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!

RealEstatewithRuben@gmail

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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

Contact me @

RealEstatewithRuben@gmail.com

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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

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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

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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)

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PROOF IS HERE! THE UPTURN IS COMING!

It's looking good peeps! The economy, especially the housing market is making its way back up the latter. Let's look at some geographical stats:

Northeast: The Pending Home Sales Index shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago.
Midwest: The index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008.
South: The index slipped 0.2 percent to 93 in April but is 3.5 percent higher than a year ago.
West: The index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.

According to our money guru Bernanke,

"We continue to expect economic activity to bottom out, then to turn up later this year. Key elements of this forecast are our assessments that the housing market is beginning to stabilize. Final demand should also be supported by fiscal and monetary stimulus."

In Cali, our economic epicenter, data suggests that housing prices nationally could start to rebound relatively soon. That data includes two consecutive monthly gains in the median price of existing homes. In April, single-family median home price rose 1.4 percent to $256,700 YEAH!!!

As I have mentioned before, KUDOS to all you investors out there, you are key to our UPTURN! Some investment companies like Discovery Enterprises are snapping up foreclosed properties at bargain basement prices. Then financing buyers with small down payments and less than perfect credit. Keep in mind that many of these properties are in need of work, so more jobs are created YIPPEE!!!

Comments, Suggestions, Questions?

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www.RealEstatewithRuben.com

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HURRY!!! Get $8000 TO BUY YOUR NEW HOME

YES, it's true first time buyers, as I have stressed before, WHAT ARE YOU WAITING FOR?Now that $8000 tax credit given to you by our Obama administration (The American Recovery and Reinvestment Act of 2009) can now be applied to your closing costs!

FHA approved lenders can now develop bridge loans under the guidance of the U.S. Department of Housing and Urban Development that first time homebuyers can use toward:

CLOSING COSTS

BUY DOWN INTEREST RATE

INCREASE DOWNPAYMENT

Keep in mind that you would still need to come up with the 3.5 percent down needed, however there are many sources out there to help you with that downpayment. Some states have developed their own tax credit bridge loan programs giving buyers the tax credit upfront to cover all or part of their downpayment.

Contact me for more info:

RealEstatewithRuben@gmail.com

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Renters, Know Your Rights!

I was awaken from a deep sleep a couple of nights ago from a VERY high strung individual, ok drama queen, BOY ABOUT TOWN, regarding his continuing rental nightmare and I know that many of you are experiencing similar issues, so I decided to give all you renters some tips and facts. First of all, before you decide to rent from anyone, DO SOME RESEARCH about the owner and management company. Ask current tenants, past tenants and neighbors about them and their experiences with them. It will definitely decrease the chances of being victim to unwanted rental problems caused by non-caring, unresponsive landlords (slumlords).

Before You Rent

If the property manager says the deposit will be returned whether you decide to rent the apartment or not, always get that verbal promise in writing.
Request a written lease that clearly states all the terms. Oral leases are subject to misunderstandings and are more difficult to enforce.

If there is no written lease, how your make your rental payment (weekly, monthly, etc.) determines the length of the agreement.

Before signing a rental agreement make sure you understand the terms of the contract. If you don't understand, don't sign the lease!

Before signing a rental agreement do a walk-through while listing any problems that should be fixed before you rent. Verbal promises made by the landlord should ALWAYS be included or attached as a written agreement to the lease and signed by the landlord.

A security deposit is one of the most common requirements of landlords. Include any and all problems or potential problems such as broken fixtures, worn rugs, ripped linoleum, broken tile, etc. in your walk-through list.

Know the difference between a security deposit and an , administrative fee or processing fee; usually only security deposits are refundable.

Your Landlord's Responsibilities

1. The roof must not leak.
2. The walls must be weather-tight and in good repair.
3. The stairs must be safe for normal use and maintained in good repair.
4. Windows and doors must be weather-tight, water-tight, rodent-proof and kept in sound working condition. Outside doors have to have proper locks.
5. Window panes cannot have cracks and holes. Outside windows must have screens.
6. Inside floors, walls, ceilings must be basically rodent-proof and kept in sound condition and good repair and should be safe.
7. The house or apartment must have hot water that is connected to the kitchen and bathroom sinks, tub or shower.
8. All houses or apartments must have a flushing toilet in good working condition.
9. When cooking and heating equipment are provided by the landlord, they must be safely installed and in good working order.
10. There must be adequate garbage disposal facilities or garbage storage containers.
11. Every habitable room must have at least two separate floor or wall electric outlets and, additionally, every kitchen, bedroom, bathroom and hallway must have a ceiling or wall-type fixture, or an outlet controlled by a wall switch near the entrance to the room.
12. All electrical systems must be in good repair and good working order.

Questions? Concerns?
RealEstatewithRuben@gmail.com
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Making Your Money Work for YOU!

Would you stash money away in your linen closet for a rainy day or would you put it in the bank to collect some interest? Obviously, you would want to keep that money where you can make money. Many of you out there are doing the opposite; how much equity are you sitting on? Why not make that money work for YOU! Times are tough, the market if down, but the price is RIGHT! Do what all the savvy investors are doing now, BUY BUY BUY! Your equity is doing nothing for you if it just sits there. I know it's scary, however as I've mentioned before TIME IS RUNNING OUT! There are fantastic deals out there that are manageable as well as gold mines in five years time. Real estate has NEVER let us down in the long term, no crystal ball needed. Yes, we have had a BIG downturn, but we can see the light at the end of the tunnel. Foreclosure properties are moving FAST, our Obama administration is giving you tax breaks and many of us are getting great loan modifications that make us able to keep our homes. We are even seeing price wars! Bids are coming into those great deals out there and when those start to escalate more and more prices, ALL PRICES, will start to ascend and we can all again sing HALLELUJAH!

Not convinced? Need some proof? Want to know where you stand? Contact me for the facts on how YOU too can be a savvy investor!

RealEstatewithRuben@gmail.com

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Beware!!! Foreclosure Fraud is on the rise!

WOW! It's amazing to me how scammers con people, especially when they are down on their luck. First we had those greedy mortgage brokers and lenders granting RIDICULOUS unaffordable loans to people with the promise of "The American Dream." Well millions of those dreams turned to nightmares when that balloon payment came due or that interest rate flew threw the roof. Now I am sad to report scams are on the rise disguised as a negotiator between homeowners and lenders. Heres how it works..

They place ads telling you they can get you a loan modification that will reduce your monthly payment and save you from foreclosure. They lay out a plan and assure you that everything is going to work out. They will do all the negotiating with the lender and you only have to pay 2/3 of your mortgage payment. Of course, the payment is made out to the program or the organization not the lender - RED FLAG! You see where this is going right? No negotiation was ever done, no payment ever went to the lender and BAM you're home is being foreclosed on.

DON"T BE A CASUALTY!

Contact me for a list of programs that are on the up & up!

Some won't cost you a dime!

RealEstatewithRuben@gmail.com

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