High appreciation and strong sales in many areas have masked the possibility of on-coming problems. With the cooling housing market; higher interest rates; those inventive loans (targeted at people with weak or blemished credit), and prices out-of-reach for many buyers, according to the Center for Responsible Lending (CRL) 2.2 million American households will lose their homes; $164 billion due to foreclosures.
A Default Notice is the prelude to foreclosure; however, most Homeowners emerge from this tragic situation by:
1) Refinancing: drawing on the equity of the property to bring the mortgage payments current OR
2) Selling the Property: using the equity of the property to pay off the loan
Even so, earlier in the year, 32 percent of Homeowners who found themselves in default actually lost their homes to foreclosure; a year ago it was only 8 percent. This is in line with a study conducted by the Center for Responsible Lending who predicts that housing prices over the next five years will fall and cause exit strategies to shut down.
The housing boom is fading. The disconnection between incomes and high real estate prices is evident; there is an increase in the number of Californians struggling to hold onto their homes.
A majority of the loans that have gone into default originated between January 2005 and February 2006. The median age of the loan was fifteen months.
Homeowners were a median five months behind on their primary mortgage payments when the Lender initiated the Default process.
On Lines of Credit, the Homeowners were behind a median of six months.
On a loan-by-loan basis, mortgages are least likely to go into default in the Bay Area, but more likely to go into default in the Central Valley and Inland Empire areas of California.
There are 7.87 million properties in California, when one home forecloses the surrounding properties lose value, as well. By threatening the stability of the neighborhood, foreclosures hurt everyone.
Homeowners work hard to provide the economic security and ownership benefits to their families what changes can be made in this great country of ours so that owning a home is fair, affordable, and sustainable?
A Sign Of The Times
When you hear the word beads, do you immediately think of jewelry? Or do you think of Rosary beads or some other non-jewelry use of beadsbeaded dresses, headbands, belts? Perhaps you think of a country and western outfit, a studded, head-to-toe piece of jewelry.
The first thought that enters your mind when you hear the word beads may date you and give away your age faster than physical attributes. If youre a product of the 50s, your mind may wander to pop beads, those plastic pull apart, pop together baubles that have risen in value from pennies to $20, $30 or more. If youre a product of the 60s, you may think of love beads, which complemented the long-haired, unkempt look, or your mind may wander to the long strands of beads that once adorned inside doorways in Haight Ashbury with sounds of The Mamas and the Papas blaring in the background. Thanks to television, its difficult to forget the beaded belts of the 70s.
From Ancient Trade to Modern Computer Applications
Beads predate the mid-20th century by eons. Remember the abacus? Of course, you cant actually remember back 2000 years unless you possess powers unknown to this author, but you can remember learning about the abacus in school. In Europe, Venetian glass beads and German metal beads served as currency in trade as early as the 16th century. Beads also played a central role in Native American jewelry.
Bohemia (aptly named) was the center of the European bead trade from as far back as the Middle Ages. Through the twists and turns of history, bead making moved to Bavaria and now, has once again found its home in the Chezk Republic, in the Bohemia area, home of Swarovski Austrian crystals.
In 1990, Native American traditional beadwork intersected with computer sciences. Several college campuses introduced a pilot program in which beadwork shaped the foundation for courses AutoCad and other design program courses for Native American students. The popularity and applicability of these courses continues today.
Modern Beads
Now that weve strolled down memory lane and taken a quick look at vintage beads, beads no longer in production, where do beads fit into todays jewelry scene? Theyre everywhere you look from casual chokers and necklaces to fine Swarovski Austrian crystal designs.
Think beyond a single strand of beads. Start by thinking of a single strand of beads from which a pendant dangles. From there, think pinsyes, pins adorned with beads, beaded bracelets, barrettes, earrings, etc. In fact, think beyond jewelry to purses and other accessories. If you look closely at your surroundings, youll find beads everywhere.
The Many Faces of Beads
Another thing that you might rethink is the composition and shape of beads. Todays beads come in a myriad of shapes and materials, with Austrian crystal topping the list. Todays look du jour of transparent, translucent and iridescent beads don the bodies of the rich and famous along with everyday mortals. Venetian glass beads often encapsulate swirls within the beads for a unique, timeless quality.
The latest in fashion trends includes little beaded silk purses. While you wouldnt want to cover yourself in head-to-toe beads unless youre auditioning for a singing gig in Nashville, a silk beaded purse with a complementary beaded necklace turns an ordinary evening outfit into a walking work of art.
Open your eyes and look for one-of-a-kind, handmade beaded jewelry. Its everywhere, and its calling your name.
Both Carl Hampton & MJ Plaster are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Carl Hampton has sinced written about articles on various topics from Finances, tax and Real Estate. . Carl Hampton's top article generates over 49500 views. to your Favourites.
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