Current Events in June 2016

Kashi Company is amending the date codes for Kashi GOLEAN® Honey Pecan Baklava Bars and Bear Naked® Soft Baked Granola, Cinnamon + Sunflower Butter that were recalled earlier.

The products may be contaminated with Listeria monocytogenes.

The updated information affects the following products, sold only in the U.S.:

• Kashi® GOLEAN® Honey Pecan Baklava Bars, 5-count with UPC Code 18627 10474 – "Best If Used Before"dates of Jul21 16; Aug07 16; Sep13 16; Sep22 16; and Oct20 16
• Bear Naked® Soft Baked Granola, Cinnamon + Sunflower Butter, 11 oz pouch with UPC Code 84623 10163 – "Best if Used By"dates of Aug 13 2016 to Jan 11 2017

The date codes can be found on the top of the box of the Honey Pecan Baklava Bars, and at the bottom of the pouch of the Bear Naked Granola.

What to do

Consumers with questions may contact the company at 1-877-747-2467, Monday through Friday, 9 a.m. – 6 p.m. (ET) or online at https://www.kashi.com/contact-us.

Crescent Specialty Foods of Everett, Wash., is recalling 6-oz. bags of Crescent Pistachio Raw.

The product may be contaminated with Salmonella.

No illnesses have been reported to date.

The product, packaged in a 6-oz. clear, plastic bag with Crescent Nuts & Dried Fruits Pistachio Raw label attached and UPC code 8 95296 00103 5, was distributed to retail stores and on-line stores in Oregon and Washington from October 21, 2015 – May 2, 2016.

What to do

Customers should not consume the product, but return it to the place of purchase for a refund.

Consumers with questions may contact the stores where they purchased the product, or email the company at info@csf1.com.

The Land of Nod of Morton Grove, Ill., is recalling about 550 Octo-rattles.

The fabric discs on the tentacles of the octopus rattles can detach, posing a choking hazard to young children.

The firm has received five reports of the rattle’s fabric discs detaching. No injuries have been reported.

This recall involves The Land of Nod’s Octo-rattles, sold individually or as part of a gift bag set. The knit fabric rattles are yellow and shaped like an octopus with multi-colored felt discs sewn into the tentacles. The rattles measure about 9 inches tall, 4 inches wide and 3 inches deep and can attach to strollers or activity gyms.

“The Land of Nod,” “Morton Grove, IL 60053,” “951-3072461,” “Made in India” and SKU number 502882 are printed on a label attached to the underside of the rattle.

The rattles, manufactured in India, were sold exclusively at The Land of Nod stores nationwide and online from September 2015, through April 2016, for about $30 for the individual rattle and for $150 as part of a gift bag set.

What to do

Consumers should immediately take the recalled rattles away from children and contact The Land of Nod to receive a full refund.

Consumers may contact The Land of Nod at 800-933-9904 from 8:30 a. m. to 5 p.m. (CT) Monday through Friday or online at www.landofnod.com and click on Product Recalls at the bottom of the page for more information.

Zupan's Markets is recalling its Macaroni Salad with Cheddar Cheese which may be contaminated with Listeria monocytogenes.

There have been no reported illnesses attributed to the recalled items to date.

The recalled product, packaged in a 5-lb. net weight plastic bag, with listed item #23070 and the UPC 8 87241 80712 0, was distributed to four Zupan's Markets locations in Portland and Lake Oswego, Ore., between April 9 and June 14, 2016.

It was sold both in Zupan's Markets service deli salad case, sized to order, and available in prepacked round plastic containers (8, 12 & 16-oz.) in its Grab & Go area. Scale label on the bottom of the product container reads Macaroni Salad with Cheddar Cheese with code 394.

What to do

Customers who purchased the recalled product should not consume it, but destroy, discard it or return it to the store for a full refund.

Consumers with questions may call Duck Delivery Produce at 503-288-9380 Monday – Friday, 8 a.m. to 5 p.m. (PT).

Unfortunately, many people think that big drug companies and the government know how to cure common illnesses but keep the solution secret to protect drug company profits. That makes them perfect foils for pitchmen with a convincing line of patter.

One such super-salesman is Kevin Trudeau, currently serving a ten-year prison term for making phony claims about his best-selling book, “The Weight Loss Cure ‘They’ Don’t Want You to Know About.” 

The Federal Trade Commission is now mailing checks totaling about $6.3 million to consumers who bought the book. In 2009, a federal judge ordered Trudeau to repay millions of dollars to consumers after he violated a 2004 FTC stipulated order by misrepresenting the book’s content.

"For years, Trudeau fought the FTC’s efforts to collect the money he owes consumers, including repeatedly denying that he had any money and hindering efforts to find his money," the FTC said in a statement. 

During one court proceeding, he “took the Fifth” hundreds of times rather than answer questions about where his money was. At one point, the judge jailed Trudeau for not cooperating. 

The court appointed a receiver, who eventually tracked down some of Trudeau's money, which the FTC is now using to partially repay consumers.

What to do

Consumers should deposit or cash checks within 60 days of the mailing date. Those who deposit or cash their checks may receive future proceeds if funds become available.

Do not pay money or give personal information to anyone who says you must pay a fee to receive your refund. The FTC never requires consumers to pay money or to provide information before refund checks can be cashed.

Consumers who receive checks and have questions can contact the FTC’s refund administrator, Analytics, at 844-828-4437. Learn more about this refund program at ftc.gov/trudeau.

In late April, we reported what, at the time, appeared to be a routine recall: CRF Frozen Foods of Washington state was recalling 15 frozen vegetable items. At the time, it was reported that the items might be contaminated with Listeria monocytogenes.

Since then, the vegetables have been strongly suspected of causing a multi-state outbreak of the foodbourne illness, underscoring the inter-connectedness of the U.S. food supply.

The problem is at least 350 products use the vegetables, which are distributed to retailers in all 50 states and four Canadian provinces. When a tainted product is used as an ingredient in other products, the damage is spread across a wide spectrum of the food chain, complicating things for investigators.

A few years ago there was another ingredient-driven outbreak linked to contaminated pine nuts that were used in pesto, salads, and baked goods, and another more recently associated with sunflower seeds found in a variety of trail mixes.

In 2009, peanuts contaminated with Salmonella got into the ingredient chain, contaminating everything from peanut butter to ice cream. It sickened more than 700 people and may have led to at least nine deaths. According to the PEW Charitable Trust, that outbreak led to the Food Safety Modernization Act, giving the Food and Drug Administration (FDA) more authority to protect the food supply.

Strain first appeared in 2013

In the current frozen vegetable outbreak, the Centers for Disease Control and Prevention (CDC) says the strain of Listeria has been showing up since 2013, and that it has been working with various states to pin down the source since March, a month before the vegetable recall.

“Epidemiologic and laboratory evidence available at this time indicates that frozen vegetables produced by CRF Frozen Foods of Pasco, Washington and sold under various brand names are one likely source of illness in this outbreak,” the CDC said in a recent update. “Investigations are ongoing to determine if food sources used to manufacture CRF Frozen Foods products could explain some of the illnesses.”

The investigation into contaminated frozen vegetables is still underway, with the food company working with regulators, trying to protect consumers from getting sick. Meanwhile, new prevention-based rules for food-processing facilities – part of the Food Safety Modernization Act – begin to go into effect in September.

May was a tough month for sales of new single-family houses.

The Commerce Department reports sales dropped 6.0% last month to a seasonally adjusted annual rate of 551,000, following April's surge of 16.6%. Even with the decline though, sales are 8.7% higher than they were in May 2015.

Prices and supply

The median sales price of new houses sold in May was $290,400, up $3,000 from a year earlier. The average sales price was $358,900, a year-over-year gain of $18,100. The median is the point at which half the homes sold for more and half for less.

The seasonally adjusted estimate of new houses for sale at the end of May was 244,000, which works out to a supply of 5.3 months at the current sales rate.

Regional sales

May's decline was led by the Northeast, where sales were down 33.3% from the month before. Sales in the West were off 15.6%, while the South saw a dip of 0.9%. The only gain -- 12.9% -- was registered in the Midwest.

The full report is available on the Commerce Department website.

The latest report from the Federal Housing Finance Agency (FHFA) shows house prices scored a small advance during April.

The FHFA's monthly House Price Index (HPI) was up 0.2% on a seasonally adjusted basis. At the same time, March's previously reported 0.7% increase was revised to reflect an increase of 0.8%.

On a year-over-year basis. house prices were up 5.9%. Since last October, the national HPI level has surpassed the prior peak reached in March 2007.

For the nine census divisions, seasonally adjusted monthly price changes ranged from -0.7% in the Middle Atlantic division to +1.4% in the New England division.

The 12-month changes were all positive, ranging from +1.7% in the Middle Atlantic division to +8.6% in the Pacific division.

The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.

The full report may be found on the FHFA website.

Initial claims

First-time applications for state unemployment benefits were down sharply last week.

The Department of Labor (DOL) reports initial jobless claims plunged by 18,000 in the week ending June 18, to a seasonally adjusted 259,000. This makes 68 consecutive weeks of initial claims below 300,000 -- the longest streak since 1973.

The four-week moving average, which is less volatile and seen as a more accurate gauge of the job market, was down 2,250 from the previous week to 267,000.

The complete report is available on the DOL website.

G & M Co., of Newark, N.J., is recalling approximately 3,586 pounds of beef products that may be contaminated with E. coli O157:H7.

There have been no confirmed reports of adverse reactions due to consumption of these products.

The following bulk beef cuts and trimmings items, produced on June 8, 9, and 10, 2016, are being recalled:

3,586-lbs. - Various box sizes ranging from 30-195 lb. containing plastic wrapped bulk beef cuts and trimmings marked only with plant identifier “M5476.”

The recalled products bear establishment number “M5476” inside the USDA mark of inspection, and were shipped to retail locations in New Jersey and New York.

What to do

Customers who purchased the recalled products should not consume them, but throw them away or return them to the place of purchase.

Consumers with questions regarding the recall may contact Jose Morales at (973) 621-7444.

There are many things that can derail a vacation, leading to some hefty expense for those with non-refundable reservations. That's why many consumers choose to purchase travel insurance.

But a new report from CardHub, a credit card comparison site, finds a handful of credit cards provide pretty good insurance coverage, if used to purchase the trip. They don't cover all contingencies, but some you might not expect.

The CardHub study found that travel insurance perks by credit card companies can reimburse customers when a trip gets cancelled, when a connecting flight is missed, when damage is lost or delayed, and even in the event of death.

The coverage varies from card to card, so the study compared 57 personal and 23 business credit cards to evaluate the coverage.

Nearly 93% of the cards in the study offer travel accident insurance, providing an average of $352,000 in coverage. Chase Sapphire Preferred was judged to be the best, providing $500,000 in coverage.

43% insure lost luggage

Almost 43% of cards will compensate travelers when luggage is lost, with an average of $2,500 included in the coverage. The Sapphire Preferred and Citi Prestige Card tied for best, with $3,000 in coverage. They both also pay up to $500 per trip for delayed bags.

The Chase Sapphire Preferred also wins in the category of best trip delay/cancellation coverage, paying $10,000 per trip. That beats the card average of $3,300, offered by 33% of cards in the study.

Not surprisingly, the Chase Sapphire Preferred also wins in the category of best overall card for travel insurance.

Among business credit cards, the Chase Ink Plus swept all categories as the best card to protect business trips. It achieved an overall score of 93%, compared to its nearest competitor, the Chase Ink Cash, at 84%.

Consumers using these cards do not have to register or sign up to receive the coverage. They simply have to contact their credit card company if they want to file a claim.

You have to go back nearly a decade to find a time when previously-owned owned homes were selling at a faster pace than they did in May.

According to the National Association of Realtors (NAR), total existing-home sales -- completed transactions that include single-family homes, townhomes, condominiums and co-ops -- rose 1.8% last month a seasonally adjusted annual rate of 5.53 million.

Sales are now up 4.5% from the same period last year and are at their highest level since February 2007.

May marks the third consecutive month of rising sales. "This spring's sustained period of ultra-low mortgage rates has certainly been a worthy incentive to buy a home, but the primary driver in the increase in sales is more homeowners realizing the equity they've accumulated in recent years and finally deciding to trade-up or downsize," said NAR Chief Economist Lawrence Yun.

"With first-time buyers still struggling to enter the market, repeat buyers using the proceeds from the sale of their previous home as their down payment are making up the bulk of home purchases right now."

Prices and inventory

The median existing-home price for all housing types in May was $239,700, up 4.7% from May 2015, surpassing the peak median sales price of $236,300 set last June. May also marked the 51st consecutive month of year-over-year gains. The median is the point at which half the homes cost more and half cost less.

Total housing inventory was up 1.4% to 2.15 million existing homes available for sale at the end of May, but is still 5.7% lower than a year ago (2.28 million). That translates to a 4.7-month supply at the current sales pace.

"Existing inventory remains subdued throughout much of the country and continues to lag even last year's deficient amount," noted Yun. "While new home construction has thankfully crept higher so far this year, there's still a glaring need for even more, to help alleviate the supply pressures that are severely limiting choices and pushing prices out of reach for plenty of prospective first-time buyers."

Sales regionally

• Existing-home sales in the Northeast rose 4.1% in May to an annual rate of 770,000, and are now 11.6% above a year ago. The median price was $268,600, down 0.1% from May 2015.
• In the Midwest, sales dropped 6.5% to an annual rate of 1.30 million in May, but are still up 3.2% year-over-year. The median price was up 4.8% to $190,000.
• The South saw a sales gain of 4.6% to an annual rate of 2.28 million, and are now 6.5% above May of last year. The median price was $211,500, a gain of 5.9% from a year ago.
• Sales in the West advanced 5.4% to an annual rate of 1.18 million, but are still down 1.7% from May 2015. The median price was $346,900 -- 7.7% above the year before.

Mortgage applications last week have rebounded from the previous week's decline.

Data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey show applications were up 2.9% for the week ending June 17.

The Refinance Index shot up 7%, pushing the refinance share of mortgage activity to 57.7% of total applications from 55.3% a week earlier.

The adjustable-rate mortgage (ARM) share of activity increased to 5.7% of total applications, the FHA share dipped to 11.7% from 11.8% the week prior, the VA share was unchanged at 11.1%, and the USDA share of total applications held steady at 0.6%.

Contract interest rates

• The average contract interest rate for 30-year fixed-rate mortgages (FRMs) with conforming loan balances ($417,000 or less) fell three basis points -- from 3.79% to 3.76% -- its lowest level since May 2013, with points increasing to 0.33 from 0.32 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
• The average contract interest rate for 30-year FRMs with jumbo loan balances (greater than $417,000) dropped to its lowest level since January 2011 -- 3.70%, from 3.75% -- with points increasing to 0.28 from 0.26 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
• The average contract interest rate for 30-year FRMs backed by the FHA was unchanged at 3.61%, with points decreasing to 0.24 from 0.27 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
• The average contract interest rate for 15-year FRMs slipped two basis points to 3.04%, with points increasing to 0.36 from 0.34 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
• The average contract interest rate for 5/1 ARMs rose to 2.92% from 2.87%, with points decreasing to 0.21 from 0.26 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The survey covers over 75% of all U.S. retail residential mortgage applications.

Sony Electronics of San Diego, Calif., is recalling about 1,700 Panasonic battery packs used in Sony Electronics laptop computers in the U.S. and Canada.

The lithium-ion battery packs can overheat, posing burn and fire hazards.

No incidents or injuries have been reported.

This recall involves Panasonic lithium-ion battery packs installed in 18 models of Sony’s VAIO Series laptop computers. The Panasonic battery packs were also sold separately and installed by Sony as part of repairs.

Panasonic battery packs included in this recall have model number VGP-BPS26 and part numbers 1-853-237-11 and 1-853-237-21. Panasonic battery pack model and part numbers are printed on the back of the battery pack.

Recalled model numbers for the Sony VAIO Series laptop computers are:

The battery packs, manufactured in China, were sold at Best Buy, Sony retail stores, other consumer electronic stores nationwide and online at www.store.sony.com and other websites from February 2013, through October 2013, for between $550 and $1,000 as part of Sony VAIO laptops and for about $170 for battery packs sold separately.

What to do

Consumers should immediately stop using the recalled battery packs, power off the laptop, remove the battery and follow instructions to obtain a free replacement. Until a replacement battery pack is received, consumers can use the laptop by plugging in the AC power only.

Consumers may contact Sony Electronics toll-free at 888-476-6988 from 8 a.m. to 12 a.m. (ET) Monday through Friday or 9 a.m. to 8 p.m. (ET) Saturday and Sunday or online at www.sony.com, click on “Support” and then “Support Alerts” for more information.

Nissan North America is recalling 28,182 model year 2014-2016 Infiniti Q50s manufactured December 26, 2012, to December 11, 2015, and Infiniti Q50 Hybrids manufactured December 10, 2012, to December 17, 2015.

The Direct Adaptive Steering system may experience an error at vehicle start up altering the steering responsiveness and turning radius.

If the vehicle does not steer as the driver anticipates, there is an increased the risk of a crash.

What to do

Nissan will notify owners, and dealers will reprogram the Direct Adaptive Steering ECU software, free of charge. The recall is expected to begin by August 9, 2016.

Owners may contact Nissan customer service at 1-800-647-7261.

Commercial drones can get ready to line up on the taxiways. The Federal Aviation Administration today released its final rule on drones, cheering business backers but outraging privacy advocates.

“We are part of a new era in aviation, and the potential for unmanned aircraft will make it safer and easier to do certain jobs, gather information, and deploy disaster relief,” said U.S. Transportation Secretary Anthony Foxx. “We look forward to working with the aviation community to support innovation, while maintaining our standards as the safest and most complex airspace in the world.”

The Electronic Privacy Information Center (EPIC), which had earlier sued the agency, said the FAA had ignored nearly 180 comments submitted during the rulemaking process which addressed the privacy risks posed by commercial drones. 

"The FAA has repeatedly acknowledged the privacy risks of drone deployment, but has so far refused to adopt any privacy safeguards," EPIC said. 

The new rule, which takes effect in late August, offers safety regulations for unmanned aircraft drones weighing less than 55 pounds that are conducting non-hobbyist operations.

$82 billion

According to industry backers, the rule could generate more than $82 billion for the U.S. economy and create more than 100,000 new jobs over the next 10 years, Sen. Mark Warner (D-Va.) said.

“Unmanned aerial systems have the potential to totally revolutionize our economy and way of life, on a scale similar to that of the invention of the wireless cell phone," Warner said. "We need to be looking at how we can safely integrate drones into American airspace, both right now and for the future, and I applaud the FAA for moving the ball forward today."

Far from endorsing EPIC's position, Warner said the U.S. lags behind many other countries in adopting drone technology.

"I encourage the FAA to continue to work with stakeholders and industry to ensure that the United States stays globally competitive in fully embracing the potential of new innovation in unmanned technology,” Warner said.

Warner has been pushing for a drone test range in the Mid-Atlantic region. 

Today's rule, however, will not let Amazon drop packages at your door. Although companies will not need to have a licensed pilot to operate drones, they must still maintain a visual line of sight with the drone at all times and can only fly one mission at a time. 

So don't count out the UPS trucks just yet. 

Surveillance capabilities

EPIC filed suit against the FAA after more than 100 groups and experts petitioned the agency to conduct a rulemaking on drone privacy. EPIC also recommended the FAA implement a national database detailing the surveillance capabilities of commercial drones.

In its earlier filings with the FAA, EPIC argued that drones "are capable of conducting persistent surveillance at a distance, collecting a great deal of detailed and sensitive personal data."

“With special capabilities and enhanced equipment, drones are able to conduct far more detailed surveillance, obtaining high resolution picture and video, peering inside high level windows, and through solid barriers, such as fences, trees, and even walls,” all without being detected, EPIC said.

Getting a credit card isn't nearly as hard as getting a mortgage these days, but face it – lenders aren't just handing out plastic to anyone, like they did once upon a time.

That's actually a good thing, because a lender who extends you credit without bothering to find out whether you can repay it is not doing you any favors. Just ask payday loan borrowers.

So when you apply for a credit card, the company is going to look at a number of factors – some that might be considered fair, some maybe not so fair. At any rate, knowing what they are going in might save you some time and heartburn.

Credit report and score

As you might expect, a credit card issuer is going to check your credit report and score. It will look for any negative issues in your report, such as late payments or accounts in collections.

It will also look at your other credit card accounts. If you have other cards with balances close to the credit limit, that might reduce your chances of having your application approved.

If you already have a credit card with the same lender, it will likely take that into consideration. If you have been a good customer, making all your payments on time and managing your balance, your chances are good of getting more credit.

But if you have a large balance and have been late a couple of times with your payment, the credit card company will probably decline your application.

Credit card companies will also look at your income. Someone who spends a lot of money with plastic is less of a risk if they have a good, steady income. In fact, these are the kinds of customers credit card companies prefer.

Other criteria

But lenders have other criteria for judging applications that might come as a surprise. According to the Center for Responsible Lending, the 2009 CARD Act contained many needed reforms, but still allows lenders to judge a consumer's risk – and even set the interest rate – from personal information, such as where a consumer shops and what he or she buys.

In a chicken-and-egg conundrum, you might also be rejected if you have never had a credit card. Some lenders don't want to be first.

In that case, you might consider applying for a secured credit card, such as the Discover It Secured Card. For starters, there is no annual fee and no late fee on your first late payment. However, if you are trying to rebuild your credit, having any late payments should be avoided.

The card is secured by a deposit, which serves as your credit limit. If you deposit $500, then your monthly credit limit is $500. After 12 months, Discover looks at your account and, if you have paid on time, you can get your security deposit back.

More importantly, it reports your payment history regularly to the three credit agencies, helping to improve your overall credit profile and making it easier to qualify for credit in the future.

Hot and humid summer weather can trigger asthma symptoms, which can quickly turn an afternoon on the playground into an evening in the emergency room.

About every 20 seconds, someone is rushed to an emergency room in the U.S. to be treated for asthma. And half the time, it’s a child.

Managing asthma effectively is possible, but it requires some level of organization. In addition to remembering to take medications, asthma sufferers must follow a schedule and plan for emergencies.

Now, a new doctor-developed app called AsthmaCare is helping pediatric patients track and manage their asthma symptoms.

Sends reminders

“It's hard for anybody to remember to take medications every day, especially when they're feeling well which is often the case with asthma, so we wanted to create something to help people better self-manage their condition,” said David Stukus, MD in a statement. 

Stukus, who developed the app with colleagues at Nationwide Children's Hospital, adds that the app is designed to help children stay on a schedule with their medicines and follow a plan if symptoms occur.

AsthmaCare can send reminders to take medication, track symptoms in a symptom diary, and even help users stay one step ahead of allergens. 

Tracks environmental triggers

The app is also connected to pollen stations via Wi-Fi, which enables it to give users data on allergen levels. It can even notify users of nearby triggers such as dander, dust, and cigarette smoke.

And while an app isn’t the only way to manage asthma, it seems to have an edge over traditional, written care plans -- especially in the eyes of teens.

In a study, teens used the easy-to-use app every day. Eighty-one percent of the time, they used it more than once a day.

The app can also help make life easier for parents. Joyce Kelso, mother of a 3-year-old with asthma, says the app has helped her and her child manage the condition.

“It’s changed our lives in the fact that my child’s not going to the ER constantly, she’s not having as severe of asthma attacks, and it’s kind of keeping me on top of medicine.”

The free app is available on iPhone and most Android devices.

The fallout from Volkswagen's admitted diesel emissions cheating scandal is increasing in courtrooms around the world.

But the latest action doesn't concern the act itself – installing onboard software in clean diesel cars that adjusted emissions only when it sensed a test was being conducted.

Rather, the latest legal issues are being brought by interests that owned VW stocks and bonds, which suffered heavy losses as the scandal unfolded.

The New York Times reports German prosecutors are investigating former VW CEO Martin Winterkorn, and other top executives, for alleged violations of securities laws.

At issue is the law requiring companies to report material events that could affect stock prices as soon as they are discovered. The Times says prosecutors are investigating whether VW's top executives sat on the information that the cars did not comply with clean air laws. VW has said all along that top executives were in the dark about what was happening.

Bondholders file suit

In the U.S., major VW bondholders have sued the German automaker – again for issues affecting asset prices. CNBC reports the public pension fund for Boston city employees is the first to initiate litigation in this area.

The suit, filed in California, claims VW misled the investment community, causing its bonds to trade at “artificially inflated prices.” The bonds lost value once the scandal broke.

The suit seeks damages on behalf of people who purchased bonds between May 23, 2014 and September 22, 2015.

Action for consumers

Volkswagen already faces litigation on behalf of consumers. Back in January, the U.S. Justice Department sued VW, charging it violated the Clean Air Act by installing defeat devices on some VW, Audi, and Porsche diesel vehicles that would not otherwise have met federal emission standards.

At the time, Assistant Attorney General John C. Cruden said the cheating scandal breached the public trust, endangered public health, and disadvantaged competitors.

In April, VW said it would fix or buy back about 500,000 "clean diesel" cars equipped with software intended to fool emissions test equipment.

The presiding judge said affected owners will have a number of options, including a buyback, cancellation of their lease, or modification of their car. Under the agreement, affected consumers will also get financial compensation.

Global property information provider CoreLogic reports completed foreclosures across the country fell 15.8% in April -- to 37,000 from 43,000 a year earlier. Since the peak of 117,813 in September 2010, completed foreclosures are down 68.9%.

In addition, the foreclosure inventory was down 23.4% from April 2015. Completed foreclosures reflect the total number of homes lost to foreclosure, while the foreclosure inventory represents the number of homes at some stage of the foreclosure process.

Since the financial meltdown began in September 2008, there have been approximately 6.2 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.3 million homes lost to foreclosure.

As of this past April, the national foreclosure inventory included approximately 406,000, or 1.1% percent, of all homes with a mortgage. A year earlier, it was 530,000 homes, or 1.4%. The April 2016 foreclosure inventory rate is the lowest for any month since September 2007.

Serious deliquencies

The number of mortgages in serious delinquency -- 90 days or more past due including loans in foreclosure or Real Estate Owned -- dropped 21.6% from April 2015 to April 2016, with 1.1 million mortgages, or 3%, in this category. The April 2016 serious delinquency rate is the lowest since October 2007.

“The recovery in home prices and improved labor market have contributed to the drop in seriously delinquent rates,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Over the 12 months through April, the CoreLogic Home Price Index for the U.S. rose 6.2 % and the labor market gained 2.6 million jobs. We also found that the seriously delinquent rate fell by about three-quarters of a percentage point.”

Report highlights

• On a month-over-month basis, completed foreclosures rose 0.3% to 37,000 in April. As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
• On a month-over-month basis, the foreclosure inventory was down 3% compared with March 2016.
• The five states with the highest number of completed foreclosures for the 12 months ending in March 2016 were Florida (69,000), Michigan (48,000), Texas (28,000), Georgia (23,000), and California (23,000). These five accounted for about 41% of all completed foreclosures nationally.
• Four states and the District of Columbia had the lowest number of completed foreclosures: The District of Columbia (128), North Dakota (317), West Virginia (482), Alaska (653), and Montana (695).
• Four states and the District of Columbia had the highest foreclosure inventory rate: New Jersey (3.7%), New York (3.2%), Hawaii (2.2%), the District of Columbia (2.1%), and Florida (2%).
• The five states with the lowest foreclosure inventory rate were Alaska (0.3%), Minnesota (0.3%), Utah (0.4%, Arizona (0.4%), and Colorado (0.4%).