Riverside foreclosure news

Walls Street came out with the article below that spells out the national status of the current and future real estate market.

The Housing Crisis Is Over By CYRIL MOULLE-BERTEAUX
May 6, 2008

The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now. For more info click Wall Street Journal

Being a Real Estate broker for County Properties and home owner in San Diego, Riverside and Orange counties since 1983 I have experienced 3 real estate cycles. This current market price dropped well below the average drops in the past cycles due to over appreciation from demand and very liberal banking guide lines since the start of the new millennium (1999). A lot of the demand is backup even greater at this time, especially with low housing starts, population growth on a steady incline. We have the best weather in the country in these three counties with west coast shore lines within a short drive or ocean front locations.

There are finally better banking guidelines to make sure buyers can afford to make payments, and now better government programs including VA,FHA and CaHfa, etc. to help buyers get in with very little down payment. We are seeing seller paying most of the buyers closing costs. We are seeing multiple offers on many of the bank owned properties because they are now at affordable prices for buyers and low interest rates.

Potential indications for the trend to follow in the rest of the country. San Diego and Riverside counties in California are next. Prepare yourself for the changing market that is happening now. Call for counseling on for investing or a buying a home to live in now, while the market prices and interest rates are still low. Click Go to my website

The Federal Reserve cut interest rates on Wednesday for the seventh straight time since September of last year. This makes the Prime interest rate a low 5%! Many experts believe that the Fed is done cutting interest rates and will begin a new watch-and-wait policy. This new policy is due – in part – to the fact that the first Stimulus Act rebate checks are hitting millions of mailboxes this week. The Fed hopes this money gives a boost in the arm to the economy.

They cut the federal funds rate by a quarter of a point to 2 percent on Wednesday, the latest – and possibly last – in a series of reductions aimed at staving off a recession and easing the credit crunch.
MAKING SENSE OF THE STORY FOR CONSUMERS
• In September, when the Fed initiated the first of seven consecutive interest rate reductions, the federal funds rates stood at 3.25 percent.  The last time the rate was this low was in December 2004.
• In making the announcement, the Fed noted that, “The substantial easing of monetary policy to date, combined with ongoing measures to foster market liquidity, should help to promote moderate growth over time and to mitigate risks to economic activity.”
• There was some speculation that the Fed was leaving the door open to additional rate cuts if inflation concerns become reality.  However, others speculate the Board may leave rates alone until the impact of its recent efforts become clearer.

If you’ve been taking a watch-and-wait approach with your own finances, now is the time to call and review your options.
Consider this: the Federal Reserve Board meets 11 times this year to review the health of the US economy and make adjustments if needed. Don’t you think you owe it to yourself to take just a few minutes and do the same with your own financial goals?
I want to ensure that you’re taking advantage of this unique market and not letting it pass you by. Here are just a few things to consider:
• Today’s tougher housing market means there are some great buys to be had if you’re looking to purchase. This is an especially friendly market for first-time home buyers.
• The government has temporarily increased FHA loan limits in many areas across the US. These government-insured loans are not FICO-score driven and require little to no down payment. Here’s the catch: these new limits expire at the end of the year, so you must act now.
• You really don’t want to play the waiting game if you are holding an adjustable rate mortgage (ARM). That’s because there is nowhere for the rates to go but up from here, if we are truly at the end of the Fed’s cutting cycle.
Invest 10 minutes in your financial future. Call me today. Together we’ll review your situation. While the Fed takes a quick break from cutting to plan its next move, take advantage of the opportunity to do the same for yourself. I look forward to hearing from you!