The Current Market Is Fragile

I just read an article that talked about the current state of the real estate market.  It appears the experts believe we have hit the bottom of the market crash and home prices have shown to be increasing.  The mortgage rates are still at historic lows and the tax credit for first time home buyers appears to be doing it’s job. 

There are still many waiting and hoping that the tax credit will be extended and maybe even increased.  Others are hoping that the tax credit will be offered to all home buyers and not just ‘first time’ home buyers.  The wait to see which bills pass congress will be filled with anxiety. 

There is also the matter of the ARMS loans coming due and the foreclosures that may follow.  The increase in foreclosures could potentially cause home prices to fall again. 

Become informed of the current market and contact a professional before making any real estate decisions.  With the fragility of the market...timing is everything.

Brought To You By Randy Charlton Of Century 21 Home Realtors.

Buying Foreclosure REOs

Forget about chasing down short sales and dealing with lenders who don't want to deal. Instead, I suggest going straight to the source, which is often the very same lenders who refused to deal but now must. These are lenders who have taken back a home in foreclosure.

Regardless of government-sponsored voluntary bail-out programs designed to help home owners in foreclosure -- the programs which are rightfully called "too little, too late and too voluntary" by The New York Times -- foreclosures will continue to rise throughout 2008. This means more banks will end up owning properties, which is bad news for sellers in default and bad news for the banks but could mean good news for first-time home buyers and investors.

The deals are out there. But don't make the mistake of thinking the bank is going to hand you a home on a silver platter. Banks hire lawyers to draw purchase contracts that favor the bank. And banks hire hard-nosed negotiators. Make sure you hire a real estate agent versed in dealing with REOs, an agent who will represent your interests over the bank's ... Be sure to contact Randy Charlton with Century 21 Home at 909-938-9568 or visit my website at www.TeamCharlton.com.

 Brought to you by Randy Charlton of Century 21 Home Realtors.

Everyone seems to be talking about foreclosures today ... and for good reason. There is no doubt that the Foreclosure numbers have increased dramatically the past few months.  And who knows what the future holds for homeowners with sub-par mortgages.  Below is an article from Realtor Magazine Online I thought you may find interesting.  If you every have a question about foreclosures in our market, please do not hesitate in giving me a call.

More home owners entered the foreclosure process during the first three months of 2007 than during the record-setting final quarter of 2006, according to a report by the Mortgage Bankers Association.

The MBA’s Chief Economist Doug Duncan predicts that delinquencies would continue to rise, peaking later this year. He also points out that the rate would have fallen if it weren’t for substantial increases in seven states.

"The percentage of loans in foreclosure would be well below the average of the last 10 years were it not for Ohio, Michigan, and Indiana," Duncan says. "And the rate of foreclosures started nationwide would have fallen were it not for the big jumps in California, Florida, Nevada, and Arizona. Those states have special circumstances that do not reflect what is happening in the rest of the country."

Seasonally adjusted, 0.58 percent of loans entered the foreclosure process last quarter, compared with 0.54 percent in the fourth quarter of 2006 and 0.41 percent in last year's first quarter. The rates for the past two quarters are the highest in the survey's 37-year history.

— REALTOR® Magazine Online and The Wall Street Journal, Damian Paletta and James R. Hagerty (06/15/07)