Darryl Glade ~ New Orleans Real Estate

Credit Scores Drop

I read a interesting/disturbing article this morning about credit scores dropping. Take a read if you can: Credit Scores Take a Hit

The article is not focused on New Orleans citizens, but rather the nation as a whole. It outlines how many individuals are seeing their credit scores drop...THROUGH NO FAULT OF THEIR OWN!!! People work so hard their entire lives to pay bills on time to keep their credit score high and now banks are causing their credit scores to fall. What are the banks doing to cause this? The article outlines three reasons:

1. Cutting Credit Card Lines - Banks are systematically reducing the amount of credit they have on their books by cutting credit limits. The article states that by the end of 2010, banks will have cut about half of all available credit. Having less credit available can cause a consumer's credit score to fall.
2. New Credit Scoring - This scoring takes in to account the amount of available credit consumer's are using. Combined with decreasing limits and a poor economy, this can also lead to a drop in credit scores.
3. Loan Modifications - Many consumers are modifying loans to be able to pay during these hard economic times. Unfortunately, the way that the banks currently report these loan modifications to credit bureaus potentially can cause damage to your credit score.

Please take a look at the article for further explanation of this issue. I know that this is a very frustrating situation but it reiterates the need for consumers to actively monitor their credit scores.

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This New Orleans real estate blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see New Orleans Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.

New Orleans Real Estate - How to Avoid Foreclosure

Are you one of the estimated 2 million American households with a sub-prime mortgage that is at risk of losing their home in 2009? The Center for Responsible Lending estimates that not only will those 2 million households suffer this year but others may as well as property values near those foreclosures may drop as well. We are pretty fortunate in New Orleans to have avoided the mass foreclosures as much of America has had to deal with this year. However, there still are many New Orleanians faced with a potential foreclosure. I read an article from The National Association of Realtors about how to avoid foreclosure and I would like to share with you the highlights.

1. Your first step should be to contact your lender or service provider.
2. Your lender may be able to modify your loan
3. Contact a Realtor - Your only choice may be to sell your home and a Realtor is best equipped to assist you.
4. Be wary of "We buy houses for cash" advertisements. Many can be scams that falsely promise rescue from foreclosures.
5. Do you owe more than your house is worth? Contact your lender to find out if they can offer you any options such as a short sale.
6. For immediate advice contact: 888.995.HOPE or go to www.995HOPE.org.

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This New Orleans real estate blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see New Orleans Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.

Mortgage Market Conditions in Louisiana

So we all hear about the bad mortgages and foreclosures around the world on the nightly news. There are always stories about families losing their homes to foreclosure since they are now unable to pay their sub-prime mortgage. I hear these stories as well, but I wondered why Louisiana has been somewhat sheltered from the worst. I did a bit of research on our mortgage market and found some helpful info that may explain (at least in part) why we have been able to avoid huge foreclosure numbers.

Based on a report created by the National Association of Realtors in 2008, these statistics give a snapshot of the mortgage market in Louisiana:

• 44% of homes are owned free in clear - 32% is the national average
• Sub-prime exposure is 8% - 9% is the national average
• Sub-prime loans account for 54% of foreclosures (from NAR in 2008 may have changed)

These stats show that we have much more home ownership without a loan in Louisiana than in other states. This means that we have less potential for foreclosures since there are fewer houses with loans. Also, since sub-prime loans account for the majority of foreclosures and we have 11% fewer sub-prime loans than the national average, our exposure is less.

I know that this is not earth-shattering information, but I thought it was interesting at least! There are other reasons as to why we have been insulated from a huge real estate collapse, but the above facts certainly play a role.

New Orleans Real Estate - Termites! Today's New Orleans Real Estate blog post is all about termites. Property in New Orleans are especially susceptible to termites. We will start with some interesting facts about termites, then discuss the different types of termites, and we will finish termite prevention. Termite Facts:

• Termites have existed for approximately 350 million years.
• At least 1,900 species of termites are known to exist on earth.
• In recorded history, termites have never developed resistance to any type of pesticide. This is due in part to a queen’s “royal taster system,” in which the colony’s workers taste and process all food before it is fed to the queen.
• Termite workers and soldiers are blind, which means they rely on their sense of touch and chemical signals to help them locate food, moisture and shelter.
• These facts are from www.termites101.org

Termite Types found in New Orleans:

• Drywood termites can live in dry, sturdy wood and can be found in the Gulf Coast region (among other places). More specifically, the Southeastern Drywood Termite is the most common drywood termite species in the South. Drywood termites commonly target the wood in your home’s structural timbers, framing, furniture and hardwood flooring. Wood consumed by drywood termites appears very clean and smooth – as if the wood had been smoothed by sand paper.
• Formosan termites are the most destructive sub-species of subterranean termites in the United States. While subterranean termites typically require soil contact to receive the moisture they need to survive, Formosan termites have the ability to form cartons (nests inside the colony made of chewed wood, soil and undigested cellulose) to retain water for the colony until they can find a more permanent water source.
• Source - termites101.org and pestworld.com

Termite Prevention:

• Seal cracks and holes on the outside of the home including entry points for utilities and pipes.
• Keep tree branches and shrubbery well trimmed and away from the house.
• Keep basements, attics, and crawl spaces well ventilated and dry.
• Store garbage in sealed containers and dispose of it regularly.
• Repair fascia and sofits and rotted roof shingles
• Replace weather-stripping and repair loose mortar around basement foundation and windows.
• Store fire wood at least 20 feet away from the house and five inches off the ground.
• Call a qualified pest professional for additional advice and treatment if necessary.
• Source - pestworld.com

As always, please consult a professional regarding termite problems and treatment.

New Orleans Real Estate (Condos) Market Report July 2009

This market report focuses on Condos in New Orleans.

July 2009 - 677 condos for sale in New Orleans. -19.8%

July 2008 - 844 condos for sale in New Orleans.

62 condos sold in New Orleans in July 2009. -6.1%

66 condos sold in New Orleans in July 2008 .

KEEP READING: New Orleans Condo Report July 2009

You may also be interested in: New Orleans Real Estate - The Definitive Blog

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This New Orleans real estate condo market report was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see New Orleans Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.