Wednesday, April 29, 2009

New Flood Of REOs Poised To Hit The Market

3 Things You Need To Know

“Hope” may be on its’ way, but there’s continued pain in the current forecast as well. Prior to the Obama Administration taking office, lenders were asked to put foreclosures on hold in anticipation of the much touted Economic Recovery Package promised by the new president.

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Written by Carl Medford, Agent in Fremont, CA

Where to Get Foreclosure Help

With so many dubious and fraudulent programs preying on home owners, here's a list of legitimate places that provide assistance to troubled borrowers. Read more >

Wednesday, April 22, 2009

National Foreclosure Activity Increases 9% in First Quarter

According to an article printed by RISMEDIA, RealtyTrac®, one of the leading online marketplaces for foreclosure properties, released its U.S. Foreclosure Market ReportTM for Q1 2009, which shows that foreclosure filings were reported on 803,489 properties in the first quarter, a 9% increase from the previous quarter and an increase of nearly 24% from Q1 2008. Continued

Tuesday, April 14, 2009

Top Economists Say Recovery Has Begun

Some experts believe that rising home sales and stock market gains are key indicators that the economy is turning around. Read more >

Jumbo Loans Getting Easier to Find

Creditors including Bank of America are now offering 30-year fixed rate jumbo mortgages at less than 6 percent interest. Read more >

Is FHA Key to Housing Turnaround?

FHA loans now account for 20 percent of new mortgages. Some of the benefits being touted of these loans include low rates and easy loan modifications for borrowers who fall behind. Read more >

Tax Break Available for New Car Purchases This Year

If you have purchased, or are thinking about purchasing a new vehicle in 2009, take advantage of the temporary tax incentive for the purchase of a new car, light truck, motor home, or motorcycle. The deduction is available for the cost of all state and local sales and excise taxes paid on up to $49,500 of the purchase price. The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers. The vehicle must be purchased after Feb. 16 and before Jan. 1, 2010. For more info contact Bob McNamara, 202/383-1268.

Wednesday, April 8, 2009

Are We at the Bottom?

Many see the housing market as the key to economic recovery but acknowledge that until its pereceived that the market has hit bottom, many would-be buyers will sit on the sidelines. A March 24 Good Morning America (GMA) segment suggests that maybe we're there. GMA reported on a influx of foreign and domestic "professional buyers" (investors who buy homes--sometimes in bulk and sight unseen--at bargain prices to later sell at a profit). Their presence typcially signals the market bottom, or near to it, and thus the beginning of a recovery. Read the story, or search the GMA site for "Real Estate Vultures" to locate the original video report.

2009 Global Market Report

Published annually, NAI’s Global Market Report provides an overview of market conditions in 213 commercial real estate markets throughout the U.S., Canada, Latin America, Europe, Middle East, Africa and Asia Pacific, with statistic-rich reports, easy-to-read charts and graphs. Snapshot market reports of key global cities are available online at no cost.

Is BRIC Still Poised to Lead Us to a Recovery?

The BRIC (Brazil, Russia, India and China) countries have been much ballyhooed as integral to global recovery. Their fast growing economies and sheer number of people (40% of the world's population), positions these economies to drive the market. Thought by some to be immune from the global recession, this was not the case, but Jones Lang LaSalle (JLL) forecasts that the BRIC real estate markets will recover faster than European and U.S. markets, with India and China leading the way. JLL predicts India’s property sector may begin recovery as early as year-end, and attract as much as $12 billion in real estate investment over five years. Billionaire investor Li Ka-shing predicts China will lead a global economic recovery and suggests investors buy shares and real estate (Bloomberg, March 26). As BRIC consumers flex their new-found muscle, retail investors are eyeing BRIC markets. Download NAI Global's report on the economic impact of the consumer consumption across the BRIC markets.

Saturday, April 4, 2009

Albuquerque foreclosures lower than U.S.

Foreclosure rates in Albuquerque grew in February to 1.1 percent, an increase of 0.4 percentage points compared to February 2008 when the rate was 0.7 percent, according to First American CoreLogic, the leading collector of national, state and local data on home prices, foreclosure and delinquency activity.
Foreclosure activity in Albuquerque is lower than the national foreclosure rate, which was 1.7 percent for February 2009. The nation’s repossession rate stood at 0.8 percent that same month, while New Mexico’s was just 0.2 percent.
The mortgage delinquency rate also has increased in the Duke City as 2.8 percent of mortgage loans were 90 days or more delinquent compared to 1.9 percent for the same period last year, representing an increase of 0.9 percentage points. Job losses and the resetting of adjustable rate mortgages have caused foreclosures and delinquency rates to increase.

Thursday, April 2, 2009


In many instances, the biggest barrier facing first-time homebuyers is saving the money for the down payment and closing costs. Because the federal first-time homebuyer credit can only be claimed after the homebuyer purchases the home, the credit cannot be used to cover the down-payment and closing costs associated with the purchase of a home.Because of the need for down payment and closing cost assistance to purchase a home, MFA has created the “Tax Credit Loan Program”. The Tax Credit Loan Program provides a first-time homebuyer with a loan of 8 percent of the sales price or $6,500, whichever is less, to cover the down payment and closing costs associated with purchasing a home. After loan closing, the homebuyer may file for the federal first-time homebuyer tax credit and use the tax refund to pay off the Tax Credit Loan.As long as the homebuyer pays off the Tax Credit Loan prior to June 30, 2010, the homebuyer will not have to pay any interest on the loan. If the borrower chooses not to pay off the Tax Credit Loan by June 30, 2010, the loan will convert to a 30 year, fixed rate second mortgage that requires a modest monthly payment. The Tax Credit Loan Program is paired with a safe, 30 year fixed rate MFA first mortgage loan, which provides long-term, sustainable homeownership. The Tax Credit Loan Program is available statewide to first-time homebuyers who have not owned a home for the past three years. The program is available through a statewide network of Participating Lenders, which are listed on the back of this fact sheet. The Participating Lender will coordinate the loan process and answer any questions you may have regarding the program.


In 2008, Congress created the first-time homebuyer tax credit as a method of encouraging new homebuyers to purchase a home. The program provides up to an $8,000 tax credit for first-time homebuyers who purchase a home before December 1, 2009. The homebuyer must live in the home for at least 36 months, or they will be required to repay the tax credit to the IRS. Additional information regarding the federal first-time homebuyer tax credit can be found at