My Real Estate Blog

Reliance on Credit Cards Reflects Subprime Fallout
August 29th, 2007 12:07 PM
The credit card business to date seems to have escaped the growing reach of the subprime meltdown, with card delinquencies remaining flat even as defaults have skyrocketed among homeowners, but analysts at Merrill Lynch say the sector's resistance to the turmoil be weakening.

"The next shoe to drop from this subprime mortgage fiasco, which has already fed into the asset-backed market, is probably going to be the credit card business," according to Merrill Lynch economist David Rosenberg.

Credit card borrowing was up 11 percent in May and June, likely because homeowners are using plastic to pay for daily expenses to free up more cash to make their mortgage payments. Moreover, while borrowers previously have tapped into mortgage equity to produce the money needed to resolve credit-card and other debt, a Goldman Sachs report notes that "cash-outs" peaked during the fourth quarter of 2005.

Source: Investor's Business Daily, Reinhardt Krause (08/27/07)
Posted by Ralph Schnelle Designated Broker on August 29th, 2007 12:07 PMPost a Comment (0)

Welcome to our First Blog!
August 24th, 2007 9:59 AM

We are very excited and pleased to be offering this blog to you.  So I suppose the first question some of you might have, what the heck is a "Blog"?

According to one definition, a Blog is "a website where entries are made in journal style and displayed in a reverse chronological order." (Wikipedia)

But in the real estate world, Blogging is much more than just an online diary. It is our opportunity to share our comments on whatever topic is hot in our local area. Topics of interest might be local real estate trends, home ownership tips, or even highlighting our latest listings.

Another great benefit of Blogging is that we can open a dialog with each other. Every Blog post includes the option for you to post comments.  In addition, you also have the option of subscribing to my Blog.  Whenever we post a new message, you receive a brief e-mail summary of the piece, along with a link back to your site.

Please let us know of a any specific topic you would like us to address too and we will do our best to Blog it.

Stay tuned for more,

Ralph and Pat 

Posted by Ralph Schnelle Designated Broker on August 24th, 2007 9:59 AMPost a Comment (0)
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