New Face of Credit
April 8, 2008
It should come as no surprise that banks and other lenders are quickly changing their loan requirements as home sales and home prices plunge and delinquencies and defaults increase. It should also come as no surprise that problems in the mortgage market are spilling into other financial markets as customers struggle to keep up with loan payments on their other consumer loans, such as automobile and credit card payments.
New Home Buyers Can Find Bargains
March 27, 2008
Consumers often hear a great deal about the downside of the housing market but rarely hear anything about the upside. The upside to the housing market is that home prices are dropping and in some cases this could be the very best time to buy a new home. This can be especially true for those who are currently renting and do not have a house in which they must sell before they can buy.
Foreclosure Preventions Need Fresh Thinking
March 25, 2008
The Federal Reserve Board Chairman, Ben Bernanke, recently said that the mortgage and financial industries would need to begin using some creative thinking in order to decrease the number of preventable foreclosures. The Fed itself has been using some rather unique thought processes as it has tried to avoid a potentially devastating crash in the housing markets. Now, lenders are being asked to step up to the plate.
Home Prices Drop Again
March 12, 2008
According to a recent report by Standard and Poor’s, American home prices feel nearly 9 percent in the last quarter of 2007. This makes a full year of decreasing values on homes and it represents the steepest decline in the twenty year history of this particular index.
Mortgage Down Payment Dilemma
March 3, 2008
Home prices are falling. Inventories of homes for sale are up. In many ways this is a great buying opportunity for many of those looking to move from renter status to homeowner. But there are some pitfalls as well.
Mortgage Rate Increase
February 29, 2008
Recently, the rates on 30-year mortgages increased to their highest level in five weeks. However, they remained below the 6 percent level.
California Home Prices Sink
February 28, 2008
Data from January on the housing market in California has revealed that home sales in the state have plummeted to a 20 year low.
Mortgage Lenders Slow to Respond
January 31, 2008
By now, most people are aware of the massive level of foreclosures taking place across the US. Many financial experts agree that the problem is likely to only get worse during 2008 and perhaps beyond. What is surprising to many of these same experts is the slow pace of assistance that lenders are offering those who are facing foreclosure.
Consumer Credit in Trouble
January 29, 2008
There was some hope that the financial mess of the US housing market would stay in the housing market. As more information becomes available to financial experts, there is some agreement that loan defaults may soon bleed over into other sectors as well. These sectors might include auto loans, credit cards, and even student loans. As household incomes become more strapped, increased late payments may become a major issue with some lenders.
Countrywide for Sale
January 22, 2008
In a surprising move, Bank of America recently announced its plans to buy the beleaguered mortgage lender Countrywide Financial Corporation. The deal could end up costing BofA as much as four billion dollars and might well prevent the collapse of Countrywide as a business entitiy.