REO & Short Sale Facts for buyers

Today's buyers seem to have one thing in common: Everyone wants a great deal. So the real issue is whether the foreclosure, REO or short-sale property you're eyeing is a bargain or a money pit.

The buying public seems to think that "great deal" equals foreclosure, short sale or bank-owned property. The truth is that these properties may appear to be bargains, but in many cases you could be buying someone else's problems. If you're looking for a bargain property, here are some key issues to consider:

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REOs, short sales aren't always bargains

Some find quality, convenience take back seat to price

BY BERNICE ROSS, MONDAY, NOVEMBER 30, 2009.

Inman News

Happy Holidays!

As you gather with family and friends on this holiday, remember that it is a time to be grateful for events that have taken place in our history and the people we care about most.  I wish you and yours a great holiday season and a Happy Thanksgiving.

Sincerely,

Nicole McFadden

30-Year Rates Match All Time Low This Week

November 25, 2009

15-Year FRM Drops to Set Another New Low in Freddie Mac Survey History

McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.78 percent with an average 0.7 point for the week ending November 25, 2009, down from last week when it averaged 4.83 percent. Last year at this time, the 30-year FRM averaged 5.97 percent. The 30-year has not been this low since the week ending April 30, 2009, when it averaged 4.78 percent.

To read full release click here.

© 2009 Freddie Mac

California Terrace Market Report

California Terrace is one of my farms and it offers great  floor plans and a superbly maintained neighborhood. The prices range from the low $300,000's up to about $500,000.  Great for a first time home buyer, young professional or a small family! We currently have al properties in escrow but if you would like me to inform you of any new listings please comment, email or call me directly and I will be happy to help you stay up to date.

Click on Market Report Image to View

CAR Market Matters Report

Beyondtheheadlines_110509

Tax Credit Extended and Expanded

I want to share with you the Senates favorable vote yesterday, November 4, 2009, in favor of extending and expanding the parameters from first-time home buyers to include existing homeowners.  I included a comparison chart below with a link. 

The president of the California Association of Realtors shared this with me today:

"As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.

Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order."

James Liptak
2009 President

CALIFORNIA ASSOCIATION OF REALTORS®