and videos.

Photo:John.Karakatsanis/Flickr

Photo: Wolfgang Lonien/Flickr

Free E-Books

If you own a Kindle, iPad or other electronic reader, you can populate your e-library without breaking the bank. E-books commonly sell for $9.99 -- less than hardcovers but about as much as paperbacks. But at Gutenberg.org or the University of Pennsylvania's online books page, you won't pay a cent to legally download thousands of books whose copyrights have expired, including War and Peace, Moby Dick and Little Women.

You can also search for free e-books at Amazon.com, Barnesandnoble.com, iTunes.com and Kobo.com. Or check your public library, where you can get newer titles for free too.

Free Shipping

If you love to shop online but hate to pay for shipping, go to FreeShipping.org. The site can direct you to retailers -- such as BlueNile.com, Linens 'n Things, LLBean.com and Zappos.com -- who still offer free shipping on every order, big or small. The site also gives you coupon codes to snag free shipping at other retailers.

Also, many retailers' sites offer free shipping if you'll pick up your order at a local store, such as AceHardware.com, BestBuy.com, Payless.com, REI.com and Walmart.com.

Free Shipping

Photo:therichardlife/Flickr

Free Diet & Fitness Help

Need help sticking to a diet and exercise plan? At Fatsecret.com, MyFitnessPal.com and SparkPeople.com, you can craft meal plans and count calories, put together a fitness plan and track your progress, and get support and advice from other users.

Some employers offer free diet and fitness help to their employees. After all, it's in their best interest that you stay healthy and show up for work. These programs may include free gym access, weight-loss support groups and smoking cessation programs. Some will even pay you for your progress. Ask if your workplace has a wellness plan in place.

Free Kids' Meals

How much do you hate buying a $12 entrée for a picky 6-year-old? If the answer is "a lot," visit KidsMealDeals.com. The site points you to restaurants in your area where kids eat free (usually at certain times or on certain days). It includes independent eateries as well as national chains.

Also, call your local eateries and ask if they offer kids' deals. Some do but they don't advertise them, so it's worth asking.

Free Kids' Meals

The Getty Center Garden
Photo:dichohecho/Flickr

Free Outings

You can entertain friends, family or even a date for free -- without looking cheap. Many top-notch museums, galleries and zoos offer free admission year-round, including the Smithsonian museums in Washington, D.C., the Getty Center in Los Angeles, and Chicago's Lincoln Park Zoo. Others, including the Museum of Modern Art in New York, let you in for free on certain days of the week or month. And many college campuses host free concerts and student art exhibits.

Every October, select theaters nationwide give free performances. Go to FreeNightofTheater.net to learn more. And public parks, beaches and forests are ideal settings for walking, biking, hiking, sledding, wildlife-watching, picnicking, kite flying, stargazing ... the sky's the limit.

Free Books, Music, Movies & More

No list of freebies would be complete without our perennial favorite: your public library. Most offer books, magazines, audiobooks, e-books, video games, CDs and DVDs for free (as long as you return them on time, of course).

Your library may also host free activities, such as book clubs, lectures, film screenings, children's story hours and craft activities.

Free Books

Free Tax Help

Understanding the U.S. tax code can be, well, taxing. But Kiplinger.com is here to help. During tax season, we publish a tip a day to make sure you get every dime you're due. Also check out the discussion board at HRBlock.com, which is monitored by tax professionals during tax season.

The IRS wants to help, too. (Yes, you read that correctly.) Call 1-800-829-1040 to get answers from the people who enforce the rules. You may also qualify for free face-to-face help from a tax pro volunteer. See the IRS's list of free tax return preparation resources for details

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What Rock-Bottom Interest Rates Mean for Consumers

Thursday, August 11, 2011

by Alexandra Zega

provided by

In an unprecedented move on Tuesday, the Federal Reserve said definitively that historically-low rates are here to stay until at least mid-2013, essentially eliminating the possibility of a hike in interest rates for the next two years.

While stocks reacted favorably to the news — the Dow soared 429 points — determining the impact of extraordinarily low interest rates for the next two years from a personal finance perspective is a bit more ambiguous.

On the one hand, the Federal Open Market Committee's decision to keep rates low for more than just an "extended period" — as it has previously stated — is an indicator the Fed expects the economy to remain sluggish. That could mean we will see continued high unemployment, low consumer confidence and slow economic growth, all factors that do not give one much impetus to borrow and spend money.

On the other hand, it has never been cheaper to borrow money; if you can qualify for a loan, now (or sometime before mid-2013) is the time to get one. But personal finance experts caution against making any purchasing decisions based on interest rates, warning consumers it's important to keep the bigger picture in perspective.

"I certainly wouldn't be basing my decision to buy a car, a house, or take out a loan because interest rates are going to stay low for a couple of years," said Erik Carter, a certified financial planner with Financial Finesse, a Los Angeles-based financial education firm. "Really, it's about focusing on your goals, focusing on the fundamentals and not being distracted by what the Fed is saying today."

Carter said if it makes sense for you to buy a car, consolidate student-loan debt, or refinance your mortgage, now is as good a time as any with these historic rates, but major spending decisions should be made based upon your current financial picture, not the federal funds rate.

The fact that we know rates will be low for the near future is a positive thing for consumers who are looking to buy a home or refinance, according to Paul Bishop, vice president of research for the National Association of Realtors. He continued to explain that fear of rising mortgage rates is not really the primary concern weighing on borrowers. For most consumers, it's high lending standards, not interest rates, that are holding them back.

"It's really the availability of mortgages at this point that is a problem for consumers," Bishop said. "Underwriting standards are fairly strict and are likely to remain that way for some time."

Still, knowing we will see two more years of low interest rates is not a bad thing for prospective home buyers, who can work to improve their credit without feeling they might miss out on an historic deal. For those with good credit, Bishop reiterates that it is tough to beat flat housing prices and rock-bottom interest rates, if you are considering the purchase a home.

From a retirement perspective, a protracted period of depressed rates means socking money away into the standard high-yield savings account is not going to cut it. Mark Singer, a certified financial planner and author of "The Changing Landscape of Retirement," said most conventional investment strategies can not satisfy most investors' goals anymore.

"Eighty percent of the money invested in 401(k)s is in equities — they're getting crushed, and are moving from one headline to the next," Singer said. "You can't use the traditional stocks, bonds, cash and mutual funds formula anymore, you have to use alternative investment classes." He continued to cite managed futures, long/short funds and market-neutral strategies as better alternatives.

Singer explained that for people nearing retirement that have hit their target retirement "number," or the amount of money they can live comfortably on in retirement, they need to take low-risk strategies to maintain that number against inflation. For those who have not yet reached their retirement goals, Singer advocates carefully evaluating how much risk you need to take in order to reach the target, but warns against putting a lot of money in the market and investing everything in bonds, regardless of where interest rates stand.

The idea of the Fed giving us a more transparent outlook as to how interest rates will look for the next two years may be atypical, but there is nothing stopping the committee from changing its strategy in a few months if the economy were to suddenly stabilize. In light of that, Carter reiterated consumers should not alter their fiscal picture much from what they were already planning on the spending or saving front.

"You have to keep it in perspective — the fundamentals are the same," Carter said. "You're always trying to earn as much interest as possible and pay as little interest as possible."

In other words, act in your own best interest, regardless of interest rate levels.

(c) Kathryn Glass, Fox Business

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The Most Affordable Cities to Live In

Wednesday, August 03, 2011

by Alexandra Zega

What are the most affordable cities to live in? The answer depends on how you define "affordable" and how you define "city." For example, a city can be defined by its formal boundaries or by the broader metropolitan statistical area that the U.S. Census Bureau considers it to be a part of.

Using a variety of metrics, here is a look at some of the places in the United States where your money will go the furthest.

Youngstown-Warren-Boardman and Niagara Falls: Lowest Home Prices

According to National Association of Realtors data, the Youngstown-Warren-Boardman area of Ohio and Pennsylvania, situated roughly halfway between Cleveland and Pittsburgh and a little over an hour's drive from each, had the lowest median sales price for existing single-family homes in the first quarter of 2011. The Lansing, Mich., area was a close second. Forty-three of the 50 areas with the least expensive single-family homes are located in the Midwest or the South.

Youngstown remains in transition economically.
Photo: flickr | stu_spivack

Coldwell Banker issues a similar report, but its rankings are based on the average listing prices of four-bedroom, two-bathroom homes rather than on median home prices. By Coldwell Banker's methodology, Niagara Falls, N.Y., was the country's least expensive real estate market in its 2011 Home Listing Report with an average list price of $60,820. Detroit comes in at No. 5, with an average home price of $73,363. Of the 50 least expensive cities in the report, the majority are in the Midwest or the South.

Memphis: Big City, Low Cost Of Living

For many people, an area needs to have a large population to really feel like a city. Kiplinger's May 2010 "How Does Your City Stack Up?" report makes it easy to see which big cities (defined as having a population of more than 1 million) have the lowest cost of living.

Memphis is starting to bounce back from the downturn.
Photo: flickr | Matt Lancashire

The cost of living ranges from 86% to 89% of the national average in six major metropolitan areas. This cost takes into account both housing costs and other common household expenses such as food, utilities and transportation.

Here are Coldwell Banker's average listing prices for these cities.

Memphis - $127,024
St. Louis - $192,306
Nashville - $193,895
Oklahoma City - $157,131
Houston - $187,211
Cincinnati - $186,937

Even though housing expenses are the largest monthly expense for most people, cities can have significantly different housing costs and still have low overall costs of living. We'll see further proof of this fact in the next section.

Harlingen, Texas: Lowest Cost Of Living - Period

The Council for Community and Economic Research's quarterly ACCRA Cost of Living Index ranks more than 300 urban areas from most expensive to least expensive. The index is based on the costs of housing, utilities, grocery items, transportation, health care and miscellaneous goods and services. In the first quarter of 2011, an ACCRA press release named the following 10 cities (five of which are in Texas) as having the lowest cost of living:

Harlingen, TX - $152,245
Fort Smith, AR - NI*
Pueblo, CO - $141,160
Cookeville, TN - NI
Temple, TX - $168,653
Muskogee, OK - $149,654
Martinsville-Henry County, VA - NI
Round Rock, TX - $201,150
Sherman-Denison, TX - $168,847
Brownsville, TX - $124,523

*NI indicates that the average listing price for this city is not included in the Coldwell Banker report.

Best Places To Live

Just because a city has low housing costs or a low cost of living doesn't necessarily make it a desirable place to live.

Data analyst Bert Sperling's well-known "Find Your Best Place" quiz helps people figure out where in the United States they might enjoy living based on factors such as climate, taxes, employment and job growth, utility costs, air and water quality, violent and property crime rates, recreational activities and commute time. Sense of community, proximity to family and employment opportunities in one's field are also common deciding factors when people are choosing where to live.

In April 2008, for example, CNN's Les Christie reported that Youngstown's population was less than half of what it was 40 years ago. A thriving steel mill business once helped the town reach a population of 165,000. One consequence of the massive decline is a great deal of vacant real estate - hence, the low property values.

The Bottom Line

People are willing to pay median sales price ranging from $439,300 to $579,300 to live in places like New York, California and Hawaii because these places offer cultural amenities, job opportunities, climate and natural beauty that are harder to find or nonexistent in many places that have low housing costs. If affordability is your overriding concern, locations like Youngstown and Harlingen are worth consideration.

(c) Amy Fontinelle, Investopedia.com