The Housing Council

Consumer Credit Defaults Continue

jpiper — Wed, 16 May 2012 15:29:48 +0000

Consumer credit defaults continued to decline in April, marking fresh post-recession lows.

The composite Standard & Poor’s/Experian index dropped to 1.86%, it’s lowest level since July 2007, from 1.96% in March. It’s the fourth monthly decline in a row after defaults ticked up at the end of last year.

First mortgage and second mortgage defaults also fell in April to 1.76% and 0.93%, respectively, new lows since July 2007 and August 2005.

“April data show the continuation of the positive trend we saw in the first quarter of 2012,” David Blitzer, head of S&P’s index committee, said in a news release. “Not only have we continued the general downward trend in consumer default rates that began in the spring of 2009, but we appear to be reaching new lows across many of the loan types.”

Of the four categories measured, only bankcard defaults rose from March, up slightly to 4.49% from 4.47%.

Four of the five metropolitan areas in the index fell month-to-month, while Los Angeles default rates remained flat.

The monthly index measures first-time defaults and covers roughly $11 trillion in outstanding loans in Experian’s database.

ascoggin@housingwire.com

Upcoming Operating Rental Property Class June 9th

davin — Sat, 05 May 2012 17:52:31 +0000

The Housing Council course, Operating Rental Property, is a must for all landlords or persons considering the purchase of income property. The next scheduled course is June... Continue reading →

Housing Council in the Democrat & Chronicle

davin — Mon, 05 Mar 2012 14:32:48 +0000

While an issue in the city, property tax foreclosures are not as prevalent in the suburbs as bank foreclosures, according to The Housing Council.

Tax foreclosures result when an owner does not pay the property tax. Bank foreclosures occur when owners do not make mortgage payments.

Tax foreclosures are rare in the county, said Scott Adair, chief financial officer in the Monroe County Department of Finance.

The county has not foreclosed on a property due to tax delinquency since 2007, Adair said, adding that the county places liens for unpaid taxes. While the number of liens has increased, the tax collection rate is at more than 97 percent between 2007 and 2011.

Bank foreclosures over unpaid mortgages occur more frequently because the lender typically repossesses the home before the homeowner faces action over unpaid taxes. While a homeowner may be behind on both the mortgage and property taxes, the lender takes over tax payments as a property moves into foreclosure to protect its investment.

When it comes to bank foreclosures, what is often classified as a city problem is spreading to middle-class suburbs, according to research by The Housing Council.

“Everyone thinks it’s only in the city. It’s not,” said Anne Peterson, executive director of The Housing Council. “Foreclosure has a very far-reaching effect.”

As the economy has weakened and families have faced unemployment, bank foreclosure filings across the county have outpaced city filings, according to The Housing Council study. Although the filings were virtually equal in 2006, (1,288 in Rochester and 1,286 in the county), that changed in subsequent years.

In 2007: 1,223 city vs. 1,360 county.

In 2008: 1,081 city vs. 1,213 county.

In 2009: 1,101 city vs. 1,292 county.

In 2010: 802 city vs. 1,068 county.

The 2011 numbers are incomplete at 242 for the city and 150 for the county because foreclosure filings are being held up by pending lawsuits over robo-signing cases, in which segments of the mortgage industry have been accused of forging signatures on foreclosure documents or not verifying information, Peterson explained.

The Housing Council study shows that a reduction in property owners’ income is the No. 1 cause of bank foreclosure filings. Most homeowners seeking help from The Housing Council have been in their homes eight to nine years, signaling the difficulties are not the result of predatory lending or balloon loans, Peterson said.

Since the Rochester market has been relatively free of speculative buying, property values have held steady, unlike other areas of the country where housing values have depreciated rapidly since the economy tanked in 2008.

Often people in financial trouble seek help when it is too late, said Bob Kalb, partner in real estate and banking at Forsyth, Howe, O’Dwyer, Kalb and Murphy in Rochester.

“The worst thing you can do is delay it,” Kalb said. He suggests calling the lender to work out a plan, since many banks would prefer to prevent the foreclosure.

http://www.democratandchronicle.com/apps/pbcs.dll/article?AID=2012303030045

Lead Prevention at the Housing Council

davin — Mon, 27 Feb 2012 14:56:12 +0000

Since April of 2010, new federal laws require contractors to be EPA Lead Certified Renovators. This impacts anyone who is paid to perform work that disturbs paint in housing and child -occupied facilities built before 1978.

Lead is especially dangerous to children under six years of age. Lead can affect children’s brains and developing nervous systems, causing:

• Reduced IQ and learning disabilities.
• Behavior problems.

Even children who appear healthy can have dangerous levels of lead in their bodies.
Lead is also harmful to adults. In adults, low levels. Access the EPA Renovate Right brochure to learn how to be in compliance with federal lead regulations.

Landlord Forms & Publications Available for Download

davin — Mon, 27 Feb 2012 14:49:50 +0000

The Housing Council publications and forms for landlords are always available to assist you in operating your property and increasing your business potential. Free downloadable publications are available along with our popular fee based forms. click on the Landlords Section of the website to learn more. Continue reading →

First-Time Homebuyer Courses for March Announced

davin — Tue, 07 Feb 2012 14:29:48 +0000

Our First Time Homebuyer Education and Counseling program will provide you with the foundation needed to enable you to attain, maintain and sustain homeownership. With more than 30 years experience, our staff takes the holistic approach when working with future homeowners. The First Time Homebuyer Workshop prepares you for homeownership. Classes are scheduled monthly. The next two night workshop will be held are on March 6th and 7th. The workshops are 4 hours each night. Email firsthome@thehousingcouncil.org for more information, and review additional information on this website.

Landlords: Are Your Rental Units Online?

davin — Mon, 16 Jan 2012 14:28:22 +0000

Last year over 25,000 tenants made use of this registry. The Rental Registry, which is published twice weekly, is a proven medium in which to advertise your vacant units. The Department of Social Services and numerous other local agencies in the City of Rochester and Monroe County also use it to assist individuals who need housing. The Rental Registry is made available online to help tenants and agencies find available units.

The following options reflect the current fees for listing available units in The Housing Council’s Rental Registry:

Option #1 – Single listing for $20
Option #2 – 4 listings for $50
Option #3 – 10 listings for $100
All listings will run for 45 days.

All listings will run fior 45 days or until unit is rented.

Checks can be made out to The Housing Council and mailed to us or dropped off at our office.

Welcome to our New Website!

davin — Wed, 21 Dec 2011 19:59:07 +0000

As you can see, we’ve made some changes to our website. We hope that it’s as easy to use as it is informative!

Our new site will give you the opportunity to

Search for available affordable housing
Purchase documents online
Register for Operating Rental Property or First Time Homebuyer courses online
Chat with a representative to get Housing Hotline questions answered
Connect with us on Facebook and Twitter
Stay up-to-date on our latest research initiatives and findings

It is still a bit of a work-in-progress, so your patience is appreciated. If you find that you’re unable to find something or you’ve just got comments or feedback about our new design, please give us a call or send us an email. We look forward to making this site be as useful to you as possible.

-The Housing Council

First Home Club

davin — Wed, 07 Dec 2011 20:12:24 +0000

Enrollment in First Home Club gives participants:

PERSONAL COUNSELING
Households will be provided opportunities for confidential counseling to discuss personal finances, household budgeting and credit history.

Understanding and completing the requirements of the FIRST HOME CLUBsm
We will review FIRST HOME CLUBsm program requirements with you, including the systematic savings process, homeownership counseling and use of the FHC dedicated savings account.

Mortgage Payment versus Rent
We will realistically assess the issues that should be considered in choosing between renting and owning a home.

Financial Planning for a Home
We will estimate the mortgage a household can or should consider affordable. Provide a guide to credit enhancement and maintenance. Assist each household in establishing a schedule of systematic savings.

Choosing an Affordable Home
We will discuss the procedures in searching, negotiating, and making the offer to purchase.

Create a Monthly Budget
We will help you develop budgeting skills in order to manage money in all aspects of the household’s life. Describe the payments (PITI — principal and interest, taxes, and insurance) and costs of maintaining a home.

Contract of Sale
We will explain the signing of the contract and the professional home inspection.

Mortgage Loan Application
We will assist and explain the application and approval process. Explain verification of income, grants, gift letters, and underwriting procedures.

Downpayment and Closing Costs
We will explain downpayment requirement and the fees paid at closing.

The Closing Documents
We will explain the information provided in the various documents executed at closing and the obligations incurred as a borrower.

The Closing
We will help you understand closing day from scheduling and final to who does what at the closing table.

Life as a Homeowner
We will help you in understanding homeownership issues such as the following: payment due dates; late payment penalties; tax benefits of home improvements; how to maintain and improve the home; refinancing choices; importance of keeping good documentation on capital improvements.

Predatory Lending
We will help you in recognizing and avoiding predatory lending practices before and after purchasing a home. Recognizing traps, scams and costly fees such as private transfer fees (sometimes known as “flip fees”).

Directions to our Offices

davin — Tue, 06 Dec 2011 21:59:48 +0000