Current State of Real Estate

“Home prices continued a winning streak in August, the fifth straight month of price gains, but remain lower on a year-over-year basis...Even though the [year-over-year] rates are improving, national home prices are still below where they were a year ago," said David Blitzer, a spokesman for S&P.”

No real news there, right? The economy and subsequent lack of jobs, the challenges of the continuing foreclosure climate and tightened lending standards were all cited as factors that combine to prevent any significant increase in the housing market.  Although there is a sense of improvement in home values over the last few months, there are still many experts who believe we may see a 3% decline in year-over-year values nationwide by the end of 2012.

Is there any help on the horizon for homeowners who are underwater with their current loan? The answer is YES! “The home price report (from CNN Money above) comes on the heels of changes in the Home Affordable Refinance Program (HARP) announced Monday (Oct 24) by the Obama administration. The changes will enable many homeowners to refinance high-interest mortgages more easily, making their monthly payments more affordable. The plan should enable some to avoid default.” Under the new program, homeowners who owe more on their homes than they are worth will be able to refinance no matter how much they are underwater, as long as they are current on their payments. This is great news for those who have remained current on their mortgage payments but have been unable to take advantage of the historically low interest rates currently available. Call me directly 951-283-0932 for more information or go to www.fhfa.gov for all the most current info on this plan and its details or the release from HARP can be found directly by clicking here http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf.

If you’re an investor or wish to participate with a group of real estate investors, call me today 951-283-0932 to discuss opportunities to earn 6-8% annually on your equity! We have a great program for taking advantage of the excellent values in single family residences here Menifee!

Thanks for your time and we look forward to the opportunity to provide outstanding service!