Calendar Posted Fri Aug 06 12:00AM

The August edition of the Report is now available.


Sales slip after fed tax credit expires.

State tax credit helps mid and high-end segment of the market.

For the tenth month in a row, home prices are higher than the year before.

You can read the full on-line report here: Click here.

There is also a 4 page printable version with more articles here: Click here.

Calendar Posted Fri May 07 11:45AM

The May edition of the Report is now available.


In April, the median price for single-family, re-sale homes reached its highest level since August 2008.


The sales price to list price ratio was over 100% for the tenth month in a row.


Pending sales reach record levels in April.


Details on the new state tax credit for home buyers.


You can read the full on-line report here: Click here.


There is also a 4 page printable version with more articles here: Click here.

Calendar Posted Fri May 29 04:59AM

Calendar Posted Fri May 29 03:57AM

Calendar Posted Fri Feb 20 05:58AM

Thank you Tracie- 

Tracie Southerland

Financial Advisor & Mortgage Advisor
Email · Biography

In an effort to save and create jobs, get our economy moving again, and to transform it for long-term growth and stability, President Obama signed the American Recovery and Reinvestment Act into law. One of the biggest public spending programs since World War II, the White House estimates it will create 3.5 million jobs nationwide, and 396,000 in California. State and local governments in California stand to receive about $26 billion of this $787 billion package.

Increase in Loan Limits
One piece of this legislation that will benefit our clients is the change to current loan limits. While the effective date has not yet been announced, this law reverts the current loan limits back to the loan amounts/levels allowed in 2008 with the Economic Stimulus Act. This will give buyers more purchasing power once it is implemented.

For example, in counties where the loan limit has been extended to $729,750, buyers can put 20% down on the purchase of a $912,000 home and take advantage of the implied lower rates associated with a conforming loan.

Please note that these are temporary increases that will end on December 31, 2009. Click here to review specific state and county details.

Tax Credit for Homebuyers
First-time homebuyers who purchase homes after January 1, 2009 and before December 1, 2009 may be eligible for a 10% tax credit (up to $8,000) on the value of the home. The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. A tax credit is better than a tax deduction, because a deduction just reduces the amount of your income which is taxed. In contrast, the credit reduces the amount of taxes you pay. Buyers will have to repay the credit if they sell their homes within three years.

You can review highlights of the entire bill here.

More Help for Homeowners
This week President Obama also announced a $275 billion plan to help some homeowners refinance, assist others in lowering their monthly payments and reduce mortgage rates. Almost one in 10 home mortgages is either delinquent or in foreclosure, and analysts estimate that at as many as six million families could lose their homes over the next three years in the absence of government action. Lowering the foreclosure rate helps to stabilize neighborhoods and the housing market, in general.

There are three components to the plan:

  • Helping homeowners who are still current on their payments, but who cannot refinance to a lower interest rate because they do not have enough equity in their homes.
  • Providing incentives to lenders who alter the terms of loans to make them affordable for the troubled borrowers.
  • Increasing the credit available for mortgages in general by giving $200 billion of additional financial backing to Fannie Mae and Freddie Mac.

The plan also asks Congress to give bankruptcy judges the power to change the terms of mortgages and reduce the monthly payments. This will have a negative impact on the industry.

Read more information on the current housing proposal here. The plan will take effect March 4, when the administration publishes detailed rules explaining it.

Here are some rates we've been seeing:

  • 30 year conforming      4.625%      1 pt.
  • 30 year high balance     5.375%      1 pt.
  • 30 year FHA              4.750%      1 pt.
  • 5 year jumbo                5.50%      1 pt.
  • 7 year jumbo              5.750%      1 pt.

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