House Price Inflation picks Up
Posted by admin under: Main Feb 18
Figures released by rightmove suggest that house prices have picked up in February, making prospects of large falls unlikely. The survey found an increase of 5.3% in the asking prices, despite a glut of properties on the market. It is worth noting that house prices are often sold for less than the asking price. The sale price is a more reliable guide to effective house prices. London house prices were amongst the most sluggish, being particularly affected by the downturn in the housing market.
Realty Viewpoint: Foreclosures Caused By More Than Subprime Loans
Posted by admin under: Main Feb 18With FHA, Freddie Mac and Fannie Mae conventional loan limits being raised to nearly $730,000, the housing industry should be breathing a sigh of relief. Or are new conventional loan limits just a bandaid on the huge foreclosure wound?
A new coalition of mortgage lenders called Project Lifeline aims to help homeowners who are 90 days or more behind in their mortgage payments. The program includes a 30-day pause to give homeowners and their lenders time to work out a payment or loan modification solution.
Other homeowners can refinance their high-risk loans into conventional loans, and the higher loan limits will allow more homebuyers access to conventional loans.
But will that slow foreclosures?
Some believe the foreclosure crisis, such as the crush of foreclosures in Southern California aren’t being caused by subprime loans, but by homeowners who are simply walking away from homes with negative equity. They could make the payments. They just don’t want to. Why are they being pressured by price? New homes that aren’t selling.
“If you look at the hardest hit areas, you will see they are the areas with the most dramatic growth,” says Sean O’Toole, spokesperson for ForeclosureRadar.com. “In Stockton, for example, there is an unsold new construction inventory of over 7,000 units (source: Hanley Wood, includes improved lots), yet only 150 homes (MLS) selling each month. That has put serious downward pressure on pricing — with builders leading the charge on discounting to get existing inventories sold.”
A recent study by the Boston Federal reserve found that downward pricing pressure is the primary cause of foreclosures — not subprime loans.
O’Toole points out that Realty Times noted a correlation between the date range of loans in foreclosure and the origination of risky loans, but he says the date range of loans in foreclosure also correlate with being upside down (prices have fallen to 2005 levels).
“As we think about how to get out of this crisis, I think we should all focus on the core problem — price declines due to too much inventory. Without action this problem will get worse before it gets better. We added 60 percent more REO’s to existing inventory in January than we did in December (exclusive ForeclosureRadar.com data). Ultimately, of course, it will self-correct even without intervention, with prices falling until the rent/price relationship comes back into historic norms.”
Source: Realty Viewpoint: Foreclosures Caused By More Than Subprime Loans
Ocean Front Condo’s for less than 250K - Really?
Posted by admin under: Main Feb 18February 18th, 2008 by James Morrison
Is your goal is to wake up every morning to the aroma of wind swept salt air and panoramic ocean views? Maybe in retirement? A second home perhaps? Why not now?
Outer Banks Link Lube
Posted by admin under: Main Feb 18Just a few links about happenings on the Outer Banks:
Large Floorplans introduced at Preserve East Atlanta
Posted by admin under: Main Feb 17The Preserve East Atlanta, Dekalb’s first “conservation zoned” community, has updated and created new floor plans. 
Online Loans - Easy Approval And Quick Transfer Of Money
Posted by admin under: Main Feb 17Getting your hands on some money to fulfill your needs has become very easy nowadays provided that you are pretty much ready to accept all the hassles as a part of the procedure. If you want to avoid all this trouble and get money, it is rather better to go out for online loans and obtain the money for your needs.
The procedure of these loans is made very easy if the borrower approach the internet mode to obtain money. The borrowers can conduct a research easily amongst all the deals that are offered to the borrowers from the numerous lenders online. Also, there is also no hassle attached to these loans. The money is transferred to the account of the borrowers from where they can take it up for their use.
The money is available to the borrowers in the secured and the unsecured form. They can choose whichever option is suitable for them. If the need of the borrower will be fulfilled with the help of a big amount, then the borrowers can take up the secured form of these loans. An asset is required to be pledged with the lender like a home or a car that acts as a security. The money available in the range of ?5000-?75000 can be used for personal needs and has to be repaid to the lender in a term of 5-25 years.
Smaller needs may be fulfilled easily without involving any assets by the borrower. The money can be borrowed within the range of ?1000-?25000 through the unsecured form. The money is required to be repaid to the lender in a term of 6 months to 10 years. Bad credit borrowers can also take up deals according to their needs. Any personal needs of borrowers can be easily fulfilled with the help of these loans like wedding expenses, travel expenditure, medical use, car purchase etc.
Online loans have instilled great convenience with the money that is to be borrowed. The borrowers now do not ace any problems when taking up money for their needs.
Ashley P Lewis is a debt consolidator and advisor and has been dealing with various finance programs. If you want to know more about Online Loans, Fast Loans, Online Personal Loans, Fast Online Loans you can visit http://www.fastonlineloans.org.uk/
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Better Than Free
Posted by admin under: Main Feb 17Cathy Tishhouse is a new Real Estate Shows client. And she asked the following question in the comment section of a blog post on ActiveRain:
Urgent Cash Loan UK -Immediate Cash
Posted by admin under: Main Feb 17Has an unforeseen cash need put you in a predicament? People living in the UK can make use of urgent cash loan for their rescue. The loan scheme can give borrowers quick cash between ?100 and ?1000. But act judiciously before you take a decision. Take some time to understand your loan provider and seek answers to some basic questions.
Urgent cash loan lenders usually provide all the basic information on the internet. These include,
But prior to making a decision you need to seek answers to all the relevant questions.
Spend some time to get answers to these questions. It will do you good even if you delay a bit. Better be sure of all aspects of the loan, than to make haste and repent later.
Payday loan calculators are a handy tool to determine the cost of the loan. Some lenders provide online loan calculators. You need to input the following figures.
1. Loan fee / ?100. This figure is provided by your lender and also regulated by the state.
2. The amount of money you need to borrow. This usually ranges between ?100 and ?1000.
3. The loan term. This figure ranges from 7 days and 30 days.
4. The number of loans or loan renewals you expect to have in a year.
After feeding the figures you can get the cost of the loan per ?100.
Once you are familiar with the basics of the urgent cash loan, you will feel confident and reassured.
Click here to check out urgent cash loan in the UK for quick money before payday. Whenever a financial emergency pops up suddenly, you can rely on instant cash loans with quick approval. A loan until payday is a short term loan that comes to the rescue of the borrower till the person’s next payday.
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The KGB of Our Credit System
Posted by admin under: Main Feb 17Well, we have been indoctrinated, vaccinated, hyperventilated, isolated, inoculated and just about every reason “why” the credit system is a mess by everyone from the top to the bottom. All fingers are pointing at “bad mortgages” Bull crap! Plain and simple. Do you think for a cotton pickin minute that all of a sudden people with bad credit or loans made to people with weak credit is some “brand new baby”.
The mortgage industry is partly to blame for sure. Greedy lenders, investors and brokers have all pulled their chair up the to “buffet table” of profits and helped themselves. Now, prior to these “portfolio loans” we relied mostly on FHA, GI, Fannie Mae and conforming loans.
A lot of people bought a home using the FHA guidelines. The credit criteria was relaxed and folks with credit issues were given a chance to own a home and pay competitive rates. Yup, if you had some minor credit issues, you were given some leeway to explain them and if you had a job, paid your bills on time for one year and proved to the underwriters that you deserved a home, by golly, you got a mortgage. Have these folks lost their homes? Not in a long shot. WHY NOT? Because the FHA fully understood credit issues and produced a credit guideline that enabled these folks to qualify.
But, what really has happened stems from a few years back. I mentioned in one of my other articles the “rule of 72″. I guess a lot of folks just didn’t get it or just didn’t care. But lets get on with the business at hand. When I say we are faced with the likeness of the notorious KGB in our system, I am speaking directly about the credit reporting agencies. I don’t care what you think or what you say, facts are facts and until the politicians quit fighting for turf and handouts and pay attention to what is happening, we will be facing this credit crisis for a long, long time.
Why do I say this? Well, read very carefully. The credit reporting agencies have more power than the Federal Reserve. If you don’t believe me, take a close look at them. They are “for profit” companies owned by stockholders for profits. In fact, Experian is owned by a group from the UK. Here is where there power affects you and I and we are helpless to do anything about it.
You see, as a consumer, you do not own the data on your credit report. They own it. They have gathered up your paying history and sell it to anyone that wants to pay them for it. So, when you go into the local TV store, the manager automatically pulls your credit. It costs him anywhere from $8.00 to $16.00. Of the millions of people in the US. How many credit reports are pulled daily? Mind boggling. Now, who are the agency customers? NOT YOU and NOT ME.
The customers of the agencies are the creditors. So, lets be logical, when anyone disputes an entry on their credit report, who do you think that the credit bureau will favor? Not you for sure. You are nothing to them but a statistic that makes them money. Okay, got the picture? Now lets really get “down and dirty”. How about the hundreds of credit card companies that use the information from the credit bureaus? Do you think that it would be reasonable to assume that these companies are happy making 8% on loans? Come on, get real. These companies are geared to make over 24% on their money plus the extras that they charge for being late and over the limit.
Here is a new twist. Try and pay your monthly bill on the telephone and they will charge you an extra $5 - $10 bucks for that. I went ballistic with a clerk when she told me that I would have to pay $10 for the privilege of paying by phone. I said “why in the sam hell would I pay you for the privilege of paying you? Ludicrous, but they get away with it.
Now that you can see the “pigs cavorting around the trough” of extra costs and filling their plates, you begin to understand what this whole picture is about. There are NO CREDIT COPS out there to protect us. Sure, the FTC occasionally metes out a fine when it is politically proper and the public has screamed enough.
Now when the bottom feeders get 24% and more in interest, do you think for one minute they care about you or me? They only care about the bottom line. But, these “thieves” need a partner to guarantee that your credit stays in the pits. Who is that partner? Well it’s Equifax, Experian and Transunion. You see, in today’s real world there are more credit reports with errors than there are accurate credit reports.
Sure, we have laws that says “the bureaus MUST report 100% accuracy” or else? Or else, WHAT. NOTHING, NADA, ZILTCH. When they report erroneous information you play “hell” trying to get it straightened out. If you don’t believe it, just go to this website and see how Transunion reported to Congress “how they handle disputes”. Go ahead and read this article about the credit reporting agencies. It will “blow your mind”. http://epic.org/privacy/preemption/lefebvre6.4.03.pdf.
I certainly do not want to write a book on this subject, but that could naturally follow. The truth of the matter is this. I guess we call it the “food chain” for profits.
Harry and Jane use their credit card and go over the limit. Not a big deal. But wait. Lets see how this “credit cancer” spreads. First of all, they are hit with an over the limit fee. Secondly their credit scores drop because of the fact that they are over the limit. Who knows this? You didn’t but you do now. With this lower credit score, the other credit card companies have their “sniffers” working and they raise the interest rates on their credit cards, simply because you “might” have a problem. Is that justice? Not at all, but they get away with it.
So, Harry and Jane now see their interest rates climb on their credit cards, their payments increase and something has to give. You cannot get “blood out of a turnip”. So, they miss a payment or are late because the paycheck was late or he missed a couple of days of work. Doesn’t matter the reason, but their personal “pristine” credit is heading for the bottom of the pile.
Can they do something about it? Well, because they were over the limit is in itself not a crime. BUT, here is where the credit reporting agencies help the creditors.
When an account is placed for collection or charged off, the furnisher of information MUST provide the bureau with the commencement of the initial delinquency. BUT, they rarely do. On most credit reports over 90% have the same error. You cannot determine when the seven year period of reporting derogatory information begins. THIS IS WHAT KEEPS YOU IN CREDIT PRISON.
I will write a follow up article to this one as this is such a “bombshell” and an education for Joe Consumer.
Regis Sauger is a licensed Mortgage Broker in Florida, an author, lecturer on credit awareness. He haa conducted seminars for underwriters, attorneys, mortgage lenders, realtors and the general public.www.yurcredit.com
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