How you can turn the Credit Crunch into something positive!!
How you can turn the Credit Crunch into something positive!!
Sales of new houses in U.S. fell in July, as mortgage lenders dried up and interest rates rose. The purchases dropped 0.9 percent to a 525,000 annual pace. Sales already reached a 17-year low rate of 513,000 in March. A separate report shows that home prices fell last quarter by the most in at least two decades.
So what’s happening? Buying a house gets more affordable, but banks are withholding credit and are boosting the borrowing costs. The decrease in sales signals the worst real-estate slump in more than a quarter century will extend into 2009.
But you can profit from this! If you want to buy your own home this is the best time to do it. As mentioned above buying a house gets more affordable and this trend will continue into 2009. So go and buy yourself a house! It is a fact that U.S. banks repossessed almost three times as many houses in July as a year earlier; that is your opportunity..!!
But for many people a problem arises; they don’t have good credit and as mentioned earlier and I quote “banks are withholding credit and are boosting the borrowing costs”.
So what’s the solution, how can an ordinary American profit from these developments? Make sure you have good credit. If you don’t have good credit yet, order your credit reports, analyze them and if there is anything on your credit reports that you feel is incorrect, let the Credit Reporting Agencies correct that for you. If you don’t have the time or knowledge to do this yourself, you can also hire professional help from a Credit Repair Company.
Get proactive regarding your credit and profit from this “negative” development in the economy. Make this development a positive one!!
Information scraped from Bloomberg.
For more info e-mail; marc@financialbeast.com
