Jeffrey Tung's Real Estate Blog

Do you think that the governmental programs from the president are helping the economy to get better? Well, it seems like it has based on a study by Realty Trac. February’s forclosures have declined by 2% from the previous month but still 6% above the level reported in February 2009. This means one in every 418 U.S. housing units received a foreclosure filing in February.

I think we are heading in the right direction but I think it is still too soon to say that we are out of the woods.

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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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 The real estate market is still not fully recovered but there are positive signs that we are at the bottom and maybe moving up. The prices of homes fell so much that it is tempting many renters to buy a home instead of renting. The monthly payments might be the same especially when you include your tax savings. Rates are still affordable and there are many homes to choose from. The only problem we have is that many of these homes have gone down so far in price that it is creating a buying frenzy. Many of the homes that are less then $400k are getting multiple offers. Be patient because there is talk that more REO’s and Short Sales are going to hit the market next year.

The market is showing signs of a slow recovery, but it is changing. One of things that is helping the recovery along is the tax credit. The federal government will give qualified buyers a $8000 tax credit for purchasing a home. That’s right!! $8000. So, if you’re planning to buy a home, now is the time before the program expires, 11/30/09. The purchase has to be completed by 11/30/09 to qualify. There is talk about extending the program but there is no guarantee that it will be extended. For more information about the program, please click on the link below or let me know and I’ll be happy to assist you.

http://www.realtor.org/government_affairs/gapublic/homebuyer_tax_credit

Summer is almost over and I hope you’re enjoying the season. 

 The worst recession in 70 yeas is also showing signs of being over too. The Commerce Dept. reported that the economy shrank at an annualized rate of 1% which is better then the 6.4% shrinkage in the first quarter of this year. Economist think the economy is poised for growth, but slowly. You can read more of the state of the economy by clicking this link: http://rismedia.com/2009-08-03/signs-of-life-slower-decline-may-signal-recessions-end/.

Buyers today have a great selection of homes that are for sale.

Some areas are flooded with Foreclosures, REOs and Short Sales, which increases the number of homes for sale and the prices are usually lower, therefore making the price range lower. As a result, many of the REOs are getting more then 1 offer. This is a sign that prices are at a point where it could go back up. Buyers are making offers above the asking price therefore stopping the downward spiral of the price range.

It is still a good time to buy because interest rates are still low and you have choices. Also, for a limited time, both the federal government and the state of California are providing buyers with a tax credit for purchasing a home. This could be as much as $18,000 combined. If you’re thinking about buying a home, don’t wait for the increase in interest rates. It may force you out of the market.

Here is a news cast about the market place, a survey from the California Association of Realtors and some information about the tax credits. Just copy and paste it in your browser.
     http://www.car.org/newsstand/newsreleases/jan09salesandprice/
     http://cbs5.com/video/?id=47401@kpix.dayport.com
     http://www.car.org/legal/2009-qa/homebuyer-tax-credit-chart/