[mortgage] Nevada, California, Florida Top Foreclosure Increase, Slower Than 2007 Rate
News about mortgage foreclosure rates jumping 57% in January 2008 when compared to January 2007 seems destined to dominate today's headlines. But one mortgage expert thinks there might be a silver lining in the gloomy numbers.
RealtyTrac CEO James J. Saccacio, whose company performs the analysis for multiple media outlets thinks some
promising mortgage news is mixed in with the big number.
"January's foreclosure numbers demonstrate that foreclosure activity is continuing on its upward trend, substantially increasing from a year ago in many states," said Saccacio in a statement. "However, the 8 percent monthly increase in January is not as precipitous as the 19 percent spike we saw in January of 2007, and several key states actually experienced decreasing foreclosure activity from the previous month."
RealtyTrac's cautiously optimistic outlook on the mortgage market is worth noting, especially for context. As radios and television blare that 57% number in the coming days, remembering that context may prove very beneficial.
Meanwhile, if you are behind in making mortgage payments, contact the lender and talk with them about how to create a payment plan that keeps you in your home. Your local consumer regulatory agency also has information about appropriate credit counseling services. Don't simply choose one from the phone book or an online search -- get advice from the pros. The FCIC maintains a
free online list of consumer agencies on their website.
Labels: FCIC, mortgage, RealtyTrac
Forget Mortgages Now. One Agency Tells You (Free) 51 Ways To Save
As the government interference in the free market mortgage economy sorts itself out over the coming hours and days, we'll share our thoughts on this big piece of consumer news. There are still several battles looming and today's Wall Street reaction before a true temperature can be taken of the unilateral government actions being taken.
Meanwhile, the FCIC, one of our favorite federal or local agencies, does an excellent job with a new publication on saving on loans and credit cards. As always, the agency and its content partners do a great job describing an issue and its solutions (or prevention) in plain ole' English.
(from their release)For many, nothing says the holidays more than shopping: hitting the sales, taking in the sights, searching for the perfect gift for everyone on your list.
But it's very easy to shop yourself into more debt than you can handle. This year, resolve to keep your expenses in check and your credit intact -- it's a gift you'll appreciate the whole year through.
Check out
51 Ways to Save Hundreds on Loans and Credit Cards from the Federal Deposit Insurance Corporation (FDIC) and the Federal Citizen Information Center to get advice you can use now and to start the new year off right.
BUDGET: Set a budget whenever you shop. Decide how much you can spend, and don't go over that limit. Paying with plastic? Look at how much you already owe on your cards. One of the quickest ways to run up debt is to only pay the minimum amount owed on your credit cards. Late fees add up, too, and so does going over your credit limit.
51 Ways to Save has other helpful tips for paying less in credit card fees and interest.
BEWARE QUICK CASH LOANS: Proceed with caution if you're looking for quick cash for a shopping trip. Car title or "payday loans" can get you money fast, but they come at a steep price --
the interest rate on a payday loan can be as high as 391 percent! Instead, start a savings account where you can put just a little bit from each paycheck throughout the year. You'll have saved plenty for gifts in time for the next holiday season. If you're considering other loan options for extra cash (like a home equity loan), make sure to check out
51 Ways to Save to learn how to shop for the best deal, compare Annual Percentage Rates (APR) and read the fine print to save even more.
You can get
51 Ways To Save three ways (four, if you count sending us a $25 money order...we're just joking, don't do that)
* Send your name and address to 51 Ways to Save, Pueblo, Colorado 81009.
* Visit
www.pueblo.gsa.gov/rc/n7051waystosave.htm to order online or to read or print these and hundreds of other Federal publications for free.
* Call toll-free 1 (888) 8 PUEBLO weekdays 8 a.m. to 8 p.m.
Labels: credit, FCIC, financial
