Higher Rents as a Result of Rising Foreclosures

Rental prices in Florida are on the rise even as home prices are becoming for affordable. The Center for Housing Policy recently released its findings on a comparison study of the Florida metropolitan area between 2007 and 2008, called “Paycheck to Paycheck: Wages and the Cost of Housing in America.” The main culprit is hard to pinpoint, but many analysts believe it is the rise in foreclosures and unemployment that is pushing people who can no longer afford homes into rentals.

Rents Go Up with Demand

Because the demand is now greater for renting, prices have gone up to reflect it. But it’s not just Florida. The same increase in renting is affecting the entire country, as most major metropolitan areas have experienced at least a slight increase year over year. Here is an idea of rental costs in several major cities in 2008 compared to the previous year.

• Fort Lauderdale: Average monthly rent, $1,313 (#13 most expensive city to rent in; it was #27th in 2007)
• San Francisco: Average monthly rent, $1,658 in 2008 (#1 most expensive city to rent in)
• Honolulu, Santa Cruz, Suffolk-Nassau, and Santa Ana followed San Francisco as the top 5 most expensive cities to rent in

Lower Home Prices Good News for Some

The continuing decline in home prices has dramatically lowered the price of home ownership. According to one analyst, the national average income required to buy a median home was only $60,000 a year. Local markets are drastically different however, as Market Watch noted it required only $24,000 a year to buy a home in Youngstown Ohio, while a home in San Francisco would require an annual income of $187,000.

Homes in areas hardest hit by foreclosures and unemployment have become even more affordable. In Oakland, Modesto, Stockton, Salinas and Merced, California, home prices were cheaper by 47-54% compared to the previous year. Analysts were quick to point out that the decline in home prices is still not enough to resolve the country’s real estate woes. Contractors and other professions who thriving as a part of the stimulus bills still have trouble affording their rent each month, and something must be done in order to address the real issue affecting the economy: unemployment. As home prices continue their downward slide and mortgage rates hold at low rates, there will be a point where the bottom will be reached and homes will become affordable again. There are only two ways to solve this crisis. Either home prices must drop to correspond with salaries, or everyone will get a 100% raise and unemployment must slow. Which do you think will happen first?

Can people you know now afford to buy homes when they were priced out in 2007?

Columbus Credit Card Rates

A day of shopping in Columbus City Center will set anybody back. How could it not, with so many intriguing and must-have things for sale there? If you’re like most people, you’ll want to put your purchases on a low rate credit card. If you don’t have one, or think that you could do better than your current card, check in with Columbus Banking Rates. We could help you find an annual percentage rate you really like.

Finding the best credit card rates is tough, what with all the researching and comparison shopping you have to do. Columbus Banking Rates could cut the amount of time way down, by finding the information for you.

Credit Cards and Improving Your Credit Score

Having at least two credit cards and keeping the balances low compared to your limit will help to improve your credit score. Make regular, on-time payments to your account and it is likely the credit card company will increase your limit. Lenders like to see high limits with low balances, because it demonstrates you are trustworthy and responsible.

If you have a low credit score, especially lower than 600, you may want to quickly get a copy of your credit report and see where you can improve your score.

Before you apply for a Columbus credit card, be sure to get your free credit report.

For help with improving your Credit Score, you can visit www.GoLookOnline.com

Types of Credit Cards

Columbus Banking Rates provides consumers with the tools and information they need to make the soundest financial decisions. One of those decisions is opening the right type of credit cards. Depending on your credit history and income, you can qualify for a variety of types of credit cards.
Common types of credit cards:

• Secured credit cards
• Unsecured credit cards
• Reward Credit Cards
• Debit Cards
• Prepaid Credit Cards
• Travel Rewards Cards

There are also different payment options for credit cards. You can make a minimum monthly payment, get a prepaid card, or pay your card monthly in full. No matter what type of credit card you seek, Columbus Banking Rates can help.

Getting a Low Columbus, OH Credit Card Rate

Columbus Banking Rates recommends that you only spend what you can afford each month, but if you do find yourself not being able to pay your full credit card balance each month, then use a Credit Card with the lowest possible interest rate. Some Credit Cards may offer a much lower interest rate without all the extra perks and cash-back bonuses. These benefits may be great, but if you know you will be paying interest each month, work with the Credit card with the lowest rates.

If you have managed your credit well, getting the lowest credit card rates will be easy. If you’re like many consumers today, it is likely you have late payments, have gone over your credit limit in the past, or have had credit card balances that are too high. Columbus Banking Rates will help connect you with the best credit card companies for the most competitive rates.

Credit Card Fraud in Columbus, OH

Columbus Banking Rates works with Credit Card companies who spend a great deal of money to help protect against anyone trying to steal your credit card. Credit Card Fraud is unfortunately a wide-spread problem, and the best companies continue to improve their security to protect you. As they continue to work hard with our customers and the credit bureaus to prevent and reduce credit card fraud and save money, the lower credit card rates for consumers will go. Be sure to protect your identity and monitor your credit card activity to prevent identity theft, and catch it early in the event that it happens to you.