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    CNN Money: Top business headlines for May 1

    6:33 AM, May 1, 2013   |    comments
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    NEW YORK (CNN) -- CNN Money's Maribel Aber has your top business and financial news on this Wednesday, May 1.

    41% of college grads overqualified for what they do
    College just isn't worth what it used to be. A survey out Tuesday found that 41% of college graduates from the last two years are stuck in jobs that don't require a degree. Consulting firm Accenture talked to 1,005 students who graduated from college in 2011 and 2012 and haven't returned to graduate school. In addition to those who are underemployed, 11% said they are unemployed, with 7% reporting they haven't had a job since graduating.

    Facebook needs to keep mobile momentum
    Facebook finally decided to concentrate on mobile late last year, and its shares have recovered nicely from their post-IPO doldrums. To keep that momentum going, Facebook needs to prove that its mobile strategy is working. Investors are scrutinizing the company's moves, and at first, even tepid mobile growth was enough to send Facebook shares soaring. That's because the company set expectations at rock bottom: Right after its May 2012 IPO, Facebook said it wasn't making "any meaningful revenue" from mobile.

    Home price rise continues to pick up speed
    The pace of home price increases continued to accelerate in February, according to a reading Tuesday that showed the biggest gain since near the height of the housing bubble. The S&P Case-Shiller index of home prices in 20 major markets posted a 9.3% rise over the last 12 months. That's up from the 8.1% rise in January. It was the biggest 12-month gain in the index since May 2006, which was just one month after the index showed record-high home prices.

    Builders hold lotteries for eager new homebuyers
    Demand among homebuyers is so high in some parts of the country that builders are holding lotteries to decide who gets to purchase homes in their developments. O'Brien Homes started holding a monthly housing lottery for its 228-unit development called Fusion in Sunnyvale, Calf., after seeing throngs of prospective buyers camp out at the openings of other new condo complexes in the area.



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