A recent report on real estate sales and trends here in Palm Springs for December came out in The Desert Sun on last Thursday. More important than the actual numbers or trends reported in the article, the author explains that what is being reported is a distortion; the cause is that when all types of houses, in all neighborhoods are averaged … [Read more...]
Help for the Beleaguered Real Estate Market – Homebuyer Tax Credits
Wow! It looks as if the congressional stimulus package now coming together in Washington may find a way of providing some assistance to our beleaguered Palm Springs real estate market. The New York Times is reporting today that today the Senate approved by voice vote a measure that, if approved, would provide up to $15,000 in a tax credit to … [Read more...]
Here We Go Again – December 2008 California Housing Outlook
This is an update of my November 2008 Blog reporting on the state of the real estate market. The California Real Estate Association (C.A.R.) has just released a report stating that the number of single-family homes sold in California increased 84.9% in December from the same period one year ago, with year-to-date sales nearly 27% above last year. … [Read more...]
Financing a Fixer with the 203K Program
Today’s blog is a follow-up to my blog on November 24, 2008, regarding a rather obscure FHA program that offers financing on the purchase of distressed properties. With so much attention focused on the escalating rate of home foreclosures, the FHA is really pushing this particular program. The result, I'm told, is that more of these loans have … [Read more...]
How to Finance BOTH the Purchase AND Repairs of Your Next Fixer-Upper
If you are considering buying a foreclosed fixer home as (a) your primary residence, (b) a second home, or (c) an investment property, there may be some new financing alternatives now available to you. I just learned about this from a mortgage broker associate with whom I work on HUD homes. He tells me that Fannie Mae has introduced a new program … [Read more...]
Foreclosures Temporarily Halted by Fannie Mae
Yesterday, Fannie Mae announced that it was temporarily suspending foreclosures and evictions which have been scheduled to take place from November 26, 2008 until January 9, 2009. This temporary halt is designed to allow time for positive actions to reduce the growing number of foreclosures presently taking place in the U.S. It will allow affected … [Read more...]
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