Bad Credit? - Repair it here yourself!

There're many reasons you may want help for bad credit. We're here to help you understand what affects credit, what makes credit bad, how and what entities define your credit, guide you through the credit definitions, financial concepts, common misconceptions and provide you with information and tools that will help to solve your credit problems. Get help for bad credit now! To achieve this, we provide you with Free Access to a wealth of credit related content, forms, tools and calculators. We show you how to improve your bad credit step by step, reestablish your ability to borrow monies, how and where obtain loans, credit cards, mortgages and other financing. Repair Credit now!

Housing market slump and rebound

Thu Jul 24, 2008 02:07PM | By Tony

See more in Economy | Permalink | Email | Comments (0)

Why everyone is so surprised by the 2.6 percent fall of existing home sales in June? In my estimate it is rather mild. Of course, if it was bad enough in June when would be buyers could have locked reasonably low interest rates in the end of April and May to settle in their new homes well before school begins, imagine what is going to happen in July, August with already higher mortgage rates, and in fall with school season underway and likely even higher rates? Then of course, late fall and winter looks simply dreadful, because of ... well ... it is late fall and winter that are always slow times in housing market, and the Fed might still raise interest rate prescribing some medicine from Paul Volcker book.

The big question is if the Fed raises rates, but regardless what rebound and where to everyone expects of? There are so many unsold homes, it will take more than a million of new qualified buyers to move them. The up to $7,500 tax break for first-time home buyers who purchase between April 9 of this year and July 1, 2009 is nice but will hardly change the picture. First, these first-time buyers that number some say close to 3 millions, should be able to get mortgages which are not getting any easier. Second, they have to be motivated to buy at all, and why would they be? Someone has to convince them that their homes will hopefully appreciate, that their real estate taxes will not grow as fast as they have been, and that maintaining their house and paying utilities make sense for them financially versus renting or living with their parents.

Post a comment

Name:

Email:

URL:

Remember personal info?

Comments:

Please enter the code as seen in the image above to post your comment: