Fox Means Business: 5/17

Today's Business headlines for May 17.business headlines.

Contractors are getting a little cautious. New home construction dropped to a five-month low in April, and there could be slowdown as we head towards summer, with building permits also falling.

Meantime, the Mortgage Bankers Association says the percentage of mortgages in foreclosure fell last quarter to its lowest level since 2007. An improving job market and rising wages are big reasons why.

Stocks barely budged on Tuesday. But the NASDAQ did manage to close at its third record high in a row.

And call them rich, retired and hoarding cash! A new report from the investment company United Income says the wealthiest 25 percent of retirees are sitting on their money. Apparently, these people are so anxious and fearful about the future that they’re cutting their spending and saving instead.

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