The New York Times recently published financial advice for renters looking to buy a home: pay your rent on time.
Credit reporting companies are starting to include payment histories in credit scores – which may help first-time homebuyers who have not established credit through traditional sources. It may also help consumers who have lost homes to foreclosure rebuild their credit.
These days, everyone can use a little help boosting their credit score so
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by Rob Wicker
There seems to be a misperception about who reads magazines. People assume that older Americans are the primary audience for magazines, and that if you want to reach a younger audience, perhaps to sell starter homes, then magazines are the wrong medium to use.
Here’s how it really stacks up: 93% of all Americans read magazines. Interestingly though, adults under age 35 read more magazines than those over 35. And a whopping 97% of adults under age 24 read magazines.
If you need to reach first-time homebuyers, magazines are a great place to advertise.
NAR reports that existing home sales rose 7.7% in August to a seasonally adjusted annual rate of 5.03 million – an 18% increase over August 2010.
Lawrence Yun, NAR chief economist, said “favorable affordability conditions and rising rents are underlying motivations” for the increase in sales. Investors were also more active buying foreclosures, accounting for 22% of purchases. First-time homebuyers accounted for 32% of sales.
With Freddie Mac reporting average conventional 30-year fixed mortgage rates at 4.27%, now is a great time to for consumers to buy.