Santa Clarita's Real Estate Lender

New laws have radically changed how credit card companies can operate. Here's what you need to know about the new credit card legislation and how it may affect you.

Over-limit fees have been banned. Purchases are now denied if there are insufficient funds. And if cardholders want overdraft coverage, they must choose to opt in for this service. This is a huge loss of revenue for credit card companies and they've mounted an aggressive campaign to convince cardholders to opt in. The fees are typically $30 for each time you use your credit card and don't have sufficient funds available.

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Congress Extends Tax Credit Closing Deadline Until September 30, 2010
President Expected to Sign Measure into Law

The National Association of Realtors estimates that as many as 180,000 homebuyers who met the contract deadline of April 30, 2010, may be affected by the extension. They will now have additional time to close their transactions.

Even if you do not qualify for the homebuyer tax credit, there is still a tremendous opportunity available through the combination of low home prices in Santa Clarita and historically low interest rates. I urge you to act now on this opportunity before market conditions change.

The Renno Lending Team of Prospect Mortgage is available to get a loan application started for you or answer any questions you may have. We're am also available to serve the real estate financing needs of your family members, friends, neighbors or colleagues. Feel free to have them call or email us today!

The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor.

Click here to visit my website and apply on line:
http://www.RennoLending.com

Last Week in the News

Total construction spending rose 2.7% to $869 billion in April, following an upwardly revised 0.4% rise in March. April's gain was the biggest since August 2000.

The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 6% in April, after a revised 7.1% increase in March. On a year-over-year basis, pending home sales are up 22.4%.

Factory orders rose 1.2% in April, below the 1.8% increase economists had anticipated. It was the eighth straight gain and follows an upwardly revised 1.7% increase in March.

The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity was 55.4 in May, unchanged from 55.4 in April. A reading above 50 signals expansion. It was the fifth consecutive month of growth. Economists had anticipated a reading of 55.6.

The Labor Department reported that in the first quarter productivity rose at an annual rate of 2.8% and labor costs fell at an annual rate of 1.3%.

Initial claims for unemployment benefits fell by 10,000 to 453,000 for the week ending May 29. Continuing claims for the week ending May 22 rose by 31,000 to 4.66 million. Employers added 431,000 jobs in May, following a 290,000 advance in April. This pushed the unemployment rate down from 9.9% in April to 9.7% in May.

Upcoming on the economic calendar are reports on wholesale trade on June 9, international trade on June 10 and retail sales on June 11.

Click here to visit my website and apply on line:
http://www.RennoLending.com