Blog - Jeff Cost

Bank Repossessions Slip For 24th Consecutive Month

November 16, 2012 by Jeff Cost

Foreclosures per household October 2012

According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings increased 3 percent in October as compared to September 2012, climbing to 186,455 U.S. properties.

RealtyTrac defines a “foreclosure filing” as any foreclosure-related action including a Notice of Default, a Scheduled Auction, or a Bank Repossession. On average, 1 in every 706 U.S. homes had a foreclosure filing during the month of October.

For the 24th consecutive month, the number of bank repossessions fell, down less than 1% from the previous month and down 21% from October 2011. Bank repossessions dropped in 37 states, plus the District of Columbia, indicating that banks are seeking alternatives to foreclosure.

Distressed home sales, which include foreclosures and short sales, represented 23% of sales in the second quarter of 2012, down from 30% a year ago, according to the National Association of REALTORS®.

Florida again posted the top foreclosure rate nationwide.

One in every 312 Florida housing units had some sort of foreclosure filing in October as foreclosure starts moved to a 12-month high. Monthly filings increased 2% from last month.

In Nevada, the monthly increase was larger, rising 41% month-over-month, lifting it from the fifth-highest rate in September 2012, to the second-highest in October 2012.

Third-ranked Illinois saw a 6% increase in foreclosure filings over September 2012. California and Arizona rounded out the top five.

Hurricane Sandy made an impact on the foreclosure market, too, with a foreclosure moratorium being put into effect in the states most affected such as New Jersey, New York, and Connecticut.

For Columbus home buyers planning to venture into the home foreclosure market, there are well-priced homes for sale. However, understand that a foreclosure property is often sold “as is,” and that you may not be allowed into the property prior to the sale to inspect for damage. Home may have termites, been gutted by previous tenants or owners, or be filled with lead paint or asbestos.

For this reason, it’s a good idea to engage an experienced real estate professional when buying foreclosure properties. Real estate agents can guide you through the foreclosure process and give advice regarding contracts and home inspections.

Your November Gardening Task List

November 15, 2012 by Jeff Cost

November gardening list For homeowners who keep a garden, with the change of seasons comes a task list.

There are basic tasks for gardeners — for example, raking the leaves, sharpening your tools. And, there are advanced tasks, too, which includes identifying and removing plants and trees which may be dead, and covering compost to prevent rain storms from leaching nutrients.

For homeowners in frost-free areas, November is a good time to plant roses and azaleas; prune flowering trees; and, start your fall vegetable garden.

The cooler fall and winter months are terrific for leafy greens such as spinach and kale; and carrots. Protect plants with row covers, when necessary.

For homeowners in colder parts of the county, November is when you should circle evergreens with burlap and wrap the bottoms of young trees with mesh wire to protect from wildlife; and empty and roll up garden hoses for storage.

It’s also when bulbs should be planted. Tulips, crocuses and hyacinths are easy to plant and will welcome you come springtime.

For all homeowners, consider this list :

Aerate lawns to improve root development and drainage
Check and clean gutters from fallen leaves, needles, and twigs
Perform a round of weeding

And then, to discourage weed growth throughout the winter, place down a pre-emergent, and mulch around bedding plants, shrubs, and trees.

If your temperatures in your area tend to go below freezing, be aware of your plants which are sensitive to de-icing salts. Consider buying sand or sawdust for traction purposes near these plantings instead.

Lastly, remember that the fall months are a terrific time to take note of what worked in your garden during the summer, and what didn’t. Use a notebook and put your findings to paper. Attention paid now will pay dividends next spring.

Mortgage Approvals : Documents You’ll Need For Your Lender

November 14, 2012 by Jeff Cost

Bank guidelines loosen According to the Federal Reserve’s quarterly Senior Loan Officer Survey, it’s getting easier to get approved for a home loan.

Between July – September 2012, fewer than 6% of banks tightened mortgage guidelines — the fourth straight quarter that’s happened– and roughly 10% of banks actually loosened them.

For today’s buyers and refinancing homeowners in Louisville , softening guidelines hint at a quicker, simpler mortgage approval process; one which gives more U.S. homeowners better access to today’s ultra-low mortgage rates.

However, although banks are easing guidelines, it doesn’t mean that we’re returned to the days of no-verification home loans. Today’s mortgage applicants should still expect to provide lenders with documentation to support a proper loan approval.

Some of the more commonly requested documents include :

Tax returns, W-2s, and pay stubs : In order to prove income, lenders will want to see up to two years of income documentation. Self-employed applicants may be asked for additional business information. Borrowers earning income via Social Security, Disability Income, Pension or other means should expect to provide documentation.
Bank and asset statements : To verify “reserves”, banks will often require up to 60 days of printed bank statements, or the most recently quarterly reports. Be prepared to explain deposits which are not payroll-related — banks adhere to federal anti-money laundering laws.
Personal identification documents : To verify your identity, banks often require photocopies of both sides of your drivers license and/or U.S. passport, and may also ask for copies of your social security card.

In addition, if your credit report lists collection items, judgments, or federal tax liens, be prepared to discuss these items with your lender. Sometimes, a derogatory credit event can be eliminated or ignored during underwriting. Other times, it cannot.

The more information that you share with your lender, the smoother your mortgage approval process can be.

As the housing market improves and lender confidence increases, mortgage guidelines are expected to loosen more. 2013 may open lending to even more mortgage applicants.

Bank Repossessions Slip For 24th Consecutive Month

Your November Gardening Task List

Mortgage Approvals : Documents You’ll Need For Your Lender

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