Existing-Home Sales Show Another Strong Gain
Existing-home sales rose again in September, affirming that a sales recovery has begun, according to the National Association of REALTORS®.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, jumped 10.0 percent to a seasonally adjusted annual rate of 4.53 million in September from a downwardly revised 4.12 million in August, but remain 19.1 percent below the 5.60 million-unit pace in September 2009 when first-time buyers were ramping up in advance of the initial deadline for the tax credit last November.
Lawrence Yun, NAR chief economist, said the housing market is in the early stages of recovery. "A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions," he said.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.35 percent in September from 4.43 percent in August; the rate was 5.06 percent in September 2009.
The national median existing-home price for all housing types was $171,700 in September, which is 2.4 percent below a year ago. Distressed homes accounted for 35 percent of sales in September compared with 34 percent in August; they were 29 percent in September 2009.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said opportunities abound in the current market. "A decade ago, mortgage rates were almost double what they are today, and they're about one-and-a-half percentage points lower than the peak of the housing boom in 2005," she said. "In addition, home prices are running about 22 percent less than five years ago when they were bid up by the biggest housing rush on record."
To illustrate the jump in housing affordability, the median monthly mortgage payment for a recently purchased home is several hundred dollars less than it was five years ago. "In fact, the median monthly mortgage payment in many areas is less than people are paying for rent," Golder said.
Housing affordability conditions today are 60 percentage points higher than during the housing boom, so it has become a very strong buyers' market, especially for families with long-term plans. "The savings today's buyers are receiving are not a one-time benefit. Buyers with fixed-rate mortgages will save money every year they are living in their home -- this is truly an example of how homeownership builds wealth over the long term," Golder added.
Total housing inventory at the end of September fell 1.9 percent to 4.04 million existing homes available for sale, which represents a 10.7-month supply at the current sales pace, down from a 12.0-month supply in August. Raw unsold inventory is 11.7 percent below the record of 4.58 million in July 2008.
"Vacant homes and homes where mortgages have not been paid for an extended number of months need to be cleared from the market as quickly as possible, with a new set of buyers helping the recovery along a healthy path," Yun said. "Inventory remains elevated and continues to favor buyers over sellers. A normal seasonal decline in inventory is expected through the upcoming months."
A parallel NAR practitioner survey shows first-time buyers purchased 32 percent of homes in September, almost unchanged from 31 percent in August. Investors were at an 18 percent market share in September, down from 21 percent in August; the balance of purchases were by repeat buyers. All-cash sales were at 29 percent in September compared with 28 percent in August.
Single-family home sales increased 10.0 percent to a seasonally adjusted annual rate of 3.97 million in September from a pace of 3.61 million in August, but are 19.5 percent below the 4.93 million level in September 2009. The median existing single-family home price was $172,600 in September, down 1.9 percent from a year ago.
Existing condominium and co-op sales rose 9.8 percent to a seasonally adjusted annual rate of 560,000 in September from 510,000 in August, but are 16.2 percent lower than the 668,000-unit level one year ago. The median existing condo price5 was $165,400 in September, down 6.2 percent from September 2009.
Regionally, existing-home sales in the Northeast increased 10.1 percent to an annual pace of 760,000 in September but are 20.8 percent below September 2009. The median price in the Northeast was $239,200, which is 1.4 percent below a year ago.
Existing-home sales in the Midwest jumped 14.5 percent in September to a level of 950,000 but are 26.4 percent below a year ago. The median price in the Midwest was $139,700, down 5.2 percent from September 2009.
In the South, existing-home sales rose 10.6 percent to an annual pace of 1.77 million in September but are 14.9 percent lower than September 2009. The median price in the South was $149,500, down 2.6 percent from a year ago.
Existing-home sales in the West increased 5.0 percent to an annual level of 1.05 million in September but are 16.7 percent below a year ago. The median price in the West was $213,600, which is 4.9 percent lower than September 2009.
interested in Buying or selling in Denton?
Call Paul Ruth
940-300-1887
www.PaulRuthRealtor.com
Wednesday, December 1, 2010
Many Collections are Not Valid
Many Collections are Not Valid
Many people in credit repair programs need some level of Help With Collectors Between phone calls, dunning letters, and the often cryptic list of debts that appear on credit reports, it can be problematic to identify legitimate debts and determine the best course of action.
A Unique Breed of Collector
There is a unique breed of collector that specializes in buying and dunning ancient collection accounts; debts over seven years old. These accounts are unattractive to first level collectors as they are beyond the statute of limitation for enforcing through the courts. They are also beyond the credit bureau reporting period limit.
Profiting From Ignorance
Of interest to anyone in a credit repair program, the age of the debt means that legal action can be neutralized by the statute of limitation defense, and any threat of reporting to the credit bureaus is not valid. The lack of legal leverage does not stop these collectors from vigorously practicing their craft. In fact, these last-chance collectors represent the most profitable part of the collection industry!
Credit Repair Education Pays
What is their secret? They prey on consumers who do not know their rights. If you are contacted by a collector about an ancient debt, just examine the statute of limitation, check out the reporting period limit, and send the collector a cease communication letter. They will go away forever. There are many great Credit Repair resources online. A little education goes a long way!
Another Common Quirk
While a bit of credit repair education can arm you with the knowledge you need to vanquish these collectors of ancient debt, there is another type of collection account that can be eliminated quickly with a dispute letter, if you know what to look for…
Compliance Failures
A significant percentage of all collections on credit reports fall into a very special category. These accounts are everywhere. Left alone they can linger for years, in some cases decades. They have the power to depress the credit scores of their unfortunate victims, often dramatically. And they should not be reporting.
Failure to Vacate
Collectors buy and sell debt. Over the last decade this practice has become commonplace, and much more frequent. Many collectors will sell an account in as little as six months if it does not pay. When an account is sold the collector is supposed to vacate all credit bureau reporting. Sadly, this often does not happen. And yet a little credit repair could eliminate the offending account completely.
The Credit Repair Solution
If you have collections on your credit report, it is fairly certain that you are a victim of this type of defunct account. Credit repair is the answer. The first and most obvious indication is the presence of more than one collection account for the same debt. If you examine your credit report and find several collections for the same debt, all but one is erroneous. And the last one may be too!
The Value of Vigilance
Given the speed at which collectors churn their portfolio these days. It is quite feasible that even the most recent collection on your report is in error. Once you remove all of the duplicates, examine the last, most recent, account. It may be legitimate, but if the reporting date is over six months, or if you have been contacted by a different collector since the reporting date, it may be a candidate for credit repair as well. Good luck!
For a Personal Consultation call 888-767-5794 ext #1
or Click Here
Many people in credit repair programs need some level of Help With Collectors Between phone calls, dunning letters, and the often cryptic list of debts that appear on credit reports, it can be problematic to identify legitimate debts and determine the best course of action.
A Unique Breed of Collector
There is a unique breed of collector that specializes in buying and dunning ancient collection accounts; debts over seven years old. These accounts are unattractive to first level collectors as they are beyond the statute of limitation for enforcing through the courts. They are also beyond the credit bureau reporting period limit.
Profiting From Ignorance
Of interest to anyone in a credit repair program, the age of the debt means that legal action can be neutralized by the statute of limitation defense, and any threat of reporting to the credit bureaus is not valid. The lack of legal leverage does not stop these collectors from vigorously practicing their craft. In fact, these last-chance collectors represent the most profitable part of the collection industry!
Credit Repair Education Pays
What is their secret? They prey on consumers who do not know their rights. If you are contacted by a collector about an ancient debt, just examine the statute of limitation, check out the reporting period limit, and send the collector a cease communication letter. They will go away forever. There are many great Credit Repair resources online. A little education goes a long way!
Another Common Quirk
While a bit of credit repair education can arm you with the knowledge you need to vanquish these collectors of ancient debt, there is another type of collection account that can be eliminated quickly with a dispute letter, if you know what to look for…
Compliance Failures
A significant percentage of all collections on credit reports fall into a very special category. These accounts are everywhere. Left alone they can linger for years, in some cases decades. They have the power to depress the credit scores of their unfortunate victims, often dramatically. And they should not be reporting.
Failure to Vacate
Collectors buy and sell debt. Over the last decade this practice has become commonplace, and much more frequent. Many collectors will sell an account in as little as six months if it does not pay. When an account is sold the collector is supposed to vacate all credit bureau reporting. Sadly, this often does not happen. And yet a little credit repair could eliminate the offending account completely.
The Credit Repair Solution
If you have collections on your credit report, it is fairly certain that you are a victim of this type of defunct account. Credit repair is the answer. The first and most obvious indication is the presence of more than one collection account for the same debt. If you examine your credit report and find several collections for the same debt, all but one is erroneous. And the last one may be too!
The Value of Vigilance
Given the speed at which collectors churn their portfolio these days. It is quite feasible that even the most recent collection on your report is in error. Once you remove all of the duplicates, examine the last, most recent, account. It may be legitimate, but if the reporting date is over six months, or if you have been contacted by a different collector since the reporting date, it may be a candidate for credit repair as well. Good luck!
For a Personal Consultation call 888-767-5794 ext #1
or Click Here
Thursday, January 14, 2010
How to Rebuild Bad Credit
When you hire Cosmos Credit Solutions to repair your credit by getting rid of the negative credit report information your credit score is likely to go up. In some cases you will need to repair your credit and build your credit to raise your score to a level high enough to get loan approval and better interest rates.
Getting started might be difficult, but once you begin to build momentum, you’ll be coasting your way to a good credit score.
Get New Credit
If bad credit has left you without any credit cards to use, the first step is getting one. If you’re credit score is low, you’ll have a hard time getting approval from a major bank. Fortunately, you still have some options. Here are some ideas:
- Department Store or Gas Credit Card
- Secured Credit Card
- Your Local Bank Branch
- Find Credit Cards for Bad Credit Scores
Be careful when you apply for new credit. Make sure you don’t put in too many credit applications. It will affect your credit score, making it harder to get approved for new credit.
Watch out for bad credit cards that prey on people with bad credit. These credit cards often have high interest rates and extremely high fees that make credit unaffordable. A lot of people find themselves right back in debt with damaged credit after trying to rebuild with one of these types of credit cards targeting people with bad credit.
You should also avoid prepaid credit cards. While you can get a prepaid credit card regardless of your credit history, they don’t report to credit bureaus so using one won’t help your credit.
Build New Credit Habits
You need to face facts and change your credit-damaging habits with new ones. No more charging for things you can’t afford, making minimum-only payments and skipping credit card payments. You need to stay well below your credit limit and pay your bills on time.
Replace Bad Credit With Good Credit
If practice really does make you perfect, the next step is to put your good credit habits into practice. Your bad credit won’t improve until you show your creditors that you have what it takes to build a good score. That means charging only what you can afford and paying your bill on time each month. During this rebuilding period, don’t take on too many credit cards as it can get hard to manage your balances and payments.
Rebuilding bad credit takes hard work and patience, but you can do it! If you need help repairing your credit, call Cosmos Credit Solutions at 1-888-767-5794 for your Free Credit Report Consultation.
Getting started might be difficult, but once you begin to build momentum, you’ll be coasting your way to a good credit score.
Get New Credit
If bad credit has left you without any credit cards to use, the first step is getting one. If you’re credit score is low, you’ll have a hard time getting approval from a major bank. Fortunately, you still have some options. Here are some ideas:
- Department Store or Gas Credit Card
- Secured Credit Card
- Your Local Bank Branch
- Find Credit Cards for Bad Credit Scores
Be careful when you apply for new credit. Make sure you don’t put in too many credit applications. It will affect your credit score, making it harder to get approved for new credit.
Watch out for bad credit cards that prey on people with bad credit. These credit cards often have high interest rates and extremely high fees that make credit unaffordable. A lot of people find themselves right back in debt with damaged credit after trying to rebuild with one of these types of credit cards targeting people with bad credit.
You should also avoid prepaid credit cards. While you can get a prepaid credit card regardless of your credit history, they don’t report to credit bureaus so using one won’t help your credit.
Build New Credit Habits
You need to face facts and change your credit-damaging habits with new ones. No more charging for things you can’t afford, making minimum-only payments and skipping credit card payments. You need to stay well below your credit limit and pay your bills on time.
Replace Bad Credit With Good Credit
If practice really does make you perfect, the next step is to put your good credit habits into practice. Your bad credit won’t improve until you show your creditors that you have what it takes to build a good score. That means charging only what you can afford and paying your bill on time each month. During this rebuilding period, don’t take on too many credit cards as it can get hard to manage your balances and payments.
Rebuilding bad credit takes hard work and patience, but you can do it! If you need help repairing your credit, call Cosmos Credit Solutions at 1-888-767-5794 for your Free Credit Report Consultation.
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