ALEXANDER NICHOLS

PITTSBURGH  – From July 15  - 18 over 100 leaders in minority business  development from across the country will convene in Pittsburgh for three days of meetings for the National Minority Supplier Development Council (NMSDC) Quarterly Meeting, hosted by the Western Pennsylvania Minority Supplier Development Council (WPMSDC) at The Renaissance Hotel.

CHERYL PEARSON McNEIL

(NNPA)—Remember back-in-the-day when you used to poke your mouth out, bug your parents (or whatever adult was in charge) about being bored?  Well, today’s kids can’t use that tired, old excuse. Neither can we, as grown folks, for that matter.

We’ve been spoiled rotten and have access to endless entertainment options at our fingertips, 24/7.  So, I’m excited to share with you insights from Nielsen’s first-ever Entertainment Consumer Report, which breaks down, in detail, the myriad of ways we are entertained—whether it’s game playing, watching movies or other video content, listening to music or reading a book. As entertainment consumers, we fall into three categories: high, moderate and low entertainment spenders. Although just one-third of the population qualifies as high entertainment spenders, they account for more than 70 percent of entertainment spending. This segment of spenders are more likely to be ethnically diverse and women with young children than moderate and low entertainment spenders. Makes perfect sense to me since moms are usually the ones charged with keeping the kids occupied.

When it comes to how we listen music, long gone are the days portrayed in the musicals “Cadillac Records” and “Dream Girls.” But wait.  Though digital music leads overall music sales with 118 million digital albums and 1.3 billion tracks purchased last year, the sales of old-school vinyl LPs jumped nearly 18 percent over the last year.  As the saying goes, “everything old is new again.” We make up 12 percent of on-demand music streamers.  And, although all age groups enjoy music across all platforms, young adults between 18 and 24 spend the most time listening to music, about six hours a week, which is an hour more than those 25 and up.

Switching gears to what and how we watch video content at home, well, the sky is pretty much the limit with multiple devices to choose from. Some examples of those are: DVR/Blu-Ray, video-on-demand, plus subscriber services like Netfilx and/or Hulu.  There are also video game consoles, computers, tablets and/or mobile devices.  Here are some quick facts:

25-34 year olds are the biggest buyers of movie/TV DVDs and streaming video.

African-Americans index lower than other demographics in movie/TV DVD and streaming video purchases.

Females index higher than males in movie/TV DVD purchase, while men outrank women when it comes to buying streaming video.

What are some other forms of entertainment we have available to us? Well, I am glad you asked. Some, like me, still love the feel of a good book in your hands. But, I know some of you may also appreciate the convenience of e-readers.  Turns out, there’s not much difference between print and eBook buyers. 

Among adults online surveyed in this report, both groups of readers are more likely females between the ages of 55 and 64.  African-Americans index slightly higher with purchasing eBooks than print books. Can you guess at our favorite books from last year? If you guessed E.L. James’ Fifty Shades trilogy, followed by Suzanne Collin’s Hunger Games series, you were correct. Case in point: “The Hunger Games,” which was also a box office success, was the fourth best selling print book of 2012, the top selling music soundtrack and the third most-purchased DVD.

So now you see even how your various entertainment preferences matter.

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If you’ve been waiting on the sidelines to purchase a home or put yours on the market because of the sluggish economy of the past few years, the time for action may have finally arrived. The American Taxpayer Relief Act of 2012, the law that addressed “fiscal cliff” issues, helped to clarify several home sale and purchase questions. The Pennsylvania Institute of Certified Public Accountants offers perspective on provisions of the act that relate to the real estate market and on other things to consider when making your decision.

The mortgage deduction endures

During the final fiscal cliff negotiations in Washington at the end of last year, some economic watchers were concerned about whether or not homeowners would continue to be allowed to deduct mortgage interest from their taxable income. The new law does not eliminate that deduction, and that’s a positive development for homeowners because the tax bite could have been significant. At the same time, many aspiring first-time homeowners might have found it hard to afford mortgage costs without this deduction. The final deal also preserved the deduction for the cost of private mortgage insurance, which is used by buyers who are making less than a 20 percent down payment. Loss of either of these deductions could have made waves in the market for both buyers and sellers.

Short sales are still on the table

The new law gives a one-year reprieve to homeowners whose homes are “underwater,” which is when a mortgage is greater than the current value of the home. Under a previous tax rule, homeowners who receive loan modifications or engage in short sales did not have to pay taxes on that debt relief, but that provision expired at the end of 2012. The new law extends that relief for one year, adding some stability to the real estate market and potentially making it easier for struggling homeowners to hold on to their properties and avoid going directly into foreclosure.

Have your finances in order

When it comes to home ownership, knowing you’re taking the right step involves ensuring that you have the right budget for the property you’re considering. As a general rule, mortgage costs--including your mortgage principal and interest, as well as taxes, insurance, and related monthly fees–shouldn’t add up to more than 30 percent of your income. You should also determine if there are any problems with your credit score or history that might prevent you from getting a loan. As part of the process, you may want to contact a lender to get prequalified for a mortgage amount so you have a realistic sense of what you will be able to borrow. When you research neighborhoods, remember that good school systems can help keep home prices strong, so find out about the quality of the school district even if you don’t have kids.

Talk to your local CPA

Both buyers and sellers should keep in mind that there is still a great deal of uncertainty in the housing market. When contemplating any significant financial step, remember that it’s always a good idea to review your financial position to determine if it’s the right thing to do. Before you take this big step, consult your local CPA. He or she can offer advice on taxes and other issues related to home ownership, and provide information and insights on all your financial concerns.

(To find a CPA in Pennsylvania by location or area of expertise, visit www.IneedaCPA.org.)

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CHARLENE CROWELL

(NNPA)—A few days ago, HUD released data showing that more 620,000 troubled homeowners received more than $50 billion in principal reductions and savings. These actions were the direct result of the National Mortgage Settlement, negotiated by America’s largest banks, state Attorneys General, and the Obama administration. Despite this success, the Congressional Budget Office recently reported that 13.2 million mortgages remain underwater, which is defined as owing more than the homes are now worth.

Earlier this year, the Center for Responsible Lending and its ally Consumers Union jointly offered state policy remedies known as Homeowner Bills of Rights that would protect homeowners, further reduce foreclosures and stabilize local housing markets.  Key to these state initiatives is that homeowners gain a private right of action and the right to halt a foreclosure sale when a servicer breaks the law. The foreclosure cannot proceed until the servicer complies with the law. Other HBOR recommendations called for lawmakers to:

Ban “dual-tracking,” the practice by mortgage servicers of pursuing foreclosures while at the same time processing a request for a loan modification;

Require lenders to establish straightforward timelines, clear procedures for homeowner outreach, detailed denial notices and an affidavit detailing the homeowner’s rights to appeal; and

Require lenders to engage in loss mitigation activities to prevent avoidable foreclosures.

For communities of color, where the economic recovery has yet to be felt, HBORs are particularly important because of well-documented disparities in foreclosures. For example, Black Floridians risk of imminent foreclosures is doubled that projected for the entire state.

Earlier research by the Center for Responsible Lending found that more than half (52 percent) of the lost wealth resulting from living in close proximity to foreclosures was borne by minority census tract homeowners. In the District of Columbia and seven states—California, Florida, Illinois, Hawaii, Maryland, New Jersey and New York—an even greater share of lost wealth occurred in minority communities.

Additionally, African-Americans remain at a higher imminent risk of more foreclosures in Florida, New York, New Jersey, Ohio, and Illinois.

Several states have worked to advance HBOR reforms, including California, Minnesota and Nevada. California, the first state to enact an HBOR, took effect in January with a private right of action and rules for servicers foreclosing. In cases where the homeowners prevailed in legal disputes, the lender may become responsible for attorney fees and court costs.

Already, a California court recently ruled in favor of a state homeowner. A preliminary injunction halted foreclosure proceedings in the case of Singh v. Bank of America where the lender dual-tracked the homeowner.

In Minnesota, where there were three times more foreclosures in 2012 than in 2005, their HBOR gives borrowers a private right of action to stop a wrongful foreclosure sale. Through a bipartisan effort, the state’s House of Representatives unanimously passed the bill. With a companion version having already passed in the state’s Senate, Gov. Mark Dayton is expected to soon sign the measure into law.

In Nevada, a bill similar to that of California, aims to codify a single-point-of-contact with servicers, require civil penalties for banks that violate default procedures, and give borrowers a private right of action. The bill unanimously passed the state’s Senate and now awaits a vote in the Nevada Assembly.
Hopefully more states will embrace the emergence of HBORs. In a recent blog, Tracy Van Slyke, director of the New Bottom Line, summed up the status of economic recovery: “This work is not just about righting past wrongs. It’s also about the future of our retirement, our kids’ lives, and the kind of communities we want to live in and about our country’s economic future.”

(Charlene Crowell is a communications manager with the Center for Responsible Lending. She can be reached at: Charlene.crowell@respon­siblelending.org.)