Title: Credit card debts have added to the financial woes of consumers
Credit cards debts have escalated following the subprime mortgage crisis. In fact the entire real estate market received a bolt from the blue due to mortgage crisis. Not only that all sectors of the economy faced the wrath of the subprime mortgage crisis that originated in United States and sent tentacles to all the major economies of the world.

So strong was the financial crunch in its initial phases that it affected consumer confidence, consumer spending and investor sentiment. There was a series of reactions that resulted from the mortgage crisis and it gave rise to one of the toughest economic times witnessed ever by consumers lately.

What role did credit card debts have to play in the financial crisis?
The irregularities in the credit card industry were surfacing for quite sometime now. Subprime mortgage crisis shook the entire real estate sector as housing prices plunged, sale of single unit homes, condominiums etc nosedived. In fact the mortgage rates are still at an all time low. Owing to liquidity crunch, lenders adopted very rigid lending norms. It may be recalled that the subprime mortgage crisis was mainly triggered by irregularities in subprime lending activities. So, lenders exercised increased caution in approving fresh credit.

Since consumer spending was affected, business entities didn’t earn the profits they did. To compensate for the loss, many employers as a cost cutting measure laid off its employees. As the severity of the liquidity crunch grew, consumers started using their credit cards to pay off even their grocery bills and utility bills. They were unable to meet expenses. Meanwhile, credit card issuers changed their credit card payment policies and reduced credit limits. However, credit cardholders continued using their credit cards as per older terms of usage since they were not aware of the changes. This caused increase in the number of delinquencies that eventually forced credit card debts to grow at an alarming rate.

Since the economy was already fragile, credit card debts added to the woes of the fragile economy. Although the government stepped in by introducing new credit card regulations, these credit card regulations are expected to bring in some relief for the consumers. It was earlier decided that these credit card regulations will come into effect in February 2010. But reports suggest that it is quite likely that the regulations may be implemented by the end of December 2009.

Read more  http://www.debtconsolidationcare.com/credit-card.html

Racing to complete their purchases before a tax credit for first-time owners expires, home buyers pushed sales up last month by the largest amount in more than 26 years.

After jumping 9.4 percent in September, home resales are up nearly 24 percent from the bottom in January, as of Friday October 23, 2009. But the housing market’s momentum could easily stop if Congress doesn’t extend the credit of up to $8,000 for first-time buyers beyond its current Nov. 30 deadline.

Nationwide sales rose to a seasonally adjusted annual rate of 5.57 million last month, from a downwardly revised pace of 5.1 million in August. It was the strongest month in two years and beat economists’ forecast of 5.35 million, according to Thomson Reuters. Sales, however, are still down 23 percent from their peak four years ago.

In another positive sign, the inventory of unsold homes on the market fell almost 8 percent to 3.6 million. That’s less than an eight-month supply at the current sales pace, and the lowest level since March 2007.

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 Pawleys Island real estate in South Carolina, located 70 miles north of Charleston and 25 south of Myrtle Beach, is known as one of the oldest summer resorts on the east coast.The families of rice planters who owned large Pawleys Island real estate plantations on the nearby Waccamaw River first settled Pawleys island in the early 1700’s. The planters knew it was unhealthy for their families to remain on the rivers during the summer and that the seashore was much  healthier. Even though they didn’t know about malaria in those days, they did know to get away! They moved their families, horses, cows, bedding, provisions and furniture to Pawleys in may of each year where they remained until the first frost in November.From the leisurely existance has developed the charm of Pawleys that still exists today. Also, still remaining are the 12 residences in the historic district, which date from the late 1700’s to the mid 1800’s. Pawleys continues to be known for its shoeless carefree, laid-back life style, which includes crabbing in the adjacent creeks, fishing, the stories of ghosts, the rope hammocks and the unspoiled, unsophisticated, casual, delightful stretch of wide beach and sand dunes. 

                 Pawleys Island Homes

Giving back to your community seems to be something a great deal of our society may have forgotten. I discovered this new website recently and thought, this is something that I can do to give back even more than the things I presently do. Take a look, you’ll be glad you did!

 http://www.iparticipate.org/

I truly hope you will pass this link on to as many friends and family as you can.

Have A Blessed Day,

Doug

Myrtle Beach 2009 MLS Stats

(Jan. 1 thru Sept. 30)

Residential Units Sold           2009    1872

             0 to $100,000                             145

            $101,000 to $199,000             930

            $200,000 to $299,000           424

            $300,000 to $399,000           160

            $400,000 to $499,000           093

            $500,000 to $599,000           039

            $600,000 to $699,000           020

            $700,000 to $799,000          014

            $800,000 to $899,000          014

            $900,000 to $999,000          007

            $1,000,000 plus                        026     

                                                2008 Stats Same Period    =          2041

Condo Units Sold                  2009    2030

            0 to $100,000                              666

            $101,000 to $199,000             851

            $200,000 to $299,000           283     

            $300,000 to $399,000           094

            $400,000 to $499,000           071

            $500,000 to $599,000           019

            $600,000 to $699,000           022

            $700,000 to $799,000          007

            $800,000 to $899,000           002

            $900,000 to $999,000           003

            $1,000,000 plus                         012

                                                2008 Stats Same Period   =          2183

All data was acquired from the Coastal Carolinas Association of Realtors Multiple Listing Service statistics and are deemed to be accurate to the best of my knowledge.

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