NCUA Sells Tiny CU Assets To Prosperity FCU
ALEXANDRIA, Va.-NCUA last week shuttered tiny Second Baptist Church CU of Los Angeles and quickly sold its assets and liabilities to Rancho Domingue, Calif.-based Prosperity FCU. The 340-member institution, which had just $921,000 in assets, became the 12th federally insured credit union to be liquidated this year. NCUA said the move was made because the CU had become insolvent.
Experts Urge Consumers To Move Accounts To CUs
SPRINGFIELD, Mo.-Credit unions last week received numerous recommendations in national press as an option for consumers unhappy with pricing on bank-issued credit cards. On NBC's Today Show, for instance, CNBC Personal Finance Expert Carmen Wong Ulrich urged consumers to not accept these fees and to instead shop around. "There are still many cards out there that aren't charging these fees, especially from credit unions," stated Ulrich.
Home Prices Expected To Fall Another 11% Next Year
BROOKFIELD, Wis.-Home prices will fall another 11% in the next year, with declines across at least 90% of metro areas, according to new projections by the Fiserv Case-Shiller Home Price Index. Prices increased by 1.4% in the second quarter, the first gain since 2006, but the continued flood of foreclosures will counteract the positive effects of lower mortgage rates and the homebuyer tax credit, the study suggests. Even as foreclosure rates slow in the former bubble markets, areas such as Memphis and Minneapolis are starting to see "high volumes," according to Fiserv. An increase in sales volume is not doing much for the "Sand States" as values, which have fallen 40% to 60% from the peak, are continuing a downward trend. Prices declined 28% in Orlando over the last year and are projected to fall another 27%. Texas has one of the strongest housing markets as three cities posted home value gains of over 3%.
