Archive for May, 2008
Foreclosure Report By State
Provided by RealtyTrac
| Rate Rank | State Name | NOD | NTS | NFS | LIS | REO | Total | 1/every X HH (rate) | %Δ from Feb 08 | %Δ from Mar 07 |
| – | U.S. | 54,897 | 47,677 | 55,398 | 23,724 | 51,393 | 233,089 | 542 | 4.22 | 56.28 |
| 43 | Alabama | 0 | 0 | 296 | 0 | 353 | 649 | 3251 | -8.07 | -19.48 |
| 29 | Alaska | 0 | 0 | 173 | 0 | 19 | 192 | 1440 | 29.73 | 95.92 |
| 4 | Arizona | 12 | 0 | 6,484 | 0 | 2,703 | 9,199 | 283 | -4.67 | 105.52 |
| 22 | Arkansas | 47 | 0 | 1,045 | 0 | 118 | 1,210 | 1053 | -13.14 | 139.60 |
| 2 | California | 40,761 | 0 | 9,925 | 0 | 14,025 | 64,711 | 204 | 20.66 | 105.86 |
| 5 | Colorado | 35 | 0 | 3,954 | 0 | 2,191 | 6,180 | 339 | -8.27 | -1.39 |
| 14 | Connecticut | 0 | 1,833 | 1 | 275 | 17 | 2,126 | 674 | -3.28 | 40.15 |
| 34 | Delaware | 0 | 1 | 0 | 140 | 51 | 192 | 1994 | -15.79 | 34.27 |
| District of Columbia | 4 | 0 | 242 | 0 | 61 | 307 | 921 | -9.71 | 6040.00 | |
| 3 | Florida | 0 | 20,747 | 50 | 6,295 | 3,162 | 30,254 | 282 | -6.76 | 111.52 |
| 6 | Georgia | 47 | 0 | 6,870 | 0 | 4,130 | 11,047 | 351 | 44.76 | 63.20 |
| 45 | Hawaii | 26 | 0 | 88 | 0 | 6 | 120 | 4167 | -16.08 | 84.62 |
| 20 | Idaho | 385 | 0 | 242 | 0 | 30 | 657 | 937 | -14.56 | 85.07 |
| 12 | Illinois | 0 | 6,194 | 199 | 688 | 1,542 | 8,623 | 603 | -1.54 | 10.28 |
| 11 | Indiana | 0 | 1,764 | 22 | 1,947 | 1,386 | 5,119 | 538 | -0.54 | 18.17 |
| 37 | Iowa | 2 | 0 | 312 | 0 | 198 | 512 | 2579 | 8.25 | -11.72 |
| 31 | Kansas | 0 | 114 | 2 | 331 | 263 | 710 | 1701 | 55.70 | 58.84 |
| 38 | Kentucky | 0 | 94 | 7 | 420 | 170 | 691 | 2733 | 45.17 | -1.29 |
| 42 | Louisiana | 0 | 8 | 0 | 502 | 116 | 626 | 2923 | -3.69 | 8.12 |
| 44 | Maine | 94 | 0 | 94 | 0 | 8 | 196 | 3526 | -3.45 | 201.54 |
| 10 | Maryland | 0 | 1,698 | 5 | 2,222 | 350 | 4,275 | 538 | 6.45 | 343.01 |
| 9 | Mass. | 0 | 3,167 | 9 | 2,291 | 106 | 5,573 | 486 | 42.68 | 59.37 |
| 8 | Michigan | 1,140 | 0 | 6,056 | 0 | 2,298 | 9,494 | 475 | -13.35 | 10.27 |
| 32 | Minnesota | 24 | 0 | 763 | 0 | 536 | 1,323 | 1726 | -15.79 | 63.74 |
| 46 | Mississippi | 0 | 0 | 109 | 0 | 79 | 188 | 6604 | 27.03 | 100.00 |
| 18 | Missouri | 901 | 0 | 1,288 | 0 | 1,179 | 3,368 | 779 | -2.91 | 35.04 |
| 39 | Montana | 0 | 0 | 149 | 0 | 5 | 154 | 2805 | -14.92 | 31.62 |
| 40 | Nebraska | 0 | 12 | 4 | 223 | 35 | 274 | 2828 | 18.61 | -23.25 |
| 1 | Nevada | 5,029 | 0 | 1,003 | 0 | 1,627 | 7,659 | 139 | 24.19 | 61.65 |
| 28 | New Hampshire | 0 | 0 | 244 | 0 | 170 | 414 | 1425 | -35.61 | 260.00 |
| 17 | New Jersey | 0 | 2,793 | 0 | 1,341 | 348 | 4,482 | 775 | -19.94 | -6.23 |
| 36 | New Mexico | 0 | 288 | 1 | 10 | 43 | 342 | 2486 | -32.14 | 4.91 |
| 30 | New York | 0 | 3,384 | 9 | 873 | 822 | 5,088 | 1554 | -2.96 | 37.11 |
| 26 | North Carolina | 2,388 | 0 | 97 | 0 | 813 | 3,298 | 1222 | -18.61 | 1.76 |
| 49 | North Dakota | 0 | 0 | 0 | 1 | 7 | 8 | 38475 | -63.64 | -66.67 |
| 7 | Ohio | 0 | 3,876 | 42 | 3,742 | 3,613 | 11,273 | 448 | 8.54 | 37.11 |
| 23 | Oklahoma | 121 | 0 | 514 | 0 | 812 | 1,447 | 1111 | -19.21 | 27.15 |
| 21 | Oregon | 1,119 | 0 | 434 | 0 | 80 | 1,633 | 972 | 3.09 | 118.61 |
| 33 | Pennsylvania | 0 | 391 | 24 | 1,762 | 723 | 2,900 | 1880 | 20.08 | -0.72 |
| 24 | Rhode Island | 0 | 0 | 369 | 0 | 29 | 398 | 1130 | -10.76 | 25.95 |
| 35 | South Carolina | 0 | 394 | 2 | 99 | 437 | 932 | 2120 | 33.52 | 174.12 |
| 48 | South Dakota | 0 | 0 | 0 | 14 | 2 | 16 | 22051 | -38.46 | -50.00 |
| 15 | Tennessee | 1,385 | 0 | 1,567 | 0 | 955 | 3,907 | 686 | -21.21 | 22.94 |
| 19 | Texas | 121 | 0 | 6,997 | 0 | 3,582 | 10,700 | 862 | -12.73 | -16.11 |
| 16 | Utah | 161 | 0 | 946 | 0 | 123 | 1,230 | 733 | -4.50 | 93.40 |
| 50 | Vermont | 0 | 0 | 2 | 0 | 0 | 2 | 154779 | -50.00 | 100.00 |
| 13 | Virginia | 1,062 | 0 | 2,860 | 0 | 1,011 | 4,933 | 655 | 17.82 | 368.03 |
| 25 | Washington | 12† | 0 | 1,843 | 0 | 379 | 2,234† | 1208 | 0.63 | 28.69 |
| 47 | West Virginia | 0 | 0 | 37 | 0 | 31 | 68 | 12909 | 74.36 | -28.42 |
| 27 | Wisconsin | 0 | 919 | 14 | 548 | 592 | 2,073 | 1222 | -13.37 | 150.67 |
| 41 | Wyoming | 21 | 0 | 4 | 0 | 57 | 82 | 2917 | 28.13 | 720.00 |
*Actual increase may not be as high due to improved or expanded data coverage in this state.
** Report methodology The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the state and national level. Data is also available at the individual county level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report.
Learn more at www.RealtyTrac.com
Lender Language – Learn the lingo!
Learn the lingo — Empower yourself with lender language!
Written by David Reed, author of Mortgage 101 and Mortgage Confidential.
Okay, quick: when was that last time you used the words “impound,” “abstract,” “escrow” or “intangible tax?” Not lately? Not ever? You’re not alone, yet in fact these are terms lenders use every day across these United States and Canada. It’s “lender language” and if it sounds like a secret code, you just might be right. But knowing just a few, key terms can empower you when talking to your lender; particularly if you’re just starting the search for a home loan.
Industry jargon, regardless of the industry, is not used so much to confuse the general public as it is to communicate more efficiently with others in the same field. Doctors use certain terms we rarely use, as do engineers and attorneys — even football coaches have their own language. Lenders are no different. By using ‘insider’ lender language, you will put your potential loan officer on notice that you’re in the know.
First and foremost, don’t use the term “loan application” when describing a…er…loan application. Instead, use the terminology lenders use. Instead of “loan application” use “1003” pronounced, “Ten-oh-three.” The 1003 is the name of the official form Fannie Mae assigns the five-page loan application and is what lenders and loan officers call an application.
And instead of saying, “Have you approved my loan yet?” say, “Have you submitted to D.U.?” “D.U.” stands for Desktop Underwriter and is the name of the automated underwriting system that lenders use to electronically obtain a loan approval. Lenders can also use “L.P.” which stands for Loan Prospector, or Freddie Mac’s version of D.U.
Don’t we all play this game with our car mechanic? You state the obvious not technical description of the problem, “It’s makes a thump-thumping sound when I hit the gas…” and then you try and fool them with the best advice you got at the water cooler, “…I’m thinking it might be the distributor cap…maybe you should start there.” The art of the bluff. But unlike your mechanic, your lender won’t call your bluff, they’ll just appreciate the clarity.
So the next time you talk to a lender don’t say, “Did you get my loan application and do you have a mortgage approval?” but confidently say, “You’ve got our “ten-oh-three’, did you run D.U. yet?” Your loan officer has just been put on notice that you’re a savvy agent.
Click here to visit David Reed’s website for more Financial Solutions.
What Interest Rates Really Mean
Financial Solutions by David Reed
The Fed did this! The Fed did that! Rates are up! Rates are down! Aaaagggh! Okay, now exhale. In turbulent economic times the media can’t wait to report what interest rates are doing. Pundits prognosticate, forecasters forecast and soothsayers sooth. When should you buy a home based upon interest rates and when is it the right time?
The fact is that interest rates, while important, have little impact when it comes to buying a home. Alright, alright, I’ll admit: it’s important…but it’s not a deal-killer.
There is a fixation on what rates are doing. A fixation on what rates will be in the future and what rates were in the past. I’ve heard potential home buyers tell me, “I’m not sure I want to buy now because rates are ¼ percent higher now and I think I’ll wait.” I say, “Wait for what?” I say let’s not look at the rate but instead concentrate on what that rate actually represents … your monthly payment.
Let’s look at what an interest rate move of ¼ percent really does to a $200,000 mortgage. Say a 30-year interest rate at 6.00 percent “jumps” to 6 ¼ percent. Shall we sit on the sidelines, thinking such a move is suddenly unaffordable? No. The payment on a $200,000 loan “jumps” by about $32 a month!
Now let’s get a bit more draconian and look at a ½ percent increase and the monthly payment increases by $64. Putting that into daily financial terms, $64 is about a tank of gas. While not insignificant, it’s hardly a reason to stay on the sidelines of home ownership. Right now, buyers should have more urgency than ever. Home prices have declined enough to make buying more affordable than it’s been in recent memory and interest rates (whether at 6 percent or 6 1/4 percent) are historically low. It’s time to act.
Are rates important? Sure they are. But are they the end-all? Heck no. Interest rates over the past few years have been in a very tight range, with few major swings. Just remember what interest rates represent, your monthly payment, and pay less attention to the headlines.
Click here to visit David Reed’s website for more Financial Solutions.
Credit Crisis Misconceptions
Overcoming the misconceptions about the “credit crisis”
You’ve watched the news and read about it in the papers. You know, the “credit crisis” and how buyers need 20 percent down in order to buy a home? And even if you found a buyer with 20 percent down, lenders aren’t making loans anyway. So, why bother, right? Wrong!
We’re right smack in the middle of what just might be the biggest disservice ever perpetrated on potential home buyers. It seems the press just can’t get enough of all the gloom and doom in the housing industry. The fact is that mortgage money is as available today as it was a year ago and loans are being made this very moment with little or no money down. And, no, platinum credit isn’t required. You just need to know where to look. Who are these lenders? They’re right down the street.
Federal Housing Administration (FHA) loans are exploding onto the mortgage scene; recent estimates are that one out of five mortgages are FHA loans. FHA loans never went away, their reemergence is a result of the collapse of the sub-prime market. FHA doesn’t technically have a minimum credit score, although, in practice, lenders won’t approve an FHA loan with a credit score below 500. But that’s a far cry from the notion that an 800 score is the only thing lenders care about.
The best part? FHA only requires 3 percent down. 3 percent. And that 3 percent can come in the form of a gift or grant. FHA borrowers only need to have $500 in a transaction. All the while, FHA mortgage rates are as good or better than their conventional counterparts.
Low or no down payment, extremely competitive rates and easier qualifying. No wonder FHA is moving up the charts!
Please contact me at 847-877-9881 or at Amy@AmyKite.com if you would like more information about FHA loans or help getting into your first home. Also visit my website at www.AmyKite.com for more real estate information.
