I don’t like this anymore than you do.

But here goes: Despite our first positive report on housing prices in forever, the slide isn’t over.

When the latest Case-Shiller Index revealed that prices of metro Atlanta homes increased from May to June — ending our two-year slide into oblivion — a collective sigh was heard from Buford to Jonesboro.

This from folks who two years ago couldn’t have told you whether Case-Shiller was a housing index or a brand of office furniture.

Now, the housing index is followed as closely as the Dow.

And what we hope the index is saying is that we have hit bottom.

Full story is available on ajc.com

Real estate agents almost always advise that now is the right time to buy a house.

For first-time buyers hoping to seal the deal before the government’s $8,000 tax credit expires Nov. 30, that advice is timely – and right on the money.

From contract to closing, real estate transactions typically take 45 to 60 days. But you cannot claim the credit – 10 percent of the purchase price up to $8,000, with specific income caps – if you have not made settlement by November’s end.

Despite tighter credit and lenders’ demands for more and more documentation, “it still can be done in six weeks,” said Re/Max Town & Country agent Lynn Ayers in West Chester.

But buying sooner is better than later, observers in the Philadelphia area market say, since housing prices appear to be stabilizing, even rising, as are 30-year fixed mortgage rates (now about 5.14 percent), both of which threaten to make houses less affordable.

Full story is available on philly.com

Certainly, it has been an interesting market with many ups and downs, dips and flips. Property foreclosure rates are through the roof!   Home owners are re-negotiating bad loans with some even giving up, choosing to walk away from their dreams. In the midst of it all is still the First Time Home Buyer, scared and shaken by what they’re hearing on the news. Is now truly the time to buy? Yes it is! As a real estate practitioner who has seen more than a few market deviations, I take this one in stride. While the situation may not be ideal, it’s a great time for first-time home buyers and some are beginning to get the message.
Why? Home buyers purchasing during the brisk market of the past had to run to get that special home and they paid more for it! Anxious buyers with limited resources competed for a fewer number of quality homes in their price range.   If you were in the market to buy a home, you needed your running shoes and a real estate professional that was on top of the game, aggressive and willing to work for the deal. For some, the process was overwhelming and the race for their dream home a fight to the finish. Well, the tide has turned and buyers have gained some control. What does this mean for the first time home buyer in this market?

Full story is available on Examiner.com

As a well-polished realtor, you’d never suspect that Donna used to be a cowgirl. Along with her five sisters and one brother, she worked a cattle ranch in southern Idaho. I don’t know how many acres the ranch is. A while back, I learned that asking such things is a bit impolite and somewhat like asking a city slicker how much money he has in the bank. But the family ranch has more than a few acres and enough cows to keep everyone busy. In the wide open spaces of the west, it’s amazing how a handful of cowboys (or cowgirls in Donna’s case) could effectively control hundreds, sometimes thousands, of cattle and get them moved from point A to point B. This ability has always confounded me, especially when I see how a mom and dad at the mall can have trouble keeping three kids together. Well, what makes driving cattle possible is the herding effect. I found on the internet (you can find anything on the internet) that a trail boss would look to have about one cowboy for every 250 head of cattle. Get some real experienced riders, and you might make do with one for every 400 head. In short, a few key individuals can have a great impact on leading a much larger entity.

As a well-polished realtor, you’d never suspect that Donna used to be a cowgirl. Along with her five sisters and one brother, she worked a cattle ranch in southern Idaho. I don’t know how many acres the ranch is. A while back, I learned that asking such things is a bit impolite and somewhat like asking a city slicker how much money he has in the bank. But the family ranch has more than a few acres and enough cows to keep everyone busy. In the wide open spaces of the west, it’s amazing how a handful of cowboys (or cowgirls in Donna’s case) could effectively control hundreds, sometimes thousands, of cattle and get them moved from point A to point B. This ability has always confounded me, especially when I see how a mom and dad at the mall can have trouble keeping three kids together. Well, what makes driving cattle possible is the herding effect. I found on the internet (you can find anything on the internet) that a trail boss would look to have about one cowboy for every 250 head of cattle. Get some real experienced riders, and you might make do with one for every 400 head. In short, a few key individuals can have a great impact on leading a much larger entity.

Full story is available on HomeTown Annapolis

Through the Forensic Loan Audit, Guardian Advocate Group, Llc is offering clients a way to have leverage in order to help them obtain a Loan Modification Faster and with very little hassle.

Forensic Loan Audits includes a Complete intake interview with all parties on the mortgage, Complete loan document and disclosure audit by staff attorneys and CPA’S to Find Violation in Truth In Lending Act ( TILA ) and Real Estate Settlement & Procedures Act ( RESPA ). We also Perform a Reverse engineering of your loan terms and Annual Percentage Rate ( APR ) for possible TILA violations. “Our Clients receive a Complete report with all violations and findings, According to Gregg Adam Schwack “Branch Manager”

“Our Forensic Loan Doc Audits will help home owners to find out if there loans were done illegally and give us almost a full proof answer to their mortgage problems,” says Mike Luchen President of Guardian Advocate Group, Llc”

Full story is available on 1888PressRelease

The FHA 203(k) Rehabilitation Loan program may be right up your alley if you are buying a foreclosure as your primary residence. That’s because The Federal Housing Administration (FHA) is encouraging the use of its little known 203(k) loan which allows a primary owner-occupant* to borrow money for both the purchase and renovation of a property all in one loan. And, you only have to have 3.5% of the total purchase price (acquisition and repair costs) as the down payment. In addition, the program can be use to include cosmetic improvements as well as major renovations like replacing a roof or fixing up the properties plumbing or electrical systems.

The thing you must understand about the 203(k) loan program is that completing the application process will require a little more patience on your part. But, if the property is a great buy and needs some comprehensive remodeling to make it just right for you and your family, the additional time and paperwork aggravation may be worth the effort.

When purchasing and remodeling a home under this program, the property value must remain within the county FHA loan limit for the area once the rehabilitation or repairs are completed. The value is calculated by either adding the cost of rehabilitation to the original property purchase price, or as 110% of the appraised property value following rehabilitation, whichever is less. The final mortgage loan amount is based on the projected value of the property with the work completed. The advantage of this type of loan is that you can buy a home that needs a lot of work and you can complete the repairs after purchasing the home.

Full story is available on Find South West Florida Homes

Nobody in the Ohio attorney general’s office was surprised when the government recently announced that less than 10 percent of eligible homeowners facing foreclosure had received help in reworking their loans.

“We’ve been participating in meetings with mortgage servicers starting in late 2007,” said Bob Hart, an assistant attorney general. And they’ve been told repeatedly “to ramp up your staffs to handle the numbers.”

“And they didn’t do it, and they’re still not doing it.”

All the while, people continue to lose their homes.

Financial institutions hold mortgages on about 51 million American homes, 1.9 million of which are in the foreclosure process or are bank-owned, according to RealtyTrac, a California company that follows foreclosures.

Full story is available on The Columbus Dispatch

You can discover the benefits of a home loan modification through the president’s federal plan. Obama and his government are hoping to offer aid to over 7 million people by modifying their loans so their monthly mortgage payments are more affordable. Do not think of a home loan modification as something forced on you in a bad situation but as an opportunity to save some money.

Homeowners who have had a hard time paying their mortgages and facing foreclosure are expected to gain the most from Obama’s federal plan. But homeowners do not have to be behind on their mortgage in order to be eligible for this plan. The only requirement is that the homeowner is in financial straits and is unable to pay a monthly mortgage bill. Giving homeowners an opportunity to negotiate on their loans before they become delinquent. This plan is a welcomed, reasonable alternative.

Full story is available on BestSyndication.com

This year has seen record low mortgage rates. While current mortgage rates have risen slightly, they remain at near historic lows. For those who can take advantage of these low rates there is a great opportunity to refinance. How then should a home owner make the decision to refinance?

Calculating the Savings. Calculate the amount of interest you will pay for the remainder of the current mortgage loan, subtracting out any prepayment penalties, if there are any. Subtract from this the interest and fees on the new loan. Consider though if you have been making payments for several years. As an example, the original loan was for a 30 year mortgage and the borrower has made payments for 6 years. With 24 years remaining on the current loan you will have to see a significant difference in the rate to justify going back to a 30 year loan. In fact, in this scenario a 20 year option may be better. Make sure that you don’t include the interest that’s already been paid on the current loan. This has been paid and it is gone.

Full story is available on Examiner.com

Fort Campbell Housing Services Office has partnered with Army Community Services and Clarksville Office of Housing Community Development and Pennyrile Area Development District to promote the options that are available to assist Soldiers, Families and civilian employees during this housing market crisis. A local mortgage office will also provide information.

The Housing Assistance Seminar is Sept. 16 from 9 until 11 a.m. at the Family Resource Center, 1501 William C. Lee Road. The free seminar is open to all active duty personnel, their Families and DOD civilian employees. Information covers topics ranging from home buying, home selling and foreclosure intervention.

Full story is available on Clarksville Online