August 27th, 2010

Friday Scoop on Credit Karma & Housing Market News

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house risk

“Americans’ long infatuation with owning a home, which even the economic collapse of 2008 could not kill, shuddered and stalled last month,” reports The New York Times. The housing market continues to sputter as sales plummeted 25.5% below the level a year ago, even though mortgage rates are at the lowest numbers ever and houses are more affordable as prices drop in many areas.

In addition, the number of people falling behind on their mortgages is on the rise, reports CNN Money. This new nightmare on the housing front– increased default on mortgages– is blamed on the struggling job market because unemployment causes people to default on their mortgages. It’s a grim outlook, but recovery in the housing market rides on recovery in the job market.

For more upbeat tips and news updates on the housing market, check out the following roundup to send you with good vibes into your weekend!

Credit Karma in the News

Home & Mortgage News

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