ECONOMY

While 2010 marked the end to a very fascinating decade, the year itself did have its own shares of ups and downs. Looking back at some of the biggest 2010 stories, you’d see the economy and stock market carried over some momentum from last year’s recovery effort, and the recession was declared officially over. On the other hand, unemployment still hovered around 10 percent, the housing market failed to bounce back and Americans are slowly starting to spend again.

There were also major cultural events that didn’t really a direct personal finance impact on 2010, but did take hold of the nation’s attention. You may remember the NBC late night fiasco where Jay Leno and Conan O’Brien tussled over The Tonight Show. There was Avatar, which led to a flood of 3-D movies. The Apple iPad was introduced, and Larry King abdicated his throne on CNN.

A jump in both U.S. foreclosures and home price drops is expected for 2011, according to a new Market Watch report. The good news, however, is that some expect the foreclosure rate to finally peak and begin to drop next year.

Foreclosures and Decrease in Home Price to Jump

In an interview with Market Watch, Rick Sharga, a senior vice president for RealtyTrack (an online marketplace for foreclosure properties) revealed his belief that not only will foreclosures increase in 2011, but home prices will drop even further.

Image: fieldsy.org via Flickr

The controversy revolving around international media site Wikileaks is escalating quickly as supporters sent a shot across the bow to Mastercard, successfully taking down the credit card company’s website. The cyber attack was a direct retaliation of the credit card company refusing to process donations to Wikileaks. However, Mastercard isn’t alone. The “hacktivists,” operating under the group label “Anonymous,” also targeted transaction processing site Paypal just a few days prior for the same reasons.

The economic and cultural impact of hosting a FIFA World Cup is significant for any nation, even one as developed as the United States. Aside from creating new jobs and generating billions of dollars in revenue for the lucky cities, hosting the quadrennial event also propels the metropolitan destinations into the global spotlight, making them a prime location for tourism and industry.

So when the U.S. was passed over for the 2018 and 2022 World Cup bids–which went to Russia and Qatar, respectively–it certainly stung. Given that Chicago was passed over not too long ago as a potential host for the 2016 Olympics, the U.S. has now scored nil on three tries as a suitor for major international sporting events. But despite the ego check, what exactly is the U.S. losing out on in terms of economic impact?

Adding money to your bank account must seem impossible when you’re among the 9.8 percent of unemployed Americans–and have been for a while. Fortunately, if you’re innovative, you may be able to rise above the high unemployment rate and find enough success to pay your bills and even contribute to your savings account.

Unemployment Increases to 9.8 Percent

The days are getting shorter and colder, which means you’ve probably noticed your energy utility bills slowly creeping upward. Though you probably expect to pay more in energy costs during the winter season since you now have to heat your house, you may be surprised to learn that you’re also shelling out more cash because energy itself has become more expensive.

Every year, the Congressional Research Service forecasts how much residents in the U.S. can expect to pay to stay warm. This year, you’re looking at an average of just under $1,000. This means when you’re planning your budget, you’ll have to account for this added expense (especially if you live in the Northeast).

There are few holidays cherished more in America than Thanksgiving. It’s a time when we can get together with family, reflect on what we’re most thankful for and best of all, stuff ourselves full of a glorious combination of meat, potatoes, pie and other calorie-laden cuisine.

However, the first Thanksgiving was a celebration of making it through a tumultuous time on very little sustenance. The point was to show appreciation for what little food and resources the first Americans had to survive on. Now, the holiday has been distorted into a revelry of excess when many people cook more food than any human could possibly eat, then try to eat it all anyway.

This infographic was provided by CreditScore.net. If you like what you see, you can also check out their Credit Score Blog.

Right now seems like the perfect time to buy a house, but is it really? Mortgage rates are lower than they have been in decades and home prices have been continually dropping for months, so one would assume home ownership should be more easily attained than ever. However, the rate of foreclosures so far this year has been hitting record numbers and new home sales have plunged to the lowest level in 50 years. Obviously, something is amiss.

[The infographic below gives a detailed look at the current state of the housing market and several indications as to why it's still suffering, as well as how you can best prepare to buy a home of your own during present market conditions:]

Homeowners and job seekers alike could benefit from new energy initiatives being offered by the government. Vice President Joe Biden said at a recent event that in the near future, not only will new home energy efficiency options be available to save money for homeowners who want to make upgrades, but workers interested in the industry will have new job opportunities.

New Options for Homeowners

The economic impact of a disaster like the recent BP oil spill off the Gulf of Mexico is huge. Not only have the once thriving fishing and boating industries of this area been jeopardized by the explosion of the Deepwater Horizon oil rig, but everyone from homeowners to drivers to taxpayers have been affected financially.

That’s why BP has set aside a special fund of $20 billion to be paid toward damages claimed by Gulf residents over the next three years. The following is an explanation of how the money is being distributed and the significance of such a large sum from a global perspective.