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Monday, April 30, 2012

Planning for the Mortgage!

Here are some great tips to prepare for your mortgage. And also I have a great recommendation for loan officer, give me a call 602-0055 or roger@lowesflatfee.com

With good preparation, most things are easier. That works in mortgages too! Today, I want to give you some ideas that can make your mortgage experience less painful.

Income Items:



  1. Gather your documents. Today, many people will have to produce 2 years’ complete tax returns, including W2′s, 1099′s, K1′s, and all the schedules, as well as a month’s worth of pay stubs.

  2. Be prepared to explain them. Deductions in your returns and your pay stubs may impact the income your lender will use to qualify you which, in turn, has a big impact on the loan you will get.

  3. Have a breakdown of base pay versus overtime for both your pay stubs and 2 years’ W2′s. Lenders treat overtime (and bonus income) differently than your base pay. Be prepared to explain any changes over the last few years because your loan officer will ask you about it.


Asset Items:


 

  1. Start accumulating your bank statements. Lenders look back 3 months from when you sign your contract of sale.

  2. You will have to explain any and all large deposits (which are defined as deposits greater than your regular pay check) because lenders want to make sure you haven’t taken out any new loans that aren’t on your credit report.

  3. Avoid any significant cash deposits. However, if you did have a cash deposit, understand that the lender will have you source it (a bill of sale and DMV receipt for that motorcycle, for example).

  4. If you will be receiving a gift, consult your loan officer on how to document it (from the donor’s ability to how you deposit it).


Credit Items:



  1. Ask your loan officer to run your credit and go over it with them. Believe it or not, most credit reports contain errors. Best to identify them and get working on correcting them as early as possible.

  2. Do what you can to pay down your balances to under 30% of available credit to help you get the best score possible.

  3. Do NOT close accounts or pay off collection accounts without discussing it with your loan officer. Either one of these logical moves can actually have a negative impact on your score.


When buying a home, remember the Boy Scout motto, “Be prepared”. Following these suggestions will make your loan approval easier and less stressful.

 

Saturday, April 28, 2012

Foreclosures: What About the Children (Part 2)

Yesterday, we reported on the adverse impact foreclosures have had and will continue to have on the children of this country. Today, we want to talk about how parents can soften the effect.

If you can’t keep your house, you must decide how to leave and determine the impact of your decision on your children.

From a financial standpoint, short sales are always the better option. From a pure family situation (both your family and the families in the neighborhood), you must also make a decision.

If you allow your home to go to foreclosure, you have two choices: move and leave the house vacant or stay and wait to be evicted.

The first option leaves your neighbors with an empty house and all the challenges which that creates for a neighborhood. The second choice can create even more stress for you and your children as you wait for the day an official knocks on your door demanding you and your family leave immediately

In contrast, the short sale process allows you to work with the bank and pre-determine the day you will move. The new owners usually move in the same day. Your family moves with a plan and you don’t leave the neighborhood with the headaches associated with a vacant house on the block. There is a level of dignity in this type of move that almost never takes place during the foreclosure process.

You may have heard of the nightmares that have surrounded short sales in the past. However, there is a new army of both real estate and mortgage professionals who have now been trained on the short sale process. I can help you.  Call me today. 602-0055 or roger@lowesflatfee.com

In most cases, a short sale will be the right thing for you, your children and your neighbors’ children.

 

Friday, April 27, 2012

Foreclosures: What about the Children? Part 1

Here is a sobering article about the negative affect on children foreclosure can have.

We were recently troubled by the findings of a research paper authored by Julia Isaacs of the Brookings Institute for the organization First Focus which was titledThe Ongoing Impact of Foreclosures on Children. In the report, Ms. Isaacs quantified the number of children that have been impacted:

  • 2.3 million children have already lost their homes to foreclosure

  • 3 million additional children are at risk of losing their home


She also noted the four ways foreclosures may affect children negatively:
“First, and most obviously, families receiving foreclosure notices are much more likely to move than other families, and, … children who move frequently do less well in school.

Second, homeowners receiving a foreclosure notice are under a lot of financial and psychological stress, as they struggle to stay in their house, and if that fails, to find a new home quickly…parents under a lot of financial distress sometimes engage in harsher and less supportive parenting, which in turn can lead to negative behaviors on the part of children, making it harder for them to interact well with peers and in school.

Third, foreclosures and housing instability have a negative impact on physical as well as mental health, with studies finding higher rates of non-elective visits to emergency rooms and hospitals in ZIP codes with the highest foreclosure rates, as well as a strong association between housing instability and postponement of needed health care visits and necessary medications.

Finally, because foreclosures are often highly concentrated in certain neighborhoods, children living in or near foreclosed homes may suffer the consequences of living in neighborhoods with more vacant houses, higher crime rates, lower social cohesion, and a lower tax base.”

If you find that you are at risk of foreclosure, know your options. The new National Mortgage Settlement might give you a pathway to stay in your home.

You can get information on the opportunities the settlement offers here.

However, if you have exhausted all your options and now must decide between a short sale and foreclosure, analyze what is the best decision for you and your family. Tomorrow, we will discuss these choices.

 

Thursday, April 26, 2012

Great New Listing by the Boise River!

I just listed this lovely home in Spring Meadow sub that has been completely upgraded in the last year-to the tune of over $150,000 in improvements. This place is gorgeous! The quality is apparent throughout, all hardwood floors and travertine through out the whole house. I will share a couple of pictures, for more information you can call me or visit my website. www.loweflatfee.com



 

 

 

 

Friday, April 20, 2012

HFA Reconsiders Mortgage Write-Downs

Okay my question about the following article is this, it reducing mortgage principals can save Fannie and Freddie $1.7 billion, why would it end up costing the taxpayers more than the alternative?

From the Real Estate Daily News

"Fannie Mae and Freddie Mac could possibly curb its losses by $1.7 billion if the mortgage giants reduced the mortgage principal on about 691,000 underwater home owners, according to a newly released analysis.

The finding has prompted the Federal Housing Finance Agency, which oversees Fannie and Freddie, to reconsider its long-held stance on forgiving some mortgage debt of underwater home owners.

Edward J. DeMarco, the FHFA’s acting director, said Tuesday that in some cases it might make sense for the GSEs to reduce the mortgage principal on some mortgages in order to prevent the home owner from defaulting on their loan.

But such a move might come at an extra cost to taxpayers, DeMarco warned during a speech at the Brookings Institution on Tuesday.

“This is not about some huge difference-making program that will rescue the housing market,” DeMarco said. “It is a debate about which tools, at the margin, better balance two goals: maximizing assistance to several hundred thousand home owners while minimizing further cost to all other home owners and taxpayers.”

DeMarco still has some concerns about reducing the principal on some mortgages.

“Will some percentage of borrowers who are current on their loans be encouraged to either claim a hardship or actually go delinquent to capture the benefits of principal reduction?” DeMarco said.

The Obama administration in recent weeks has been pushing the agency to reconsider its stance on principal mortgage reductions, arguing that it can save money, reduce the chances that underwater home owners will walk away from their mortgage, and help stabilize the housing market.

The FHFA is expected to make a final decision in the next few weeks on whether to allow mortgage write-downs."

 

Thursday, April 19, 2012

Ada County Market Report-LOW Inventory

Sales in March 2012 were 515 in Ada County, a decrease of 2.2% compared to March 2011.   Year-to-date sales are 1,353; 7.2% over the first three months of 2011.

Even though sales were down a little; dollar volume for March was up 7%...(more on this in the “Median Price” section below)

Historically, March sales outpace February by an average of 30%. March 2012 sales increased by 17% over January 2012...(more on this in the “Inventory” section below)

Nationally we know that one job is create for every two homes sold.  With 1,353 sales so far in 2012 we have helped to bring 676 jobs to Ada County.  We also know that for each homes sold there is a $60,000 cash infusion to the community; based on YTD sales we have added $81Million to our valley’s economy so far this year.

Of our total sales in March… 43% were distressed….down 1% from February 2012. In March 2011, 58% of our sales were distressed. REO sales were a little more than half of all distressed sales and short sales were a little less than half.

Pending sales at the end of March were 1,134; an increase of 16% from the end of February. In general pending sales increase in strongly in March compared to February; and should continue to increase all the way through April or May. The percentage of pending sales in distress decreased 8% from February, totaling 33% overall. This is our first month below 40% in several years.  Of Pending Sales in distress, short sales outnumbered REO’s 2 to 1.

At the end of March, we had 23% more sales pending than at the end of March 2011.

February median home price was $154,900; up 14% from March 2011; and down 2% from February 2012. Median home price is up 22% since January of this year.

New Homes median price for March was $201,558; an increase of 6% from March 2011.

The number of houses available continues to decrease. At the end of March our total active inventory was 1,879 homes. This is down 3% from February and 29% less than last year at this time.  The last time we had an active inventory this small was in December of 2001!  Interestingly enough…sales for that month in 2001 were 517…essentially the same is March 2012.

At the same time, the percentage of distressed active inventory dipped 1% to 33%. We have been hovering between 33% and 36% for the last year. We remain well below the 40% levels set last spring….when we were on the increase. Of our Distressed Inventory 91% is Short Sales and only 9% is REO.

In Ada County we  now have less than 4 months of inventory on hand…3.9% to be exact.

The price category in shortest supply is <$119,000 with 2.3 months. In the range of $120,000 to $159,999 we have 3.1 months. All price points up to $250,000 have less than 4 months supply. We have benefited for nearly two years from inventory levels much lower than national average. Now, however, we are seeing a measurable slowdown in sales as the inventory continues to fall. Multiple offers are much more prevalent; now becoming the norm.

REALTOR® Magazine online offer great insight into managing multiple offers with theirNegotiating Toolkit (http://www.realtor.org/toolkits/nego12) .

Based on March sold data, our most desirable price point is <$120,000 at 30% of all sales.  The next largest price point sold is $120,000 to $160,000 which accounted for 24% of total sales.  The biggest increase was in sales between $200,000 and $250,000; which were up 100% from January 2012 to 18% overall.

Comparing Sales to Inventory, for key price points… @<$120,000 we sold 50% of all that we had in March; for $120,000 to $160,000 we sold 33% of all that was available; for $160,0000 to $200,000 we sold 32% of the total available.

Translated to a retail metaphor…the shelves are getting pretty bare.

There is no longer any doubt that, in Ada County, we are exiting our “recovery” mode and are full into “acute inventory shortage” mode.

The challenge to our continued recovery is available product. To all of you builders out there…please come back.  Sorry about the last few years. We really need you now.

There continues to be broad speculation on the impact of REO properties coming onto our market in a way that would upset our continued recovery.   The level of consumer demand, and the nearly bare cupboards of home inventory suggest that we will be able to withstand the impact.

Wednesday, April 18, 2012

6 Don't After You Apply For A Mortgage

If you are purchasing a home, PLEASE, pay attention to these. It is so sad when a buyer is suddenly ineligible to buy a home after doing one of these, and yes I have seen it.

I learned a long time ago that “common sense is NOT common practice“. This is especially the case during the emotional time that surrounds buying a home, when people tend to do some non-commonsensical things. Here are a few that I’ve seen over the years that have delayed (and even killed) deals:

  1. Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Small, explainable deposits are fine, but getting $10,000 from your parents as a gift in cash is not. Discuss the proper way to track your assets with your loan officer.

  2. Don’t make any large purchases like a new car or a bunch of new furniture. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher ratios…higher ratios make for riskier loans…and sometimes qualified borrowers are no longer qualifying.

  3. Don’t co-sign other loans for anyone. When you co-sign, you are obligated. With that obligation comes higher ratios, as well. Even if you swear you won’t be making the payments, the lender will be counting the payment against you.

  4. Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is a consistency of accounts. Frankly, before you even transfer money between accounts, talk to your loan officer.

  5. Don’t apply for new credit. It doesn’t matter whether it’s a new credit card or a new car, when you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

  6. Don’t close any credit accounts. Many clients have erroneously believed that having less available credit makes them less risky and more approvable. Wrong. A major component of your score is your length and depth credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.


The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. Any blip in income, assets, or credit should be reviewed and executed in a way to keep your application in the most positive light.

Courtesy of KCM Blog.

Tuesday, April 17, 2012

Idaho Home Buyers-3 Questions



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Here is some food for thought for home buyers, but as all real estate is local, where the following article talks about when will we see appreciation again, in the Boise-Nampa Metro area we are seeing it NOW. I believe we will certainly exceed the predictions of 10% by 2016.If you are thinking about purchasing a home right now, you are surely getting a lot of advice. And some of that advice is probably negative. Why buy now with prices still falling? Don’t you realize real estate is no longer a good investment? Don’t you know that people who bought six years ago lost their shirt? We understand the concern your friends and family have. However, let’s look at whether or not now is actually the perfect time to buy a home.

There are three questions you should ask before purchasing in today’s market:

1. What are the experts recommending?


In the last 120 days, many experts have said that buying now makes sense. This list includes: John TalbottChristopher Thornberg and Warren Buffett.

2. When will I begin to see appreciation if I buy now?


This is a great question. Macro Markets, LLC is a company that studies housing prices. They started theirHome Price Expectation Survey in 2010. They ask 100+ housing industry experts to project housing prices through 2016. The most current survey shows that the experts are predicting prices to remain relatively flat in 2012. The experts then project prices to rise reaching a cumulative appreciation of over 10% by 2016.

Purchasing a home today makes great sense from a financial standpoint. Think of the old axiom: you want to buy low and sell high. This decision should not only be a financial one however.

That leads us to our third and final question:

3. Why am I buying a home in the first place?


This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with finances. The Fannie Mae National Housing Survey shows that the four major reasons people buy a home have nothing to do with money:

  • A good place to raise children and for them to get a good education

  • A place where you and your family feel safe

  • More space for you and your family

  • Control of the space


What non-financial benefits will you and your family derive from owning a home? The answer to that question should be the reason you decide to purchase or not.

Bottom Line


Don’t allow money to get in the way of you making the right decision for you and your family. In the long run, the finances will work in your favor anyway.





Saturday, April 14, 2012

Idaho Rents and Home Prices to Rise!

I am reprinting a nation article but it most certainly applies to the Boise-Nampa Metro area. Prices have left the bottom and we have had appreciation of real estate values in the 1st quarter of this year.  Our vacancies rates are very low which is pushing rents up. I plan on post some additional information on vacancy rates for Ada and Canyon counties in the next couple of days.

We report on Fannie Mae’s Quarterly National Housing Survey every ninety days. Fannie Mae also does a monthly survey covering different aspects of the housing market.

Here are some record numbers we found interesting in Fannie Mae’s March report (emphasis added).

  • Thirty-three percent of respondents expect home prices to increase over the next 12 months, the highest level over the past 12 months.

  • The percentage of respondents who say it is a good time to buy rose to 73 percent, the highest level in over a year.

  • Forty-eight percent of respondents think that home rental prices will go up, the highest number recorded to date.

  • On average, respondents expect home rental prices to increase by 4.1 percent over the next 12 months, the highest number recorded to date.


Doug Duncan, chief economist of Fannie Mae, capped the report off by stating:
“Conditions are coming together to encourage people to want to buy homes. Americans’ rental price expectations for the next year continue to rise, reaching their record high level for our survey this month. With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that homeownership is a more compelling housing choice.”

From KCM Blog

 

Friday, April 13, 2012

Banks and not sticking to their word!

Finally closing on a short sale house today, we had received the short sale approval letter and we matched all the conditions outlined and the bank was receiving what it had agreed upon. After everything  was signed and sent to the bank for the okay to record, we heard 3 days later that the negotiator had made a mistake and they would now not allow over $1000 in HOA fees and related attorney's fees. My seller did not have nay money to contribute but the buyer agreed to pay it, so it is done--finally!

Well I say it is done and we do have the okay to record, the bank is now wanting new signatures on the HUD, Arms Length Affidavit and Closing Worksheet. Amazing!

 

Wednesday, April 11, 2012

The 4 C’s of Mortgage Underwriting

An old saying went that you had better watch your p's and q's, but when it comes to getting a loan you forget about the p's and q's and pay attention to the c's!

With Spring upon us, and new buyers out looking for houses, I thought today might be a good time to review the basics of what lenders look for as they decide to approve (or deny) mortgage applications. For at least 25 years, I have heard them called “The 4 C’s of Underwriting”- Capacity, Credit, Cash, and Collateral.  Guidelines and risk tolerances change, but the core criteria do not.

CAPACITY


CAPACITY is the analysis of comparing a borrower’s income to their proposed debt. It considers the borrower’s ability to repay the mortgage. Lenders look at two calculations (we call ratios). The first is your Housing Ratio. It simply is the percentage of your proposed total mortgage payment (principal & interest, real estate taxes, homeowner’s insurance and, if applicable, flood insurance and mortgage insurance – like PMI or the FHA MIP) divided by your monthly, pre-tax income. A solid Housing Ratio (often called the front end ratio) would be 28% or less; although, at times loans are approved at a significantly higher number. That’s because your front end ratio is looked at in conjunction with your back end ratio.

The back end ratio (referred to as your Debt Ratio) starts with that mortgage payment calculation from the Housing Ratio and adds to it your recurring debts that would show up on your credit report (auto loans, student loans, minimum credit card payments, etc.) without taking into consideration some other debts (phone bills, utility bills, cable TV). A good back ratio would be 40% or less. However, loans sometimes are granted with higher debt ratios. Understand that every application is different. Income can be impacted by overtime, night differential, bonuses, job history, unreimbursed expenses, commission, as well as other factors. Similarly, how your debts are considered can vary. Consult an experienced loan officer to determine how the underwriter will calculate your numbers.

CREDIT


CREDIT is the statistical prediction of a borrower’s future payment likelihood. By reviewing the past factors (payment history, total debt compared to total available debt, the types of monies: revolving credit vs. installment debt outstanding) a credit score is assigned each borrower which reflects the anticipated repayment. The higher your score, the lower the risk to the lender which usually results in better loan terms for the borrower. Your loan officer will look to run your credit early on to see what challenges may (or may not) present themselves.

CASH


CASH is a review of your asset picture after you close. There are really two components – cash in the deal and cash in reserves. Simply put, the bigger your down payment (the more of your own money at risk) the stronger the loan application. At the same time, the more money you have in reserve after closing the less likely you are to default. Two borrowers with the same profile as far as income ratios and credit scores have different risk levels if one has $50,000 in the bank after closing and the other has $50. There is logic here. The source of your assets will be examined. Is it savings? Was it a gift? Was it a one-time settlement/lottery victory/bonus? Discuss how much money you have and its origins with your loan officer.

COLLATERAL


COLLATERAL refers to the appraisal of your home. It considers many factors – sales of comparable homes, location of the home, size of the home, condition of the home, cost to rebuild the home, and even rental income options. Understand the lender does not want to foreclose (they aren’t in the real estate business), but they do need to have something to secure the loan against, in case of default. In today’s market, appraisers tend to be conservative in their evaluations. Appraisals are really the only one of the 4 C’s that can’t be determined ahead of time in most cases.

Now, each of the 4 C’s are important, but it’s really the combination of them that is key. Strong income ratios and a large down payment with strong reserves can offset some credit issues. Similarly, long and strong credit histories help higher ratios….and good credit and income can overcome lesser down payments. Talk openly and freely with your loan officer. They are on your side, advocating for you and looking to structure your file as favorably as possible.

Courtesy of KCM Blog

 

Tuesday, April 10, 2012

The Ada and Canyon County PTC Index for February!

Thanks to Pioneer Title Company for this useful tool!

The PTC Index is a monthly measurement of the vibrancy of the Treasure Valley real estate market. Based on a custom weighted algorithm, it combines nine critical measurements of the real estate market into a single, useful number: the PTC Index. To give you some perspective, when the market was at its most active point in 2005, the PTC Index average would have been 225. In January of 2010 we reached a low of 28. Though times have changed, the need for this data is greater than ever.

February 2012

Building Permits157
New Home Sales98
Existing Home Sales537
Refinance1010
Average Sales Price146648.5
Financial-Bond Market(10-yr Treasury)1.97
Days on Market83.5
Distressed(Short Sales and REO)2886
Notices of Default418
PTC Index131

February’s Index shows many positive gains in the Treasure Valley real estate market, most notably in building permits and new home sales. Building permits are up over 25% and new home sales at 20.5%; both categories report gains over 42% when compared to February 2011. Existing home sales held steady at 537 with a slight increase from the month prior. Refinances appear to be to be gaining traction with the introduction of Harp 2.0 under the Home Affordable Refinance program. The program targets underwater borrowers and allows the existing borrowers to lower their rate. February’s refinance numbers indicate a 21% increase when compared to January '12 and a 42% increase to February last year. Notice of Defaults showed a slight increase with 418 new foreclosure filings. Short sale and REO numbers have inched down slightly with a combined 2,886 valley-wide but continue to be a large component of total residential sales.

Monday, April 9, 2012

What It Means To Be an ‘EXPERT’ in Treasure Valley Real Estate

If you are either buying or selling a home in today’s market, you need a real estate expert. However, we must realize what the term ‘expert’ actually means. An expert in any area cannot give perfect advice as no one can predict the future. But they can give excellent advice based on their insight into their field.

If you go to an attorney with a legal challenge, he/she will look over your case and give you your options. They realize they cannot guarantee the outcome of any of the options. Still, they give the best advice possible and allow you to decide the option with which you feel most comfortable. They then will put together a strategy which hopefully will bring about the most favorable conclusion.

If you go to a doctor with a serious ailment, he/she will give you your options and work with you to develop the best treatment program. They cannot guarantee any program’s success. They will, however, monitor your progress and adjust your treatments or medications. They will stand next to you until the best result is achieved.

Real estate is no different. A true real estate professional will understand your options and simply and effectively explain them to you and your family. Once you chose an option, they will strategize a plan to help you accomplish your goals. They will standby you as the process evolves and will help you make the necessary adjustments if necessary.

They cannot see the future any better than doctors or attorneys and thus their advice will never be perfect. However, just like those other professionals, an expert agent will give you excellent advice that will bring about the best possible outcome.

Please feel free to call or email for expert advice regarding your personal situation.

 

Thursday, April 5, 2012

Idaho Housing Market-SPRINGING Back!

I am reprinting the following article from KCM Blog. But before I do I need to make a point concerning the quote from the JPMorgan CEO. He refers to prices that are still coming down, while that may be the case nationally that is no longer the case in Ada or Canyon counties! Our prices have stabilized and due to the shortage of properties we are seeing increases in value. Multiple offers in the lower home brackets is becoming the norm.

We believe that 2012 will be the year that home sales start to climb again. Over the past thirty days, more and more experts are saying the same thing.

Jamie DimonJPMorgan Chase CEO
“I believe we’re very close to the inflection point. People look at prices that are still coming down but all the other signs are flashing green… You could come up with a pretty bullish case (for housing).

Frank NothaftFreddie Mac chief economist
“Even the housing market is showing some signs of shaking off the depression-like conditions that have plagued it for much of the past few years.”

Goldman Sachs Group
“Stabilization in U.S. housing fundamentals is creating an attractive investment opportunity. Many of the ingredients are in place for continued improvement in housing.”

Lawrence YunNAR chief economist
“If activity is sustained near present levels, existing-home sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising 7 to 10 percent in 2012.”

 

Wednesday, April 4, 2012

Which would you pay first, the car loan or the mortgage?

I just read an interesting article about changing priorities in this country. This is from Realtor.org.

Americans are prioritizing their debt payments by opting to pay their car loans before mortgages and credit cards, according to an analysis by credit reporting bureau TransUnion.

TransUnion analyzed the payment patterns of 4 million consumers who had at least one car loan, bank card, and mortgage payment.

"With unemployment remaining high and real estate values remaining stagnant or further depreciating, consumers continued to pay their credit cards ahead of their mortgages,” says Ezra Becker, vice president of research and consulting in TransUnion’s financial services unit. “However, the importance of their auto loans appears to have trumped even the value they place on their credit cards."

TransUnion found in its analysis:

  • Nearly 40 percent who were delinquent on their mortgage were still current on their auto loans and credit cards.

  • 17.3 percent who were delinquent on their credit cards were still current on their auto loans and mortgages.

  • 9.5 percent who were behind on their auto loan were still current on their credit card and mortgage payments.


Becker speculates that car loans have become more important to Americans because often Americans need a car to get to work or to look for employment, and “the fact that an auto loan is not a revolving loan — the impact of repossession is greater than the loss of a credit card.” Becker also says that the drop in home values may also be shifting Americans’ payment preferences in putting their car loans first.

 

Tuesday, April 3, 2012

Short Sales!

Here is info-graphic illustrating national trends of short sales. Here in southwest Idaho we are still seeing lots of them. I have just closed a couple and have couple more scheduled to close. For the most part, the banks seems to be moving the files along better. That does not mean I still do not have to spend quite some time on the phone with some of them to keep them moving.

If you may be needing to do a short sale you should read a precious blog here indicating why you need to do it now!

Monday, April 2, 2012

New Acreage Property in South Nampa with Kuna Schools

HOT brand new listing, so new I do not even have photos yet! It has over 3100 square feet, 4 bedrooms and 4 baths on 1.99 Acres. Located south of Nampa with Kuna Schools with wonderful views of the Boise Front. Also has a large 30x40 shop with covered RV parking. All for only $184,900!!! Did I mention the in-ground pool?  If you are interested, get ahold of me pronto.  (The owner is having me hold it out of MLS for a couple of days until we get photos, so you can beat the rush by calling me today!)