How to Save More Money

You know you made yourself a promise to to do better both physically and financially this year.  Who doesn't?

If you're trying to figure out how to save enough money for that down payment on a home, maybe these tips will help get you started.

As always, if you have questions or comments about this video, please post it below using the comment link.

2008 Housing Outlook

Although home prices nationwide are down 4.2 percent from a year ago, some economists are predicting "the worst is yet to come."

Just how bad will it get? According to Fiserv Lending Solutions, the median home price nationwide is expected to tumble 5.7 percent this year, which would make it the worst year for real estate in at least 40 years.

The problem stems from that classic economic conundrum: too much supply and too little demand. As of September, some 4 million existing homes were languishing on the market - almost double the number three years ago - in addition to 523,000 new homes.

If you were hoping to sell a home anytime soon, it's a pretty grim picture.  Prices aren't expected to rebound until 2009 at the earliest, and most experts think it will take several years for home values to get back to pre-bust levels.

If you're looking to buy a home, now could be the best time we've seen in decades, and quite possibly the best time we will see for a very long time to come.

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Owning vs. Renting: Still Not Even Close

U.S. house prices "likely would have to fall considerably" to return to a normal relationship with rents, says a study by one former and two current Federal Reserve economists.

The study, which doesn't necessarily reflect the views of Fed policy makers, suggests prices would have to fall 15% over five years, assuming rents rose 4% a year.  House prices would have to fall further if the adjustment took place more quickly.

The study tracks rents and home prices back to 1960 and found annual rents fluctuated at around 5% to 5.25% of home prices until 1995.  At the end of that year, the average monthly rent was about $553 (or about $6,600 a year) and the average home price was about $134,000.

But starting in 1996, home prices started to grow much more rapidly than rents.  By the end of 2006, they had more than doubled to an average of $282,000, while the average rent had risen 48% to $818.  That drove the annual rent/price ratio down to 3.48%.

That means the rent/price ratio is about a third below its long-term average.  To return to normal would require some combination of falling prices and rising rents.  The paper suggests house prices would need to fall about 3% a year, if rents grew in line with their 4% average annual growth this decade.

If you're renting now and wonder whether it would be smarter to buy now than rent, contact us for a complete analysis of your individual situation.

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Lenders Beginning to Make Deals

With so many houses in the United States facing foreclosure, mortgage lenders are starting to offer favorable deals for distressed borrowers they would not have agreed to just six months ago.  This is not altruism, but a case of lenders trying to avoid being stuck owning hundreds of thousands, or even millions, of homes, according to economists, academics and other experts.

According to research by the non-profit organization the Center for Responsible Lending, there are 7.2 million outstanding subprime mortgages in the United States.  Subprime mortgages are those offered to people with weak credit histories at higher interest rates than those offered to prime borrowers — those with good credit.

The center estimates that more than 14 percent of all subprime mortgages are already in default and that 2.2 million families or individuals with a subprime mortgage made between 1998 and 2006 will lose their homes through foreclosure.  The center further estimates homeowners will lose $164 billion in equity as a result of the crisis.

In the third quarter of 2007, mortgage companies had modified the terms on 54,000 loans and had worked out new repayment plans for another 183,000, according to the Mortgage Bankers Association.

The association did not give comparative figures for the third quarter of 2006.  An official said the loan modification programs had likely expanded further during the fourth quarter of 2007.

For lenders, there are financial incentives to keep people in their homes, even if it means cutting interest rates and making less money.

When a home ends up in foreclosure, the lender becomes the owner of a property that quickly loses value, with no revenue coming in.  They are also liable to pay property taxes.

So before you lose your home to foreclosure, talk to your lender.  They may just be willing to work with you today in ways they wouldn't even think about a year ago.

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2008 Predictions

So you think you know what's going to happen to interest rates, housing, the economy and the stock market this year?  Compare your guesses to those of the experts in this video (runs 1:44).

So what are your predictions?  We'd love to hear what YOU THINK.  Leave your thoughts below by clicking the comment link.  Your email address will NOT be published here for your privacy.