Prices at the pumps continue to rise as the national average price for a regular gallon of gasoline is at $3.41 today, up from $3.28 a month ago. The price is still lower than the $3.77 recorded a year ago. Violence in oil producing nations of Venezuela and South Sudan are a few of the reasons behind the latest move higher. In addition, prices have been moving higher in anticipation of the summer driving season, as it costs more money to refine petroleum in the spring and summer.
Sub-prime lending is attempting a comeback as lenders slowly get back into the market. There is just a fraction of loans available compared to the height of the market back in 2005 with $3 billion in subprime loans made in the first nine months of 2013. In 2005, subprime originations reached $625 billion. Stiffer lending rules in the past few years have shut out many potential borrowers with the share of homes purchased by first time home buyers at 28% in November, compared to the decade ending in 2012 where the rate was 40% per month.
The recent downturn in housing numbers has been attributed towards the harsh weather, but the weather is only a small fraction of the total picture. Just recently, Lawrence Yun, a top economist at the National Association for Realtors, reported that other factors, such as credit difficultly, affordability difficulty, and a lack of inventory are the main reasons behind the lower numbers.
Gas prices at the pump continue to rise. Subprime lending inches back. Lower housing numbers not all weather related.
Prices at the pumps continue to rise as the national average price for a regular gallon of gasoline is at $3.41 today, up from $3.28 a month ago. Sub-prime lending is attempting a comeback as lenders slowly get back into the market. The recent downturn in housing numbers has been attributed towards the harsh weather, but the weather is only a small fraction of the total picture.
Prices at the pumps continue to rise as the national average price for a regular gallon of gasoline is at $3.41 today, up from $3.28 a month ago. The price is still lower than the $3.77 recorded a year ago. Sub-prime lending is attempting a comeback as lenders slowly get back into the market. There is just a fraction of loans available compared to the height of the market back in 2005 with $3 billion in subprime loans made in the first nine months of 2013. The recent downturn in housing numbers has been attributed towards the harsh weather, but the weather is only a small fraction of the total picture.
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