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As spring fast approaches there is a phenomina occurring in the market that heeds notice! (kindly excuse typo\\\’s it is 1:30 a.m. but I wanted to get this info out as fast as possible!)
As we navigate thru these uncharted territories in this new econony
I am here to pass on information that Is important to the market. Recent actions
by some of our government institutions and rule makers has laid evidence to what
i have noticed in the last few weeks and that is a tolerance
for “invetors” in short sale and REO
flipping.
In fact short sale and reo or \\\”bank owned\\\” flipping of properties are becoming more and more accepted by
the government and major lending institutions. This
is evidenced, among other things, by Freddie Mac\\\’s
recent bulletins, updated credit policies by major
lenders allowing for C buyer financing, and revised
title bulletins stating that the C purchase price does
not need to be revealed to the A lender as long as
certain disclosures are made.
Last Friday the FHA has rescinded its 90 anti-flipping
rule and will, for a period of 1 year, allow FHA buyers
to obtain loans on properties that have been recently
purchased by investors who intend to flip them for a
profit.
This “green light” by FHA means that if you’ve been on
the sidelines of property flipping, you need to educate
yourself as soon as possible, because investors will be
coming on strong for 2010 given this latest news.
Visit my site and blogs regularly as I am dedicated to informing you
on the latest market conditions..if this sounds like greek to you
hold on .. in the next few weeks as this unfolds I will update you
on these conditions
Have a Great Day/// Bonnie Fagoh
Early, Early August 2009 Follow Up!!
You heard it hear on June 6 roughly 2 months ago about the housing market now here is more of the proof and actual physical results:
As you can see from these late July results some markets are actually experiencing price increases.
At Bella Sol Luxury Villas on Tampa Bay we have gone to contract on 4 units in the last 60 days. Upscale savvy buyers are scooping up the most choice villas in fact I only have one Penthouse left!!
WELCOME TO NEW TAMPA!
JUST OUT – Tuesday June 3 on fast Money CNBC from Washington….pending home sales increase 6.7% in April month-to-month. That is the 3rd straight month of rises in the pending homes sales index. Buyers are responding to favorable market conditions such as: 1) Increased affordability, 2) The first time home buyer tax credit and 3) Low, low mortgage rates.
This is backed up by Bloomberg’s News Article dated May 27 which stated the following:
Home resales in the US rose for the second time in 3 months in April as foreclosure auctions and cheaper prices spurred bargain hunters, supporting the case for an end to the industry’s slump this year. “The housing market is beginning to stabilize,” Fed Chairman Ben S Bernanke said in congressional testimony on May 5. “We continue to expect economic activity to bottom out, then turn up later this year.”
Locally, a pick up in sales has helped trim the glut of unsold homes, with the most desirable homes being the first to sell. This decrease in inventory leaves the buyers who are waiting for “the bottom” (who knows when that will be, but it’s close) finding that the less-than-desirable properties remain. Compound that with the risk of mortgage rates increasing and you have even more reason to BUY NOW. For first time homebuyers, the $8,000 tax credit applies to purchases completed before Dec 1, 2009. Short sales (a large part of our current market) can take 90 to 120 days or more to close, so first time homebuyers need to BUY NOW. Multiple bids are now common on foreclosure sales and even short sales, so you may have to make several offers before getting a contract, so BUY NOW to get the best deal on a great home!
New Tampa currently has 548 active listings, with 394 sales from Jan-May. At this rate there is only a 7 month supply of inventory!
Search all Tampa Bay properties at www.TampaCoastalHomes.com or better yet,
call me for your FREE boat tour! Call (813) 390-7606
Thanks,
Bonnie
No one thinks about the city of Pasadena, California, unless it is Rose Bowl or Rose Parade time, except for Los Angeles County residents and people who hear the song “Little Old Lady From Pasadena”.
When tourists think about visiting California they most often think about going to Disneyland or cities like Los Angeles and San Francisco or beach cities like Long Beach, Monterey, Newport Beach, San Diego, Santa Monica, etc.. Very few of them think about visiting or staying in “small town” Pasadena and that is a big mistake.
No matter what you are looking for in a vacation or what you wish to do you can find it in or near Pasadena. The city itself has over four hundred (400) restaurants that serve amost any type of food that you can imagine, dozens of art galleries and antique shops, fine museums like the Huntington Library and the Norton Simon Museum of Art, hotels of all categories from inexpensive motels to the Ritz Carlton, night clubs and comedy clubs, beautiful homes with magnificent gardens that can be seen while driving through the city, over two hundred (200) churches, shopping galore and much more.
