Dollars & Sense

last updated: October 19, 2007 03:17:04 AM

Veterans can get help with mortgage

Military veterans may qualify for low-interest- rate loans and down-payment assistance if they buy California homes before April 30, 2008. The California Housing Finance Agency mortgages are available to all veterans, including those who previously have owned homes. Veterans also can get money for their down payments from the state's High Cost Area Home Purchase Assistance Program and the CalHFA Housing Assistance Program. The agency was created in 1975 as the state's affordable housing bank. It has invested more than $14 billion in nontaxpayer funds to help more than 146,000 California families live in a home of their own with a mortgage they can afford. For more information and a complete description of CalHFA's homeownership, multi-family and mortgage insurance programs, visit www.calhfa.ca.gov or call 877-922-5432.

Oil prices hit record near $90 a barrel

Oil prices surged Thursday, rising to records near $90 a barrel, as the falling dollar drew new foreign investors and speculators to dollar-denominated energy futures. "The main driving factor today is ... the dollar making an all-time low against the euro," said James Cordier, president of Liberty Trading Group in Tampa, Fla. While oil prices have risen sharply in dollar terms in recent days, the steadily weakening dollar means oil futures are seen as a bargain overseas. Data released in recent weeks shows speculative buying of oil futures is on the rise. Buying by foreign investors sends prices up, which draws more speculators into the market.

Unemployment level jolts economists

The number of newly laid off workers filing claims for unemployment benefits shot up by the largest amount since early February, a far bigger increase than had been expected. The Labor Department reported Thursday that applications for jobless benefits hit 337,000 last week, an increase of 28,000 from the previous week. That was the biggest one-week surge since jobless claims jumped 42,000 the week of Feb. 10. The increase was more than four times larger than the gain of 6,000 that economists had been expecting and could be a sign that the labor market is starting to weaken under the impact of a severe downturn in housing and the credit crisis that jolted financial markets in August.

Coming Saturday

Saucily named Cleavage Creek has a surprising back story.