Apple iTunes support is blaming the developers for this issue. Here is the follow-up email I got from them after sending them the link to this thread:
Margaret, here from the iTunes Store.
Thank you so much for the link you sent me. It's good to see that you looked this up and are concerned about the updates as well as we. However, I noticed that most people are assuming Apple to have a bug on our end, this is not the case as, the iTunes Store Customer Support team does not evaluate andreview these applications, so I can't give you specific information, but I can tell you that the developer has the best resource for information about their Applications.
On a lighter note, there have been more and more customer's reporting this problem with their Apps and Apple is looking into fixing the problem with the developers, however, for now, and as instructed before we are recommending this fix of deleting all Apps and re-downloading, this will in a sense, update the updates. (I know that's funny to say, but it's true) Doing this, will prevent the updates from popping up continuously.
App Store purchases may be downloaded again at no charge, either from your device or using iTunes on your computer. Be sure that you are signed in to the same iTunes Store account that you used to shop from the App Store, and follow the steps to purchase any missing content again. You will be notified that you have already purchased the App and can download each missing item again for free.
For more information, please visit: App Store FAQ
http://phobos.apple.com/WebObjects/MZStore.woa/wa/ApplicationsFAQPage
If you have difficulty downloading any applications, please reply to let me know or consult this article: Troubleshooting applications purchased from the App Storehttp://support.apple.com/kb/TS1702
Once again, thank you for allowing me the opportunity to help you with this issue today. I hope this information has been helpful. If you need any further assistance with this issue, please do not hesitate to contact me by replying to this email. I would be more then happy to assist you further. Have a wonderful day.
With Warm Regards, MargaretiTunes Store Customer Support