Market Update : buy a repo

It Is Getting Harder to Buy a House

Liane Thomas — Tue, 08 Dec 2009 15:59:00 GMT

FHA to toughen rules for borrowers

The Federal Housing Administration (FHA) is proposing raising minimum credit scores for borrowers who receive FHA-backed mortgages, increasing down payment requirements, and limiting the amount of money sellers can provide toward closing costs. The proposed changes are part of an effort to shore up the agency's finances, which have been hit with rising defaults to its mortgage insurance program.

So what does this mean to you?

Historically, the FHA has played a critical role in propping up the housing market by insuring lenders against default after the mortgage market failed. Currently, the agency guarantees approximately 30 percent of all home loans and 20 percent of refinancings. In the past, the FHA has resisted raising down payments or insurance premiums, fearing it would be shutting out qualified borrowers and stunting the housing market's recovery.

The FHA is hoping that the proposed changes, including requiring that borrowers bring more cash to the closing table, will ensure that borrowers are less likely to default on their loans. Officials at FHA have yet to determine how much cash will be required.

Up-front cash can include down payments as well as other payments. Currently, FHA borrowers can put down as little as 3.5 percent. One lawmaker has introduced legislation that would require FHA borrowers to put down a minimum of 5 percent. The agency also currently allows sellers to provide up to 6 percent of the home's value toward closing costs or down payments. Secretary of Housing and Urban Development (HUD) Shaun Donovan has said he wants the maximum permissible level to be lowered to 3 percent, in line with industry norms.

The FHA has decided "for the time being" to raise its minimum credit score requirements for new borrowers. The new requirements have yet to be determined. Presently, borrowers with credit scores as low as 500 may qualify for an FHA loan.

So if you are thinking about buying a home in 12-18 months, and you plan on using an FHA loan, you might want to consider moving that plan up and buying sooner rather than later. It may cost you a lot more next year.

Brought to you by:

Liane Thomas, REALTOR®
The Thomas Group, Keller Williams Realty
1860 Compton Avenue
Corona, Ca 92881
Serving Corona, Norco, Riverside, and Surrounding Communities
951.454.3805
www.AllCoronaHomes.com

CNN Says Housing Market may be Stabilizing!

Liane Thomas — Sun, 05 Jul 2009 21:20:00 GMT

CNN is searching for a bottom in the housing market

With consumer confidence rising in May to its highest level in eight months, housing starts increasing more than 17 percent in May compared with the previous month, and sales of existing homes climbing 2.9 percent in April nationwide, it appears that the housing market may be stabilizing.

So what does that mean to you?

Although sales of existing, single-family homes rose 35.2 percent in May in California, compared with a year ago, the median price declined 30.4 percent during that same year. Some industry analysts predict that as specialized adjustable-rate mortgages, known as option ARMS and Alt-A mortgages, reset over the next 18 to 24 months, prices could decline further before stabilizing.

"We are seeing strong buying activity, particularly in those boom and bust markets, where prices have declined significantly. Buyers are coming in and fighting over properties -- there is multiple bidding in California and Florida," says Lawrence Yun, chief economist with the NATIONAL ASSOCIATION OF REALTORS(R).

Sales of existing homes are soaring as many investors and first-time buyers purchase distressed properties. Yun estimates that about 50 percent of current sales involve distressed properties, and he expects the trend to continue as foreclosures rise in the months ahead.

Although some economists predict home prices will continue to decline in the coming months, California'ss median home price rose for the third consecutive month in May, posting the largest monthly increase on record for the month of May.

Some buyers are trying to time the bottom of the market and purchase once it appears that prices are consistently and steadily rising. Many housing forecasters advise against this approach as buyers should not view their homes solely as investment opportunities. Historically, the average annual rate of return on a home lived in for five years or more is nearly 12 percent, based on data C.A.R. has collected over the last 40 years.

If you are thinking of selling your home, now is an excellent time with low inventory and the seasonal spike we get this time of year. Even if you are underwater on your home, like so many families, we'd like to help you find a solution. Call for a free consultation. Thanks!

Liane Thomas, REALTOR(R), CDPE
The Thomas Group, Keller Williams Realty
Serving Corona, Norco, Riverside, and Surrounding Communities
www.AllCoronaHomes.com
951 454-3805

Home Sales Jump ~ April 2009

Liane Thomas — Tue, 02 Jun 2009 19:02:00 GMT

Pending US Home Sales Surge

Pending US home sales skyrocketed to their highest number in 7 years, a sure sign that the bottom is forming and that bargain seekers have arrived. The National Association of Realtors reported that its seasonally adjusted index of sales contracts signed (the Pending Home Sales Index) jumped 6.7% to 90.3, well ahead of analysts' expectations. Lawrence Yun, NAR chief economist, said buyers have responded to favorable market conditions. "Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market," he said. "Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers."

So what does that mean to you? If you want to sell your home, this is probably the best time since 2006. Call me for a no obligation consultation to find out what your house is worth in todays market. We can help you sell your home fast, even if you owe more than your home is worth!

If you are considering buying a home, you MUST close escrow before the end of November to cash in on the tax credit. That means you need to be in escrow by September, and that means you need to be looking for a home TODAY! Please take advantage of this awesome opportunity pass you by!

Brought to you by:
Liane Thomas, REALTOR(R)
The Thomas Group, Keller Williams Realty
951.454.3805
www.AllCoronaHomes.com
www.FreeRiversideHomeSearch.com

Get Paid Up To $7500 For Buying A House!

Liane Thomas — Fri, 15 Aug 2008 15:30:00 GMT

Did you know that a law was just passed that would help many home owners avoid foreclosure? Called the Housing and Economic Recovery Act of 2008, this is one of the boldest and broadest pieces of legislation related to the real estate market since the great depression. As part of this law, the government will give you a tax credit up to $7500 if you buy a home this year.

What this means to you: If you buy a house this year, you will get an instant tax credit of up to $7500 when you file in the spring of 2009. A few restrictions apply, so please call (951) 454-3805 if you would like more information about this historic legislation. We would love to help you find the home of your dreams, and save $7500 off your taxes, too!

Thank you!

Thomas Realty Group, Inc.

951 454-3805

www.AllCoronaHomes.com

www.FreeRiversideHomeSearch.com

Interest Rate Snapshot April 03, 2008

Liane Thomas — Thu, 03 Apr 2008 13:18:00 GMT

Interest Rates are Great

30 Year Fixed 5.81%
15 Year Fixed 5.36%
5/1 Arm 5.59%
30 Year Fixed Jumbo 7.14%
5/1 Jumbo Arm 6.31%

Thank You to Bankrate.com for providing the rates! Rates are subject to change and are based on several scoring factors including buyers' credit. Call for your best rate today!

Thank you for visiting, and have a safe and happy weekend!
Liane Thomas, REALTOR(R)
Keller Williams Realty
Serving Southern California Counties of Riverside and San Bernardino
(951) 454-3805
http://www.lianethomas.com/
http://www.allcoronahomes.com/
http://www.freeriversidehomesearch.com/
Liane@LianeThomas.com

Open House in Sierra del Oro, Corona, on Sunday

Liane Thomas — Fri, 22 Feb 2008 06:25:00 GMT

Sierra del Oro, Corona - We invite everyone to visit our open house at 3621 Foxplain Road on February 24 from 12:30 PM to 4:00 PM. Priced like a repo, only better! This beautiful home is flawless, clean, and comes with a one year home warranty! Please stop by and say "hi". We'd love to meet you!

Property information

Open House in Sierra del Oro, Corona, on Saturday

Liane Thomas — Fri, 22 Feb 2008 06:24:00 GMT

Sierra del Oro, Corona - We invite everyone to visit our open house at 3621 Foxplain Road on February 23 from 12:30 PM to 4:00 PM. This is a beautiful 4 bedroom home, priced for fast sale. Priced like a bank repo, only better!

Property information

Interest Rate Snapshot January 25, 2008

Liane Thomas — Fri, 25 Jan 2008 15:09:00 GMT

Interest Rates are at 4 year lows!

30 Year Fixed 5.42%
15 Year Fixed 4.89%
5/1 Arm 5.00%
30 Year Fixed Jumbo 6.51%
5/1 Jumbo Arm 5.49%

Thank You to Bankrate.com for providing the rates!

Can you believe these great rates?? If you are planning to buy a home in the spring, start looking NOW. There are so many great homes to choose from. Get your pick of the litter now or wait until spring and get what is left over.

Have you heard the news? Bank owned foreclosure homes are HOT! Smart homebuyers know these homes can be priced way under market value. As specialists in this type of sale, we get a list every week. If you want your FREE copy, please call today.

Interest Rate Snap Shot January 18, 2008

Liane Thomas — Fri, 18 Jan 2008 14:57:00 GMT

Interest Rates are Great!

30 Year Fixed 5.43%
15 Year Fixed 4.93%
5/1 Arm 5.14%
30 Year Fixed Jumbo 6.48%
5/1 Jumbo Arm 5.62%

Thank You to Bankrate.com for providing the rates!

Can you believe these great rates?? If you are planning to buy a home in the spring, start looking NOW. Inventory is high, and most people wait until spring to start shopping. Imagine getting the pick of the litter!

Interest Rate Snapshot January 7, 2008

Liane Thomas — Mon, 07 Jan 2008 12:56:00 GMT

Interest Rates are Great!

30 Year Fixed 5.57%
15 Year Fixed 5.11%
5/1 Arm 5.36%
30 Year Fixed Jumbo 6.61%
5/1 Jumbo Arm 5.89%

Thank You to Bankrate.com for providing the rates!

Have you heard the news? Bank owned foreclosure homes are HOT! Homebuyers know these homes can be priced way under market value. As specialists in this type of sale, we get a list every week. If you want your FREE copy, please call.

Thank you for visiting, and have a safe and happy week!
Liane Thomas, REALTOR(R)
Keller Williams Realty
Serving Southern California Counties of Riverside and San Bernardino
(951) 454-3805
http://www.lianethomas.com/
http://www.allcoronahomes.com/
http://www.freeriversidehomesearch.com/
Liane@LianeThomas.com

Interest Rate Snapshot January 4, 2008

Liane Thomas — Fri, 04 Jan 2008 14:50:00 GMT

Welcome to our first update of the New Year!

Interest Rates are Great!

30 Year Fixed 5.66%
15 Year Fixed 5.17%
5/1 Arm 5.41%
30 Year Fixed Jumbo 6.66%
5/1 Jumbo Arm 5.92%

Thank You to Bankrate.com for providing the rates!

Want a house for the New Year? It is time to shop. There are a lot of homes on the market and very few buyers are looking at them. Get the pick of the litter and your BEST deal of the year NOW!

Thank you for visiting, and have a safe and happy New Year's Day!
Liane Thomas, REALTOR(R)
Keller Williams Realty
Serving Southern California Counties of Riverside and San Bernardino
(951) 454-3805
http://www.lianethomas.com/
http://www.allcoronahomes.com/
http://www.freeriversidehomesearch.com/
Liane@LianeThomas.com

Interest Rate Snapshot December 31, 2007

Liane Thomas — Mon, 31 Dec 2007 18:49:00 GMT

Interest Rates are Great!

30 Year Fixed 5.84%
15 Year Fixed 5.38%
5/1 Arm 5.55%
30 Year Fixed Jumbo 6.73%
5/1 Jumbo Arm 6.06%

Thank You to Bankrate.com for providing the rates!

Want a house for the New Year? It is time to shop. There are a lot of homes on the market and very few buyers are looking at them. Get the pick of the litter and your BEST deal of the year NOW!

Buy A Bank Repo Home

Liane Thomas — Tue, 27 Nov 2007 15:23:00 GMT

Now is an excellent time to consider a bank owned repo home! Banks are desperate to get these homes sold, and they are ready to deal! We are licensed to work with every bank on these special homes, and we serve all of Southern California. We will negotiate a great deal for you, help you with all the necessary legal paperwork, assist you in securing preferred mortgage rates, and guide you through an easy purchase. Best of all, our services are FREE to you as the buyer! For example: today in Corona, there are over 130 bank owned condos and homes priced from $189,000 to $939,000. Riverside has over 150 repo homes priced from $109,000 to $779,900. Want to know about another area? Just ask. We compile a new list weekly and will email or fax it to you. Call today before someone else steals YOUR bargain!
Thanks!
Liane Thomas, REALTOR(R)
(951) 454-3805
http://www.allcoronahomes.com/
http://www.freeriversidehomesearch.com/
Liane@LianeThomas.com