RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Mortgage Default Rates Plummet

June 23, 2015 2:06 am

Credit default rates, including those of mortgages, recently sunk to historic lows, according to the S&P/Experian Consumer Credit Default Indices. Both mortgage default rates fell, the first to 0.74 percent and the second to 0.42 percent, signaling a turn of tides for economy.

Data from the Indices revealed the auto loan default rate dipped to a record low of 0.86 percent. The bank card default rate decreased to 2.98 percent – its largest decrease since 2013.

“Consumer credit default rates are below pre-crisis levels, at new lows and continue to drift down,” says David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. “These low levels should not come as a surprise: interest rates haven’t turned up, consumer debt service as a proportion of household income is close to its record low, and the Federal Reserve reported that consumer wealth was at a peak in the first quarter of 2015.

“Nor should one assume that debt levels and defaults are low because no one is spending; on the contrary, May light vehicle sales were the highest since July 2005 and retail sales jumped. The economy looks good, consumers are spending and credit usage is rising. The combination of low debt service and economic expansion should ease worries about the fallout some fear when the Federal Reserve boosts interest rates,” Blitzer says.

Source: S&P/Experian Consumer Credit Default Indices

Published with permission from RISMedia.


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Mold Cleanup: When to Clean, Dry or Discard

June 23, 2015 2:06 am

Not all damage from flooding takes place while your home is under water. Long after the flood waters have receded, mold and mildew can present serious and ongoing health issues, says FEMA. Mold and mildew can start growing within 24 hours after a flood, and can lurk throughout a home, including the attic, basement and crawl spaces. The best defense is to clean, dry or discard moldy items.

Many materials are prone to developing mold if they remain damp or wet for too long. Start a post-flood cleanup by sorting all items exposed to floodwaters:

• Wood and upholstered furniture and other porous materials can trap mold and may need to be discarded.

• Carpeting presents a problem because drying it does not remove mold spores. Carpets with mold and mildew should be removed.

• Glass, plastic and metal objects and other items made of hardened or nonporous materials can often be cleaned, disinfected and reused.

All flood-dampened surfaces should be cleaned, disinfected and dried as soon as possible. To ensure a safe and effective cleanup, remember:

• Open windows for ventilation and wear rubber gloves and eye protection when cleaning. Consider using a mask (rated N-95 or higher) if heavy concentrations of mold are present.

• Use a non-ammonia soap or detergent to clean all areas and washable items that came in contact with floodwaters.

• Mix one-and-a-half cups of household bleach in one gallon of water and thoroughly rinse and disinfect the area. Never mix bleach with ammonia, as the fumes are toxic.

• Cleaned areas can take several days to dry thoroughly. The use of heat, fans and dehumidifiers can speed up the drying process.

• Check all sources of odor. Mold often hides in the walls or behind wall coverings. Find all mold sources and clean them properly.

• Remove and discard all materials that can’t be cleaned like wallboard, fiberglass and other fibrous goods. Clean the wall studs where wallboard has been removed and allow the area to dry thoroughly before replacing the wallboard.

Source: FEMA.gov

Published with permission from RISMedia.


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