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The housing market was just one economic story to make the networks' newscasts. The Brookings Institution also attracted coverage with a survey of retirement financial planning by the babyboom generation. And angry shareholders made waves at the annual meeting of Yahoo! because of CEO Terry Semel's $170m annual salary, CBS' Anthony Mason reported.
A total of 176,000 homes went into foreclosure last month nationwide, a default rate almost double that of a year ago. ABC's David Muir (subscription required) called the numbers "stunning" and "incredible." The worst hit states are California, Colorado and Nevada but even rustbelt cities are suffering: Cleveland is "on track to reach 17,000 foreclosures this year." The foreclosures "are only adding to an already saturated supply of For Sale signs in our nation's neighborhoods," CNBC's Diana Olick observed on NBC, "and that is pushing prices down."
NBC and CBS both covered the Brookings' study on the future of retirement--or lack of it. The 78m-strong babyboom generation "will not do retirement like their parents did," NBC's Tom Costello concluded. A key difference is their marital status: only 58% of them will retire married and being single is "a contributor to financial instability." A second is lack of savings, noted CBS' Nancy Cordes. A third is life expectancy: "Seniors live longer and pay more for healthcare." The bottom line is that many sixtysomethings are "likely to keep working," Costello concluded, "because they have to."
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