Still a good time to buy a home...
Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans fell to 4.32 percent, the lowest on records dating back to 1971. That's down from 4.37 percent the previous week and equal to the average rate reached four weeks ago.
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It was just released that home prices were up .6%in June from July. Not sure where that is happening but it does not feel like it is here in Arizona.
10 reasons to buy a home today:
1. You can get a good deal.
2. Mortgages are cheap.
3. You can save on taxes.
4. It will be yours.
5. You’ll get a better home.
6. It offers some inflation protection.
7. It’s risk capital.
8. It’s forced savings.
9. There is a lot to choose from.
10. Sooner or later, the market will clear.
Fannie Mae just released their National Housing Survey. The survey reported:
• 82% of respondents consider homeownership important to the economy, up two points from January.
• 70% of respondents think it is a good time to buy a house (of which 36% think it is a very good time to buy), up six points from January. This is also four points higher than the 2003 survey – well before home prices peaked – when 66 % said it was a good time.
The Nation’s Real Estate Pricing Expert
Karl E. Case is a professor emeritus of economics at Wellesley. Professor Case is also co-creator of Standard & Poor’s Case-Shiller House Price Index and is recognized as the one of the foremost authorities on real estate today. In a New York Times op-ed piece earlier this month titled, A Dream House After All, he said:
I have never quite understood what the American dream really means when it comes to housing. For some people, it means having a solid and fairly safe long-term investment that is coupled with the satisfaction of owning the house they live in. That dream is still alive.
Others, however, think the American dream is owning property that appreciates by 30 percent a year, making a house into a vehicle for paying bills. But those kinds of dreams have become nightmares for the millions of foreclosed property owners who have found themselves sliding toward bankruptcy.
But for people with a more realistic version of the American dream, buying a house now can make a lot of sense.
US home prices dipped again in July. We keep hearing things are becoming more stable yet news like this keeps coming out. I will keep you posted as I hear more but right now it still looks like the housing market is not ready to make a comeback.
Arizona just got a $1.7M grant to help in the fight against mortgage fraud. The target of the AG's office will be mortgage "rescue" programs. The AG has already had numerous indictments and lawsuits against these type of programs.
If you are interested in a loan modification or a short sale speak to an expert. If they ask for money upfront this could not be on the level so take your time and do your homework on the company you are about to do business with.
Economists are saying the recession is over. What are your thoughts? Does it feel to you like the recession is over?
Yahoo Finance posted this morning... "Rates on 30-year mortgages climbed for the second straight week, but remain near the lowest level in decades.
The average rate for 30-year fixed loans this week was 4.37 percent, mortgage buyer Freddie Mac said Thursday. That's up from 4.35 percent a week earlier and 4.32 percent the previous week, which was the lowest level on records dating back to 1971."
If you are ready to buy a home now may be the right time for you. So give me a call to discuss your options.
During these trying times many people are having debt discharged due to a short sale or foreclosure. Read the IRS Publication 4681 for answers to your tax liabilty questions on these discharged debts.
This came from the Arizona Republic. It's a funny way to explain a sad situation.
A tune for Phoenix homeowners: "Short-Sale Foreclosure Blues"
The housing market has prompted many laments. Realty Executives Chairman Rich Rector put the woes of many homeowners to music. He sang the song “Short-Sale Foreclosure Blues†at one of his brokerage's recent meetings.
â€Bought at the top in 2005.
Life was great, beginning to thrive.
Then, whoa, things took a major dive.
Got those short sale, foreclosure, repo blues.
Behind on my payments, Market done tanked.
Prices have fallen, zilch in the bank.
Went to my lender and drew a blank.
Got those short sale, foreclosure, repo blues.
If I could have, I would have paid.
If I could have, I would have stayed.
I've been Fannie'd and Freddie'd and FHA'd.
I've been Chased, Wells Fargo'd and B of A'd.
I've got those underwater, upside down short-sale foreclosure blues.
I've been Fannie'd and Freddie'd and FHA'd.
I've been Chased, Wells Fargo'd and B of A'd.
I've got those underwater, upside down
Short-Sale Foreclosure Blues.â€
Arizona got $45 million from the federal government to help with the foreclosure crisis in our community. Some of the money will go to help first time home buyers with their down payments. Call me today to discuss if this money could help you get into your first home.
I get questions every week on foreclosures and advice. On a new FNMA backed loan it ranges 2-7 years. One thing that has come out since July 1 this year, FNMA will be checking foreclosures and if they determine it was 'strategic' (you could have made the payments) you will wait 7 years AND they will pursue you for the shortage.
Call me to discuss your options.
You do not have to feel the stress of a foreclosure. Call me today to see if you are a candidate for a short sale. The process has become much easier and smoother over the last few months.
Congratulations to the 11U Stealth for a fantastic weekend of baseball. We are so happy to have the Stealth family back together after a short break that felt like 100 years :). Great job to the adult Stealth for winning their game over the hard to beat Angels last night. Good job big boys.
HUD has come out with a new program to help responsible borrowers that are upside down in their homes. The program started today. Check it out and see if you are eligible... http://ping.fm/pxId6
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