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Existing-Home Sales Show Another Strong Gain in Denton

2010-12-01T14:16:00.000-08:00

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

Many Collections are Not Valid

2010-12-01T14:06:00.000-08:00

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

http://www.relocation.com/library/real_estate_guide/seller_guide/fsbo_closing.html

2010-12-01T12:04:00.000-08:00

http://www.relocation.com/library/real_estate_guide/seller_guide/fsbo_closing.html

Report: Foreclosure inventories rising

2010-12-01T11:36:00.000-08:00

Report: Foreclosure inventories rising

How to Rebuild Bad Credit

2010-01-14T20:16:00.000-08:00

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.

Credit Repair Scams: Do Not Fall For Them

2009-11-20T10:23:00.000-08:00

If you don't have the time or patience to dispute the inaccuracies on your credit report yourself, and if you want to know other methods of improving your credit score, an independent credit repair company or consultant could be just what you need.

But how can you tell who is genuine? The Credit Repair Organizations Act was passed to help you do just that. Avoid the scammers by knowing what to look out for.

1. Shop around for a company so that you get a feeling for the standards that they all have. As with all services, it is usually better not to respond to people who contact you cold, directly by telephone or letter. Even if you agree to meet them, do not be pressurized into signing anything until you have had a chance to shop around.

2. Avoid any company that tries to collect money from you up front. They should not require payment until they have performed some services for you.

3. Do not select a company that makes guarantees about the results that they will get for you - for example, if they promise you a credit score increase of 100 points. They can advertise the average results that they have gotten for other clients, but they cannot promise you a certain score because they do not control that. Until they see your report and know your circumstances, they cannot be sure that they can improve your credit score at all.

4. They must inform you that you have a right to repair your credit for yourself. You do not need to hire anybody unless you want to. If their written information does not tell you this, they may not be legitimate.

5. Do not enter a contract that you cannot cancel. You should be allowed to cancel at any time. You would have to pay for the work that they had done for you up to that point, but no more.

6. Avoid any company that offers file segregation. This is an illegal practice that involves creating a new credit identity for you.

People who file for bankruptcy almost always receive letters from companies promising to solve all of their credit problems in this way. They will say that it is legal but after your new credit file is set up, any time that you apply for credit you will have to lie on the application forms. Giving false information to obtain credit is fraud. You can be fined or even sent to jail.

There are plenty of legitimate companies out there that can help you with improving your credit score. Keep these points in mind and you will have no trouble avoiding the most common credit repair scams.

If you would loke to talk with a True Credit Repair Consultant
Call Cosmos Credit Solutions at 888-767-5794 or
Visit us at www.cosmoscreditsolutions.com

Cosmos+Credit+Solutions-Fast+Effective+Credit+Repair

2009-11-09T19:58:00.000-08:00

Cosmos+Credit+Solutions-Fast+Effective+Credit+Repair

Senate Clears the Way for Tax Credit Extension, Expansion

2009-11-06T22:40:00.000-08:00

After two weeks of delay, the Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers. By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week.

The homebuyer tax credit, due to expire in 28 days, would be extended through April 30 of next year. First-time buyers who are in process of making a purchased would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.

For the first time, the legislation cleared last night makes move-up buyers as well as first-time buyers would be eligible for a credit. The $8,000 maximum first-timer credit will continue and will now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.

The legislation cleared last night also contains a provision supported by the National Association of Home Builders. It helps larger companies strapped for cash with net operating losses this year or in 2008.

Senate Clears the Way for Tax Credit Extension, Expansion

2009-11-05T18:27:00.000-08:00

Consumer Alert !!!

2009-10-22T11:15:00.000-07:00

BEWARE OF COMPANIES THAT CLAIM TO RESCUE YOU FROM FORECLOSURE:

You should be extremely careful at this time of companies and people who might come to you offering to help you save your home from foreclosure or default. Prior to paying any fee to such a company or signing any papers that may transfer your property over to them or modify the terms of your mortgage you may want to consult an attorney or other trusted advisor. State law may require that such persons enter into a contract with you that fully describes the services they will perform for the fee they charge. Additionally, the law may prohibit them from taking any fee from you until they have completed all work promised in their contract. Please be advised that Cosmos Credit Solutions does not provide legal advice and the foregoing statement only constitutes a friendly consumer alert to our customers.

Credit Myths

2009-08-22T13:49:00.000-07:00

There is a lot of information out there about credit. Unfortunately not all of it is true, here are some common credit myths:

MYTH: When I pay off a past-due account, such as a charge-off or a collection account, it will show “paid” and will no longer negatively affect my credit report.
TRUTH: Unfortunately, paying off a charge-off won’t remove it from your report. In fact, it will likely stay on your report for 7 years after your payment.

MYTH: If I succeed in deleting a negative item, it will just come right back on my credit report.
TRUTH: If we remove an item from your credit report, it won’t come back. All of our results are guaranteed permanent.

MYTH: There are negative listings, such as bankruptcies and foreclosures, that are impossible to remove from the credit report.
TRUTH:We have had success in removing bankruptcies and foreclosures. (Your results may vary.)

MYTH: Disputing the credit report is easy and any consumer can do it himself for the price of a few postage stamps.
TRUTH: Not always the case. Any items you get removed will likely return.

MYTH: By changing numbers in my social security number or by using an EIN tax number, I can fool the credit bureaus into creating a completely clean, new credit file under my name.
TRUTH:This is NOT legal!

MYTH: If I build enough good credit, it will offset my bad credit and make me credit worthy.
TRUTH:Your negative items will still bring your scores down. The only way to improve your score is to get those items removed.

MYTH: I can improve my credit score by closing down some credit cards.TRUTH: You want to keep the credit cards with a long, positive credit history.

What makes a good credit score

2009-07-05T12:03:00.000-07:00

Payment History- 35% of the score
• Severity – How bad are the deliquesces?
• Recently- How recent are they?
• Frequency- How many times did it occur?

Amount Owed- 30% of the score
• Large outstanding balances on installment loans.
• The ratio of balances of credit limits on revolving accounts.

Length of credit history- 15% of the score
• Age of trade lines ( the age of the oldest account, the average age of account or both)

New credit- 10% of the score
• Number of inquiries and new account openings

Types of credit used- 10% of the score
• Number of trade lines reported for each type: Bank Cards, retail, department store,
installment loans etc.

Get an Equifax 3-in-1 Credit Report Now!

To see if credit repair can help you,
contact Cosmos Credit Solutions
for a FREE consultation.

First-Time Home Buyer Tax Credit $8000

2009-06-18T20:12:00.000-07:00

8,000 Home Buyer Tax Credit at a Glance

The information on this page pertains to the American Recovery and Reinvestment Act of 2009.

The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

For FAQ go to The Federal Housing Tax Credit Web site

Tips for choosing a realtor when buying a home

2009-06-18T18:17:00.000-07:00

Many home buyers choose a real estate agent on the basis of a personal recommendation from a friend, relative or associate or because they met an agent at a weekend open house. Either of those approaches, among others, may be a good starting point in your selection of an agent to help you buy a home, but neither a recommendation nor a chance meeting should be the ending point in your selection process.

To conduct a thorough search, make a list of agents who’ve been recommended to you or who you’ve encountered at open houses or through Web sites, then interview each of them, preferably in person, if possible, to find out more about their qualifications.

How to assess an agent’s qualifications Here are some other questions you might want to ask:

Do you work in real estate full time?
Do you hold any professional designations?
Do you belong to the multiple-listing service in the area where I want to buy a home?
How many buyers have you helped to buy a home in the past year?
Can you give me the names and telephone numbers of those buyers, so I can ask them about your services?
How familiar are you with homes for sale in my preferred area and price range?
Will you be on vacation or otherwise unavailable during the time frame when I want to buy a home?
Do you have a partner, associate or assistant who works with you?
What exactly would you do to help me find and buy a home that will meet my criteria?

Understand that you are essentially paying these people 3% of the purchase price of your home. For example if you buy a $100,000 home, you are paying the real estate agent $3,000 just for finding you a home. Make him/her earn that money.

Make absolutely sure your realtor KNOWS what you are looking for in a home, outside of the obvious home many bedrooms & bathrooms and the approximate square footage.

At Cosmos Credit Solutions we have working relationships with hundreds of Real Estate Agents in many states. If you would like some referals Contact Us

Remember: Continue to interview agents untill you are confident that you have found a Real Estate someone you can work with.

The Pros and Cons of Department Store Credit Cards

2009-06-08T17:01:00.000-07:00

We've all been taunted at the cash register after racking up an unexpectedly large bill, and then a cheery store clerk chirps, "If you apply for a (store XX) credit card, you'll receive a 15% discount on all your purchases today!". The temptation to lessen the blow of the spending spree is extremely tantalizing - should you succumb?
The answer is (drum-roll please) maybe yes, maybe no? There are pros and cons, and if you are the type of person that will be subject to temptation to "shop till you drop" simply because you now proudly hold a Macy's card, it's probably not a wise move. On the other hand, if you have the cash to pay off the charge in full and have not overextended yourself with numerous card applications already this year, a one-time savings of 15% on a planned and necessary purchase can be dollars in your pocket.
Some additional potential pros associated with retail store cards are:

Easier qualification for individuals with poor or minimal credit. This is beneficial for consumers who need to establish or improve their credit history.
Special store perks may be included such as free shipping, delivery, layaway, etc.
Store-specific rewards programs which may be exchanged for gift cards or direct store credit.
"Members only" specials or promotions or additional discounts on particular items.

Sounds good so far, but naturally there has to be at least one "con", right? There's actually more than one. Here they are:
Spending Too Much. We already mentioned the psychological issue that a department store card such as Macy's might tempt you to make unnecessary (or unaffordable) impulse buys.
High Interest Rates. These cards rarely have reasonable interest rates (they are frequently over 20%). All your "perks" will dissolve quickly if you aren't planning to pay them off in full each month.
Could Hurt Your Credit Score. Another con is that the FICO scoring model can actually ding you for having these cards. If you are just starting out trying to build your credit though, I still recommend these cards. Some credit lines on your report are better than none.

So the next time a store clerk hurls the temptation of instant savings gratification via a department store credit card, take a timeout and think through the pros and cons before making your decision. Or better yet, ask for the application and read it through before signing on; you'll be glad you did.
For a free credit consultation call 888-767-5794

Congratulations, Your Account is in Collections!

2009-06-08T15:16:00.000-07:00

Many people are really worried when an account goes in to collections, meaning a credit card company has decided to charge off your debt due to non-payment.
Sure, now you have two big negative marks on your credit report, but I’m going to make a statement now that may seem counter-intuitive: once something gets to collections, you are pretty much home free!
Much of my reason for making this crazy statement comes from the fact that your protections under the law are dramatically increased when an account goes into collections. Let’s see how.
It’s pretty hard for the collection agency to build up a good case against you in court if they decide to sue.
If they are reporting on your credit report, it’s generally easy to get this off using the debt validation or so-called “623″ method of requesting an investigation from the information
furnish er. These two methods are effective because collection agencies do not have documentation adequate enough to support them if you challenged them in court.
When a credit card company sells off bad debts, they place them in million dollar packages of debt to be sold on the market to junk debt buyers.
No documentation regarding the original debt goes along with this debt when a junk debt buyer purchases the paper.
It’s very easy to get them to settle for 10-25% on the dollar and also remove the item from your credit report. Our readers do this all the time, it’s called pay for delete in the credit world.
It’s easy to tell them to just “go away” via your rights in the Fair Debt Collection Practices Act (FDCPA). Under the FDCPA, you can send them a written note telling them you wish no further contact with them and they MUST comply or they are violating the law.
This way you call essentially call off the dogs forever.

So while being in collections is not necessarily a good thing, there really is no need to panic.
If you would like some help removing collections from your credit report,
Call Cosmos Credit Solutions at 888-767-5794
Yes I want a Free Consultation

Your Rights when Dealing with a Collection Agency

2009-06-08T15:11:00.000-07:00

Collection agencies are not allowed to:

Call your office;
Call your home before 8 a.m. or after 9 p.m.;
Address you in an abusive manner;
Call family or friends in an attempt to collect your debt;
Harass you;
Make false or misleading statements; or
Add unauthorized charges.

If any of the above is happening to you, tell the collection agency to stop harassing you. If it continues, ask for its name and address and report it to the Better Business Bureau, the Federal Trade Commission (see below), or your state's attorney general's office. The federal Fair Debt Collection Practices Act also states that you can demand that the collection agency stop contacting you, except to tell you that collection efforts have ended or that the creditor or collection agency will sue you. However, you must put your request in writing.

Please note: The FDCPA applies only to bill collectors who work for collection agencies, not the original creditors. You will not be able to get the collection department in your credit card company to stop calling you with a letter. Only New York City has a local consumer protection law that requires the original creditor to stop calling you after a written request to do so.

The need for credit reapir now

2009-06-07T11:49:00.000-07:00

Credit repair information is in high demand these days and for a good reason.
Deleting negative items on your credit report can save you hundreds of thousands of dollars in mortgage interest alone. With your credit rating affecting other things such as insurance premiums, credit cards and auto APR's, getting an apartment or even getting a job; it could be financial suicide not to optimize one's credit report. The rewards of raising your Credit Score speak directly to your wallet.
You will qualify for more loans and be offered better interest rates and be
able to take advantage of better deals such as:

Get as low as 0% interest rates on new cars. Only good
credit consumers get these deals

Large rebates on new cars. You still need pretty clean
credit just to buy a car.

$8000 Tax Credit for new home buyers.
This ends December 1 2009

Countless deals on new, pre owned and foreclosed homes.
It's not to late to find homes at a 15%-40% discount of their market value.

Historically low interest rates.in the mortgage market.
Interest rates are slowly creeping their way higher and lending restrictions
are getting tighter.

If you plan to take advantage of these deals you need FIRST to
view your credit reports and scores to see where you stand.
You may Get an Equifax 3-in-1 Credit Report Now!

If you find that you have the need to remove negitive items on your credit
report and you don't have the time to do it yourself

Visit our site at COSMOSCREDITSOLUTIONS