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Real Estate Newsletter Aug 09


TIME IS RUNNING OUT….
November 30th is the last day to take advantage of the $8000 tax credit available to first-time homebuyers. Qualified first-time home buyers may claim a tax credit of ten percent of the purchase price of their home, up to $8,000. In order to meet that deadline, first-time homeowners need to select a home and begin the loan process as soon as possible!

Surveys show that fewer than 1 in 5 homebuyers currently shopp… Continue

(Arizona Real Estate Newsletter – October 08)

THE GOOD NEWS – New home sales rose 2.7% Nationwide in September – according to the Associated Press. This came as a surprise to many who thought it was going to drop again after an awful August where new home sales dropped 12%. This bounce-back of volume did not really shock me but the reason I mention this to you is that the West was the driving force in September sales. Here is the breakdown of that National average by region.

West +22.7%… Continue

In case you heven't heard yet, the Federal Govenrment took control of Fannie Mae & Freddie Mac over this last weekend. This means (among other things) that all changes to their loan programs will have to go through congress now. The potential long term effects of this Government intervention are still uncertain, however, the short term effects have been amazing. RATES ARE LOWER.

30 year rates have fallen about .5% in the last 24 Hours. Good borrowers can get a 30 year rate at 5.875% (withou… Continue

The majority of purchases I have seen in the last 9 months are primarily buyers who are looking at either Bank Owned properties or homes that are being sold “short” to avoid foreclosure. There are simply not that many people looking to buy from private owners these days. Rather, everyone is looking for a smoking deal!
There is no arguing the point that these types of homes will be sold under their appraised value, giving you an immediate equity position. But, like many great deals – there can be… Continue

Contrary to a previous post - it appears that the Down Payment Assistance available to FHA loans (Ameridream & Nehemiah) will actually be discontinued as of October 1st, 2008. It was highly rumored that enough resistance was met to keep these programs alive, but HUD has still not rescinded this upcoming suspension.

Many wholesalers and large banks are not accepting any locks after August 15th, with 45 days as the longest acceptable lock period. Investors are telling us that all FHA/DPA loan… Continue