Retailers slash prices to entice holiday shoppers

Shoppers hit the stores Friday to return unwanted gifts and take advantage of drastic price cuts offered by retailers desperate to get rid of old merchandise and boost their less-than-cheery holiday sales.

ADVERTISEMENT
Many retailers opened before 6 a.m., offering 50 percent to 75 percent off on toys, furniture, electronics and clothing. Stores were hoping the discounts would entice shoppers to redeem gift cards and use cash from returning unwanted gifts to buy something new.

Laura Hernandez, a 37-year-old nurse, hoped to find a good deal at a Miami-area Wal-Mart on the one present her husband and son had really wanted — a plasma TV.

“When they saw that there was no Christmas gift larger than the Christmas tree, they knew there was no TV,” Hernandez said. “They know Mommy is out early this morning bringing home their new toy.”

But consumers who saw plenty of bargains before Christmas still seemed to be spending carefully — meaning even the big discounts may not be enough to salvage one of the most dismal holiday shopping seasons in years. Some were unimpressed with even rock-bottom prices while others were just flat-out returning items for cash.

After an early surge, several malls in the New York area were “quieter than expected” on Friday, said Marshal Cohen, chief industry analyst at market research firm NPD Group Inc.

Among the cautious consumers was Gigi Johnson, who bought laundry detergent and some clothes at Wal-Mart in Milwaukee for her twin 14-year-old daughters. But she said she was not planning any large purchases for the next few months and would put the money she received from Christmas in the bank.

“Maybe I’ll wait until tax time and get a computer or TV,” Johnson said. “But until then, I’m resisting the temptation to buy anything else.”

The lure of after-Christmas shopping was hurt by the deep discounts stores offered before the holiday. Gift card sales have also been down, meaning fewer people are returning to the malls with “free money” to spend.

“The last week of December represents about 14 percent of Christmas sales,” said C. Britt Beemer, chairman of America’s Research Group. “You can’t save a season with only one-seventh of the sales to go.”

The holiday season — which typically accounts for 30 percent to 50 percent of a retailer’s annual total sales — has been less than jolly for most retailers. Job cuts, portfolio losses and other economic woes have convinced consumers to cut back on their spending. Meanwhile, strong winter storms during the holiday season kept some would-be shoppers at home.

According to preliminary data from SpendingPulse — a division of MasterCard Advisors that tracks total sales paid for by credit card, checks and cash — retail sales fell between 5.5 percent and 8 percent during the holiday season compared with last year. Excluding auto and gas sales, they fell 2 percent to 4 percent, according to SpendingPulse.

Sales of women’s clothing dropped nearly 23 percent while men’s clothing sales slipped more than 14 percent. Footwear sales fell 13.5 percent. Sales of electronics and appliances fell even more drastically, dropping almost 27 percent.

More consumers appeared to do their shopping online, particularly in the last two weeks of the season when storms snowed shoppers in. Online sales dipped just 2.3 percent from last year, according to SpendingPulse.

Online retailer Amazon.com said Friday the 2008 holiday season was its “best ever,” with more than 6.3 million items ordered. Holiday bestsellers included the Nintendo Wii, Samsung’s 52-inch LCD HDTV, the Apple iPod touch and the Blokus board game. Cohen said Amazon did a great job offering deals and driving customers to its site, adding that “the best possible prices” were frequently on Amazon.com.

A better indicator of how retailers fared will arrive Jan. 8, when major stores report same-store sales, or sales at locations open at least a year, for December.

Retailers, who have been cutting prices all season, offered more deals for after Christmas. Toys R Us said it was cutting prices by 60 percent on some brands. Sears stores were offering doorbuster deals through noon.

Tom Aiello, a spokesman for Sears and Kmart, said Kmart customers were snapping up clearance items while Sears shoppers were buying smaller TVs. He said practical items, like Craftsman tool kits and tires, were also selling well.

The deals still weren’t enough for some shoppers.

Paul McAdam, 48, of Everett, Mass., took a 20 percent pay cut recently and was shopping for “items I need in a price range I can’t pass up.”

“I’m a little disappointed because a lot of the prices seem to be about the same as before Christmas,” he said.

Beemer said retailers may be greeting a lot of shoppers like Guites, and see returns up 50 percent to 60 percent.

Newlywed Anthony Guites, 32, planned to stop at three different Miami-area stores to return gifts from his wife. He had three things to exchange at Wal-Mart for a fishing rod he wanted.

“She got me a fishing rod that I don’t like. She got me this tool set that I already have. And she got me workout clothes that, let’s just say, are way too colorful for me,” he said. ——–

Associated Press Writers Sarah Skidmore in Portland, Ore., Betsy Vereckey in New York, Damian Grass in Miami, Mark Pratt in Boston and Dinesh Ramde in Milwaukee, Wis., contributed to this report.

Cameron reverse mortgage: security for your future

We spend our entire youth working towards securing our future and that of our loved ones. The assets we build and the property we acquire are all aimed towards taking care of the inevitable old age and any unforeseen circumstances. However the best of preparations may not suffice when it comes to beating the rising cost of commodities due to inflation. Especially after the retirement age, one needs to be very careful about their fund management as the steady source of income form a regular salary comes to an end when the breadwinner for the family takes a retirement. In such circumstances your house may be a bigger asset than you imagined as it provides you with the opportunity to take a reverse mortgage loan against it.

If you are above the age of sixty two, have taken your retirement and own a house in Cameron or any other state in America, you are entitled to get a Cameron reverse mortgage in lieu of your property. A lump sum can be paid to the property owner if he or she decides to keep the house as a mortgage against the loan. The difference between a reverse mortgage and a normal mortgage or loan is the fact, that the borrower retains the ownership of his house till the very end. He can, in fact, continue to use the property for residential purpose till the time of his death or till he decides to sell off the property. In that case, however, the loan amount needs to be repaid in full settlement before any money is made available to the owner.

A reverse mortgage also ensures that the debt does not pass on to the borrower’s heirs in the situation of his premature death before he repays the entire loan amount in some manner. The major advantage of a reverse mortgage lies in the fact that the loan need not be repaid during the lifetime of the borrower. Only the house tax and other charges should be paid regularly. Only after the demise of the owner, the house will be sold off to repay the loan amount. Till then the property remains in the name of the original owner. Also multiple mortgages may be applied for on the same property provided that the reverse mortgage had been the first and only loan in lieu of the property.

Hence, a reverse mortgage loan is one of its kinds where the senior citizen can continue to spend his post retirement days in peace, assured of his financial security and without having to seek the help and support of any family member or well wisher. The house that had been built with much expectation and fondness, truly serves to support him till the very end of his life, giving the respect and dignity that he deserves. The financial stability and security offered under reverse mortgage loan helps to ensure that the cash inflow continues even well after one has settled into a retired life.

Divorce home Sale

Divorce and selling your home are two of the most stressful times in our lives. Having to deal with both at the same time is even more daunting.

How can Quick Move Now help?

Selling a house through estate agents can often take months, with all the inconvenience of viewings, and delaying the finalisation of the divorce or separation agreement.

Most couples going through divorce want a quick, clean break with the least hassle and argument – this is where Quick Move Now can help. By using a quick house sale company, such as Quick Move Now, people can quickly sell their property with the minimum of stress, realise the cash value and move on with their lives.

Quick Move Now will purchase your house for cash, quickly – often within 7 days.

We are the UK’s largest professional buyer of property, and are experienced in buying homes from couples who are divorcing or separating. We understand the pressures involved, and will help you in each step of the sale process.

How does it work?

It’s simple.

1. We will arrange for 3 agents to value your property.
2. We will then be able to make an offer to you based on these valuations.
3. On accepting our offer, we will agree a suitable date for exchange of contracts and completion.

There is no cost or obligation in receiving an offer.

What are the benefits of using Quick Move Now?

• You guarantee the sale of your home, for cash.
• We can complete quickly and to suit your timescales.
• You can complete your separation, quickly and with the least amount of stress.

Foreclosure

Foreclosure is the legal proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor’s equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the owner the right of redemption if the borrower repays the debt. When this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can and do use foreclosure, such as for overdue taxes, unpaid contractors’ bills or HOA fines.

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”. Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that “the lender has foreclosed its mortgage or lien”. If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principle and fees the mortgagee can file a claim for a deficiency judgement.

Selling For Cash NJ , Title Search Sale , Selling Fast Philadelphia

Cashdeal We Specialize in Condemnation Sale, Selling For Cash, Title Search Sale, Home Divorce Sale, Fast House Sale, Foreclosure Sale, Selling Fast, Termites Selling Fast, Liens Forced Sale, Termites Selling Fast, Divorce Sale, Selling As Is, Settling Fast, Fast House Sale, Divorce Sale, Selling As Is, Real Estate For Sale By Owner Nj, Liens Forced Sale from Nj, Philadelphia.