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InstaLoan Now Offers 150 Instant Cash Locations

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InstaLoan Now Offers 150 Instant Cash Locations

Consumer loan company now has 150 store locations throughout Georgia and Florida. For more information about InstaLoan, visit http://www.instaloan.com.

We are here to help all types of individuals get the financing they need as quickly and easily as possible.

Savannah, GA (PRWEB) October 29, 2014

InstaLoan, a subsidiary of TMX Finance, has maintained a steady rate of growth since its inception. As one of the nation’s fastest growing consumer finance companies, it is now operating 150 brick and mortar locations throughout Georgia and Florida. The consumer loan company has expanded its footprint during 2014, adding 30 locations throughout the course of this year. Additional InstaLoan locations are planned for the Greater Atlanta Area before the end of 4th quarter. Individuals residing throughout Georgia and Florida will have an opportunity to get the cash they need through a variety of different loan options including: 1st lien loans, personal loans, and signature loans.

“Our consumer demand is positive proof that InstaLoan offers a much-needed service,” said Robert Gomez, Vice President of Operations for InstaLoan. “We are here to help all types of individuals get the financing they need as quickly and easily as possible.”

InstaLoan offers a variety of different types of financial solutions, including: 1st lien loans, signature loans, and personal loans. To secure a short-term cash loan, an individual must have a government-issued ID and proof of income. Some loan products require a vehicle registered in the applicant’s name or loan documentation for the vehicle. Individuals with good, bad, and no credit can be approved for a short-term cash loan with InstaLoan. Hours of operation are Monday – Friday from 9:00 a.m. to 7:00 p.m. and Saturday from 10:00 a.m. to 4:00 p.m. and our stores can be reached by calling 855-849-LOAN. To learn more about the loan products offered by InstaLoan, visit http://www.instaloan.com.

About InstaLoan

Our history: InstaLoan, a subsidiary of TMX Finance, opened its first location in Macon, GA in 2006 under the EquityAuto Loan brand. Since then the company has grown to 150 locations in Georgia and Florida.

What we offer: InstaLoan is one of the fastest growing consumer loan companies in the country. InstaLoan offers a variety of short-term lending solutions, including: 1st lien loans, signature loans, and personal loans, to individuals with all types of credit profiles. InstaLoan focuses on providing people with the cash they need by working with them to determine the best type of loan for their situation.


[…]

Millennials Choose Cash — And Why That's Not So Great

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Some two out of five Millennials—39%—prefer cash as the long-term investment for money they don’t need for at least 10 years, according to a new Bankrate.com report, roughly three times the number who chose the stock market. That’s a perilous pick, considering that cash will actually lose value over time due to inflation, while the S&P 500 has gained 17% in the last 12 months.

“What we are seeing is that Millennials actually get the importance of saving,” says Greg McBride, senior vice president and chief analyst at Bankrate. “They’re just not willing to take risks with it, particularly with regard to long-term savings.”

One thing that may explain the lean toward greenbacks is that Millennials came of age during tumultuous financial times. “When you look at the events of the last 10 to 15 years, with the financial crisis and the tech bust, young adults had a front row seat for one or both of those events,” McBride says. “Even if it didn’t impact them directly, they saw the impact it had on their parents and other family members and friends.”

Millenials prefer cash for long-term savings. (Photo credit: 401(K) 2013)

That’s certainly the case for Alisha Nicole Washington, 22, who recently graduated from Vanderbilt University and started work for an advertising firm in Atlanta. “I prefer to keep my savings in cash,” she says. “Growing up, it seemed like that was the forefront of every media outlet—how poorly the market was doing. The images and reports definitely left a lasting impression.”

Watching the stock market tank and their parents struggle has left many Millennials with a poor appetite for risk—which is ironic, since they’re the age group with the most ability to be risky. Since Millennials have decades to go until retirement, they have plenty of time to recover from market dips. “Even with something as severe as the financial crisis, if you just hung in there and continued contributing throughout, you not only recovered your losses, but you came out well ahead,” McBride says. “That’s not a perspective that someone who’s only been investing for a couple of years necessarily has.”

Among other things, student loan debt may be hampering Millennials’ ability to think long-term. The average student loan debt now tops $29,000 per student, according to the Project on Student Debt, and many are borrowing two and three times that amount. Jenna Kusmierek, 30, manages to fund her Roth IRA in full each year, but the rest of her cash goes to her student loans. “I plan to proceed this way for the next 10 years until my $140,000 student loan bill is paid off,” says Kusmierek, who lives in Denver.

Then there’s convenience. For Jason Fisher, the 27-year-old co-founder of Waterway Financial Group in Myrtle Beach, SC, having quick access to his funds trumps saving money in a retirement account. “The reduced accessibility to cash is not attractive,” says Fisher. “Often, an investment for our age group tends to be much shorter term anyway. I think children, first homes, and other bigger purchases make having cash on hand more feasible.”

Unfortunately, Millennials are the generation that most needs to get aggressive with savings. “Today’s young adults have the biggest retirement savings burden of all time,” McBride says. “Their life expectancies are longer, their healthcare costs are going to be higher, they don’t have the pensions their parents did, and the future of Social Security is more uncertain than it’s been for any of their predecessors.”

In other words, Millennials need a bigger nest egg, and they’re not going to get there with cash in a savings account. “A key part of this is getting people to think long term, getting them to see the power of compounding over those longer periods of time,” McBride says.

Thankfully, not all Millennials are sticking to cash-only savings. “I keep a small emergency fund in cash, but beyond that, I invest everything I can,” says Kali Hawlk, 24, who runs the blog Common Sense Millennial. “The only way I’m going to grow the value of my nest egg is to invest it where it can earn reasonable returns.”

Of course, cash—in an interest-earning savings account—is the best way to save for emergencies and shorter-term needs. But for the long haul, the stock market is the better bet.

Move up http://i.forbesimg.com tMove down 3 Reasons You Need Millennials On Your Team Erika Andersen Contributor The Price Of Doing Business With Generation Y LBS Business Strategy Review Contributor Millenials Must Stop Advertising Their Insecurity And Incompetence Maura Pennington Contributor SAP?Voice: A Multitude Of Myths About Millennials Jonathan Becher SAP […]

David Perdue, payday lending consultant – Creative Loafing Atlanta


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[…]

Deal reports $3.9M in cash for re-election bid

ATLANTA (AP) – Gov. Nathan Deal on Monday reported $3.9 million in cash for his re-election bid, after raising about $84,000 in 11 days since the legislative session ended.

Deal is facing two Republican challengers in the May 20 primary. Democrat Jason Carter, who is running uncontested, was expected to report about $1.6 million in cash for his gubernatorial campaign. Carter, a state senator, outraised Deal over those 11 days and was expected to report about $416,000 in contributions for the period.

Deal campaign spokeswoman Jen Talaber said 100 percent of its contributions came from within Georgia and criticized the Carter campaign for promoting a fundraiser before the session ended. By law, legislators and statewide officials are prohibited from raising money during the session, which began Jan. 13 and ended March 20.

“We followed the rules about not lining up fundraisers during session. Carter for Governor had no such concerns,” Talaber said. “Our cash-on-hand advantage allows the governor to dedicate this month to reviewing and signing bills that will benefit the people of Georgia and keep us the number one place to do business.”

Carter campaign spokesman Bryan Thomas dismissed the criticism, noting the fundraiser was for the Democratic Party of Georgia and that Deal had attended a fundraiser during the session for the Republican Governors Association.

“These numbers show that Jason has all the momentum in this race,” Thomas said. “Our campaign has seen an outpouring of grass-roots support from people who are tired of the governor’s scandals and are looking for real leadership.”

In the Republican primary, Deal faces state schools Superintendent John Barge and former Dalton Mayor David Pennington. Barge, who has spoken about the challenge of persuading donors to give to a candidate challenging the governor, reported just under $18,000 in contributions. That included a $5,800 loan, and Barge had about $16,000 in cash with just six weeks to go before the election.

Pennington reported about $67,500 in contributions, which included a $3,000 loan. He had about $208,000 in cash for the campaign, a small increase over his Jan. 31 report.

In recent days, Deal’s opponents have sought to capitalize on a jury verdict in favor of a former employee of the state ethics commission who claimed retaliation for work investigating the governor’s 2010 personal and campaign finance reports. Deal was not a defendant in the civil lawsuit and has denied any involvement, but his opponents have used to the case to raise questions about his administration. Carter cited the verdict in a recent fundraising email to supporters.

On Monday, Deal announced a proposal to overhaul the ethics commission by allowing each branch of state government to appoint four members. The current five-person commission would grow to 12 under the plan, which would require legislative approval. The Carter campaign said Deal’s proposal was an attempt to blunt the criticism, and Carter planned to detail his proposal Tuesday.

___

Follow Christina Almeida Cassidy on Twitter: http://twitter.com/AP_Christina.

[…]

InstaLoan Tops 120 Store Locations

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We are here to help all types of individuals get the financing they need as quickly and easily as possible.

Savannah, GA (PRWEB) January 31, 2014

InstaLoan, a subsidiary of TMX Finance, has maintained a steady rate of growth since its inception. One of the nation’s fastest growing consumer finance companies, InstaLoan is currently operating more than 120 brick and mortar locations. Located throughout Georgia and Florida, the consumer loan company plans to expand its footprint during 2014, adding 21 locations by the end of 1st quarter. New InstaLoan locations are planned for Albany, Atlanta, Miami, Orlando, Tallahassee, Tampa, and West Palm Beach. Individuals in these areas will have an opportunity to get the cash they need through a variety of different loan options including: 1st lien loans, personal loans, and signature loans.

“Our consumer demand is positive proof that InstaLoan offers a much-needed service,” said Linda McDonald, Vice President of Operations for InstaLoan. “We are here to help all types of individuals get the financing they need as quickly and easily as possible.”

InstaLoan offers a variety of different types of financial solutions, including: 1st lien loans, signature loans, and personal loans. To secure a short-term cash loan, an individual must have a government-issued ID and proof of income. Some loan products require a vehicle registered in the applicant’s name or loan documentation for the vehicle. Individuals with good, bad, and no credit can be approved for a short-term cash loan with InstaLoan. Hours of operation are Monday – Friday from 9:00 a.m. to 7:00 p.m. and Saturday from 10:00 a.m. to 4:00 p.m. and our stores can be reached by calling 855-849-LOAN. To learn more about the loan products offered by InstaLoan, visit http://www.instaloan.com.

InstaLoan has more than 120 locations throughout Georgia and Florida and plans to continue its growth this year. Click http://www.instaloan.com/locations to find a location near you.

About InstaLoan

Our history: InstaLoan, a subsidiary of TMX Finance, opened its first location in Macon, GA in 2006 under the EquityAuto Loan brand. Since then the company has grown to over 120 locations in Georgia and Florida.

What we offer: InstaLoan is one of the fastest growing consumer loan companies in the country. InstaLoan offers a variety of short-term lending solutions, including: 1st lien loans, signature loans, and personal loans, to individuals with all types of credit profiles. InstaLoan focuses on providing people with the cash they need by working with them to determine the best type of loan for their situation.


[…]

Pay Day Loans Beaverton – Get your fast cash advance. Flexible …

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Pay Day Loans Beaverton An important feature about payday loans is that they can be had even though your credit rating is just not good. The next beauty of payday advances is always that taking a cash loan does not affect to your credit rating. Everything you should meet the criteria for your pay day loans would be to have a very jogging account along with a regular job.

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States where the most homebuyers pay cash

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USA TodayFILED UNDER

USA TODAY – As many as 40% of the homes sold in the U.S. in July were purchased in cash, up from 31% a year earlier, according to data published last week.

Rising interest rates are partly driving this uptick in cash sales, according to real estate data company RealtyTrac. Another reason may be the opportunity investors see in some markets. In some states, all-cash transactions made up a larger portion of sales than others. In Florida, nearly two-thirds of home sales were completed without a mortgage loan. Based on the RealtyTrac report, these are the states where the most homebuyers pay cash.

In an interview with 24/7 Wall St., RealtyTrac CEO Daren Blomquist explained that higher levels of institutional investing – rather than private purchases of families buying a home to live in – were the likely cause of the increased cash purchases in some of these states. This is because institutional investors almost always pay for homes in full upfront. Indeed, the majority of the states with the 10 highest cash purchases in July also had among the highest levels of institutional buying. In Georgia, which was sixth in the country for home cash purchases, 22% of all sales were to institutional investors, compared to a national rate of just 9%.

Many of the states with the most homes sold for cash are among the ones hardest hit by the housing crisis. Home prices in Florida, Nevada and Michigan plummeted 50% or more. Homes prices also are particularly low in some of these states. The median list price in Ohio was just $118,900 in July. This was more than $75,000 below the national median.

Blomquist explained that the decline in prices may be the reason for the higher cash sales in these states. “Both investors and regular buyers are seeing the most opportunity to jump in and buy, and are willing to use their own money,” he said.

In many of these states, a large segment of home sales are “distressed,” or homes purchased in foreclosure or owned by a bank. In Nevada, more than one in five homes sold in July were repossessed properties.

This is likely affecting the number of homes being purchased with cash in two ways. First, distressed homes can be bought at a significant discount – a median of just $52,000 in Michigan, for example. Second, “By nature, with distressed sales, besides the fact that it’s low-priced, when you buy a foreclosure property at the public foreclosure auction, in most states, you do have to pay cash there. No matter what the price, you do have to pay cash,” Bloomquist added.

Based on data provided by RealtyTrac, 24/7 Wall St. reviewed the 10 states where the largest percentage of homes sold in July were purchased with cash. RealtyTrrac also provided median list price, as well as data on bank-owned sales, short sales and institutional sales for the states and the largest metro areas. All data is as of July 2013.

These are the states where the most homebuyers pay cash.

10. Hawaii

> Pct. cash sales: 44.3%
> Median list price: $429,900 (the highest)
> Pct. institutional sales: 2.3% (7th lowest)

While nearly half of all home sales in Hawaii in July were cash sales, the state has little in common with other states on this list. Unlike other states where home buyers pay cash, just 2.3% of homes bought in Hawaii in July were acquired by institutional buyers. Instead, institutional investors largely focused on buying commercial properties, with substantial activity in buying retail locations, rental facilities and showcase hotels. And again unlike other states, Hawaii had fewer homes sold at a loss and very few homes sold by banks – sales that are typically conducted in cash. One reason many buyers may choose to pay cash is that the Hawaiian market is expensive – the July median list price of $429,900 was the highest in the nation – and many homes may only be affordable for the truly wealthy.

9. New Jersey

> Pct. cash sales: 45.0%
> Median list price: $279,900 (5th highest)
> Pct. institutional sales: 3.1% (9th lowest)

Roughly 45% of homes sold in New Jersey in July were cash sales, above the 40% nationwide. However, just over 3% of homes sold in New Jersey were sales to institutional investors, versus 9.1% nationwide. Sales of those types of homes that are frequently conducted in cash, including bank-owned and short-sold homes, were less common in New Jersey relative to the rest of the United States as well. However, many homes placed for sale in the state were fairly expensive – the median list price of nearly $280,000 was among the highest in the nation. Wealth may explain many of the buyers’ abilities to purchase a house in cash as New Jersey had one of the highest median incomes in the nation as of 2011.

8. Ohio

> Pct. cash sales: 47.0%
> Median list price: $118,900 (the lowest)
> Pct. institutional sales: 7.0% (23rd highest)

Ohio had among the highest rates for distressed property sales in July, at 16% of all homes sold. A short sale means the prior owner’s mortgage balance exceeds the sales value of the home. Additionally, 15% of homes sold in the state were bank-owned, more than all but three other states. Like many states where home buyers are paying all cash, the number of distressed home sales had an impact on the state’s median home price. Ohio had the nation’s lowest median list price in July, at $118,900. Cash sales were widespread in some of the state’s largest cities, representing 44% of all purchases in the Cleveland area, and 47% in Cincinnati.

7. Arizona

> Pct. cash sales: 47.8%
> Median list price: $192,500 (22nd highest)
> Pct. institutional sales: 14.6% (3rd highest)

Fifteen percent of available properties in July were purchased by institutional investors, more than in all but two other states. This is actually down from a year earlier, when Arizona led the nation with 19.8% of all the state’s sales acquired by institutional investors. Several other types of transactions usually completed in cash were also popular in the state. More than 17% of homes bought in the state in July were bank-owned, one of the highest percentages in the nation. Similarly, short-sales accounted for more than 18% of sales, also among the highest. In Tucson, 57% of all July home sales were paid in full up front.

6. Georgia

> Pct. cash sales: 49.5%
> Median list price: $169,500 (21st lowest)
> Pct. institutional sales: 22.2% (the highest)

Georgia has become the preferred destination for institutional investors. They were the buyers for more than 22% of all home sales in July, the highest proportion in the nation. Many of these sales were in the Atlanta metro area, which led the nation in homes sales going to institutional investors with 25% of all residential properties sold. Also fueling the high proportion of cash purchases, nearly 15% of all homes sold in Georgia in July were bank-owned, one of the highest rates in the nation.

5. South Carolina

> Pct. cash sales: 49.9%
> Median list price: $164,039 (19th lowest)
> Pct. institutional sales: 13.7% (6th highest)

Relatively few of South Carolina’s cash sales were of distressed properties. Just under 7% of homes sold were bank-owned, higher than most states but still below the 9% nationwide. Further, 13.6% of sales were short sales, meaning they likely were sold for cash, which is in line with the national figure. However, the market has been fairly popular with investors. Institutional investor purchases accounted for almost 14% of all home sales, higher than all but a handful of states. In Greenville, institutional investors accounted for nearly 20% of all purchases, the fourth-highest proportion of any large metro area.

4. Michigan

> Pct. cash sales: 53.1%
> Median list price: $129,900 (4th lowest)
> Pct. institutional sales: 10.5% (9th highest)

In Michigan, “prices are so low that in a lot of cases, it doesn’t even make sense for buyers to get financing,” according to RealtyTrac’s Blomquist. The state had one of the lowest median home prices in the nation, while home prices in Detroit were lower in June than they were in 2000. Nearly two-thirds of homes purchased in the Detroit metro area were paid for in cash, while 26% of homes sold were bank-owned, more than any major metropolitan area in the nation. Despite Michigan’s continued economic struggles, some institutional investors were willing to invest in the state’s housing market. Just over 10% of homes sold in Michigan during July were bought by institutional buyers.

3. Maine

> Pct. cash sales: 59.5%
> Median list price: $209,950 (20th highest)
> Pct. institutional sales: 3.3% (10th lowest)

Maine is a fairly small housing market, and it has not attracted much attention from institutional home buyers, which accounted for just 3.3% of sales last month. However, nearly 60% of homes sold in Michigan in July were paid for in cash, well above the 16% just the month before. Much of this activity may be the result of the uptick in cash purchases in Portland, which jumped from 13% of sales in June to 59% of sales in July. The jump in cash purchases in Maine may have been an anomaly, although local real estate agents have noted that home sales and sales prices have risen considerably.

2. Nevada

> Pct. cash sales: 64.4%
> Median list price: $185,000 (24th highest)
> Pct. institutional sales: 15.6% (2nd highest)

Nevada home prices tanked during the Great Recession. This left many homeowners in dire straits, as many had outstanding mortgage balances well in excess of their home values. In July, more than 35% of sales were short sales, the highest percentage in the nation. A collapsing local economy also led many homeowners to default. Nearly 21% of homes sold in July were bank-owned, the highest in the country. As a result, many homes sold were inexpensive enough for buyers to pay for them in cash. Demand from investors for these properties was also fairly high, with 15.6% of July home sales listing an institutional investor as the buyer. This may have something to do with the the gambling capital’s global appeal, which attracts international investors, said Blomquist.

1. Florida

> Pct. cash sales: 65.8%
> Median list price: $159,900 (18th lowest)
> Pct. institutional sales: 14.4% (4th highest)

Home prices plummeted in Florida during the recession, from a peak median listing price of $299,00 in June 2006 to as low as $124,000 in December 2010. Prices were still very low in the state as recently as July. That month, institutional investment made up a large part of total sales, at over 14% of all purchases. The state, according to RealtyTrac’s Blomquist, has attracted much attention from international investors. This is particularly the case in the Miami area, he noted, where cash sales accounted for 69% of all purchases. In Tampa Bay, institutional investors bought 22% of all homes sold that month, more than any major metropolitan area besides Atlanta.

(KUSA-TV © 2013 Multimedia Holdings Corporation)

[…]

City of Montgomery puts moratorium on title pawn, payday loan …

MONTGOMERY, Alabama – After more than a month of discussion, city council members voted 5-3 Tuesday to halt the licensing of new payday loan businesses, according to local news reports.

Businesses such as Cash Express on Atlanta Highway are not affected, but a city council vote Tuesday means the city will halt the licensing of new title and payday loan businesses for three months. (Janita Poe/JPoe@al.com)

The Montgomery City Council voted 5-3 to put a hold on allowing more of the businesses in the city so staff can study what the 11 other Alabama cities that have also approved moratoriums are doing, according to a news report about the vote in the Montgomery Advertiser.

The vote authorizes the city to set a moratorium of 90 days on new title loan or payday loan businesses, according to a news story on the WSFA Channel 12 News website. The measure does not affect any currently operating payday loan business.

Mayor Todd Strange said the city will take 30 days to study other cities in the state with similar laws. Some cities that have moratoriums include Tuscaloosa, Birmingham and Trussville, the Advertiser reported.

The Alabama Legislature attempted to pass laws to regulate the industry during the last session, to protect consumers who reportedly pay on average 300 percent interest on the loan over the course of a year.

At the city council meeting on Aug. 20, Councilmen Richard Bollinger and Charles Smith said they were concerned about the large number of the establishments already in the area, particularly along Atlanta Highway from Ann Street to the Eastern Boulevard.

The council considered a vote on the moratorium then but could not vote on it during that meeting.

usinesses such as EZ Money on Atlanta Highway are not affected, but a city council vote Tuesday means the city will halt the licensing of new title and payday loan businesses for three months. (Janita Poe/JPoe@al.com)

At the state level, lawmakers also have attempted to pass laws to better regularly the industry during the last Alabama Legislature session.

In April, the senate banking and insurance committee approved a bill to lower the fees charged by payday lenders, to limit the number of loans a consumer could receive and to set up a database to keep track of loans.

Proponents of the state bill said payday loans hurt consumers and that the bill would be a good step toward tightening regulations on the business. They say the fees currently allowed equate to an annual percentage rate of more than 400 percent on a two-week loan.

But payday loan industry representatives who spoke before the committee in April said the proposed law would not allow them to remain profitable and would drive more consumers to use unregulated Internet lenders. They said the changes could put them out of business and eliminate jobs.

According to a spokesperson with the Alabama State Banking Department, the bill has not passed the House or Senate nor have any other recent bills to further regulate payday loan operations.

For more on Tuesday’s vote, please visit the Montgomery Advertiser or WSFA Channel 12 News websites.

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40% of All Home Sales Are Now Cash Deals

Home sales were up in July, and a large chunk of them were cash purchases, according to RealtyTrac’s July 2013 U.S. Residential & Foreclosure Sales Report.

Sales volume increased 11% from July 2012 to 5.5 million, a 4% increase from June. All-cash purchases, in which no loan is recorded at the time of sale, accounted for 40% of sales volume, up from 35% in June and 31% in July 2012.

But eight states saw annual decreases in total sales, and four of those states reported the largest annual increases in median home prices for July: California, Nevada, Arizona and Georgia.

In a news release, RealtyTrac Vice President Daren Blomquist highlighted some factors behind those numbers:

“Home prices are accelerating rapidly in these markets thanks to the combination of low supply and strong demand,” he said. “However, counter to the national trend, sales volume in these markets is down even as the percentage of cash sales rises, indicating there is still strong demand but that buyers who need financing to purchase are increasingly left out in the cold.”

He added that rising interest rates may also explain the higher percentage of cash purchases, because some potential homeowners can no longer afford the mortgages they would need to buy.

To that point, Los Angeles, Phoenix and Riverside-San Bernardino (California), topped the nation’s largest metro areas for month-over-month jumps in cash sales share, annual decreases in sales volume and year-over-year increases in median home prices.

Dallas posted the largest increase in cash sales from June with an 82% increase. St. Louis was next (up 66%), followed by Los Angeles (up 32%), Riverside-San Bernardino (up 26%), Seattle (up 21%) and Phoenix (21%).

Chicago, Minneapolis, Baltimore, Boston and Philadelphia saw the largest year-over-year increases in sales volume among the nation’s most-populated metropolitan areas tracked in the report. The largest sales-volume decreases were posted by San Francisco, Los Angeles, San Diego, Riverside-San Bernardino, Phoenix and Atlanta.

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Montgomery City Council members want moratorium on payday …

MONTGOMERY, Alabama – Two city council members on Tuesday moved to halt the licensing of more payday loan businesses until officials can study their impact on the local economy, according to a report on the WSFA Channel 12 News website.

Councilmen Richard Bollinger and Charles Smith said they were concerned about the large number of the establishments already in the area, particularly along Atlanta Highway from Ann Street to the Eastern Boulevard.

Two Montgomery city council members are trying to halt licensing of payday loan businesses which they say are increasingly visible throughout the Montgomery area, particularly along Atlanta Highway from Ann Street to the Eastern Boulevard. (Janita Poe/JPoe@al.com)

At the state level, lawmakers also have attempted to pass laws to better regularly the industry during the last Alabama Legislature session.

In April, the senate banking and insurance committee approved a bill to lower the fees charged by payday lenders, to limit the number of loans a consumer could receive and to set up a database to keep track of loans.

Proponents of the state bill said payday loans hurt consumers and that the bill would be a good step toward tightening regulations on the business. They say the fees currently allowed equate to an annual percentage rate of more than 400 percent on a two-week loan.

But payday loan industry representatives who spoke before the committee in April said the proposed law would not allow them to remain profitable and would drive more consumers to use unregulated Internet lenders. They said the changes could put them out of business and eliminate jobs.

According to a spokesperson with the Alabama State Banking Department, the bill has not passed the House or Senate nor have any other recent bills to further regulate payday loan operations.

For more on the outcome of Tuesday’s council meeting, visit the WSFA Channel 12 News website.

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