Category Credit crisis

Banks freezing HELOCs

The money machine is closing. Banks are shutting down home equity lines of credit completely, or lowering the amount that can be borrowed to 85% of the current (reduced) value of the house. This will cause a ripple effect of…

Foreclosures hit the military

Foreclosures within 10 miles of military facilities in the US are four times higher than than in other areas. “Think about how much stress comes with a foreclosure, and then imagine you’re walking the same tightrope while being employed in…

HELOCs no longer fueling auto sales

In 2007, 11% of new car sales nationwide were financed by using a Home Equity Line of Credit. In California, it was nearly 30%. Yikes. With the sharp dive in home prices, using HELOC money is no longer an option…

Foreclosures up in Connecticut

Foreclosure filings in Connecticut rose 54.5% in 1st qtr 2008 compared to 1st qtr 2007. We sold our house in Connecticut recently. The area we were in, the Farmington River Valley outside of Hartford, is mostly unaffected by the current…