Announcing the creation of a Family Money page on the Equifax Finance Blog. I am partnering with Equifax in 2012 to help you be more strategic with your money and investments. And as usual, providing personal finance advice, real estate advice and consumer advice on the Ilyce Glink Show January 29, 2012 on WSB Radio.
It’s been an incredibly tough five years, even though the recession technically ended in June of 2009. But sometimes it sure doesn’t feel like the U.S. economy, and the people who are part of it, are truly doing better. The effects of the decimated housing market have wreaked havoc on our personal credit, and credit scores, leaving many family money situations in tremendous peril.
The GDP grew a modest 2.8 percent in the fourth quarter of 2011, which is certainly better than contraction, but not the kind of movement we want to see. The housing market is clearly still holding us back. Here are some data points underpinning the sluggish growth numbers:
- New home sales – In 2011, a mere 307,000 new construction homes were sold. That’s horrible – a new low since 1963.
- Unseasonably warm winter weather, especially in Chicago where I live, usually bodes well for business. Not so much this year.
- The inertia in the housing market comes despite record low interest rates on a mortgage loan.
So what’s the problem? Well as I already suggested, the effects of the recession on credit scores and other family money variables have simply created a dearth of buyers.
In response to some of these ongoing challenges, the Equifax Finance Blog proudly announced a relaunch this week with a brand new page – aptly titled, for purposes of our discussion, Family Money. The new page, like others on tax, credit and insurance, is filled with content by real experts (not journalists) who live these issues everyday. Best of all, the great tips and advice you’ll find are available absolutely free.
You can get more personal finance advice, real estate advice and consumer advice by listening to this radio show and by listening to my other radio shows. Simply download them to your phone or audio player. You can also read our articles on real estate, credit, and consumer advice articles as well.