News Summary: US 30-yr mortgage rate at record low

RATES AT RECORD LOW: Average U.S. mortgage rates fell to fresh record lows this week, a trend that is boosting home sales.
THE NUMBERS: Mortgage buyer Freddie Mac said the average 30-year loan rate dipped to 3.31 percent, the lowest on records dating back to 1971. The average on the 15-year fixed mortgage dropped to 2.63 percent, also a record.
HOUSING RECOVERY: Home sales and construction are rising, providing a much-needed boost to the economy. Lower rates have also persuaded more people to refinance. That usually leads to lower monthly mortgage payments and more consumer spending.

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Retirement Savings Plan Reality: Save More

There's a buzz building in California over a state move to create a retirement savings plan for private employees with no workplace 401k. It might seem that everyone has plenty of access to a retirement savings plan, but at least a third of U.S. households get to retirement with just Social Security to back them up, reports MarketWatch.
The "pioneering" part of such a retirement savings plan would be the opt-out clause. Under the California plan, which has to get past some federal rules and IRS hurdles, eligible workers would be automatically registered with the plan at a deduction rate of 3% of pay. They would have to choose to quit the plan, although of course they could instead choose to increase the takeout.
The enforced deductions requirement of a good retirement savings plan is backed by research from Harvard and the University of Copenhagen. According to the research, giving people a tax break encourages them to save, but not much. Using data from Denmark, which is similar to the U.S. system but offers more detail, academics found that tax subsidies worth $1 raised the national savings rate by a penny.
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That's not much bang for a buck. Meanwhile, previous research found that an automatic retirement savings plan, such as the proposed California "opt-out" model, is very effective at raising savings rates.
The reason, the researchers conclude, is that only about 15% of people in the system are active savers, that is, people who think about retirement and how much money it will take to achieve that goal. The remainder, a whopping 85%, are totally passive savers. They will save if obligated but make no concrete plan regarding their life after work.
All of this would be quite the revelation, except that private pensions have a long and quite well-documented history, starting back in 1980 in Chile. Under reforms instituted by the military regime of the time, anyone with a formal job in the South American country is required to pay 10% beyond a minimum monthly income level. There is an income tax break, too, on retirement savings plan contributions, which can be up to 20%.
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The Chilean system was reformed in 2008 to create a bigger safety net for the poor, essentially granting public pensions to those who did not earn enough to participate in the private system. Currently, 13 countries have either private or quasi-mandatory pension systems, reports the OECD.
All pension plans fall into two categories, defined benefit or defined contribution (DC). A defined benefit plan puts the burden on future taxpayers to meet a minimum payout, which is essentially how Social Security works in the United States. A defined contribution retirement savings plan, the basis for private pension systems such as a 401k, means it's up to savers to put enough away and to invest and manage their savings carefully over decades.
Your retirement savings plan
As the OECD notes, "the starting point for a successful DC plan is a sufficiently high contribution rate." Put another way, depending on the market to deliver miracles is a mistake, but a similarly large (and common) mistake is believing that setting aside pennies in a retirement savings plan will add up to big dollars down the line.
The agency concludes:
In DC pension systems, one clear goal for policymakers should be to improve the design of default investment strategies so that investment risk is reduced as the worker approaches retirement. Such lifecycle investment strategies may need to be carefully regulated to ensure that workers are offered sufficient diversification and protection from market shocks in old age.
Amen and hallelujah, we say. Whatever the outcome in California, two points about a proper retirement savings plan by now should be impressively clear to everyone: You need to save more, sooner, and you absolutely must have a serious, long-term investment plan to protect and grow that nest egg over time.

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US pending home sales jump to nearly a 6-year high

WASHINGTON (AP) — An index measuring the number of Americans who signed contracts to buy homes in October jumped to nearly its highest level in almost six years. Steady job gains and record-low mortgage rates have made home buying more attractive.
The National Association of Realtors said Thursday that its seasonally adjusted pending home sales index rose 5.2 percent to 104.8 in October. Excluding a few months when the index spiked because of a homebuyer tax credit, that is the highest level since March 2007.
The increase points to healthy sales increases of previously occupied homes in the months ahead. There's generally a one- to two-month lag between a signed contract and a completed sale.
The rise in sales adds to evidence of a steady housing recovery. Builders are more confident in sales and are starting construction on more homes. Home prices are rising on a consistent basis, which encourages more potential buyers to come off the sidelines and purchase homes. And more people may put their homes on the market if they gain confidence that they can sell at a good price.
The report is "another indicator suggesting that the recovery in housing has broadened and has sustained momentum," Michael Gapen, an economist at Barclays Capital, said in a note to clients.
Signed contracts jumped 15.6 percent in the Midwest and rose 5.5 percent in the South. But they fell 1.1 percent in the West and dipped 0.1 percent in the Northeast.
Superstorm Sandy lowered pending sales in the Northeast, the Realtors' group said. The West was hurt by low inventories of available homes.
Mortgage rates remained near record lows this week. The average rate on the 30-year loan was 3.32 percent, mortgage buyer Freddie Mac said, just above 3.31 percent last week, which was the lowest on records dating to 1971.
A big reason for the rebound in housing is that the excess supply of homes that built up before the housing crisis has finally thinned out. The number of previously occupied homes available for sale has fallen to a 10-year low. The inventory of new homes is also near the lowest level since 1963.
At the same time, more people are looking to buy or rent a home after living with relatives or friends during and immediately after the Great Recession.
Those trends are also pushing up home sales and construction. Sales of previously occupied homes are near five-year highs, excluding temporary spikes in 2009 and 2010 when a homebuyer tax credit boosted purchases.
Builders, meanwhile, are more optimistic that the recovery will endure. A measure of their confidence rose to the highest level in six and a half years this month. And builders broke ground on new homes and apartments at the fastest pace in more than four years last month.

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US home sales jump to highest level in 3 years

WASHINGTON (AP) — U.S. sales of previously occupied homes jumped to their highest level in three years last month, bolstered by steady job gains and record-low mortgage rates.
The National Association of Realtors said Thursday that sales rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November. That's up from 4.76 million in October.
Previously occupied home sales are on track for their best year in five years. November's sales were the highest since November 2009, when a federal tax credit that was soon to expire spurred sales. Excluding that month, last month's sales were the highest since July 2007.
Sales are up 14.5 percent from a year ago, though they remain below the roughly 5.5 million that are consistent with a healthy market.
Job growth and low home-loan rates have helped drive purchases. Prices are also rising, which encourages more potential buyers to come off the sidelines and purchase homes. And more people may put their homes on the market if they feel confident they can sell at a good price.
In addition, the excess supply of homes that built up during the housing bubble has finally thinned out. The number of previously occupied homes available for sale fell to a 10-year low in October. The supply of new homes is also near its lowest level since 1963.
At the same time, more people are looking to buy or rent a home after living with relatives or friends during and immediately after the Great Recession.
These trends have supported a steady recovery in housing. Builder confidence rose in December for a seventh straight month to the highest level in more than 6½ years, according to a survey released Tuesday by the National Association of Home Builders/Wells Fargo.
The pace of home construction slipped in November, but it was still nearly 22 percent higher than a year earlier. Builders are on track this year to start work on the most homes in four years.
Economists note that the increase in building should lead to more construction jobs, though it hasn't yet done so. That could mean more construction hiring is coming.

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US home sales surge to highest level in 3 years

WASHINGTON (AP) — U.S. sales of previously occupied homes jumped to their highest level in three years last month, bolstered by steady job gains and record-low mortgage rates. The report was the latest sign of a sustained recovery in the housing market.
The National Association of Realtors said Thursday that sales rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November. That's up from 4.76 million in October.
Previously occupied home sales are on track for their best year in five years. November's sales were the highest since November 2009, when a federal tax credit that was soon to expire spurred sales. Excluding that month, last month's sales were the highest since July 2007.
Sales are up 14.5 percent from a year ago, though they remain below the roughly 5.5 million that are consistent with a healthy market.
"The report is encouraging, and the positive momentum established in the housing market during 2012 appears likely to continue into 2013," Michael Gapen, an economist at Barclays Capital, said in an email.
Superstorm Sandy delayed some sales in the Northeast, the Realtors' group said. Those delayed purchases will likely close in the coming months, though the increase will be modest, the group said.
Even so, sales rose 6.9 percent in the Northeast last month compared with October. Sales increased 7.2 percent in the Midwest, 7.9 percent in the South and 0.8 percent in the West.
Job growth and low home-loan rates have helped drive purchases. Prices are also rising, which encourages more potential buyers to come off the sidelines and purchase homes. And more people may put their homes on the market if they feel confident they can sell at a good price.
In addition, the excess supply of homes that built up during the housing bubble has finally thinned out. The number of previously occupied homes available for sale fell to nearly an 11-year low in November. The supply of new homes is also near its lowest level since 1963.
At the current sales pace, it would take 4.8 months to exhaust the supply of homes for sale. That's the shortest such span since September 2005.
At the same time, more people are looking to buy or rent a home after living with relatives or friends during and immediately after the Great Recession.
As low supply and rising demand push up prices, builders will likely be encouraged to start work on more homes in coming months, economists said.
"That's a good reason to feel optimistic about housing next year," said Patrick Newport, an economist at IHS Global Insight. "We just don't have enough homes right now, and we need to start building."
Builder confidence rose in December for a seventh straight month to the highest level in more than 6½ years, according to a survey released Tuesday by the National Association of Home Builders/Wells Fargo.
The pace of home construction slipped in November, but it was still nearly 22 percent higher than a year earlier. Builders are on track this year to start work on the most homes in four years.
Economists note that the increase in building should lead to more construction jobs, though it hasn't yet done so. That could mean more construction hiring is coming.

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Chicago Teen Birth Rate Declines In Past Decade

CHICAGO (CBS) — The past decade saw a decline in the teen birth rate in Chicago, although the number of teen pregnancies is still much higher than the national average, according to new statistics released by the city on Tuesday. RELATED: Read The Full Report Between 1999 and 2009, the rate of teenagers having children declined 33 percent, according to a new report “Births in Chicago, 1999-2009.” The report noted that the number of teen births is still 1.5 times higher than the national average, but that the decline is outpacing the national trend. In 2009, the teen birth rate per 1,000 females was 57, compared with 39 nationwide. In 1999 that number was 85 per 1,000 in Chicago. The report found that 84 percent of women sought prenatal care during the first trimester of their pregnancies, an increase of 10 percent. In 2009, the report found, that just under 4 percent of women reported that they smoked while pregnant. The percentage of low birth weight babies also declined–to about one in 10 infants. Older women were also having more children, the report said. The birth rates for women between the ages of 35 and 44 increased 40 percent. To further decrease teen pregnancy rates, the Chicago Department of Public Health is working with Chicago Public Schools to pilot a new condom availability program, implement comprehensive sex education at all grade levels, and launch a city-wide public awareness campaign, according to a city news release. There were 44,441 babies born in Chicago in 2009, a decline of 12 percent from 1999. About half of those babies were born to unmarried mothers. The Austin neighborhood had the highest average number of births (1,877 a year) between 2005-2009.

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Marin's New Public Health Officer to Tackle the County's Health Disparities

Even though Marin is ranked as the healthiest county in California, that doesn?t mean Dr. Matthew Willis, the county?s new public health officer, has an easy job ahead of him. ?Marin has consistently had some of the highest health rankings of any county in the state and that?s certainly something to be proud of,? said Willis in a recent interview in his new San Rafael office in the county's Health and Human Services department. But Marin also has some of the highest degrees of health disparities in the state, Willis said. ?There are significant portions of the Marin population that don?t enjoy the health benefits enjoyed by the majority.? He said his job ? which he started at the beginning of December ? largely involves maintaining basic public health responsibilities including: Controlling communicable diseases Disaster preparation Ongoing disease surveillance Maintenance of a high-quality public health laboratory Protection against threats to health from our environment Willis said he also plans to tackle some of the health disparities in Marin. For example, life expectancy varies greatly between some Marin towns that are just miles apart; parts of San Rafael have the lowest expectancy in the county ? 77 ? while the nearby Ross has the highest expectancy at the average age of 94. ?When I see the life expectancy varying by 17 years in Marin, it?s clear that?s a main issue to address,? he said. Other towns with high expectancies include Kentfield (87), and Larkspur, Tiburon, Belvedere and Mill Valley, which are all at 85. A study recently reported that Marin men have the highest health expectancy in the U.S. ?Your life expectancy should not be determined by your zip code. But in Marin it appears to be,? Willis said. The least healthy regions of Marin include portions of West Marin, Marin City, the canal neighborhood in San Rafael and Hamilton in Novato. ?Some people living in certain areas don?t have the opportunity to make healthy choices in everyday life,? Willis said. This can include a lack of access to green space, safe bicycle paths and health foods options in some areas. ?I see it as my responsibility, as public health officer, to raise the bar for all of Marin?s residents,? he said. Willis said Marin also has higher than usual rates of exemptions from vaccinations and higher than usual rates of alcohol use and binge drinking, including adolescent drinking. Willis has already started working with the Mill Valley City Council to address data on leading causes of death, smoking rates, alcohol use and domestic violence rates. ?Mill Valley expressed an interest in partnering with Health and Human Services to review that data to help guide their initiatives and priorities,? he said, adding he hopes other Marin municipalities follow suit. PERSONAL BACKGROUND Even though Willis, 47, returned to Marin a few years ago, he grew up in Marin. It's where he developed a passion for road cycling. He went to Wade Thomas Elementary and Hidden Valley Middle School in San Anselmo, where his father taught at the San Francisco Theological Seminary. His family moved to New Jersey before he started high school and since he has traveled extensively, first as a professional road racer on the United States National Cycling Team from 1987 to 1990 and then throughout earning his education and during his career that has ?straddled public health and clinical medicine,? he said. Before he went to the medical school he studied medical anthropology and spent a year in Africa volunteering in health clinics. After earning his medical degree from Temple University he earned a Masters in Public Health from Harvard University. He had been working with the U.S. Centers for Disease Control and Prevention, researching tuberculosis and HIV while spending a lot of time abroad in places including Haiti, Kazakhstan, India and Rwanda. In Haiti, he spent a month living in a tent on the embassy compound after the 2010 earthquake to build a surveillance system for disease outbreak detection in the tent camps. He started as an internal medicine provider in Marin Community Clinics in September 2011. His wife, Heather ? a physiatrist in Marin ? and their three children, 13-year-old Lily, 9-year-old Thomas and 2-year-old Basil, settled in San Anselmo. ?I came back mainly for quality of life reasons,? Willis said. ?We wanted to live in a healthy environment and a place where my wife and I could raise our family surrounded by the values that we?ve come to hold after moving around a lot.? See what else is happening on San Rafael Patch: Man Shot at San Rafael Transit Center, Suspect at Large San Rafael Transit Center Gunman Identified San Rafael?s Priciest Houses: 50 Beach Drive 3 Women Hospitalized After Head-on Crash on Golden Gate Bridge Marin Law Enforcement Plans Holiday Crackdown on Drunken Driving "Like" us on Facebook|Follow us Twitter|Get "Patched" in with our newsletter|Start a blog

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New Book Aims To Take ‘Mask Off’ HIV’s Misconceptions

COTTAGE GROVE, Minn. (WCCO) – The face of HIV in Minnesota is getting frighteningly younger. New research shows youth make up about 20 percent of new infections. A new project in the works aims to re-educate Minnesotans about HIV, especially in communities typically thought of as safe. The name of the book is “Face Off HIV.” And the author has worked in HIV prevention for years, saying the misconception that it’s only a gay man’s disease is unfortunately still too prevalent. Take, for example, personal trainer Annie Elmer, who works out five to six times a week. Infected with HIV by her then boyfriend 22 years ago, Annie says her workouts help keep her life-saving medicine from destroying her body. “Two years ago I wanted to end my life,” she said. “Because I couldn’t deal with the side effects.” But physical side effects are just one part of Annie’s story, there are the emotional scars, too. Elmer’s been single since her diagnosis. Most men are just too afraid. “They’re afraid for their lives, and they don’t want to get involved with somebody they think is going to die,” Elmer said. Annie was diagnosed even before Magic Johnson’s HIV status went public in the early 1990s. A straight woman from the suburbs, she says at the time, most people like her didn’t think they could get it. “I live in Washington County, in Cottage Grove — a low impact area — I don’t think that people think about it there,” she said. HIV researcher Keith Pederson hopes to raise awareness. His soon-to-launch book “Face Off HIV” will feature people from across the state, just like Elmer, living positive and sharing their stories. “Take the mask off of HIV, and talk literally about the fact that this is a communicable disease that’s preventable,” he said. The book will feature more than 40 people’s stories, including Elmer’s. Pederson hopes his project will help Minnesotans talk more openly about HIV in their homes and communities. For more on the book’s upcoming release, click here. Like this:LikeBe the first to like this.

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Chatham County officials tour new health department facility

The future home of the Chatham County Health Department is starting to take shape. The brick-red exterior of the building is now standing after workers began lifting the prefabricated concrete walls into place in September. Inside, the metal wall framing remained exposed Tuesday as workers installed electrical components and insulation.County health administrator Randy McCall said construction of the $8.5 million facility is on schedule and expected to open by the end of May.On Tuesday, McCall toured the facility along with Luke Dorman, project manager for Rives E. Worrell, and County Manager Russ Abolt. The 37,000-square-foot building being built on Sallie Mood Drive will replace the department?s 57-year-old headquarters next door on Eisenhower Drive.The new facility will accommodate the same services offered in the current building such as adult and childhood immunizations, Tuberculosis testing, sexually transmitted disease treatment and family planning. The department?s environmental services, which includes restaurant inspections, will also be moved from rented space on Mall Boulevard. McCall said there were about 78,000 clinical visits last year at the current facility, which is difficult for patients to navigate.He said, ?People get lost in the maze.?

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Comprehensive Information on Yaz Birth Control Warnings and Legal News Added to DrugRisk Resource Site

The Drug Resource Center is the Web’s largest source for information on prescription drug warnings, side effects and legal news. Visit http://www.DrugRisk.com

New York, NY (PRWEB) December 19, 2012
Online prescription drug and medical device resource center DrugRisk has added information about the latest side effect warnings and legal settlements related to the birth control drugs Yaz and Yasmin to its existing data on the most popular medications and devices.
“The goal of the DrugRisk Resource Center has always been to improve public safety by providing the latest updates on prescription drug warnings, recalls, studies and litigation. We continue this with up-to-date information on the birth control drugs Yaz and Yasmin,’ said DrugRisk representative Ryan Mayer.
The added information includes a recently published warning by the American College of Obstetricians and Gynecologists that birth control pills containing drospirenone, such as Yaz and Yasmin, may have a higher risk of causing blood clots.*
DrugRisk also tracks financial reports from prescription drug makers disclosing pending legal issues. Bayer recently reported that they continue to settle claims that Yaz and Yasmin caused blood clots, indicating they have settled approximately 3,500 Yaz lawsuits so far at a total cost of nearly $750 million, or an average of approximately $214,000 per case.**
The company also confirmed they are only settling claims involving blood clot injuries, such as deep vein thrombosis and pulmonary embolism.
Anyone who suffered a blood clot, DVT, stroke or Pulmonary Embolism after taking Yaz or Yasmin is urged to contact the Drug Risk Resource Center or speak with a lawyer about their legal options.
DrugRisk contains previously issued information on Yaz and Yasmin as well. On October 25, 2011, the British Medical Journal published a study from the University of Copenhagen linking the hormone in Yaz to blood clots. On October 27, 2011, the FDA also released a study entitled "Combined Hormonal Contraceptives and the Risk of Cardiovascular Disease Endpoints" showing drugs like Yaz could increase the risk of blood clots, DVT and pulmonary embolism by as much as 74%.
DrugRisk has learned that the volume of Yaz lawsuits have been consolidated to a special federal Multi-District Litigation court in Illinois. The formal case is known as Yasmin and Yaz (Drospirenone) Marketing, Sales Practices and Products Liability Litigation (MDL No. 2100, Southern District Illinois).
The Drug Risk Resource Center cautions victims who wish to learn about their legal options that they should seek a lawyer with experience in defective drug litigation, and only recommends lawyers and law firms who have already settled Yaz lawsuits.

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