NAR THANKS BUSH FOR SIGNING DEBT BILL

The NAR statement on Realtor.org includes the following:
"Today's bill will ensure that any debt forgiven on a mortgage secured for a principal resisence will not be taxed."

The full statement follows:

Bush Signs Mortgage Forgiveness Bill
Again, I encourage anyone having difficulty with their mortgage contact their lender first in the interest of working out a solution. Many unscroupulous people are pretending to assist those in difficulty while creating an even worse problem for their own benefit. Trust your lender first!

And check the December 7 entry in this blog for further info on assistance.

HOME SALES TO TREND UP IN 2008

The National association of Realtors® try to be as upbeat and yet as realistic as they can in the midst of tough times.

Existing Home Sales to Trend Up in 2008

I do know there are several National figures who are economists and financial advisors who don't honestly understand what the problem is in the housing market. The economy is good, the FOMC is not messing up as bad as some expected (but do stand by for another interest rate correction before Christmas), unemployment is down, manufacturing has been up for 6 months, but the majority of folks are just doing a "deer in the headlights" response.

Prices on existing homes are at the lowest in several years, interest rates are under 6%, (I remember 9% when I bought in 1962, some bought at as high as 23%), and much of the sub-prime damage is behind us. Can prices slip further in the Phoenix area - sure! By anything significant - not likely! And you can make me eat the words later if I'm dead wrong.

I will admit that the political election process, the conflict of is it or isn't it Warming because of us, the Stock Market mood swings, the National Debt, and Medical Cost issues and ...and...and - well, they do get bothersome at times, don't they? However, I do think life will go on, with changes I'm sure, but it will go on. And homes will begin appreciating again, sooner than the media would have you believe!

WOW - A TOUGH VIEW OF MORTGAGE HELP!

From Realty Times, one man's view of the Bush "Plan" for helping homeowners facing serious mortgage problems.

The Bush Foreclosure Plan: Who Really Benefits?

Let's hope the view of the writer is a bit overstated. Time will tell.

The bottom line, irrespective of the article, contact your lender early to try to work out a solution. Lenders will have a hard time getting money for new loans if they carry too much "bad" paper, so there is some motivation on them to convert your loan to a "good" loan.

MORTGAGE RATE UPDATE?

In case you wondered how investors influence mortgage rates, here is a clue from Realty Times:

Hot Debates on Subprimes and Foreclosures

I guess if you're going to buy a home any time soon, you would hope the stock market doesn't perform well!

CONGRESS WRESTLES WITH MORTGAGE HELP

Latest word from Washinton via Realty Times:

Hot Debates on Subprimes and Foreclosures

Meanwhile, folks under the gun are wondering where they will be spending Christmas, with the greatest emphasis on "spending" - Congress has not been known to act too quickly, particulary in the Holiday Season. Come on guys, get with it!

MORTGAGE BAILOUT - DO YOU QUALIFY?

An excellent article from Business Week. The big question, does the plan go far enough?

New mortgage bailout plan: Do you qualify?

There are several subarticles on the bailout, including investor reaction.

If you are in an "ARM" mortgage, this is must reading!

A NEW CONCEPT FOR UPLIFTING THE USA

The gathering of inputs from 363 highly connected integrated metropolitan areas to bring new life to a stodgy federal structure.


Blueprint For American Prosperity


Let's all pray and hope it will begin to bring us into the New 21st century.

FREDDIE MAC - INTEREST RATE DOWN

MORTGAGE RATES AT 2005 LEVELS

A recent Real Estate seminar we attended noted that with 100,000 net annual increase in Maricopa County's population, with more and more National weather anomalies and our constant warm climate, with pending sales up the last 2 months in Maricopa County, with Builders still building, with prices down AND interest rates down, while there is bond money available to help 1st time homebuyers with a FREE 3+% grant (no repay), with more young people leaving Ohio than staying, with our access to skiing, lakes, Mexico, Vegas, and FHA reforming to a more viable option, why is the media so negative.

Partly because they report Nationally, and because bad news makes headlines, not good news. One Broker reported a 0.1% per month drop in Tucson prices - a recent Tucson headline, "Home Prices Plunge!".

Maricopa County home grown investors, not the Californian's that caused the 2005 run-up with O% down, 100%, interest only loans, are jumping in with both feet. They know when most Buyers sitting on the sidelines jump in there could be a frenzy mentality! Beat the "Christmas Rush" type phenomena if you're serious about buying!

INTEREST RATE UPDATE

The message is - get'em while they're hot!


Interest Rate Update