The Exchange
  • Multiple data points over recent months have suggested a housing market that’s recovering. Earnings from government-controlled mortgage heavyweight Fannie Mae on Tuesday offered the latest support for that observation; Fannie turned a profit of $17.2 billion for 2012, vs. a net loss of $16.9 billion for 2011. Its 2012 profit marks its biggest ever gain and the first in six years. Fannie said it was able to pay $11.6 billion in dividends to the U.S. Treasury Department last year and that it expects to remain profitable "for the foreseeable future."

    Historically low mortgage rates have been attracting buyers and, particularly, refinancers in recent years. So far in 2013, the 30-year rate is up 0.23 -- at 3.57% last week, from 3.34% in the first reading of the year. It’s stayed above 3.5% since January. For perspective, even at 3.57% it’s still down from 3.99% a year earlier.

    [Click for Mortgage Rates in Your Area]

    The Mortgage Bankers Association, which updated its forecast in late

    Read More »from MBA Forecast: Housing to Recover, Refinancing to Fade
  • The stories of how Apple (AAPL) just ain't what it used to be when Steve Jobs ran the shop are building again, this time following an apology from the company to Chinese customers centering on warranties and service.

    Apple CEO Tim Cook: Credit Reuters Apple posted a notice in Chinese saying effectively that it's sorry for its behavior toward owners of the iPhone 4 and 4S in the world's most populous country. The letter, signed by Apple CEO Tim Cook, says the Cupertino, Calif., company has received "a lot of feedback" about its repair and warranty policy in China, meaning it's been negative, according to the English version produced by Google Translate. Reports indicate China's media have been ramping up their criticism of Apple in recent weeks, clearly putting it on the defensive, but the Associated Press said at least some Chinese users weren't putting too much stock in the anger.

    Regardless, the company went on to acknowledge that a lack of communication has led to Apple being viewed as arrogant and unbothered by any

    Read More »from Apple: China Customers, We’re Sorry About the Service
  • For around 16 months, Chef Wiley Bates III has done his work in a closely monitored, difficult-to-access test kitchen in Plano, Texas, one where research is conducted, where ideas are abandoned or advanced, and where product development is handled with care.

    He's gone from culinary school to high-end restaurants and hotels to this place, where he was found after a nationwide search that eliminated his competitors and left him alone, as the executive chef of Pizza Hut.

    Crazy Cheesy Crust Pizza: Photo Courtesy of Pizza Hut It is near this kitchen, located within an attractive building in a suburban office park, that he and a set of his colleagues are seated around the newest product from the pizza seller, the Crazy Cheesy Crust pizza.

    The name is a fair one, though perhaps only by seeing it in person can one truly appreciate it. This particular item relies on the hand-tossed crust, but it comes with an immediately noticeable difference -- rather than the slices ending in that familiar arc of baked dough, each piece of the Crazy Cheesy

    Read More »from Pizza Hut: From a Secret Lab Comes a Cheesy Idea
  • Sorry, baseball fans, but ticket prices are going up. Again.

    In what’s become something of an annual ritual, the average price of a Major League Baseball ticket has hit new highs this season, to a league-wide average of $27.73, according to Team Marketing Report’s 2013 Fan Cost Index (FCI), an annual survey of ticket and stadium entertainment prices. That’s up 2.7 percent versus the 2012 season.

    It’s the largest jump in MLB ticket prices since 2009 and is equal to the total increases of the last three seasons combined. According to FCI, 15 teams increased prices by more than one percent, six kept prices flat and nine teams actually cut prices. The Toronto Blue Jays led the league in increases, raising ticket prices by 29.6 percent, followed by the Los Angeles Angels at 23.4 percent, the Washington Nationals at 15.4 percent and the Texas Rangers at 10.0 percent.

    And the big spenders are still the usual suspects. The Boston Red Sox remain the priciest ticket in baseball at $53.38 on

    Read More »from MLB Tickets: What Are We Really Paying For?

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