January 2009
7 posts
Foreclosures Not Slowed By CA Law
California enacted a law that requires lenders to delay filing a notice of default (the first step of foreclosure) for 30 days in order to give the homeowner and lender a chance to work out other options while stopping the foreclosure clock from ticking. An article in the Press Enterprise reports that the law seems to have done very little to actually slow down the rate of foreclosure filings. ...
Everything That Goes Down Must Go Up Again...
And here, I am talking about interest rates. (For you sellers out there, since prices are down, you can eagerly anticipate when prices will also come back up!)
Mortgage interest rates are currently the lowest on record. This is not an attempt at hyperbole. Rates for 30-year fixed mortgages are hovering around 5% and last week buyers were locking in rates in the high 4% range. These rates...
Not Your Parents' FHA Loan - The New And Improved...
FHA-backed loans used to be primarily for 1st time home buyers. The program has been modernized and is available to all buyers if you meet the program’s loan limits and other requirements. A buyer can put down as little as 3.5% and can have credit scores in the 600s without being penalized.
Check out this article from CNN which talks about the modernized FHA programs and how buyers are...
Black Star, Radiohead
Clinic For Struggling Homeowners - Saturday,...
Homeowners who are struggling to make their mortgage payments may be able to get the help they need from a little-known local resource: The Housing Opportunities Collaborative. Here is their website: http://hocnetwork.squarespace.com/ They provide lots of services for homeowners but these days one of the most important services they offer is their clinics where homeowners who are struggling with...
Radio Nowhere, Bruce Springsteen. Enjoy!
What Will Happen In The Housing Market in 2009?
No one knows for sure but many experts seem to agree that the first half of the year will bring even lower home prices and a possible stabilization in the second half of the year.
What does this mean for buyers and sellers? Well, simply put, if a seller is thinking of sellling during 2009, it may be best to sell sooner than later since prices will continue to inch lower - otherwise you may want...