Jeffrey Tung's Real Estate Blog

Great news!! Congress has finally approved a extension for those of you who have been in escrow since April 30th.

Since we have been in this recession for a while now, what’s your feeling about the results from all of the government bail outs? Some areas have seen some improvement but some have not. There have been some many different programs that have been implemented to help everybody, but is it really working or are we digging a big whole, deficit, for our future generations to pay?

You’re renting now and your lease is about to expire, do you want to stay for another year or do you think you might want to take advantage of the best buying opportunity since 1968? Well before you make a decision to purchase, there are a few things to consider before you start shopping. Once you understand what’s involved, you will feel better about making a decision to pursue the “Great American Dream of Home-ownership”.

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Even though the federal  tax credit may not make a come back, there are lots of reasons why it is still a great time to purchase a property. 

One of the most important factor that affects most buyers is interest rates.  As the rate gets higher, the amount of money a person can qualify for would be less. Interest rates have been really low historically speaking and with the problems we are facing today, the rates will go back up.  I don’t think interest rates will ever be lower then what they are today.  30 years ago, I thought I would never see rates as low as they are today.  We could see rates as high as 18%, just like it was in 1981, or even more.

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With the passing of the health care bill, there may be some unforeseen problems brewing. It would be a good idea to try and think of ways to make sure you’re going to be financially stable when 2014 comes around. If the budget for the program is more then projected, it will likely lead to higher interest rates. peninsula

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Are you going to make the June 30th deadline? Hopefully you will since it’s been a stressful process. If you don’t make it, then let’s hope that Congress votes to extend the deadline 3 more months.  The Senate has approved the extension because of the enormous back log of sales and now it time for Congress to consider the extension.

According to Vicki Cox Golder, president of the National Association of Realtors, said the extension was a matter of fairness.

“These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a work-flow jam with the lenders or other delays and might not be able to complete the purchase of their homes.”

I think it’s the right thing to do, especally since it’s not the buyer’s fault for not meeting the deadline.

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With today’s economic conditions, some people find it hard to save or even pay their bills. There are ways to cope with our lack of funds. If you really think about how much you spend everyday and for what, you might be surprised that you can cut down on your spending and save for another rainy day. 

You may also think about where your money is being kept. Are you receiving a fair return on your investment? If you’re saving money with bank CD’s or other bank related products, you maybe cheating yourself from getting the most return for your hard earned money.  There are other investments out there that can provide you with higher returns.

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President Obama has announced that he has a program design to help homeowners that have been unemployed and other struggling borrowers. This is a program that can help stabilize home prices. The White House is also considering a program that would suspend mortgage payments for a unemployed homeowners for 3 months and give them 3 opportunities to extend the payment difference for up to 1 year.

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In efforts to help everybody who needs help, HUD has updated their list of counselors.  This will help you find answers to help you with your financial problems.  This is a free service and should be your step in trying to get help from your government.

If you need guidance or more information about your options, HUD may have answers for your situation.

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