Here are a few interesting pieces I found while surfing the web the past couple days. I thought you might like to check them out as well:
US home foreclosures jump 14% in 2nd quarter: survey -- US home foreclosures leapt nearly 14 percent in the second quarter from the previous quarter, research group RealtyTrac said Friday in a sign of deepening housing woes. On an annual basis, home foreclosure filings soared 121 percent from the same period in 2007, RealtyTrac said in releasing a survey of the country's 100 largest metropolitan areas.
Sounds like prices will be going down quite some time -- good news for home buyers. Then again, it's not all good news...
Rates on 30-year mortgages jump sharply -- Mortgage rates shot up this week with 30-year mortgages climbing to the highest level in nearly a year, reflecting concerns in financial markets about the troubles at corporate giants Fannie Mae and Freddie Mac. Freddie Mac reported Thursday that its nationwide survey showed rates on 30-year mortgages surged to 6.63 percent this week, up sharply from 6.26 percent last week. That represented the highest level for 30-year mortgages since they stood at 6.68 percent the week of Aug. 1.
We'll probably take a 15-year mortgage when we buy, but still, not great news for us.
Inflation May Offset Pay Increases in '09 -- But even with a 3.5% raise, most workers will likely find that extra cash consumed by rising costs for everything from food to gasoline. The latest report from the U.S. Labor Department showed inflation rising at a brisk 5% in June -- more than the raise most employees will receive in 2009.
Great. Just great. We're earning more and going backwards.
She Won a Fortune With a Cookie -- Carolyn Gurtz, a Maryland resident, took the million-dollar grand prize in the Pillsbury Bake-Off with her Double Delight Peanut Butter Cookie.
Good for her. She took something she loved and made it into a money-maker. I like those sorts of ideas.
Taking Aim at Military Scams -- Military personnel are often young and transient, but they earn a regular paycheck from Uncle Sam. That makes them prime targets for shady sales practices and financial criminals.
It never ceases to amaze me what some people will do to cheat others out of money.
A free way to check out used cars -- Insurers offer buyers a new resource for uncovering vehicles' hidden histories of theft or damage. It's a great start, but nothing replaces a good inspection.
Maybe a way to make used car buying an easier process?
It is really amazing that so many people try to cheat people out of money. However, I think there are more good people than bad people.
Posted by: Mark Nelson | July 26, 2008 at 12:34 PM
In the Bill passed today from the Senate saves up to $7500 on a home purchase:
Tax refund for first-time home buyers worth up to 10% of a home's purchase price but no more than $7,500.
The refund, however, serves more as an interest-free loan, since it would have to be paid back over 15 years in equal installments. It would be reduced gradually for single filers with adjusted gross incomes above $75,000 and for joint filers with AGIs over $150,000.
,Michael Martin
Posted by: Michael Martin | July 26, 2008 at 01:50 PM