NEWS OF NOTE

Items gathered from several places:

The median home price in the Phoenix area reportedly rose for the first time in 2 years. The median price was over $120,000. No doubt the 1st Time Homebuyer program has something to do with that. The inventory of homes in the $100,000 price range in nearly non-exsistant in even Maricopa and Johnson ranch, and even the next range step up to $150,000 is small at best. Most remaining in that market are short-sales which have less appeal to most buyers today.

There were over 8,000 sales in the Phoenix market in August, offset somewhat by 12,000 new listings. The Foreclosure Pipeline is approaching 50,000, but one hopes a large percentage of those will be resolved by loan modifications. You may have read about the judge that brought a Senior VP from a major bank to Phoenix for 2 days of grilling on why modifications are only in the 2 to 3% range? Workload seems to have been the answer - when new loans stopped, people were laid off. How about we hire some back?

Related issue, credit cards.

Some rules that just kicked in the Credit Card industry mean that:

-Card issuers must mail credit card bills at least 21 days before their due dates. That's up from 14 days. Issuers were"banking" on the fact that consumers would make a payment late and incur a $35 late fee.

-Card issuers must give you the option to avoid future interest rate increases and pay off any outstanding balance under your current rate. If you take this option, you won't be able to make additional charges on that card, and you must pay off the balance within five years the bank can cancel the card and make you pay it off under your old terms, but with a higher minimum payment, according to Consumers Union. "Your new payment could be double your old minimum payment, or higher, if needed, to pay off the card in five years."

-Card issuers must give you at least 45 days' notice before making major changes in terms, such as changing your interest rate or the fees they charge. That's up from 15 days. Other card changes that require at least 45 days' notice include an increase in your minimum payment and switching your fixed rate to a variable rate.

After seeing their housing and personal wealth hammered by the recession, U.S. consumers are saving more and paring down their debts, a trend that the new law could reinforce.

For the three months that ended June 30, U.S. households on average carried a credit card balance of $7,987, down from a high of $8,529 in the third quarter of last year, according to Moody's Economy.com.

For Information on getting a new credit card if you're current terms are undesirable visit Bankrate.com

Oh, by the way, the Feds announced today that savings in the U.S. rose by 3%. Why is my head spinning?

Hang in there!