Homes repossessed by the banks or sold at auction increased 25% in August 2010 over the same month in 2009.
We are looking at over 1 million foreclosures this year 2010 and while this is a huge hit for the economy imagine the effect this is having socially with 1 million families losing their homes, moving their children from schools and friends, getting rid of pets and forming deep fiscal scars in their psychic.
All this turbulence in the housing market despite the news from Wall Street that the recession is over.
The reality for the economy and the housing market is that until the jobs market shows signs of new life the only good economic news will be for the wealthy who are making a killing picking up distressed properties, equities and other investments.
And even if you do have a decent job and some down payment money saved up and find a bargain piece of real estate that you would like to buy chances are that unless your credit is excellent you will have trouble finding a mortgage at any of the touted rates.
First thing to do if you are looking for finance is check out your credit to make sure that some long forgotten utility or cell phone bill or a couple of hundred bucks isn’t depressing your credit score.
There are a number of websites where you can get a free credit report. If you don’t want to do a Google search for a free credit score you can click here for a free trial that will give you a free copy of your credit report. If you don’t want to keep up the service just cancel and you will have gotten your credit report and score and you will not be charged a cent.
Another great credit tip is don’t keep large balances on your cards or even on one card. It is better to spread out your balance over a number of cards to ensure that no card is running a balance over 25% of your credit limit
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