Now Is The Time To Buy!

Best Buys
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Breaking News

30-Year Rates Down For Third Consecutive Week
Source: RealtyTimes.com
The 30-year fixed-rate mortgage averaged 4.99% with an average 0.7 point for the week ending January 21, 2010, according to Freddie Mac's Primary Mortgage Market Survey. Last week, it averaged 5.06%, and a year ago it averaged 5.12%. "Fixed mortgage rates followed bond yields lower for the third consecutive week, pushing 30-year mortgages below 5% once more," said Frank Nothaft, Freddie Mac vice president and chief economist. "Because of reduced sample sizes and work disruptions that occur with severe weather, housing starts tend to be more volatile during winter months. And, indeed, housing starts declined 4.0% in December, falling short of the market consensus of no change. Building permits, which are less vulnerable to weather interruptions, unexpectedly jumped 10.9%."

Repeat Buyers Need to Act Fast to Capitalize on Expanded Tax Credit
Source: rismedia.com
By now it is well documented that today’s affordable housing prices, historically low interest rates and federal home buyer tax credit have combined to create one of the most attractive first-time buyer markets in recent memory. What many Americans might not realize is that a recent expansion of the buyer tax credit has created an equally desirable opportunity for existing homeowners.

Mortgage Applications Up After New Year's Day
Source: realtor.org
Applications jumped 66 percent with refinancings making up nearly three quarters of total volume.

Fewer Sellers Cut Home Prices, for Now
Source: realtor.org
Real estate Web site Trulia reports a decrease in the number of sellers reducing their list price.div>

Tax consequences from short sales
Source: azcentral.com
Tax consequences from short sales, Question: We borrowed money to purchase our home in Paradise Valley and our two expensive rental homes in Flagstaff. All three homes are in short-sale escrows.div>

Phoenix Market Shows Signs of Life
Source: housingwire.com
Phoenix home sales volume declined from October to November and foreclosure resales continue to hold a majority of transactions in the Arizona metropolitan statistical area (MSA).

Homeowners Turn to Short Sales as an Alternative to Foreclosures
Source: dsnews.com
Although the Obama administration continues to search for a solution for homeowners facing foreclosure, the reality of the situation is only about 4 percent of these at-risk borrowers receive long-term mortgage help.

DO YOU QUALIFY FOR A REFINANCE or LOAN MODIFICATION?

The Making Homes Affordable program recently announced by Washington allows current homeowners to potentially refinance their mortgages if they owe between 80% and 105% of the current value of their home. The program also allows a homeowner’s lender to modify their mortgage if they are in a situation where they owe more than 105% or are not able to qualify for the refinance program. A primary qualification is that your loan must be owned by Fannie Mae or Freddie Mac. More info can be obtained at: www.makinghomeaffordable.gov.   This site will help you determine whether your loan is owned by Fannie Mae or Freddie Mac.

To find out if Fannie Mae owns your loan:
http://loanlookup.fanniemae.com/loanlookup. Type in your address and ZIP code and verify that you're the owner of the dwelling, and the system will tell you whether Fannie owns the loan. You may call Fannie from 8 a.m. to 8 p.m. Eastern time, at (800) 732-6643 if you prefer.

To find out if Freddie Mac owns your loan:          https://ww3.freddiemac.com/corporate. Provide your full name, address, city, state, ZIP code and Social Security number, and verify that you're the owner of the dwelling. Alternatively you may call Freddie Mac from 8 a.m. to 8 p.m. Eastern Time at (800) 373-3343.

These tools will allow you to find out whether you are potentially eligible for one of these programs, but not necessarily qualify you for either program. For more information on your options contact your existing loan servicer.  Please remember, none of these programs require you to pay any money up front!  BEWARE of any person or company who promises to negotiate with your lender on your behalf and requires payment up front for these services!!!

Click Here To Watch A Video Clip!
March 15th “Arizona Midday” TV, featuring Don Matheson from RE/MAX talking about the Phoenix real estate market shifting, multiple offers, short sales, and using a CDPE - Certified Distressed Property Expert.