Have we hit BOTTOM?

Let's recap...

• Mortgage rates still low




• Home prices at a historic low




• Government incentives for first time buyers (see my fav links)

HOWEVER,

Inventory is shrinking. According to the National Association of Realtors, housing inventory peaked in November 2008 at an 11 month supply. In May 2009 it fell to 9.6 month supply. Total housing inventory at the end of June fell 0.7 percent to 3.82 million existing homes available for sale, which represents a 9.4-month supply at the current sales pace. Great news for you sellers, as we all know when inventory decreases home prices begin to increase!!!

Investors are helping in the price increase, they KNOW a good deal when they see it (they are who keep me as well as this market moving FORWARD) and KNOW that real estate is a sure thing. These wise movers and shakers are biding thousands above original asking prices on foreclosures KNOWING that real estate ALWAYS makes a comeback!

Existing home sales increased 3.6% to an adjusted annual rate of 4.89 million units in June from 4.72 mil in May. NAR's chief economist, Lawrence Yun, is optomistic, “The increase in existing-home sales occurred in all major regions of the country,” he says. “We expect a gradual uptrend in sales to continue due to tax-credit incentives and historically high affordability conditions."

Freddie Mac reports the average rate rose 5.2% for a 30-year fixed mortgage this week rose to from 5.14% a week ago.

Don't let this GREAT opportunity slip away!!!

Contact me NOW!!!

RealEstatewithRuben@gmail.com

SEE YOU AROUND THE NEIGHBORHOOD!

More Proof!!! Real Estate market is on the RISE!!!

YES, the stock market is still sketchy; YES, the "GLOBAL RECESSION" makes it difficult to see light at the end of our recession tunnel. SURPRISE! the real estate market is showing strong positive signs!!!

According to the National Association of Realtors, pending home sales (signed contracts in escrow) rose nearly 7%!

According to the Mortgage Bankers Association's survey ending July 3rd, another near 7% increase in home purchase applications!

On average interest rates last week were 5.3% for a 30 year fixed and 4.8 for a 15 year fixed!

Orawin Velz, economic forecaster for the Mortgage Bankers Association, said in a commentary that "the steady improvements in pending home sales are encouraging," and confirm the view that existing home sales hit their cyclical bottom in January and are likely to continue to rise in the coming months.
Since the January low point, she noted, the Realtors' pending sale index is up by 13 percent.

A new California Association of Realtors survey showed 68% of buyers were swayed off the fence, rather pushed by the great deals available. YES, many of these deals are short sales and foreclosures, but keep in mind the sooner WE absorb theses "distressed" properties the sooner the market will readjust and our equity will again RISE!!!

For more info contact me!

RealEstatewithRuben@gmail.com

SEE YOU AROUND THE NEIGHBORHOOD!!!

New Programs Target Low-Income Buyers

YES!!! More to celebrate this FOURTH OF JULY!!!

Under the federal Neighborhood Stabilization Program, many new state and local initiatives are expected to roll out in the next few weeks that will help middle- and low-income families buy foreclosed homes in hard-hit neighborhoods.

In all, about $5 billion is available, including $50 million in technical assistance to get the programs up and running. Regulations limit participation to households earning no more than 120 percent of the median income with 25 percent of the money going to families earning less than half the median. The funds must be used for primary residences in communities with the highest incidences of foreclosures and subprime loans.

There also will be a lease-to-own program.The Neighborhood Stabilization Program was authorized last summer, but it has been rolling out slowly because the volume of paperwork involved has stymied communities.

***compliments of CNNMoney.com, Les Christie (06/24/2009)

SEE YOU AROUND THE NEIGHBORHOOD!