The Phoenix-Mesa-Scottsdale metro reported a total of 55,372 bank repossessions (REOs) in 2010, according to a report released today by RealtyTrac.

The hard-hit region led the nation in homes actually lost to foreclosure, and saw the numbers rise 17 percent from 2009.

However, a good deal of them were probably investment properties, given all the speculation in the area during the housing boom.

Bank repos will probably rise even more in 2011, as banks and mortgage lenders move forward with foreclosures, which had been put on hold for a number of reasons, most recently the robosigning scandal.

The Chicago-Naperville-Joliet metro area reported 45,555 REOs in 2010, making it the second worst metro area in terms of homes lost to foreclosure.

The area saw a near-20 percent increase from 2009, and was followed by the Detroit-Warren-Livonia metro area, which reported 43,541 REOs in 2010, an increase of 19 percent from 2009.

“Foreclosure floodwaters receded somewhat in 2010  in the nation’s hardest-hit housing markets,” said James J. Saccac

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What is frugality? The dictionary definition of frugal: “Practicing or marked by economy, as in the expenditure of money or the use of material resources.” People think of it as simply being “cheap,” in the fashion of Ebeneezer Scrooge. I see it as the practice of getting the most for ones money, without giving up anything important.

It may surprise people to know that I buy the cheapest t-shirts and yet pay to have someone mow the lawn. But the shirt does the same job as the expensive ones, and my time is worth more to me than what I pay for mowing. Thats getting the most for my money, and I sacrifice nothing for this kind of frugality. Of course, I get a good deal on the lawn work too. Here are three ways to spend less and still get what you want.

1.

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This is my account of how using vouchers and coupons has helped me with funds. Just last year, my hubby lost his business and this set us back big time with our finances. We sold the car, didn’t take any holidays but we also had to cut down on foodstuff bills. We are not starving but neither are we living the dream. I keep searching for a job but it is hard to find hours that fit in with the kids. To save money, we also make an effort and use less gas, water and electric. The kids just don’t realize and I can tell they think I am being tight. How do you explain to young children, the concept of budgeting? It is impossible, so I strive to make everything appear normal.

A lovely buddy of mine popped in for a chat the other week.

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You can take out an auto loan to buy a vehicle of your choice if you don’t have the required cash. There are several lending companies that offer auto loans at favorable terms. However, while taking out a loan, you should go through the terms and conditions carefully so that you’re well aware of each aspect.

5 Tips to take out auto loans

Here are 5 tips which you can follow in order to take an auto loan with suitable terms and conditions.

1. Increase your score if necessary – Lenders will offer you auto loans at favorable terms and conditions if your credit score is good. So, check your credit reports before you start shopping around for suitable auto loans. If required, try to increase your score by several points to get a loan which you can manage without any difficulty.

2. Shop

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Long after the holidays have passed, you may find yourself paying off credit card debt. The problem with credit card debt is its high expense and making minimum payments can take years to eliminate your credit card balances. Worse, if you lose your job or become ill, it can become impossible to make any payments. It takes very little time for an unplanned event to trash your finances and ruin your credit.

Credit card debt: Finance charges, account terms hinder debt reduction

Fine print, volumes of paper and busy lifestyles contribute to not knowing credit card terms and costs. A good starting point for a debt management plan is to make a list of all credit card accounts, their balances and the annual percentage rate (APR) for each account.

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Existing home sales jumped 12.3 percent last month to a seasonally adjusted annual pace of 5.28 million units, the National Association of Realtors reported today.

However, sales were still off 2.9 percent compared to one year earlier.

NAR chief economist Lawrence Yun noted that home sales were on the “uptrend,” and said the pattern over the past six months clearly points to a housing recovery.

It may appear that way, but the national median existing-home price of $168,800 was actually down from $170,600 in November and one percent lower than a year ago.

Yun attributed that to a rise in distressed sales, which include foreclosures and short sales.

Total housing inventory fell 4.2 percent to 3.56 million existing homes for sale at the end of December, which represents an 8.1-month supply at the current sales pace.

That’s down from the 9.5-month supply in November, but there’s one major problem.

The shadow inventory – another 6,870,000 properties are either 30 or more days delinquent or in foreclosure, according to the December 2010 “First Look” Mortgage Report released yesterday by Lending Processing Services.

So despite traditional housing inventory being down month-to-month, home prices will probably be forced down for a quite a while thanks to all that excess foreclosure inventory.

This could lead to even more foreclosures as underwater borrowers jump ship, greatly diminishing any semblance of a housing recovery in 2011.