It looks like the recession has made its way into pop culture. HBO has a new series called “Hung” and in its premier recently, it showed scenes of Detroit factories that were abandoned and had a voiceover talking of how the city has now fallen. The series focuses on a man named Ray Drecker, a guy that many can relate to these days.

Drecker was a star athlete in his younger days and is now having a hard time; he is divorced, behind on bills, and lost his job as a high school football coach because of some budget cuts the school had to perform.

The recession is going into its second year and the economy has found its way into pop culture; movies and tv shows have altered their scripts to put the tones of the recession in the stories. Also, plenty of books are offering frugal ideas and tips.

Long running tv shows like the Simpsons have also started talking about the recession. In one episode Homer and Marge have to sell their house because their mortgage payment had gone through the roof. On 30 Rock the characters had to deal with budget cuts. Even the kids from South Park had to learn a lesson about the recession.

Barry Ritholtz, author of Bailout Nation, said, “On the one hand, it’s good when it becomes part of popular culture because people are talking about it and thinking about it, But on the other hand, it’s bad when people are obsessing about it to the point of absurdity.”

In past downturns, the recession has been a way to escape from the problems, but this time, it seems as though pop culture wants to immerse itself in the current situations everyone is facing.

If you look back to shows like Dynasty, in the 1980’s the show was very popular and featured people with a very flamboyant lifestyle where they would flaunt their money. They also thrived during the 1980’s recession.

During the Great Depression big musicals also became very popular.

“If you’ve got a loved one dying of cancer, you may not want to watch, as your entertainment, movies of loved ones dying of cancer,” Thompson said.

I don’t necessarily enjoy watching people suffer in a recession, but I do really like to know that other people, even those in television shows, feel the same way that everyone else does. It makes me feel like Hollywood is connected to the real world and that at least the writers understand what is going on with the average American.

Art is supposed to imitate life I thought. This would be the best way to do so. People want to find solace, this is not a cancer.

I know while the ads have definitely slowed down a bit, there are still many out there that advertise reverse mortgages. So what exactly is a reverse mortgage and is it the right choice for you?

First of all, a reverse mortgage is loan that is available to those who are above the age of 62 (if the borrower has a spouse, the bank will go by the age of the youngest spouse) that releases the home’s equity to the owners in payments or a lump sum. So, as it is called a “reverse mortgage” things are a bit reversed because the lender pays the borrower money rather than the other way in a traditional mortgage. In the case of a reverse mortgage, the homeowner is not obligated to pay the balance until the home sells or the owner passes away.

The people who decide to do a reverse mortgage do not have to sell their home (saying a homeowner is selling their home to the bank for a reverse mortgage is a common misconception), they do not have to give up the title to their home, and they do not have an additional mortgage payment (that would be a home equity line of credit).

A credit line from a reverse mortgage can be used for anything, but considering the age of the owners, it is typically used to fund retirement and expenses associated with retiring couples.

You may be wondering how exactly the interest rate works in a reverse mortgage. After I looked into it seems as though you are charged interest on the proceeds that you get from the reverse mortgage. However, you can get a low fixed rate (this is new however, most banks charge a variable rate). The rate is tied to indexes and do move as they move. However, the most typical one to track is the 1 year T-bill.

Reverse mortgages may be right for you if you need the money for retirement or anything really. However it is important to remember that it is a debt that must be paid back when the house sells (or, as I understand it, the owner moves out into a retirement community). Having the equity in your home can make a difference on the quality of living though. If you think that a reverse mortgage can benefit you, call or go into your local bank to find out more specifics about the process.

Research by Communities and Local Government says that the population of England is going to increase from 50.8 million to 60.4 million by 2031. There is also a projected increase of one person households. It is expected to increase by 60.3%. In 2006, the number of one person households in England was 6.8 million, the 2031 projection is now 10.9 million.

With an increase of 9.7 million people, there will have to be more room for them. The good news is that since 1938, the number of houses in the country has increased greatly; it has grown from 10.6 million homes in 1938 to 22.2 million as of March 2007. In 1938 people weren’t buying a lot of the homes; there were only 32% that were owner occupied, there are now 70% that are.

Over the past decade, there has been a huge increase in the number of homes built in the country to keep up with demand. It has been seeing an increase in homes between 121,000 and 207,000 every year since 1998. However, with the recent recession, that figure has dropped and between 2008 and 2009, there was only 108,000 built.

Another problem that has been happening in the recession is that the number of vacant houses has also increased. Between April 2007 and April 2008 the number of vacant private homes increased by 26,000.

It appears as though in England, that as the recession has gone on, more and more people are renting instead of buying homes. It may have more to do with the actual cost of ownership than the recession though. In 1990, the average price of a home was 63,000 pounds. It increased to 196,000 pounds just 19 years later. When people are losing their jobs left and right, they simply can’t afford such an expense every month. Not to mention, the true cost of ownership of a home is not only reflected in the monthly mortgage payment but also in the cost of repairs to the house. Things like replacing appliances and fixing plumbing is something that a homeowner has to worry about replacing or fixing on their own dime rather than expecting a landlord to fix these things.

With the number of people that England is expected to accommodate in the next 20 years, there will likely be even more rentals in the country; particularly with single person households. Also, I can expect that housing prices will not go down in the country thanks to the very limited amount of space in the more urban areas.

In the United States, the population is also expected to explode in the next 20 years and housing prices are expected to steadily, but not rapidly, increase over the time frame. Of course, there will be urban areas where bubbles will form and housing prices in those areas will be more expensive than other areas, but over all the national average will likely increase steadily.

Source

Alright, I am a supporter of a public option for government sponsored health insurance. This may make me a “bad guy” to the conservatives of the country but I truly don’t understand what is wrong with wanting an option to have government sponsored health insurance that I PAY for.

Currently, I can’t afford car insurance, my mortgage payment, my student loan payments, AND health insurance so something has to go. Sure, I had a bout of bad luck when I had to have my gallbladder removed a few months ago, but other than that I have not had any troubles with my health.

I would really like to have some form of health insurance and I honestly don’t think that those who have insurance through their employer really understand how much it can cost for the rest of us. Even without a preexisting condition, the cost per month can be $150 with a $5,000 – $10,000 deductible. That is outrageous considering car insurance costs me $80 per month for FULL coverage with a $500 deductible AND I’ve had a car accident that was deemed my fault in the last 3 years.

I wish I did not have to pay that much for health insurance. Over the course of a year, if I did not have to pay over $1,200 for health related costs then I would be ahead over paying for health insurance (if I were paying $100 per month for insurance). Then again, if something disastrous were to happen, then I would be up “that” creek without a paddle (if you know what I mean). I hate the fact that I rely on hospital charity for serious conditions, but paying for health insurance simply is not worth it in my opinion. And in the opinion of the charity workers of the hospital, I do not make enough money to have to pay for health care.

I just do not understand why people argue so much about something as simple as a universal health care OPTION (this is not even something that is forced on you, it’s just an option). I wish, more than anything, that I could afford health care for not only myself, but my husband also. I feel as though we pay too much for health care we never use. I get dirty looks when I visit the doctor and tell them I don’t have health insurance, and even though I can pay for my visit, they still give me the look of someone who has stolen something.

This has gotten absolutely ridiculous. I have nurse friends who agree with me. I wish that I could encourage everyone to support some kind of health care for everyone, but I don’t think that will happen because some will “stick to their guns”. I just wish that those people could see the problem from my point of view or have the same issues I have. Then, perhaps, they would be willing to change their minds.

Alright, I am a supporter of a public option for government sponsored health insurance. This may make me a “bad guy” to the conservatives of the country but I truly don’t understand what is wrong with wanting an option to have government sponsored health insurance that I PAY for.

Currently, I can’t afford car insurance, my mortgage payment, my student loan payments, AND health insurance so something has to go. Sure, I had a bout of bad luck when I had to have my gallbladder removed a few months ago, but other than that I have not had any troubles with my health.

I would really like to have some form of health insurance and I honestly don’t think that those who have insurance through their employer really understand how much it can cost for the rest of us. Even without a preexisting condition, the cost per month can be $150 with a $5,000 – $10,000 deductible. That is outrageous considering car insurance costs me $80 per month for FULL coverage with a $500 deductible AND I’ve had a car accident that was deemed my fault in the last 3 years.

I wish I did not have to pay that much for health insurance. Over the course of a year, if I did not have to pay over $1,200 for health related costs then I would be ahead over paying for health insurance (if I were paying $100 per month for insurance). Then again, if something disastrous were to happen, then I would be up “that” creek without a paddle (if you know what I mean). I hate the fact that I rely on hospital charity for serious conditions, but paying for health insurance simply is not worth it in my opinion. And in the opinion of the charity workers of the hospital, I do not make enough money to have to pay for health care.

I just do not understand why people argue so much about something as simple as a universal health care OPTION (this is not even something that is forced on you, it’s just an option). I wish, more than anything, that I could afford health care for not only myself, but my husband also. I feel as though we pay too much for health care we never use. I get dirty looks when I visit the doctor and tell them I don’t have health insurance, and even though I can pay for my visit, they still give me the look of someone who has stolen something.

This has gotten absolutely ridiculous. I have nurse friends who agree with me. I wish that I could encourage everyone to support some kind of health care for everyone, but I don’t think that will happen because some will “stick to their guns”. I just wish that those people could see the problem from my point of view or have the same issues I have. Then, perhaps, they would be willing to change their minds.

Foreclosures may be on the decline (finally) in our country, but there are a lot of families out there who may be behind on payments and considering foreclosure as their last option. Like bankruptcy, foreclosure will stay with you and haunt your credit score for seven years.

When your home is foreclosed on, your credit score will drop somewhere between 200 and 300 points. Of course, it can’t drop your score any lower than a 340 (the lowest one can get on his or her credit report), but if you have a good score of 700, you could find yourself with a 400 (which is pretty awful).

Your credit score is more than about just being able to get loans. Your credit score is also the key to lower rates on things like insurance and your future job prospects.

If you do go into foreclosure, you want to make sure that any other credit obligations that you currently have stay up to date and paid. If you’re in good standing with your other debt obligations, then the foreclosure looks like a single item and you can start to rebuild your credit score after just a couple of years.

It is so important to make sure that you know all the implications of going into foreclosure. It is one of the things that should be well thought out instead of made in a hasty decision based on panic. There are also ways to avoid foreclosure if you find yourself looking down that road.

You could attempt to negotiate with your lender. After all, most lenders don’t want to foreclose on your home. In a market that is overflowing with houses for sale, the last thing the bank wants is another foreclosure. If you can give your lender a time frame to catch up on payments, they may actually be willing to work with you.

Sometimes you and your lender can reach a forbearance agreement. This agreement can take effect when you have come into a temporary hardship and the lender agrees to lower your payments until you can get back on your feet. Sometimes the lender will even suspend the payments for a limited amount of time.

As part of talking with your lender, another conclusion you may come to is some sort of loan modification. The lender may be able to lower the payments or, once you are able to pay the full price, start incorporating any late payments into the monthly payment. This would keep you from paying a full mortgage payment as well as any delinquent payments on top every month.

It looks like the recession has made its way into pop culture. HBO has a new series called “Hung” and in its premier recently, it showed scenes of Detroit factories that were abandoned and had a voiceover talking of how the city has now fallen. The series focuses on a man named Ray Drecker, a guy that many can relate to these days.

Drecker was a star athlete in his younger days and is now having a hard time; he is divorced, behind on bills, and lost his job as a high school football coach because of some budget cuts the school had to perform.

The recession is going into its second year and the economy has found its way into pop culture; movies and tv shows have altered their scripts to put the tones of the recession in the stories. Also, plenty of books are offering frugal ideas and tips.

Long running tv shows like the Simpsons have also started talking about the recession. In one episode Homer and Marge have to sell their house because their mortgage payment had gone through the roof. On 30 Rock the characters had to deal with budget cuts. Even the kids from South Park had to learn a lesson about the recession.

Barry Ritholtz, author of Bailout Nation, said, “On the one hand, it’s good when it becomes part of popular culture because people are talking about it and thinking about it, But on the other hand, it’s bad when people are obsessing about it to the point of absurdity.”

In past downturns, the recession has been a way to escape from the problems, but this time, it seems as though pop culture wants to immerse itself in the current situations everyone is facing.

If you look back to shows like Dynasty, in the 1980’s the show was very popular and featured people with a very flamboyant lifestyle where they would flaunt their money. They also thrived during the 1980’s recession.

During the Great Depression big musicals also became very popular.

“If you’ve got a loved one dying of cancer, you may not want to watch, as your entertainment, movies of loved ones dying of cancer,” Thompson said.

I don’t necessarily enjoy watching people suffer in a recession, but I do really like to know that other people, even those in television shows, feel the same way that everyone else does. It makes me feel like Hollywood is connected to the real world and that at least the writers understand what is going on with the average American.

Art is supposed to imitate life I thought. This would be the best way to do so. People want to find solace, this is not a cancer.

The number of people who are newly unemployed are starting to request less jobless benefits. The government said on Thursday that the number of requests for jobless benefits are finally starting to taper off. The unfortunate news is that the number of people who are still receiving unemployment benefits has risen to 6.78 million, which is the highest number on record since 1967.

The Labor Department said that the number of initial claims for unemployment benefits has dropped from 636,000 to 623,000. The number is below the estimates given from analysts of 635,000.

More good news came from the government today saying that demand for “big ticket manufactured goods” posted their second increase in three months in April. This could mean that the manufacturing recession is finally tapering off also.

There was also bad news in the report from Thursday. The government released news saying that sales of new homes were flat in April. Alongside that news, 12% of homeowners were behind on their mortgage payment or were already in foreclosure.

Of course, there were several lay-offs to be reported through the jobless claims. Many of which were directly related to the Auto industry.

Initial jobless claims a year ago were at 378,000, and we were technically in a recession then too. The numbers now are still far from what a prosperous economy should be functioning at. With jobless claims rising, even if they aren’t rising at the rate that some were expecting, many are expecting the unemployment to climb from 8.9% in April to 10% by the end of the year. 5.7 million jobs have been lost since December 2007 – The most since World War 2.

California ended up reporting the largest increase in claims of only 5,447. The increases could be directly attributed to layoffs in construction, trade and service industries that tend to cater to higher end clientele. At the same time, Michigan reported a decrease in claims. A drop of 9,758 in that state was said to be directly related to the decrease in layoffs in the auto industry.

It is nice to see some improvement in the jobless claims across the board. Again, as a new graduate any news coming from the employment sector in the positive direction is welcomed news. I’m sure there are plenty of people who are either unemployed or who are worried about their own job security that are looking at this news and breathing a tiny sigh of relief at the same time.

What you can learn from this ebook

Remember, even if you have a mortgage, you own your home. Your lender simply has a legal and financial interest in it. But, as long as you make your full mortgage payments on time, your lender will never need to exercise that interest.

These are, in order, the steps involved in buying your first home:

- Deciding if you are ready to buy a home
- Determining what kind of home and what features you want
- Getting pre-approved for a mortgage
- Looking at homes
- Making an offer on a home
- Negotiating the offer with the seller
- Getting a home inspection
- Signing the Purchase and Sale Agreement
- Applying for a mortgage
- Getting the mortgage commitment letter
- Final walkthrough
- Taking possession of your new home