By Mike Colpitts A national consumer advocate’s group is urging the U.S. Congress to adopt a large home buyers federal tax credit in an effort to re-energize home sales and stabilize residential housing markets. America’s Watchdog Homeowners Consumers Center is urging Congress to offer a $15,000 federal “tax credit to anyone who is qualified to… Continue reading Group Urges $15,000 Home Buyer Tax Credit
Category: Credit
Home Sales Decline to Year Low
By Kevin Chiu Home sales declined for the third time in four months in July, falling to a new low for the year, indicating that what most real estate analysts have been saying for months is coming true—that the housing market is in for a long protracted recovery. Existing home sales fell 3.5% for the… Continue reading Home Sales Decline to Year Low
Credit Downgrade May Trigger Inflation, Slow Home Sales
By Mike Colpitts As the U.S. economy sputters in over-drive to recover from the worst economic crisis since at least the Great Depression, Standard and Poor’s downgrade of the economy is likely to re-set mortgage interest rates on millions of adjustable rate mortgages, send the costs of doing business higher and slow home sales, weakening… Continue reading Credit Downgrade May Trigger Inflation, Slow Home Sales
S&P Credit Downgrade May Restore Confidence
By Mike Colpitts Mortgage interest rates had little immediate change as a result of Standard & Poor’s credit agency downgrading the U.S. economy for the first time in the nation’s history since the announcement was made after banks and financial markets were closed Friday. S&P announced the credit downgrade from AAA to AA+ Friday evening.… Continue reading S&P Credit Downgrade May Restore Confidence
Undermining the Credit Rating Agencies For the Public Good
By Mike Colpitts They blew it! Standard and Poor’s, Fitch and Moody’s all blew the calls on the financial crisis and real estate crash. So what does it really matter now that S&P downgraded the U.S. economy for the public good? It’s their history MAN! S&P has been around for more than 150 years, and… Continue reading Undermining the Credit Rating Agencies For the Public Good
Equifax Survey Shows Credit Improvement
By Kevin Chiu Mortgages made to applicants for home purchases and refinancing were down 4% in July from a year ago as weaknesses in job growth and auto sales took a toll on the economy, according to Equifax Credit Forecast Company. But defaults dropped sharply and other areas of credit extended to consumers, including home… Continue reading Equifax Survey Shows Credit Improvement
Former Homeowners Not Hurt By Bad Credit
By Kevin Chiu The threat of bad credit isn’t hurting millions of former homeowners who have undergone foreclosure when it comes to finding a new place to live. Landlords are even getting used to hearing from foreclosure victims applying for homes and apartments to rent. In fact, the plight of former homeowners isn’t even considered… Continue reading Former Homeowners Not Hurt By Bad Credit
Shadow Inventory Halts Economic Recovery
By Kevin Chiu The shadow inventory of homes and other real estate is holding an economic recovery back from fully developing, according to a study by credit firm Equifax. As many as six million residential properties make up the inventory of homes not yet officially foreclosed by lenders, but left in limbo to rot in… Continue reading Shadow Inventory Halts Economic Recovery
Foreclosure Victims Offered New Credit
By Mike Colpitts Former homeowners who have defaulted on their home mortgages and suffered through foreclosure are increasingly receiving offers of credit to obtain credit cards, auto loans and all sorts of other loans. However, the offers of new credit to the foreclosure victims come with a high price. The offers arrive in the mail… Continue reading Foreclosure Victims Offered New Credit
Spring Home Sales Decline
By Mike Colpitts Hindered by financing problems and weak consumer confidence, existing home sales declined in May, falling 3.8% to a seasonally adjusted annual rate of 4.81 million units, and are more than 15% behind last year’s pace, according to the National Association of Realtors. The slowdown in sales comes at a time when growing… Continue reading Spring Home Sales Decline