Greenville SC:   There has been a -6.3% decline this past year in the Zillow Home Value Index and the Index has shown a pretty consistant 0.5% approximate drop each month, which is a little concerning, but on the positive side, there has been better news with the Total homes sold this year.  Though the last full month on record in October 2009 the number of homes sold in the city of Greenville was only 63 (not a great number and close to the 5 year low back in February 2009), the numbers really have been better for most of the last few months.   In July and September, we almost hit 100 houses sold in Greenville (96 and 98, respectively).  Overall, the last 6 months have shown improvement compared to the previous 6 months.  Perhaps because of the Home Buyer’s Tax Credits being offered by the IRS.

Anderson SC:  Anderson has shown similar trends as Greenville.  Anderson’s one year change of the Zillow Home Value Index has been -4.6%, not very good.  On the otherhand, the total homes sold in Anderson has shown some signs of life the last few months.  The last month in October fell to an unimpressive 23 homes sold, but the 2 previous months hit a yearly high of 30 and 32 in August and September and overall has shown some promise of recovery.

Spartanburg SC:  The city of Spartanburg SC has actually shown the most promise of the bigger Upstate SC cities as far as its housing numbers are concerned.  The Zillow Home Value Index has actually increased (+8.6%) the last year.  Also the number of homes sold has recovered from it’s low point early this year (January, only 23 homes sold) to double on several occasions (it sits at 46 in the last October 2009 report and hit 52 in July).  All good signs.

Other smaller cities showing promise:  Greer SC: (+2.7% Zillow Home Value Index for the last year) and got to a 1 year high in homes sold in July at 46 homes, but has shown some recent sluggishness (dropped to the 30’s the last 3 months, 31 in October 2009).   Pickens SC: Pickens, though small, has shown some growth through our statistics.  The ZHV Index has gone up +11.5% the last year (very strong).

Overall, compared to many housing markets across the United States, the Upstate of South Carolina looks relatively strong.  Hopefully these trends of “acceptable losses” or some slight increases of home values can continue into the new year.  Let’s hope 2010 starts a general housing recovery, but that, of course, remains to be seen.

-Gary Schoenholz – Loan Officer Manager – www.GaryTheMortgageExpert.com 864-979-1111 cell phone, call for free mortgage rate quotes.

The days of No Doc loans or Stated Income loans are a thing of the past and it is very important to be prepared on the the front end of the process.  The job of an experienced loan officer is to assess your unique situation, in doing so the file that is presented to the underwriter should go through in a quicker manner.  The checklist below should  assist anyone that is in the process of looking to refinance or purchase a home.

Paystubs: If you are not self employed and are a W-2 wage earner the lender will require 30 days worth of pay stubs.

W-2’s: The lender will require the most recent years W-2 and sometimes 2 years worth so it is always better to be prepared to present the past 2 years.

Self-Employed Borrower: Depending on the structure of your company i.e. LLC, S-Corp or Partnership the general rule of thumb is to be prepared to produce the last 2 years of taxes.

1099 and Commission only would fall under the self employed standards above.

Asset Verification: Generally speaking this would fall under a savings/checking account and the lenders will require 2 months bank statements (all pages) in order to verify any “seasoned” assets.

All lenders will require a photo i.d. of each borrower and depending on what type of loan they may require a copy of your Social Security card as well.

Keep in mind that every loan is different and it is really up to your the loan officer to prepare you for the loan submission. Remember a complete loan package presented to the underwriter on the front end will result in a smoother approval process and a quicker closing time.

Posted by Randy Ratchford. Randy is a partner, Sr. Loan Officer with Horizon Financial. Randy can be reached toll free @877-627-9211 ext. 107 or email RRatchford@HorizonFinancial.org