FORECLOSURE CRISIS IS ENDING

THE END IS NEAR, according to Barclay's Capital the number of foreclosures available fell to 617,000 in December, down from 845,000 in November 2008. Buyers hoping to find a "steal" on a foreclosed home are finding it more difficult because the supply is decreasing. Remember when DEMAND exceeds SUPPLY = PRICE INCREASE!!!

On a related topic, the Mortgage Bankers Association announced that there are signs that the foreclosure crisis is ending. According to Jay Brinkmann, MBA's chief economist, "The continued and sizable drop in the thirty -day delinquency rate is a concrete sign the end may be in sight..."

30-day delinquencies have been a leading indicator of foreclosures

"...[This] gives us growing confidence that the size of the problem now is about as bad as it will get."

and more good news, The Fed announced that interest rates will remain low, the Federal Reserve chair Bob Bernanke told Congress that the rates are likely to remain low for an extended period. He also stated that the economy "still requires support for recovery."

Now for those of you smart and savvy. Buyers that have purchased and qualify for the TAX CREDIT, here is what the IRS requires when filing your income tax r

eturn. You will still need to file Form 5405, however they are not demanding that all parties' signatures be on the HUD-1 settlement statement in areas where both

the buyer and seller signatures isn't common. They also ask that the buyer sign the statement before attaching to the tax return.

Now for you fortunate repeat Buyers, the IRS is seeking documentation proving residency in the previous property for five consecutive years of the the past eight years. Proof can be property tax records, home owner insurance records, or mortgage interest statements.

Please contact me for all your REAL ESTATE NEEDS

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BUY, BUY BUY!!!

Well folks you've heard it over and over again, Now is the time to buy.

According to NAR president Vicki Cox Golder, “Inventories have steadily declined and are closer to balanced levels, which indicate home prices in many areas are either stabilizing or could soon stabilize and return to normal appreciation patterns,” she said. “This means buyers still have good choices but are purchasing near the bottom of the price cycle with historically low mortgage interest rates. Throw a tax credit on top and it really doesn’t get any better for buyers with secure jobs and long-term ownership plans.” A very important thing to remember is that we don't know when we "hit bottom" until it has hit and prices rise, so don't miss the boat!

You can get more for you buck according to housing researcher Global Insight, which found housing values were about 10 percent undervalued, based on a model that examines interest rates, household incomes, population, and historical price patterns.

According to a study by Local Market Monitor for Forbes magazine, on average, housing markets on the West Coast lost the most value – 21.6 percent since their peak. Florida lost 31 percent. The Northeast lost an average of 8.6 percent, and the Midwest on average lost only 5.6 percent. Check out my FEATURED PROPERTIES!!!

Question? Comments?

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Treasury puts the "SQUEEZE" on banks, Should you STAY or should you GO, Pending sales RISE!

The Treasury plans to put the "SQUEEZE" on banks!

Yes, it's now time to play hardball Mr. Lender, Uncle Sam plans to fine you for not increasing the number of homeowners you help with modifications. Also in the works is a

published list of the worst banking offenders as well as withholding cash incentives until loan modifications are made permanent. Our government is

expecting 375,000 home owners to be eligible for permanent mortgage reductions by the end of 2009.

Should I STAY or Should I GO?

Many upside down homeowners are asking themselves this question.

Fact - a foreclosure ruins your credit score, complicates future transactions and will make it difficult to rent or buy a vehicle. Glen Kelman, chief executive at Zillow.com, believes people should consider throwing in the towel. He has said, "I think there are a lot of people who don't walk away from their house for moral reasons that are economically irrational."

Some experts believe that foreclosures will be viewed differently in this era. According to Todd J. Zywicki, a bankruptcy expert at George Mason University School of Law in Arlington, Va, "This is a once-in-a-century real estate market. The question that FICO will be asking itself is, is a foreclosure in 2008 and

2009 the same as a foreclosure in 1998, 1999 or 2003 and 2004?"

Pending sales have risen consecutively for nine months!

According to the National Associations of Realtors, contracts signed in

October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6.

Lawrence Yun, NAR chief economist, said home sales are experiencing a

pendulum swing. “Keep in mind that housing had been under performing over most of the past year. Based on the demographics of our growing population,

existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit

stimulus,” he said. “This means the tax credit is help

ing unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future."

Questions? Comments?

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Goals, components and benefits of the Affordable Health Care for America Act

House passes Affordable Health Care for America Act (H.R. 3962) by a VERY NARROW MARGIN - 220-215 VOTES!!!

Our house speaker Nancy Pelosi stated this had bipartisan support even though the majority of Republicans opposed the bill (only one Republican vote by Rep. Joseph Cao of LA). Thirty-nine Democrats joined the 167 Republican NAY votes. Now, the Senate needs to pass its own health-care bill, then the two bills need to be combined in some manner and voted on again. The REAL fight is just beginning...

The key goals of this bill are:

• slow the growth in out of control costs


• introduce competition into the health care marketplace in order to keep coverage affordable and insurers honest (good luck)


• protect your choice of doctor and health plan


• assure that all us Americans get access to quality, stable, affordable health care (key word "access")

It restricts insurance companies from denying coverage to anyone with a pre-existing condition or charging higher premiums based on gender or medical history. It also provides federal subsidies to those of us who cannot afford health insurance and it guarantees coverage for 96% of our citizens.

Key components include:

• Increasing choice and competition


• Giving peace of mind


• Improving quality care


• Ensuring shared responsibility


• Protecting consumers and reducing waste, fraud and abuse


• Reducing the deficit by ensuring the solvency of Medicare and Medicaid

So how do you benefit?

• Ends discrimination for pre-existing medical conditions


• No dropped coverage if you become sick


• No co-pays for preventative care


• Yearly caps on what you pay


• No caps on what insurance companies pay


• Improves focus on wellness and prevention


• Lowers costs over the long term by cutting down fraud, waste and abuse


• Strengthens medicare

Stay tuned for a breakdown of what our Senate proposes!!!

Questions? Comments?

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$8000 Home Buyer Tax Credit EXTENDED!!!

Well as we all know, last Friday our Prez signed signed into law a bill that includes an extension of the $8000 home buyer tax credit to April 30, 2010.

Expected is a 22 billion dollar contribution to our economy. More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years. Also, income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples. Qualifying home prices are capped at $800,000!

Click here to view NAR's chart of compiled facts regarding changes made to the current tax credit!!!

NAR estimates that approximately three million renters are now financially qualified to purchase a median priced home. Lawrence Yun (NAR chief economist) states, "“As long as buyers do not overstretch and stay well within their budget, a sizable pent-up demand can be tapped among financially qualified potential buyers..."

So if you are on the fence or just don't know if you qualify

GET THE FACTS

contact me and together we will see where you stand...

RealEstatewithRuben@gmail.com

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Do you have a MOLD & MILDEW clause in your rental agreement?

Dear Ruben,

I am having an issue with mold and mildew in my apartment for many months and have contacted my landlord. He still has not fixed the problem stating he is too busy. What can I do? Can I withhold rent until it's fixed or get it fixed and deduct from rent?

The first thing you must do is check your rental agreement for a MOLD and MILDEW clause. Unfortunately we here in Florida have climate conducive to the growth of mold and mildew and it's necessary to provide adequate ventilation and dehumidification. The clause usually states the tenant agrees to properly ventilate and dehumidify the unit and that the landlord will not be responsible for damages to the premises or tenant's personal property due to mold and mildew.

Now, indoor air quality complaints for apartments and hotels are regulated as public lodging establishments by the Florida Department of Business and Professional Regulation's Divisions of Hotels and Restaurants. I would strongly advise you to first file a complaint with the DBPR by calling 850-487-1395 or online.

As far as your landlord's responsibilities, he is to comply with all applicable building, housing and health codes, so a complaint filed with the DBPR will start the ball rolling.

The Florida real estate law concerning withholding rent is as follows:

Providing that the lease or rental agreement is silent on the procedure of repairs and maintenance and that the responsibility is solely your landlord's you first must give written notice giving a minimum of 20 business days to complete (include an exact date to be completed). I STRONGLY suggest notice be sent certified mail with return receipt!!!
If no action is taken by the landlord, my advice would be to again give written notice by certified mail and return receipt advising the landlord that the rent is being placed with the registry of the court. This will offset eviction if your landlord chooses to evict you for non payment of rent.

Here are some links that may be of help...

Indoor Mold and Health

Tenants Rights, Laws and Protections

Good Luck and please contact me with any other questions or concerns @ RealEstatewithRuben@gmail.com


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Obama admin at it again, CAUTION first time home buyers, Mortgage rates hold steady!

Unable to make your mortgage payment due to job loss?

Help may be on the way!

The Obama administration is at it AGAIN. Talks with major lenders, economists and Uncle Sam officials have opened over the possibility of helping unemployed homeowners who no longer can afford their mortgages due to job loss. Assistance may range from skipping payments to grants or loans that will temporarily cover mortgage payments.

Stay tuned for more info....

Caution First Time Buyers!!!

Are you hoping to close before the November 30th expiration credit date?

Don't charge anything!!! Lenders are running credit checks prior to closing and any additional debt may jeopardize your loan. Even inquiries may alert the lender, so NO PURCHASES until after closing.

Mortgage rates holding steady!!!

According to Freddie Mac, for the week ending on September 24th, a 30 year fixed held at 5.04%, which is down 6.09% from a year ago.

Other rates:

15 year fixed dipped from 4.47% to 4.46%

5 year hybrid adjustables were flat at 4.51%

1 year ARMS fell from 4.58% to 4.52%

Questions? Comments?

Contact me @

RealEstatewithRuben@gmail.com

DON'T FORGET TO CHECK OUT THE OCTOBER ISSUE OF

THE REAL ESTATE WITH RUBEN NEWSLETTER!!!

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YOU CAN AFFORD TO BUY!!!

YOU CAN AFFORD TO BUY!

According to the National Association of Home Business and Wells Fargo, if your household earnings reaches our nation's median income of $64,000 a year YOU could afford to buy 72.3% of all homes sold in the U.S. WOW!!!

TAKE ADVANTAGE OF THE FHA 203(k) LOAN PROGRAM! This program lets an owner occupied buyer borrow money for both the purchase and renovation all in ONE loan and guess what? YOU only put 3.5% down! Check out http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

$8000 TAX CREDIT (EXPIRES NOVEMBER 30TH)! Hurry up buyers because the process can take approximately 2 month, so YOU will need to have a contract by the end of September!!! Check out http://www.federalhousingtaxcredit.com/2009/index.html

...and of course THE FIRST TIME BUYER LOAN PROGRAMS! Check out the link on my FAVS list!

CONTACT ME NOW!

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FED declared recession is ENDING, Sellers continue price cuts & Forbes releases top 10 leading cities

The Federal Reserve declared the recession is ENDING,

"Economic activity is leveling out." Our main money holder ended the policy making meeting last Wednesday stating it will leave rates alone; however will be ending its program to buy $300 billion worth of Treasury bonds by the end of October.

Almost 1/4 of home sellers cut prices in July

Trulia.com reports nearly 25% of all US home sales on August 1st had a price cut in July.

• Cities showing significant increases in the percentage of listings with price cuts from June 1 to Aug. 1 were:
  Fresno, Calif.: 67 percent
  Colorado Springs, Colo.: 27 percent
  Kansas City, Mo.: 25 percent
  Oklahoma City, Okla.: 24 percent
  Albuquerque, N.M.: 22 percent.
  
  
• Cities with significant declines in the percentage of listings with price reductions included:
  Dallas: -42 percent
  Las Vegas: -33 percent
  Louisville, Ky.: -33 percent
  Los Angeles: -19 percent
  Washington, D.C.: -17 percent

Forbes' 10 leading cities leading MARKET RECOVERY 4 are located in CALIFORNIA!

1. Miami-Ft. Lauderdale, FL

2. Lincoln, NE

3. Colorado Springs, CO

4. Salem, OR

5. San Luis Obispo, CA

6. Bremerton, WA

7. Denver, CO

8. Redding, CA

9. Santa Barbara, CA

10. San Jose, CA

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