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Fix for iTunes AppStore Update Errors (page is outdated & error 5002)

Yay! I managed to fix the iTunes 9.2.x AppStore update error I was getting every time I wanted to download iPhone app updates. I did a little research and found it’s some kind of file permissions error. It can be fixed by changing the permissions of the Mobile Applications folder and it’s contents, but to be sure I’d suggest the method below.

The Fix: 

1. Backup your ~/Music/iTunes/Mobile Applications/ folder. (Spotlight search for the folder name if you can’t find it) Make a copy of the folder, (don’t move the folder) on your desktop.
2. Delete ALL of your Apps in iTunes.
3. Drop all the backed-up Apps back into the iTunes app screen, iTunes will copy them back in. Once finished close iTunes.
4. For good measure download BatChmod. Drop your ‘Mobile Applications’ folder on BatchMod and match these settings (Owner should be your username):
    
5. You are done, and Apps should now update without error messages. You can safely delete the backup on your desktop.

Original source for this fix ismashphone.com

UPDATE:

The same error can also be caused by outdated billing info. If the problem persists try re-entering all your billing info for your iTunes account.

UPDATE 2:

Try quitting iTunes every once in a while. I’ve found I still get this error if I leave iTunes open and sleep my MacBook Pro overnight. Simply relaunching iTunes when you first wake your Mac might fix this error.