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Sen. Brown proposes alternative to 'payday loans' – 21 News Now …

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COLUMBUS, Ohio –

With millions of Americans turning to payday loans to make ends meet, U.S. Senator Sherrod Brown is proposing a short-term cash advance solution.

Low-income workers nationally would be allowed an advance on their income tax refund, rather than turning to payday loans for a quick influx of money, under a proposal U.S. Sen. Sherrod Brown made on Wednesday.

The proposal would allow low-income families and individuals to receive a portion of their earned income tax credit, ahead of tax time.

Those who are eligible could receive the early refund without fees or interest on the tax credit up to $500. The amount received early would be deducted from the person’s refund at tax time.

Senator Brown says the bill isn’t designed to help everybody, but those working hard and still receiving a relatively low income.

“The couple of months before they’re eligible to get their tax refund they might have some serious financial problems where they just need a few hundred dollars to be able to tide themselves over until they get their refund, we would advance $500 of this no more than that under our plan,” said Sen. Brown.

Brown said his proposal is an alternative to payday loans, which can carry hidden fees and large interest rates.

“Ohioans shouldn’t be trapped with a lifetime of debt from predatory loans particularly if they have tax refunds waiting for them,” Brown said. “Three-quarters of Americans who turn to costly, high-interest payday loans may have money that they can claim each tax season in the form of the Earned Income Tax Credit.”

To participate, workers would enroll in the program through the employers mid-year and request the early payment.

[…]

“Even,” An Interest-Free, Mobile Alternative To Payday Loans

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A startup whose first product is a mobile money management application called Even, designed to offer low-income workers interest-free credit to help them make ends meet in between paychecks, has raised $1.5 million in a seed round led by Keith Rabois of Khosla Ventures, with participation from other investors. The service is meant to offer hourly, and generally part-time workers an alternative to riskier payday loans and other lending products where debt compounds, making it even more difficult to recover from life’s curveballs.

Other investors in the round included Homebrew, Kevin Systrom, Mike Krieger, Michelle Wilson (former general counsel of Amazon), David Tisch, Adam Rothenberg, Sam Lessin, Slow Ventures, Red Swan, Andrew Fine, Zach Brock, Joe Ziemer, Andrew Kortina (Venmo).

One of the worst injustices about the income inequality situation in the U.S. is just how expensive it is to be poor. Setbacks that others would consider inconveniences can actually ruin your life, explains author Linda Tirado, in her book “Hand to Mouth: Living in Bootstrap America,” which details what it’s like to live in poverty as low-wage worker. In one story, she explains how a minor annoyance to most of us – getting her car towed – ultimately cost her both of her jobs, and soon after, her apartment.

Unfortunately, much of the consumer-facing technology emerging from Silicon Valley is focused on serving the needs of the better-off, where just about anything can now be ordered on demand from groceries to black cars to even manservants or just cookies. There’s definitely growth potential in portions of this market, as Uber-watchers could tell you, but the companies that emerge don’t always meet the needs of the many.

According to the U.S. Census Bureau, 45.3 million live in poverty in the U.S. in 2013. Nearly half of Americans in major cities live in a state of financial insecurity, and many turn to alternative – and often predatory – lending services when times are tough.

Even also reports that there are now 51 million in America who spend an average of $1,000 per year on things you “pretty much get for free at a bank.”

The company’s big idea? To offer consumers interest-free credit that helps them during bad weeks. The way the product works is not at all like payday lenders, though they’re targeting the same market. Customers using Even will authorize the company to manage their money for them. During good weeks, it sets a little money aside on your behalf, then, during the not-so-good weeks, users can tap into credit to pay their bills, or deal with whatever other expenses come up.

The program, available to consumers via a mobile app, is still in pilot testing, meaning a lot of the finer details are still being worked out. However, the end result is that customers receive a steady paycheck of the same amount from week to week, even as they work more hours some weeks, and fewer on other weeks.

The service works with a customer’s own bank account, and offers a number of features including automatic budgeting, help for emergency expenses, and even a “pause” button for when you need to turn off the $5/week charge while you recover from a hardship, like a job loss.

Instead of making it more difficult to pay back the debt, the idea is to be lenient – taking as little as a $1 per week, if need be, while maintaining the customer relationship during the bad times.

“It’s kind of like insurance,” says co-founder Jon Schlossberg. “You pay a flat monthly fee for coverage.”

It’s still expensive to be poor: Even would cost $260/year, but it’s less expensive than getting into trouble with payday lenders. It could also mean that bills and rent get paid on time, which could potentially break the cycle where a single bad break, or a week with reduced hours, can snowball into homelessness.

Citing a U.S. government research study, Schlossberg says he was blown away by learning that 77% of Americans reported they would rather have more consistent income than make more money. A self-admitted “privileged white male,” he realizes that having everything come easy is not the case for most, he says.

“Just wanting money to be there every week is one hardship I’ve never experienced…that’s something that’s kind of hidden from Silicon Valley”

“Just wanting money to be there every week is one hardship I’ve never experienced…that’s something that’s kind of hidden from Silicon Valley,” says Schlossberg. “The problem is income volatility.” What’s increasingly happening, he explains, is that as the workforce shifts towards more flexible labor, part-time workers end up with inconsistent hours. This issue was recently detailed in a New York Times profile of Starbucks barista Jannette Navarro, whose ever-fluctuating hours at the popular coffee chain were due to Starbucks’ reliance on employee scheduling software, designed to boost profits, not make workers’ lives easier.

In addition to its $5 per week consumer-facing service, Even is also selling to enterprise, and has at least one deal in discussions with a large business that you “visit weekly.” (Starbucks?,” I guessed. “No comment.”) With corporate customers, Even could be offered a company benefit – potentially even boosting the bottom line due to the high costs associated with part-time turnover, associated with the shift scheduling issues. (U.S. businesses see 69% turnover for part-timers vs. 23% for full-time workers, excluding seasonal labor, Even reports.).

The company is based in Oakland in order to strategically place itself closer to potential customers. In addition to product designer Schlossberg, previously of Bonobos, its founding team includes designer and engineer, Ryan Gomba previously of Instagram, who worked on the iOS app; Cem Kent, previously of Taykey; and Quinten Farmer, who earlier tried to tackle the student loan problem via The Open Loans Project.

Schlossberg acknowledges that they don’t know if the business model of charging $5/week will work, because there are a still a lot of unknowns the pilot is attempting to figure out like the average credit utilization or how much they’ll lose on defaulted credit. But he does say that the big businesses they’ve talked to so far are “extremely receptive to this product.”

“If we’re right, it’s a win for their company, it’s a win for the employees because their lives are meaningfully improved, and it’s a win for us because it gives us distribution into a market that’s vastly underserved,” says Schlossberg.

Even expects to launch publicly this year, though users can request an invite now.

[…]

1 Alarming Financial Trend in America

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According to a report by the Federal Reserve, there are many positive trends in personal finance in America. In general, people are borrowing less and saving more, which is definitely a positive sign that we learned a lesson from the financial crisis.

Source: Wikipedia .

However, I saw one statistic that is rather troubling. Over the past several years, the percentage of Americans who use payday loans has risen significantly. Just how many people use these dangerous loans, and what makes them so bad?

What exactly is a “payday loan”?
The name is somewhat misleading, because these loans don’t necessarily need to be linked to the borrower’s payday. The term “payday loan” refers to a relatively small, short-term, unsecured loan, and is sometimes also referred to as a cash advance loan or payday advance.

There is typically no credit or background check required, just a verification of employment and a bank account. In the traditional payday lending model, the borrower writes a postdated check to the lender for the full amount of the loan. The borrower is expected to repay the loan in person, or else the lender can redeem the check.

In recent years, the concept of an online payday loan has grown in popularity, which could explain some of the recent surge in payday lending. The borrower applies online, and then receives funds via direct deposit, and the funds (plus any interest and fees) are withdrawn on the agreed-upon date.

Growing in popularity
According to the latest Survey of Consumer Finances ;(link opens a PDF) from the Federal Reserve Board of Governors, the percentage of Americans who have taken out a payday loan over the previous year nearly doubled from 2.4% in 2007 to4.2% in 2013.

Although this is still a low percentage on an absolute basis, it’s way too much. Quite frankly, no one should take out a payday loan unless it is a last resort.

The alarmingly high cost of payday lending
Now, the concept of a payday loan isn’t necessarily a bad one. After all, sometimes people need to pay for things a few days before their next paycheck arrives. The problem is how much some payday lenders will charge their customers.

Due to the short time frames involved, the real cost of these fees is somewhat hidden. Let’s say you take out a $500 payday loan to be paid back in two weeks (14 days). If your lender charges a $60 fee for the loan, which is actually on the low end, it equates to 12% of the principal amount. On an annualized basis, this is an interest rate of more than 300%.

In other words, if you get a new payday loan for $500 every two weeks for a year, you’ll pay more than $1,560 in just interest, even though you will never owe more than $500.

So it’s no wonder that payday lending is illegal (or severely limited) in many places throughout the U.S. In fact, 18 states have either banned,or severely limited, the amount of interest that payday lenders are allowed to charge . In an extreme example, payday lending is specifically forbidden in Georgia and is actually a violation of racketeering laws. New York and New Jersey prohibit payday loans as well.

Other states still allow payday loans, but with specific terms. For instance, Oregon permits payday loans with a one-month minimum term and a 36% maximum annual interest rate, plus a $10 fee per $100 borrowed.

However, the other 32 states have all passed legislation authorizing payday lending with absurdly high interest rates. For example, Florida allows a 419% APR on a 14-day loan. Alaska is even worse, as borrowers can expect to pay an annual rate of 520%. And Louisiana allows for interest charges and fees that combine to produce a staggering 780% APR.

Avoid at all costs
Payday loans are about the worst place you could turn for your borrowing needs, aside from actually going to a loan shark or engaging in some other illegal activity. It’s alarming that so many Americans turn to this kind of loan when they need some quick cash.

Bank loans, borrowing from friends and relatives, and even running up your credit cards are all better alternatives. Avoid these loans and their ridiculously high expenses at all costs, and over the long run you’ll keep a lot more money in your pocket.

Invest smart, and you’ll never need to use a payday loan
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The article 1 Alarming Financial Trend in America originally appeared on Fool.com.

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[…]

Overdrafts Are More Costly Than Payday Loans for Consumers …

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Would you pay an interest rate of 17,000% to borrow $24? That might seem absurd, but you probably already have — and maybe more than once.

The average debit transaction that incurs an overdraft fee is $24, according to a recent study by the Consumer Financial Protection Bureau (CFPB). The majority of these overdrafts are repaid in three days; in lending terms, the interest rate charged would be in the tens of thousands, according to the report.

Even worse, the CFPB found that just 8 percent of customers are responsible for a whopping 75 percent of all overdraft fees.

“Sure there are a few people who make an occasional mistake and get an overdraft once every blue moon, but most overdrafts are from the same people over and over again,” said Andy Prescott, a CPA with more than 14 years of experience working in the banking industry and founder of Art of Being Cheap. “I worked in a bank’s customer service department for four years and talked with these folks on a daily basis. The problem is they just didn’t understand the [significance] of paying overdraft fees.”

Poll Finds One-Third of Americans Treat Their Checking Accounts Like Payday Loans

At such a ridiculous cost to essentially borrow money from a bank to cover a purchase, just one overdraft can be more financially devastating than the most predatory of payday loans. Even so, while the payday loan industry has come under scrutiny and subsequent regulation due to its dubious history, many Americans barely bat an eye at the thought of paying an overdraft fee.

To dig deeper into the phenomenon of overdrafting, GOBankingRates asked 1,000 people why they overdraw their bank accounts. The results were as follows:

I never overdraft (70.45%) I don’t know my account balance (14.85%) I absolutely need to make a purchase (6.84%) My bank’s overdraft policy confuses me (4.67%) The fee is less than my purchase (3.19%)

Fortunately, the majority of respondents reported that they never overdraft. However, approximately 30 percent do — and according to the CFPB’s data, many are repeat offenders who contribute to the bulk of overdraft fees paid to financial institutions each year — to the tune of $30 billion annually.

Why Do Americans Keep Paying Overdraft Fees?

According to the poll results, there is no significant difference between men and women when it comes to overdraft habits. However, while not linear, there is a positive correlation between age and answering “I never overdraft.” Conversely, there is a negative correlation between age and not knowing one’s account balance.

In fact, those age 18 to 24 were most likely to not know their account balances, least likely to respond with “I never overdraft” and most likely to be confused by their bank’s overdraft policies.

Of the approximately 30 percent of poll respondents who admitted to overdrafting, about half stated it was because they weren’t aware of their account balances. The next most-common response, at about 23 percent, indicated it was because they simply had to make the purchase regardless of whether or not funds were available.

Approximately 16 percent of overdrafters claimed it was due to confusing policies at their banks, while only about 11 percent of those who paid overdraft fees did so when the fee was less than the purchase amount.

The results of the poll indicate younger customers with less experience dealing with bank accounts are more likely to overdraft or be unaware of their checking account balance. Older folks, on the other hand, are by far the most responsible when it comes to managing their checking accounts and avoiding fees.

Keep Reading: How to Never Pay Another Checking Account Overdraft Fee Again

Additionally, lower-income banking customers of all ages are at risk of incurring overdraft fees, especially those who live paycheck to paycheck. “Overdraft fees unfortunately are becoming a tax on the poor,” said R. Joseph Ritter, Jr., a CFP with Zacchaeus Financial Counseling, Inc. “They are the most vulnerable to the fee but the least unable to pay.” He added that careful planning is the best way to avoid overdraft fees.

Tips to Avoid Overdraft Fees

Start Tracking Your Finances

“My clients stop overdrafting from their bank accounts once I share with them how much they have paid in overdraft fees over a year,” said Jay Malik, a money coach and tax strategist. Malik explained that his firm tracks overdraft fees as a separate spending category and then presents clients with their total fees paid at the end of the year. “I’ll bring to their attention that over the last year they have paid, say, $1,100 in overdraft fees to the bank. Their usual reaction is ‘no way, this must be a mistake.’”

Tracking your finances can help clue you in to the grim realities of your spending habits. A simple spreadsheet will do the trick, but you can also sign up for free software like Mint to get a more detailed picture of trends in your personal budget.

Be Proactive

Otis Buckley, author of “Payday Proverbs: 31 Keys for Overcoming Paycheck to Paycheck Living,” recommended setting up text alerts to notify you when your account balance falls below a $50 to $100 threshold, which is usually a free service offered by financial institutions through their online and mobile banking platforms.

“For the person on the go, this will provide the convenience necessary to view recent account activity and make transfers” Buckley said.

Get Clear About Regulation

Understanding the laws surrounding overdraft protection will help you make a more informed decision about how you should allow your bank to handle insufficient funds. Buckley noted that banks must provide you with the option to participate in standard overdraft practices or not.

“If you opt-in, you perpetuate consumer habits from which banks benefit. If you opt-out and have an oversight in your bookkeeping or ledger, you run the risk of bouncing an important payment like mortgage, rent or insurance. Choose wisely,” Buckley said.

Related: Everything You Need to Know About Overdraft Protection

Slipping up and incurring an overdraft fee might not seem like a big deal, but those who do so habitually are throwing away money that could be put toward savings, paying down debt or splurging on a dream purchase. Don’t let banks profit off your inattention — taking a more active role in your daily finances will keep more money in your pocket rather than theirs.

Edward Stepanyants contributed to this report.

Photo Credit: HelenCobain

[…]

How to avoid overpaying for a car loan

Americans are shouldering a record amount of auto loan debt, and many are taking on bad loans—either because they don’t see the red flags or they feel they don’t have another option.

Americans owed a record $839.1 billion in outstanding auto loan balances at the end of the second quarter of this year, compared with $751.1 billion the same time a year ago, according to Experian Automotive. The sheer number of loans also grew to 61.6 million from 57.8 million a year earlier.

But while consumers tend to be educated about how to research the fair price of a car, many remain clueless about how to get the best auto loan, said Ira Rheingold, executive director of the National Association of Consumer Advocates.

“People don’t realize dealers make more of their profit these days on the financing,” he said. “You really need to shop for the loan before you shop for the car.”

Read MoreNew study says most can’t afford used cars

One approach recommended by financial advisors is the 20/4/10 rule: put down at least 20 percent in cash or trade-in value; keep the life of your loan to four years or less; and keep your monthly payment below 10 percent of your monthly income.

But before you even set foot in a dealership, make sure you know your credit score and try to obtain financing from a bank or credit union. (The Federal Trade Commission provides an extensive guide to understanding vehicle financing, which includes worksheets to help consumers determine how much they can afford to borrow and what to consider when choosing a creditor.)

Without a loan in hand, you’re more likely to get stuck with an auto loan markup, which allows the auto seller to inflate the rate offered by a third-party lender. “This practice alone adds $25.8 billion in hidden interest over the lives of many car loans,” according to the Center for Responsible Lending.

“Yo-yo” sales can also trap a buyer. That’s when a dealership calls after someone has already signed the paperwork and taken the car home to announce something was wrong with the “conditional” sale. Sometimes the dealer will demand the car be returned and the buyer sign a more expensive loan or face consequences.

“Usually that’s a lie,” Rheingold said.

If a consumer gets a call from an auto dealer saying the contract wasn’t really a contract, they should report the incident to the state attorney general and FTC. But the best bet may be to just return the car and go somewhere else, said Rheingold.

Other red flags to look for include fees you don’t understand or charges for items you didn’t agree to like credit insurance.

Read More5 tips to get the best deal on a car loan

As the overall number of auto loans rise, lenders’ tactics are coming under increased scrutiny. The Consumer Financial Protection Bureau, a watchdog agency set up as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, is seeking to extend its supervisory role to nonbank auto lenders (so-called captive lenders) like Toyota FS, Ford MCC and Honda Finance. The proposed plan, which was announced Sept. 17, is currently in a public comment period.

[…]

How to avoid overpaying for your car loan

Americans are shouldering a record amount of auto loan debt, and many are taking on bad loans—either because they don’t see the red flags or they feel they don’t have another option.

Americans owed a record $839.1 billion in outstanding auto loan balances at the end of the second quarter of this year, compared with $751.1 billion the same time a year ago, according to Experian Automotive. The sheer number of loans also grew to 61.6 million from 57.8 million a year earlier.

But while consumers tend to be educated about how to research the fair price of a car, many remain clueless about how to get the best auto loan, said Ira Rheingold, executive director of the National Association of Consumer Advocates.

“People don’t realize dealers make more of their profit these days on the financing,” he said. “You really need to shop for the loan before you shop for the car.”

Read MoreNew study says most can’t afford used cars

One approach recommended by financial advisors is the 20/4/10 rule: put down at least 20 percent in cash or trade-in value; keep the life of your loan to four years or less; and keep your monthly payment below 10 percent of your monthly income.

But before you even set foot in a dealership, make sure you know your credit score and try to obtain financing from a bank or credit union. (The Federal Trade Commission provides an extensive guide to understanding vehicle financing, which includes worksheets to help consumers determine how much they can afford to borrow and what to consider when choosing a creditor.)

Without a loan in hand, you’re more likely to get stuck with an auto loan markup, which allows the auto seller to inflate the rate offered by a third-party lender. “This practice alone adds $25.8 billion in hidden interest over the lives of many car loans,” according to the Center for Responsible Lending.

“Yo-yo” sales can also trap a buyer. That’s when a dealership calls after someone has already signed the paperwork and taken the car home to announce something was wrong with the “conditional” sale. Sometimes the dealer will demand the car be returned and the buyer sign a more expensive loan or face consequences.

“Usually that’s a lie,” Rheingold said.

If a consumer gets a call from an auto dealer saying the contract wasn’t really a contract, they should report the incident to the state attorney general and FTC. But the best bet may be to just return the car and go somewhere else, said Rheingold.

Other red flags to look for include fees you don’t understand or charges for items you didn’t agree to like credit insurance.

Read More5 tips to get the best deal on a car loan

As the overall number of auto loans rise, lenders’ tactics are coming under increased scrutiny. The Consumer Financial Protection Bureau, a watchdog agency set up as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, is seeking to extend its supervisory role to nonbank auto lenders (so-called captive lenders) like Toyota FS, Ford MCC and Honda Finance. The proposed plan, which was announced Sept. 17, is currently in a public comment period.

[…]

Here's Why Student Loan Debt Isn't the Real Millennial Horror Story

We’ve all heard the terrible tales of millennials struggling in the job market and questioning whether the cash they (and their parents) plunked down for college—and the mountains of student loan debt they accumulated—was worth it. As disappointing as it might be to be living back home with Mom and Dad, those underemployed, degree-holding millennials between the ages of 25 and 32 aren’t the only folks struggling financially. Most of their peers only have a high school diploma, and they’re having an even tougher time making ends meet.

According to a recent ;Pew Research Center report ;on the long-term financial downside of not going to college, two-thirds of millennials in that age group don’t have a college degree. As a result, 21.8 percent of millennials without a bachelor’s degree are living in poverty. Meanwhile, a comparatively small 5.8 percent of their peers with degrees are impoverished.

“There’s been a lot of attention paid to the adversities facing college-educated millennials, but generally the college-educated young adults, they’re doing better than earlier generations of college-educated young adults,” Richard Fry, the lead researcher on the Pew study, told NPR.

Fry found that college-degree-holding millennials earn about $17,500 more than those with just a high school diploma. Even though student loan debt is ;greater than America’s total credit card debt, and a job at a local coffee shop isn’t what most grads anticipated, plenty of evidence backs up Fry’s findings that a degree is still the best guarantee of a job and financial stability. A May report from the Federal Reserve Bank of San Francisco found that over a college degree holder’s lifetime, he or she is likely to earn significantly more than someone with just a high school diploma—about $830,000 more, on average.

“Although other individual factors might affect the net value of a college education, earning a degree clearly remains a good investment for most young people. Moreover, once that investment is paid off, the extra income from the college earnings premium continues as a net gain to workers with a college degree,” that report’s authors wrote.

Folks who only graduated from high school are also more likely to not have a job at all.

The ;Bureau of Labor Statistics‘ August 2014 unemployment data revealed that 6 percent of Americans with only a high school diploma are unemployed. Only 3.6 percent of Americans with a bachelor’s degree or higher are unemployed.

“Among the less educated, it’s not simply that they’re trailing behind their college-educated counterparts; it’s that they’re doing worse off than earlier generations of less educated adults,” Fry said. ;

That means that if today’s millennials without a degree don’t find the money and time to go back to school or enroll in job training or vocational courses, they are more likely to be jobless and have fewer financial resources throughout their lifetime. ;

Related stories on TakePart:

10 States Where Colleges Will Make You Go Broke

5 College Majors With the Lowest Unemployment, and 5 With the Highest

10 Amazing Millennials Who Are Saving the World

Original article from TakePart

Educationhigh school diplomacollege degree […]

Cash Is King For Millennials

It looks like more Millennials are now say cash is king and are foregoing credit cards.

According to a Bankrate survey, about 63% of the young adults polled don’t have a single credit card.

Analysts say a sluggish economy and mounting student loan debt scared many Millennials away from opening credit cards. The Card Act of 2009 also made it harder for younger Americans to get them.

So, instead, Millennials are turning to debit and prepaid cards.

Experts say while it sounds like a responsible thing to do, not having credit cards means losing out on a chance to boost credit scores. A strong credit score can impact what consumers pay for insurance policies and mortgages.

[…]

Cash Sales Are Declining, Great News For First-Time Home Buyers

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Cash Sales Are Declining, Great News For First-Time Home Buyers

Peoples Home Equity comments on a recent publication release from Corelogic.com concerning the number of cash sales in May.

buyers who finish and submit their mortgage paperwork the quickest will have the opportunity to purchase a home the fastest

Chicago, IL (PRWEB) August 31, 2014

Lenders like People Home Equity and first –time home buyers appreciate knowing that cash sale are on the decline. According to an August 13th release by Corelogic.com, “cash sales made up just 34.4 percent of total home sales in May 2014. The lowest share since May 2010, and down from 37.4 percent from the same month a year ago.” Cash sales also fell month-over-month from 36.9 percent in April, however, Corelogic points out that “cash sales share comparisons should be made o¬n a year-over-year basis due to the seasonal nature of the housing market.” On a year-over-year basis, cash sales have fallen “each month since January 2013.” Readers should note that “prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent.” Cash sales peaked in January 2011, “when cash transactions made up 46.2 percent of total home sales.”

Less cash buyer’s means more buyers using financing, which is great for business for mortgage originators. However, apart from a business perspective, Peoples Home Equity finds this news of less cash buyers especially uplifting for first-time home buyers. The less cash buyers present in the market, arguably, the less competition first-time home buyers face when purchasing a home. Home sellers appreciate cash buyers because it leads to a faster home sale. However cash buyers are showing up less in the market now that home prices have risen considerably since market prices were at dismal lows in 2010. Regardless of the decline in cash buyers, first-time home buyers must remember that the housing market will now see a rise in competition from financed buyers. This now means that buyers who finish and submit their mortgage paperwork the quickest will have the opportunity to purchase a home the fastest. Getting approved for a home loan quickly gives individuals best chance of bidding and buying their desired property.

Peoples Home Equity loan officers are ready to help all Americans through the mortgage application process. The lender has streamlined the application process to make it as simply as possible. Get started now at PeoplesHomeEquity.com and fill out their “Home Loan Quick Qualifier” field. Or simply contact a Peoples Home Equity loan officer today at: 262-563-4026


[…]

Host John Oliver Tackles Predatory Payday Loans on 'Last Week …

Host John Oliver tackled predatory payday loans on a recent episode of Last Week Tonight with John Oliver. Oliver essentially calls every single company involved loan sharks before enlisting Sarah Silverman to help explain just how awful they are.

Payday loans put a staggering amount of Americans in debt. They prey on the elderly and military service members. They’re awful, and nearly impossible to regulate. We’ve recruited Sarah Silverman to help spread the word about how to avoid falling into their clutches

[…]