Personal Credit Coach

What happens to credit scores after foreclosure

Stephen Leifer - Friday, September 13, 2019
by Steve Randall Homeowners who lose their homes through foreclosure may believe that they are facing years of renting before being able to buy a home again. But a new analysis from LendingTree shows that this may not be the case with many borrowers regaining entry to homeownership in as little as two years after foreclosure – but they will pay a premium. The analysis from chief economist Tendayi Kapfidze discovered that 7% of borrowers who have a foreclosure end the  ..


Stephen Leifer - Monday, August 19, 2019
By Prashant Gopal (https://www.bloomberg.com/authors/APy9hargB6M/prashant-gopal) , Reade Pickert (https://www.bloomberg.com/authors/ATR8A0XQZX8/reade-pickert) , and Noah Buhayar (https://www.bloomberg.com/authors/AP-42TeKCWg/noah-buhayar) Low mortgage rates and thriving employment should be the recipe for a strong housing market. Instead, they’re deepening America’s affordability crisis. What began on the coasts, in areas like New York ..

More people were buying new homes in July

Stephen Leifer - Monday, August 19, 2019
by Steve Randall There was an increase in mortgage applications for new home purchases in July. Applications jumped 11% month-over-month and 31.2% year-over-year (not seasonally adjusted) according to the Mortgage Bankers Association’s Builder Application Survey. The survey is based on data from mortgage subsidiaries of home builders across the country. "July's strong new home sales increase on a monthly and annual basis was driven by the ongoing decline in mort ..


Stephen Leifer - Friday, August 16, 2019
by Mike Albanese The acceleration of the decline of cash buyers continued in June, as a new report in USA Today reveals that just 16% of home buyers paid in cash. The report, which sources information from the National Association of Realtors (NAR) (https://www.nar.realtor/about-nar), states that the shifts can be traced to less competitive and buyers-friendly markets, and falling mortgage rates. The NAR states that existing home sales fell 4.2% in the first half of the  ..


Stephen Leifer - Friday, August 16, 2019
by Mike Albanese A new report issued by WalletHub (https://wallethub.com/edu/fed-rate-cut-survey/63826/)found that there is a 78% chance the Fed drop interest rates on July 31, and that mortgage rates will fall if they do. According to WalletHub, there is a 78% chance interest rates could drop 25 basis points, and a 21.4% chance they would drop 50 basis points, and 72% of those surveyed would be in favor of cut to interest rates. Also, 48% of respondents sai ..


Stephen Leifer - Thursday, August 15, 2019
by Mike Albanese (https://themreport.com/author/5starhhd) A survey by Freedom Debt Relief (https://www.freedomdebtrelief.com/newsroom/survey-americans-regrets-about-home-ownership/) found that more than a quarter of homeowners surveyed feel the cost of owning a home is a burden, with many saying they should have saved more money. Freedom Debt Relief surveyed 1,028 homeowners that have at least $10,000 in unsecured debt. Of those surveyed, 26% said the cost of owning a home ..


Stephen Leifer - Thursday, August 15, 2019
by Seth Welborn In an effort to combat foreclosures for borrowers with Federal Housing Administration (FHA) mortgages, Congresswoman Maxine Waters recently introduced the The FHA Foreclosure Prevention Act of 2019. The Act intends to strengthen requirements for and increase oversight of FHA mortgage servicers “so that every homebuyer with an FHA mortgage is given a fair chance at avoiding foreclosure.” “The Federal Housing Administration is critical to our h ..

Is a Recession on the Way?

Stephen Leifer - Monday, August 12, 2019
by Seth Welborn (https://dsnews.com/author/seth-welborn) According to experts, the next recession is on its way, and could begin next year. According to the Zillow Home Price Expectations Survey (https://c212.net/c/link/?t=0&l=en&o=2534373-1&h=3960358043&u=https%3A%2F%2Fwww.zillow.com%2Fresearch%2Fwhen-is-the-next-recession-2020-24389%2F&a=Zillow%C2%AE+Home+Price+Expectations+Survey), conducted quarterly by Pulsenomics, a panel of more than 100 real estate eco ..

Gen Z Got It

Stephen Leifer - Tuesday, May 07, 2019
Gen Z Got The Memo: Owning A Home Is Worth It More Than Half of Gen Z Already Saving for a Home, Motivated by Current Homeowners of All Ages Who Say the Satisfaction of Owning Outweighs the Challenges The youngest generation of homebuyers is not dragging their feet. According to Bank of America’s Homebuyer Insights Report, 59 percent of prospective homebuyers between the ages of 18 and 23 want to buy within the next  ..

Will Equifax ever pay the price for massive hack?

Stephen Leifer - Tuesday, March 26, 2019
Eighteen months since news of the colossal data breach at Equifax broke, the company responsible for one of the country’s largest, and likely the most damaging, losses of personal information has yet to face monetary penalties. At the same time, very little has been done in the way of reform. That could soon change. According to Equifax’s annual report (https://otp.tools.investis.com/clients/us/equifax/SEC/sec-show.aspx?Type=html&FilingId=13243973&CIK=0000033185&a ..