… is this program just a government sponsored no-money down scheme that could increase the number of foreclosures in the long-term?

According to an article in the Star-Telegram, the tax credit has already had a big influence on the housing market encouraging many first-time buyers to make the leap into homeownership.

The article said:

“The National Association of Realtors estimates around one-third of home sales this year reported nationally are first-time home buyers. In a normal …

Comment by Jacob Decker: … shrinking of the elasticity in the …

Tags: foreclosure Loan Mortgage National Association of Realtors Tax credit U.S. Housing Market

… have the power to modify a toxic mortgage in bankruptcy.  In a letter from The Mortgage Bankers Association to Congressional leaders, mortgage bankers expressed their outright opposition to a mortgage bankruptcy “cram-down” amendment in the Wall Street Reform and Consumer Protection Act that would give homeowners the power they need to modify toxic mortgages in bankruptcy.

It shouldn’t surprise the average American homeowner, especially those facing foreclosure, that the letter …

Tags: foreclosure Mortgage Bankers Association

Permalink: /foreclosures/mortgage-bankers-association-battles-homeowners-facing-foreclosure/

… in applying for student loans.  Historically, students and parents borrowed money for a majority of college expenses. However, over the last two years, more parents and students are become more prudent in their choices regarding college to alleviate many of the problems with student loans.

According to an article in the Austin American Statesman, “A National Association for College Admission Counseling survey released this month showed 71 percent of high schools reported that more of …

Tags: Education National Association for College Admission Counseling Student Undergraduate education United States

… buyers (or anyone who has not owned a home in the past 3 years), legislators extended a tax credit of up to $8,000 which was originally scheduled to expire at the end of the month and added another tax credit of up to $6500 for home buyers who have lived in their current home for at least five years and want to buy a new home. To qualify, home buyers must sign a purchase agreement by April 30 th and close by June 30, 2010. For members of the military serving outside the United States for at …

According to an article in the U.S. News and World Report, the American Bankers Association announced record high delinquencies in consumer loans.  They attribute the increase to the almost 6-million jobs lost since the beginning of the recession.  Delinquencies are not limited to a particular type of loan.  The highest rate of delinquencies is in home equity loans.  They have gone from 3.03 percent to 3.52 percent.  Delinquencies have also increased for auto, mobile …

Tags: American Bankers Association Credit card Federal Reserve System Unemployment

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According to an article in the Dallas Morning News, the national unemployment rate rose to 9.5 percent as employees suffered 298,000 job losses in August. But increased job losses and high unemployment hasn’t stopped many companies from enjoying higher productivity.

The article said:

“… U.S. worker productivity rose in the second quarter at the fastest pace in almost six years as companies squeezed more out of remaining staff to boost …

Permalink: /dallas_bankruptcy/national-unemployment-rate-rises-to-9-5-percent/

… an article in the Dallas Morning News, three months after the new rules regulating the appraisal of homes were implemented the changes are now being fought by the mortgage industry, realtors, homebuilders and the appraisal industry itself.

The article said:

“The new guidelines essentially put a firewall between lenders and home appraisers. They also ended the practice of lenders using their in-house staff for initial home appraisals and prohibit the use of appraisal-management …

There are approximately 59 million Americans living in association governed communities and according to an article in the Star-Telegram, many of them are facing foreclosure because of past due homeowners association dues.

The article said:

Thousands of Americans who have generally kept up with their mortgages are still in danger of losing their homes because they made a fateful trade-off in this shaky economy — they let their homeowner …

Permalink: /foreclosures/is-your-homeowners-association-foreclosing-on-you/

… than they’ve been in years and mortgage rates are near record lows, said Lawrence Yun, the National Association of Realtors ’s chief economist.

The results may in fact be “disappointing” but the reality is that people can’t buy homes if they have suffered job losses. There are literally millions of unemployed Americans struggling to survive and recover from a job loss. Because of this, many potential homebuyers simply are not in a position to buy, no matter how cheap the …

Existing home sales, which make up 90% of the U.S. housing market, dropped 3.3% in October and prices plunged 11.3%, the biggest drop since the National Association of Realtors group began collecting data in 1968. Over 10 months of unsold housing inventory clogs the housing pipeline, and that’s not including homes slated for foreclosure. The large number of homes unable to sale, plus the number of homes facing foreclosure only …

National Guard and Reservists Debt Relief Act of 2008 is an Act to amend the Bankruptcy Abuse Prevention and Consumer Protection Act to exempt for a limited period, from the application of the means-test presumption of abuse under chapter 7, qualifying members of reserve components of the Armed Forces and members of the National Guard who, after September 11, 2001, are called to active duty …

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… however this trend could land some start-ups in financial straits.

A recent survey by the National Small Business Association found that a third of firms can’t get adequate financing. Many small-business owners are just treading water. “The situation has become acute,” said Jerry White, executive director of Southern Methodist University’s Caruth Institute for Entrepreneurship. “I see quite a few people who are just getting by. It takes persistence and a little creativity, …