Finance Point

John Burns, a consultant who presented a housing market outlook during the annual Pacific Coast Builders Conference in San Francisco, said that a combination of factors, including low interest rates and unconventional mortgage products, dug deep into the pool of future home buyers during the prolonged real estate boom. And the market is still adjusting, he said.

"I know with a very high level of confidence that the number of foreclosures is going to surge," he said, as a high volume of subprime loans and other adjustable-rate loans are headed for a major reset in rates. Read More

At first, policies of homeowners in hurricane-ravaged areas along the coast were dropped, forcing them to the more costly Louisiana Citizens Property Corp., the state’s insurer of last resort.

Nelson Potier’s house south of La. 14 near Erath in Vermilion Parish escaped Rita’s wrath. Farm Bureau canceled his coverage anyway, forcing him to Citizens Property Insurance Corp. His homeowners policy went up from $1,100 a year to $2,900 a year, and he said his coverage is not as good.

That’s been the story with many coastal residents, especially south of La. 14 in Vermilion Parish, where many homes were flooded by Rita’s storm surge. Now, homeowners in unaffected areas like Lafayette are feeling the pinch, too.

Chasity Hooks has lived in the Saint Streets area of Lafayette near the Cajundome since 1996. Since 2005, she has paid Allstate to insure her home and two automobiles. Read More

Global Payday Loan, LLC, which does business as Payday-Loans-Yes.com, was also fined $234,000 for charging Illinois customers excessive interest rates and ignoring consumer protections established in the Payday Loan Reform Act.

"It is striking, even after Governor (Rod) Blagojevich worked to enact payday loan reforms that protect Illinois consumers, internet loan operations continue to violate the act, claiming the law doesn’t apply to them," said Dean Martinez, Secretary of Financial and Professional Regulation. Read rest of news..

You’ll likely be dealing with a call centre or a junior loan officer initially. You can say you’re definitely interested, but want a better deal, close the conversation, hang up, then wait for them to get back to you.

Buy in November or December if you can; you can see how the house performs in winter. This is usually a slow time in the property market, so you may be able to wangle a ’seasonal discount’. Real More Tips..