Foreclosure Risk Rising, But Only in Key Areas

Daily Real Estate News October 19, 2007

The risk of foreclosure continues to climb, but it is concentrated in regions of the country with a souring economy or in areas where many homes were financed with subprime mortgages, according to a First American CoreLogic report.The Core Mortgage Risk Index rose 1.6 percent form the third quarter, which is a slower rate of growth than earlier this year, says Mark Fleming, chief economist.Fleming says the findings show that the brunt of the anticipated rise in foreclosures won’t be felt nationwide. The burden will fall on areas where local economies are struggling because of lay-offs, Fleming said.It doesn’t matter to a home owner in Detroit — the riskiest mortgage market — whether he has a burdensome adjustable-rate mortgage or a more manageable fixed-rate loan if he no longer has a paycheck, Fleming says.In contrast, rising foreclosures in California and Florida reflect a correction in home prices, Fleming says.Overall, fewer than 2 percent of mortgage borrowers are at risk of foreclosure. In much of the rest of the United States home prices are stable, rising at about the rate of inflation. "As long as people have jobs there is little risk of delinquency and ultimate foreclosure," Fleming says.

Source: Reuters News, Jim Christie (10/18/07)

Creating A House Rules Policy for Your Tenant

This story was printed from CompleteLandlord.com,
located at file:///C:/Documents%20and%20Settings/herjoy2/My%20Documents/real%20estate/blog%20info/to%20be%20used/creating%20a%20house%20rules%20policy%20for%20your%20tenant.htm
--------------------------------------------------------------
One important addendum to any lease or rental agreement is a House Rules or Tenant Behavior Policy. Landlords create House Rules so tenants will understand what behavior is expected of them on a day-to-day basis. Present the House Rules along with the lease or rental agreement, and ask your tenants to sign a copy acknowledging they understand your expectations in regard to parties, quiet hours, parking, garbage, pets, painting or repairs.
You can include any of the following House Rules in your lease or rental agreement:
Tenants may not store trash in hallways, on decks or porches.
Tenants should use hallways for entry and exit to their apartments only.
Tenants should use only non-glass containers near the pool (if you have one).
Tenants should not cook or use barbecue grills on balconies or patios.
Tenants should not behave in a loud or obnoxious fashion, especially after dusk and before dawn.
Tenants may not disturb or threaten other tenants or their guests.
Tenants may not own or show a weapon in any common area.
Tenants may not change or otherwise tamper with any electrical connections including cable wiring.
Tenants may not use windows for exit or entry to their own or another tenant’s apartment.
Tenants may not use, buy or sell drugs or other illegal substances in the rental property.
Tenants may not heat an apartment with a portable cooking stove or portable unit heater.
Tenants may not store any gas appliances in closets.
Tenants may not change the locks or paint without permission from the landlord.
Other recent Property Management tips for landlords:

Bounced Checks
The Roommate Trap with Late and Partial Payments