FHA Raises Loan Limits:American Recovery and Reinvestment Act of 2009
February 26, 2009 by admin
Filed under Positive Real Estate
The Federal Housing Administration (FHA) single-family loan limits have been revised as a result of the American Recovery and Reinvestment Act of 2009 (ARRA) and are now available online. The new loan limits, reflecting an increase from $625,500 to a maximum of $729,750, are effective for those loans for which credit is approved in 2009 and will remain in effect until Dec. 31.
Under ARRA, the revised FHA loan limits for 2009 are set at the higher of the loan limits established for 2008 under the Economic Stimulus Act of 2008 (ESA) or those established for 2009 under the Housing and Economic Recovery Act of 2008 (HERA).
Look up the FHA mortgage limits for an area or several areas, and list them by state, county, or Metropolitan Statistical Area .
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Long Beach CA Real Estate Market Hot
February 25, 2009 by admin
Filed under Positive Real Estate
My friend from high school, Anne Marie Reggie reports on Long Beach California Real Estate.
Demand, measured by “pending sales” or homes that are in escrow, rose 59% for the year 2008.
In December, there was one open escrow for every 3.2 homes. In January, thus far, it’s one for every 1.74 listings! In our office alone we have over 35 new open escrows since Jan 1.
There was a 25% drop in the number of listings in the market last year.
Sales increased 10.4% over 2007, and were approaching 2006 levels the last quarter of 2008!The thought is that if there is a 6-month or greater supply of inventory, that constitutes a “Buyer’s Market”. Anything less is a “Seller’s Market”. Where are we now? 6.1 months! So we are right on the edge! In nearby towns, it’s similar or even less- Rossmoor and Signal Hill are also in the 6-month range. Cypress, Lakewood, Los Alamitos and Cerritos are in the 3-and 4 month range. Only Seal Beach shows a stronger “buyer’s market”- 12 months worth of inventory. This is probably due to the higher price points in that town, and jumbo loans have, until recently, been pretty prohibitive.
She reminds her newsletter readers that:
- 76 million households in the US own their home- that’s a number that is hard to beat anywhere internationally.
- 24 million of these homes are owned FREE AND CLEAR
- 52 million homes hold mortgages.
- Of these,97.2% of these are NOT in foreclosure. Only 1.4 million are. (We only hear about the numbers that are, but in a larger perspective, it’s a minimal number)
- 93.8% of these homes are current on their payments
- 20% (11 million) of these homeowners have a mortgage that is higher than their home’s worth, but they are making their payments!
40% of all foreclosures are NON-OWNER OCCUPIED!
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Tools For Market Data
February 24, 2009 by admin
Filed under Positive Real Estate
Dqnews.com perfect for showing sellers what is happening in their area. Go to your county and take a look right now. Make it a site you read everyday.
Realquest.com – very important to show sellers what is forthcoming in the foreclosure market in your zip code. Play with the site and learn what you need to know to be good at what you do.
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LOAN LIMITS INCREASED
2009 CONFORMING LOAN LIMITS INCREASED BY AMERICAN RECOVERY AND REINVESTMENT ACT
http://www.fhfa.gov/webfiles/1279/CLLarra022309_final.pdf
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan
Banks. These government-sponsored enterprises provide more than $6.3 trillion in funding for the U.S. mortgage markets and financial institutions.
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Slay the Doom and Gloomers
February 20, 2009 by admin
Filed under Positive Real Estate
- Myself, and most of the agents in my office are busy. Ratified a couple of deals this week, been working 14-15 hour days for a while now….. I find surrounding myself with the positive people and saying no to the negative helps keep my energy and spirit levels high!! Keep smiling and sell lots!
- I too have been very busy with buyers and showings. People ARE BUYING homes
If things are happening for ya it is important to get that out to the marketplace. Roll on over to this facebook thread/wall and put in your good words.
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California? Affordable Housing Returns
February 19, 2009 by admin
Filed under Positive Real Estate
But as John Burns says get it while the gettin is good. As rates are so low they won’t last much longer. 59 % of California households had the monthly income to buy an entry-level home. This is comparing the 4th quarter of 2008 to the 33% a year earlier. This says the California Association of Realtors’ First-Time Buyer Housing Affordability Index.
$48,900 was the minimum qualifying income and is a number 42% lower than a year earlier when households needed $83,700 to qualify for a loan on an entry-level home.
At 76 percent, the High Desert region was the most affordable area in the state, while the San Luis Obispo County region was the least affordable in the state at 44 percent, followed by the Los Angeles County region at 46 percent.
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Obama Stuffs Some Cool Cash Into Housing
February 19, 2009 by admin
Filed under Positive Real Estate
President Barack Obama targeted the housing crisis at the root of the US economic meltdown, with a program which could cost 275 billion dollars and reach nine million homeowners.
The strategy includes 75 billion dollars designed as an incentive for lenders to reduce interest rates to prevent at-risk mortgage debtors joining the millions who have already fallen victim to foreclosures.
The government will also put up an additional 200 billion dollars to bolster efforts by federal lenders Freddie Mac and Fannie Mae to offer affordable mortgages and bring stability to the housing market.
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Phoenix:Buying is Cheaper Than Rent!
February 19, 2009 by admin
Filed under Positive Real Estate
From John Burns Newsletter (highly recommended letter)
http://www.realestateconsulting.com/
Any renter with a stable job and the desire to become a homeowner and live in Phoenix for a long time should be buying a home right now because affordability has never been better (our analysis goes back to 1981). In 2006, owning a typical detached resale home was $600 per month more expensive (after taxes) than renting a Class A apartment.
-134 metro areas are at their historical best affordability level since 1981
Today, owning is $118 per month cheaper. Rents and home prices are both likely to fall in 2009, but the prospective homeowner who hopes to buy a home at the bottom is taking a huge risk that he or she will be able to qualify for a mortgage, not only because mortgage rates are currently at historic lows, but the high LTV (loan-to-value) programs that are currently backed by the government may no longer exist.
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$8k! Buy a House Today
February 16, 2009 by admin
Filed under Positive Real Estate
President Obama is about to sign the new stimulus package with an $8000 tax credit for first time buyers that
never has to be paid back. Hopefully, this puts some stimulus into the real estate world.
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Canadians Are Getting Positive on Real Estate
February 16, 2009 by admin
Filed under Positive Real Estate
A growing number of British Columbians think this is a good time to buy a home, though most say it isn’t a good time to sell, a new Ipsos Reid poll has found.The poll found that some 71 per cent of respondents said it is a somewhat good or very good time to buy real estate.
