Good Day, Bad Day
Switching to PVC, savers
GOOD DAY FOR: Switching to PVC, as the rising price of copper and dropping value of homes has led to a raft of copper-pipe thefts from vacant houses. The gutted houses are hard to sell, gumming up the foreclosure process. Ohio officials say the copper and other metals in the plumbing and wiring of some local houses in foreclosure are worth more than the houses themselves. (Reuters)
BAD DAY FOR: Savers, as banks and other financial institutions are slashing yields on savings accounts, CDs, and money market accounts in the wake of the latest Fed interest cuts. Average yields on CDs have fallen to less than 2.75 percent, from near 4 percent last fall, and savings account rates are broadly down. Some small banks still offer higher yields. (The Wall Street Journal)
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