My New Blog

According to the latest forecast by Doug Duncan, the chief economist from Fannie Mae.... "Consumers are lowering their leverage" he says-cutting their debt burdens - and "positioning themselves to resume consumption" - including home purchases.

Additionally the chief economist for the National Association of Home Builders, David Crowe, seems to share that position...Crowe believes that favorable home buying conditions "are taking shape for consumers, led by "historically low mortgage rates and low (home) prices."

Corelogic is a real estate data collecting company. The latest survey by Corelogic indicates that in most areas prices have stabilized or have modest growth in home values.

While we are not exactly singing..  "Happy Days Are Here Again" ... the signs all seem to be pointing in the right direction!

Good news from the Monmouth/Ocean County Realtors - When June 2010 is compared to June 2009 a bright trend appears! The monthly sales are UP over 45% for single family homes! Even sales of condominiums, which are usually the last to improve, are up over 18%. In addition it appears that the inventory is finally be absorbed by the market. The active listing inventory, according to the MOMLS is down from June 2009 by over 10%. Those who know me will tell you that I tend not to become prematurely optimistic over market trends, but I must admit it does seem that the worst is behind us and (finally) we can see some light! BUT before we start doing cartwheels on the front lawn, one additional statistic to keep in mind is the months of inventory. There has been improvement here as well, down over 11%, but the estimated absorbtion time is still more than 8 months.

With rates holding at such lows and prices stabilized, considering the improving real estate market trending, NOW is a great time to buy.. this is an historically great time for first-time buyers... DON'T MISS THE BOAT!

Although the $8000 First Time Homebuyer Tax Credit expired on May 1, Veterans still have a chance to take part in the savings. Certain military personnel and Foreign Service employees have an extra year to purchase a home and qualify for the credit.

Obama’s Worker, Home Ownership, and Business Assistance Act extends until April 30, 2011 for military families and active-duty service members living overseas. In addition to extending the credit, this legislation also helps military personnel by making mortgage payments tax deductable.

Members of the “Uniformed” Services, Foreign Services, Intelligence Community, and their spouses qualify for the credit. In addition, persons who sold a residence between Jan 1, 2009 & April 30, 2010 because they had to relocate at least 50 miles due to "orders" qualify for a tax credit, even if they owned a home between the above time periods. Income, age and sales price limitations still apply.

Eligible persons must have had extended duty outside the U.S. for 91 days or extended duty within the U.S. for 91 days that forced them to relocate at least 50 miles from their principal residence.

For more information, see the following article: http://www.military.com/money/content/pcs-dity-move/home-buyers-tax-credit.html

THE FOLLOWING IS AN ACTUAL LETTER RECEIVED 9/14/2009 - GREAT JOB LAMBROS!!!!!

RHF,  my name is Steve XXXXX(removed for privacy) I was able to purchase 2 funeral homes in New York due to the efforts of one of your employees, Lambros Orfanitopoulos. This deal started about 2 years ago and it was a real rocky deal.Through the whole ordeal Lambros was right by my side. He never gave up even when things got rough. He was always available even on his days off. He kept me up to date even if the news wasn't good. He is a true professional and he really looks out for his client. He started with me and was even present at the closing. I just wanted to let you know what type of employee you have. Iwant to thank him and your company.

Here is an article from Rismedia that supports the anticipation that mortgage rates should remain stable... for now.. RISMedia » Federal Reserve article 7-22-09.pdf

Many first time buyers or Realtors working with first time buyers are unaware of the State, County, and even Municipal programs that are available. There are many different programs or grants that can be applied to things like closing costs, home improvements, and even in some cases down payment assistance. In addition in many instances an individual who has previously owned a home but has not owned a home in the three (3) years prior to receiving assistance would be considered a first time buyer.

Programs vary from County to County and Municipality to Municipality. Please consult a mortgage professional that is familiar to working with these programs. At Residential Home Funding we have regular training for our Loan Specialists on the latest programs for home buyers. We consider it our civic duty, and our personal pleasure, to help our hard working clients become home owners and enjoy the "American Dream" !

The Federal Reserve has pledged to cut its key interest rate. The federal funds rate, the interest that banks charge each other, to a range of zero to 0.25 percent. The central bank says it plans to use a variety of unconventional methods to flood the banking system with credit and drive interest rates lower.

According to the Associate Press.. "the Fed last month said it planned to purchase up to $600 billion in direct debt and mortgage-backed securities issued by big financial players including Fannie Mae and Freddie Mac in an effort to boost the availability of mortgage loans".

"The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability," the Fed said.