Sometimes it is just a good review to see what is considered in qualifying for a mortgage. Click the link to this article and see what ya think. The four C’s what are they?
Take Care out there!
Here is a great article in the Seattle Times Real Estate Section on March 26th 2012…talking about the new campaign that Bank of America is proposing to allow people to stay in their homes and rent. They are beta testing it in three states, Arizona, New York and Nevada. If the reaction is positive, it will be expanded to other states.
No program is an end all or is a be all, but any attempt to aid distressed homeowners in this very difficult time, is at least some good news.
Check it out. Keeping Folks in Their Home
Having a Carbon Monoxide Alarm in your home or condo or apartment that you own or rental that you own, is now LAW in the state of Washington. By April 1st of this year, they are “required before a buyer or any other person may legally occupy the residence following the sale.” (RCW 19.27.530). Check out this article. Carbon Monoxide Article
This is another information link to explain the current market conditions. Today the discussion is about Shadow Inventory.
The term Shadow Inventory indicates the amount of homes that Banks have in their back pocket, so to speak, that will eventually be released to the market. The significance of it is that we have to work our way through all the inventory, or most of it, in order to get through this economic downturn. The banks have been holding onto thousands of homes before putting on the market, as they can only handle so many at a time. The Foreclosure process is very labored and banks are overwhelmed. According to the web site, www.houserepos.net, thousands of homeowners are struggling to go through loan modifications first, which has also slowed the process down and elongated the time a home gets to foreclosure.
I have included a picture of a map of the United States indicating how many months each state has of shadow inventory. Washington State is fortunate to have only 4 months! That is tremendous, against some states with 12, 18 and even as much as 34 months for the state of New Mexico and 65 for New Jersey. Wow!
Here is a pdf of National Shadow Inventory and Washington State Inventory county by county. Shadow Inventory & WA State Inventory. If you have questions, don’t hesitate to ask.
Basically, what this demonstrates is that Washington State, with only 4 months indicated of shadow inventory, stands very strong in the overall economy of foreclosures and recovery from this economic downturn.
More in next segment on the significance to us in the Seattle area.
I am offering TWO free tickets to the first person who contacts me through the Web/Blog site for the Seattle Remodeling Expo 2012. This comprehensive and expansive home show brings together homeowners and many of the most knowledgeable and experienced remodeling and building experts. Every aspect of the home can be explored, from the smallest design detail to the largest house addition. Professionals will be on hand to share their valuable knowledge to bring your ideas to life or inspire you with new ones.
Go onto the web site linked above in the headline, and see what you think! Check it out!
Then from my web site, go to contact me at the bottom and mention that you are interested in the two free tickets. I’ll need your email information and name. There ya have it! Done! Go and enjoy!
Overall sense of the US populace has an “improved tone”, the Gardner Report indicates, noted here.
Here are some significant stats you’ll find in the report: (This is referencing the last quarter of 2011 WA State.)
- 3% expansion of economy
- Haven’t seen this expansion since Qu2 of 2010
- Local employment at 7.7% less than national average
- Job increases:
- Aerospace + 9,400
- Ed and Health + 5,400
- Professional & Business +3700
- Construction +1000 (awesome!)
Who will surprise us this season with their prowess in baseball? Will it be the new Japan recruits? Will it be Ichiro in his new position? Will it be Ackerly getting really comfortable in the majors? Who will it be?
Look at the difference from a year ago in the market moving from a balance market to now a hot seller’s market. We need more homes on the market, more listing, more inventory, as there are plenty of buyers out there looking for a good, solid home.