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economic activity

August Pending Home Sales highest level since July 2009

by Arnie Levine on September 30, 2011

in Latest News,Riverside foreclosure news,San Diego Foreclosure news

California pending home sales climbed in August from both the previous month and year, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. The year-to-year increase was the highest level since July 2009.

Pending home sales:

Pending home sales in California rose 7 percent from July, according to C.A.R.’s Pending Home Sales Index (PHSI)*. The index was 125.3 in August, up from July’s index of 117.1, based on contracts signed in August. The index was up 12.6 percent from August 2010. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

Distressed housing market data:

  • The total share of all distressed property types sold statewide inched up to 43.7 percent in August from July’s 42.9 percent. The share of distressed sales was lower from a year prior, when distressed sales totaled 44.5 percent of all home sales.
  • Of the distressed properties sold statewide, 18.9 percent were short sales compared to July’s 17.5 percent share and last August’s share of 19.3 percent.
  • The share of REO (real estate-owned) sales was down from both July and a year ago. REOs made up 24.4 percent of sales in August, down from 25.2 percent in July and 24.7 percent in August 2010.
  • Non-distressed sales made up the remaining share of home sales in August at 56.3 percent, down from 57.1 percent in July and 55.5 percent in August 2010.

Multimedia:

• View a chart of pending sales compared with closed sales.

Share of Distressed Sales to Total Sales

(Single-family)

Type of Sale Aug. 2010 Jul-11 Aug. 2011
REOs 24.70% 25.20% 24.40%
Short Sales 19.30% 17.50% 18.90%
Misc Distress 0.40% 0.30% 0.40%
 
Total Distress 44.50% 42.90% 43.70%

 

 *Note: C.A.R.’s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state. Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market. A sale is listed as pending after a seller has accepted a sales contract on a property. The majority of pending home sales usually becomes closed sales transactions one to two months later. The year 2008 was used as the benchmark for the Pending Homes Sales Index. An index of 100 is equal to the average level of contract activity during 2008. 

 Single-family Distressed Home Sales by Select Counties

(Percent of total sales)

County Aug. 2010 Jul-11 Aug. 2011
Amador 34% 55% 59%
Butte 29% 43% 42%
Humboldt 20% 27% 31%
Kern 63% 62% 60%
Lake 74% 73% 64%
Los Angeles 46% 42% 44%
Madera 62% 86% 73%
Marin 29% 25% 27%
Mendocino 52% 61% 48%
Merced 53% 71% 59%
Monterey 59% 61% 62%
Napa 39% 51% 48%
Orange 31% 32% 33%
Riverside 68% 62% 62%
Sacramento 63% 60% 62%
San Benito 60% 65% 67%
SanBrnrdino 68% 65% 64%
San Diego 27% 26% 27%
SanLuisObispo 41% 42% 45%
San Mateo 27% 23% 25%
Santa Clara 31% 28% 31%
Santa Cruz 34% 40% 35%
Solano 67% 70% 71%
Sonoma 41% 46% 43%
Tehama 80% 72% 56%
CALIFORNIA 44% 43% 44%

 If you have equity in your home, we will sell your home and get top dollar in this challenging market, go to County Properties Marketing Homes. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION for loan modification and or selling .  or go to www.ShortSaleRealtors4U.com

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.

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Existing-Home Sales Jump Nearly 19% From Last Year

by Arnie Levine on September 23, 2011

in Latest News,Real Estate news,San Diego Real Estate

home for sale six Existing Home Sales Jump Nearly 19% From Last YearSales of previously owned homes came in 18.6 percent higher last month when compared to August 2010, according to data released Wednesday by the National Association of Realtors (NAR).

Completed transactions rose 7.7 percent on a month-over-month basis to a seasonally adjusted annual rate of 5.03 million, up from 4.67 million in July.

The latest numbers far surpassed market expectations. Many analysts were forecasting a decline while others were predicting a much more modest increase, with projections for the annual rate ranging between 4.61 million and 4.80 million.

The research firm IHS Global Insight issued its forecast last week ahead of NAR’s report, with a word of warning that the market should be expecting “the lowest sales pace in 10 months.”

The firm’s analysts explained their rationale on declining consumer demand to buy homes, even as mortgage rates have dropped to record lows.

They noted that in August, the Mortgage Bankers Association’s purchase index dropped for the fifth straight month, plunging 11.9 percent.

“Based on this reading, and on the 1.3 percent drop in the Pending Home Sales Index in July, we project that existing home sales dropped 1.3 percent to a 4.61-million-unit annual rate in August,” IHS said. But Lawrence Yun, NAR’s chief economist, says he sees “some positive market fundamentals,” even in the face of such headwinds as tight credit and appraisal problems, along with regional disruptions created by Hurricane Irene.

“Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations,” Yun said.

“Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, some investors are in the market to hedge against higher inflation,” Yun added.

Investors accounted for 22 percent of purchase activity in August, up from 18 percent in July and 21 percent in August 2010, according to NAR’s study.

First-time buyers purchased 32 percent of homes last month, with the balance of sales activity coming from repeat buyers.

NAR says all-cash sales accounted for 29 percent of transactions in August.

Contract failures were reported by 18 percent of NAR members in August, up from 16 percent July and 9 percent in August 2010. NAR says sales cancellations are primarily caused by declined mortgage applications or appraised values coming in below the negotiated price.

The trade group’s study shows that the national median existing-home price for all housing types was $168,300 in August, which is 5.1 percent below August 2010.

Total housing inventory at the end of August fell 3.0 percent to 3.58 million existing homes available for sale, which represents an 8.5-month supply at the current sales pace. That’s down from a 9.5-month supply in July.

Distressed homes – foreclosures and short sales typically sold at deep discounts – accounted for 31 percent of last month’s sales transactions, compared with 29 percent in July and 34 percent in August 2010.

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !

If you have equity in your home, we will sell your home and get top dollar in this challenging market wiht our  Internet Marketing and Sales Program. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also, go to www.ShortSaleRealtors4U.com

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

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California’s Median Home Price Hits 2011 High

by Arnie Levine on September 23, 2011

in Latest News,San Diego Real Estate

California Californias Median Home Price Hits 2011 High  The state of California is soaking in the last rays of the calendar summer and cashing in on the last days of the traditional homebuying season, with sales soaring in August and the median home price touching on its highest reading of the year.

Data provided by the California Association of Realtors (C.A.R.) puts the statewide median price of an existing, single-family home sold in California last month at $297,060. 

“August’s median price marked the highest since December 2010, signifying that prices may be stabilizing in some market segments, as investors and first-time buyers continue to see value and opportunity in the market,” said Beth L. Peerce, C.A.R. president. 

The August price point is up 1 percent from a revised $294,050 in July. Last month’s was the highest reading in eight months, but remains 7.4 percent below the $320,860 median price recorded for August 2010. 

The San Francisco Bay area registered a median price of $498,190 last month, while the Inland Empire came in at$173,670, and the Los Angeles metro fell in between at $275,100. 

Closed escrow sales of existing, single-family detached homes in California rose to a seasonally adjusted 497,390 units in August, up 8.6 percent from July, according to information collected by C.A.R. from more than 90 local Realtor associations and MLSs statewide. August home sales were up 10.2 percent from the same period last year. 

Leslie Appleton-Young, C.A.R.‘s chief economist, says while the increase in August sales is encouraging, this data is largely based on closings that occurred before the debt ceiling debate in early August which spawned increased concern about the future of the U.S. economy. 

“How these events and the impending reduction in the conforming loan limits will impact home sales and prices in the coming months remains to be seen,” Appleton-Young noted. 

C.A.R.’s index of unsold single-family housing inventory was 5 months in August, down from 5.5 months in July and 5.8 months in August 2010. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate. 

The biggest backlog of housing stock can be found in the Los Angeles metropolitan area, but at only a 5.4-month supply, even that is well below the national average. 

By comparison, the National Association of Realtors’ assessment of market conditions for the month of July put the overall inventory of unsold homes in the U.S. at a 9.2-month supply. 

The California Realtor group reports the sales cycle for single-family homes was a median 52.7 days in August, compared with 45.5 days a year earlier. 

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !

If you have equity in your home, we will sell your home and get top dollar in this challenging market wiht our  Internet Marketing and Sales Program. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also, go to www.ShortSaleRealtors4U.com

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

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Fed decision keeps mortgage rates at record lows

by Arnie Levine on September 23, 2011

in Finance,Latest News,Real Estate news

goingdown1 e1268322763986 Fed decision keeps mortgage rates at record lows

The Federal Reserve’s plan to reinvest principal payments on some bonds into mortgage-backed securities is already contributing to the nation’s record low mortgage interest rates, Bankrate said Thursday.

Bankrate said the Federal Open Market Committee seems to be taking direct aim at mortgage rates by shifting $400 billion from short-term holdings into long-term government bonds. The program, which begins Oct. 3 and runs through June, will involve longer-term Treasury securities with remaining maturities of six years to 30 years, and will be financed through the sale of shorter-term Treasurys with maturities of three years or less.

“This program should put downward pressure on longer-term interest rates and help make broader financial conditions more accommodative,” the FOMC said in a statement following its two-day meeting.Analysts also said anemic economic growth and European debt fears are keeping investors on the sidelines.Rates are unlikely to increase until mortgage refinancing and purchasing activity picks up, Bankrate said.

“In order to get the most economic impact out of low mortgage rates, the pool of prospective refinancers needs to be expanded. Deeply upside-down homeowners, those with second liens or mortgage insurance, and lender concerns about buyback liability are all formidable impediments to refinancing,” according to the firm, which aggregates rate data from across the country.

The Freddie Mac primary mortgage market survey showed the average rate for a 30-year, fixed-rate mortgage remained unchanged this week at 4.09%, while the 15-year, fixed rate dropped one basis point to a new record low of 3.29%.Meanwhile, the five-year, Treasury-indexed hybrid adjustable-rate mortgage averaged 3.02%, up from 2.99% last week and down from 3.54% a year ago.The one-year, Treasury-indexed ARM averaged 2.82% this week, up from 2.81% a week earlier and down from 3.46% last year.

“A sluggish economy and investor concerns over the European debt markets left mortgage rates largely unchanged this week,” said Frank Nothaft, vice president and chief economist for Freddie Mac.

“Manufacturing activity in both the New York and Philadelphia regions contracted in September,” he said. “Moreover, the Federal Reserve board reported that households lost nearly $150 billion in net worth in the second quarter, representing the first quarterly decline in a year.”

Bankrate data show the 30-year FRM at record lows for the fifth consecutive week. The average rate for a traditional mortgage fell to 4.29%, from 4.32% last week, while the 15-year FRM declined to 3.42% from 3.44%.

In addition, the 5/1 ARM decreased to 3.05% from 3.07% last week.

As of this week 10 Year Treasury Bond hit 1.76 Yield “An All Time Low”!!!!  What does this mean?  It means Mortgage Rates will hit Record Lows Today so please get the word out to your clients.  Though our Stock Market is struggling, along with our economy, the positive side is that it has created Record Low Rates that will not be around forever.  The Home Affordability Index is at “LOWS” not seen in Decades.  Now is the time to buy a home,  especially if you are renting. My website has a great rent vs. own calculator to help you with buyers  

If you study the different markets in the Southern California  Rent vs Own is getting to be very close.  Even with FHA Financing (with as little as 3.5% down) I have seen property payments for Lower than Market Rents on Homes. And VA’s new lower funding fee makes it even better, too.

If you have Family, Friends, Neighbors, Co-Workers, and your Client Database that are not aware of what is happening please get the word out.  

Can you imagine getting into a home with rates at 4% for 30yr fixed or well into the 3’s for hybrid-arms or 15yr fixed? !!!! “Don’t miss the Boat”!  You and your buyers might regret it at a later time…!

Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact me today for free counseling at (619) 540-5811.

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net/ and I’ll be happy to follow up and take great care of them.

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Economy vacillates mortgage rates free fall

by Arnie Levine on August 6, 2011

in Finance,Latest News

Mortgage rates fell sharply this past week, hitting record lows, as bond yields declined and signs of a weakening economy dampened consumer sentiment further, according to Freddie Mac’s latest Primary Mortgage Market Survey.

The 30-year, fixed-rate mortgage hit its lowest level of 2011, coming in at 4.39% compared to 4.55% last week and 4.49% a year ago. The 15-year FRM hit a historic low of 3.54%, down from 3.66% last week and 3.95% last year.

In addition, 5-year, adjustable-rate mortgages also reached a historic low of 3.18%, down from 3.25% last week and 3.63% last year.

The only mortgage rate that rose is the 1-year Treasury-indexed ARM, which hit 3.02%, up from 2.95% last week and down from 3.55% last year.

Bankrate also said mortgage rates plunged to a nine-month lows as a flurry of economic worries increased the odds of a double-dip recession.

The firm said these worries “had investors flocking into the safety of U.S. Treasury securities — their safe-haven status assured — which fueled the decline in mortgage rates.”

Based on Bankrate’s analysis, the 30-year FRM fell to 4.54%, down from 4.74% a week earlier. The 15-year FRM and 5/1 ARM fell to 3.83% and 3.34%, respectively.

County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact me today for free counseling at (619) 301-0200 .

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

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Two Years After Financial Meltdown, Most Americans remain anxious about personal finances

by Arnie Levine on July 16, 2010

in Finance,Latest News

financial planning1 300x225 Two Years After Financial Meltdown, Most Americans remain anxious about personal financesWashington DC, July 13, 2010 — The survey of 1,002 Americans was conducted to mark the 25th anniversary of CFP (Certified Financial Planner) Board. The Board grants the CFP® certification and upholds it as the recognized standard of excellence for personal financial planning.

The new CFP Board survey shows that:

  • Nearly two out of three Americans (65 percent) are more concerned about their finances today than they were at the beginning of the financial crisis two years ago.
  • A bit more than a third of Americans (37 percent) expect to see their personal finances improve in the next six months, versus less than half (46 percent) who expect to hold onto what they currently have, and 16 percent who expect to lose money.
  • 80 percent of Americans say that Congress and regulators have not done enough “to deal with the financial market problems and their impact on American investors.”
  • A bright spot in the findings: 44 percent of Americans expect the U.S. economy to improve in the next six months, while only 28 percent expect things to get worse. A smaller group (22 percent) anticipates no change in the economy.
  • When asked to describe how they feel about their personal finances, the #1 response from Americans was “cautious” (33 percent), followed by “calm” (26 percent), “concerned” (25 percent) and “hopeful” (25 percent).
  • Interestingly, ethnicity seems to bear on the perception of the prospects for the economy, with just 38 percent of whites expecting the economy to improve, compared to 51 percent of Hispanics and 74 percent of African Americans.

“This survey clearly shows that restoring the trust of Americans in our financial markets is an unfinished work in progress,” said Robert J. Glovsky CFP Board Chairman, president of Boston-based Mintz Levin Financial Advisors, LLC, and emeritus director of Boston University’s Program for Financial Planners. “Financial planners across the U.S. hear every day from anxious Americans. After the experience of the last two years, more people want to deal with financial professionals who are able to take a holistic view of people’s finances and who uphold a fiduciary standard that puts their clients’ interests ahead of all others, including their own. This is why CFP® professionals are going to be more important than ever going forward.”

The survey found the following about Americans’ attitudes toward financial planners:

  • More than two out of five Americans (43 percent) think financial planners are now “more important in the last two years since the start of the financial crisis,” compared to about a third (36 percent) who see no change, and 14 percent who now see planners as being “less important.”
  • Overall use of financial planners by Americans has remained almost unchanged during the first two years of the U.S. financial crisis – starting at 29 percent compared to 28 percent today.
  • Of those who have started using a financial planner since the start of the financial crisis, nearly a third (31 percent) say they have done so because “I felt like I needed more financial guidance during these difficult times for investors.” A bigger percentage of those in this group (44 percent) said they have started using a financial planner during the last two years for reasons “unrelated to the financial crisis.”

OTHER KEY SURVEY FINDINGS

  • Only 14 percent of Americans think Congress and regulators have done “much” or “all” of what needs to be done.
  • When asked to describe the economy as an animal, they tend towards slow, lumbering animals like sloths, bears, turtles, and elephants; few choose the iconic symbol of confidence, the bull.
  • Almost two thirds of Americans (64 percent) say they are “very” or “somewhat” financially prepared for the future.
  • The top three financial planning issues for Americans today are retirement goals and planning (30 percent), education funding (25 percent) and savings goals and planning (23 percent).

Full survey findings are available at www.CFP.net/downloads/CFPBoard_Public_Opinion_Survey_2010-07.pdf.

County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.countyproperties.net. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION & ATTORNEY SERVICE.  or go to www.ShortSaleRealtors4U.com.  Email: Arnie@ County4.com

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.

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Are you thinking of walking away from your Home? Fannie Mae gets tough on homeowners who walk away.

by Arnie Levine on July 2, 2010

in Finance,Latest News,Real Estate news

fannie mae logo11 300x161 Are you thinking of walking away from your Home? Fannie Mae gets tough on homeowners who walk away.The mortgage giant plans to go to court against those who can afford to make their payments but decide it’s not worth it. It also will limit their access to future loans.

Taking aim at homeowners who are able to pay their mortgage but decide it’s not worth it, Fannie Mae plans to go after them in court and to limit their access to home loans for seven years.

The government-controlled mortgage giant said Wednesday that it would instruct the companies servicing its loans to recommend when it should pursue a so-called deficiency judgment —a court order requiring a defaulting borrower to pay any remaining unpaid portion of the loan after a seized home is sold.


Lenders rarely employ court proceedings to pursue foreclosures in California, nearly always opting instead for a streamlined procedure involving a trustee’s sale of the home. Under state law, however, lenders who opt for court proceedings can obtain a deficiency judgment if the mortgage was used to refinance a home, but not if it was used to finance a purchase.

Fannie Mae also said it would make new mortgages harder to obtain for borrowers if it can be proved that they engaged in a “strategic default” — abandoning a home to foreclosure not because the required payments are unaffordable but because the mortgage is larger than the value of the residence. For such a borrower, Fannie said it would not buy or guarantee another home loan for seven years.


Borrowers who worked in good faith with their loan servicers to try to stay in their homes would be barred from Fannie loans for only two or three years, even if they eventually lost their homes after attempts at loan modifications failed.

Fannie Mae’s get-tough policy on so-called walkaways is the latest fallout from the housing meltdown, which has eroded the once widely held belief in home ownership as the path to household wealth.

Fannie Mae’s new policies are designed to prod borrowers into pursuing alternatives to foreclosure, including short sales — transactions in which lenders allow a home to be sold and cancel the debt while accepting less than full payoff of the mortgage.

For the full story click here: The Los Angeles Times

More questions we can help you, at County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.countyproperties.net/. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION & ATTORNEY SERVICE.  or go to www.ShortSaleRealtors4U.com

Please feel free to contact me today for free counseling at (619) 301-0200. Email: Arnie@ County4.com

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Are you one of the many Borrowers exiting the Obama troubled mortgage program Loan modifications?

by Arnie Levine on June 25, 2010

in Finance,Latest News,Riverside Short Sales,Riverside foreclosure news,San Diego Foreclosure news,San Diego Short Sales

The Obama administration’s flagship effort to help people in danger of losing their homes is falling flat.

More than a third of the 1.24 million borrowers who have enrolled in the $75 billion mortgage modification program have dropped out. That exceeds the number of people who have managed to have their loan payments reduced to help them keep their homes.

Last month alone,155,000 borrowers left the program _ bringing the total to 436,000 who have dropped out since it began in March 2009. About 340,000 homeowners have received permanent loan modifications and are making payments on time.

But analysts expect the majority will still wind up in foreclosure and that could slow the broader economic recovery.

A major reason so many have fallen out of the program is the Obama administration initially pressured banks to sign up borrowers without insisting first on proof of their income. When banks later moved to collect the information, many troubled homeowners were disqualified or dropped out.

Many borrowers complained that the banks lost their documents. The industry said borrowers weren’t sending back the necessary paperwork.

Treasury officials now REQUIRE banks to collect:

  • two recent pay stubs at the start of the process.
  • Borrowers have to give the Internal Revenue Service permission to provide their most recent tax returns to lenders.

Requiring homeowners to provide documentation of income has turned people away from enrolling in the program. Around 30,000 homeowners started the program in May. That’s a sharp turnaround from last summer when more than 100,000 borrowers signed up each month.

So far nearly 6,400 borrowers have dropped out after the loan modification was made permanent. Most of those borrowers likely defaulted on their modified loans, but a handful either refinanced or sold their homes.

Obama administration officials contend that borrowers are still getting help _ even if they fail to qualify. The administration published statistics showing that nearly half of borrowers who fell out of the program as of April received an alternative loan modification from their lender. About 7 percent fell into foreclosure.

Another option is a short sale _ one in which banks agree to let borrowers sell their homes for less than they owe on their mortgage.

A short sale results in:

  • a less severe hit to a borrower’s credit score
  • better for communities because homes are less likely to be vandalized or fall into disrepair.

Administration officials said their work on several fronts has helped stabilize the housing market. Besides the foreclosure-prevention plan, they cited government efforts to provide money for home loans, push down mortgage rates and provide a federal tax credit for buyers.

for the full story click here:     http://hosted.ap.org/dynamic/stories/U/US_MORTGAGE_AID?SITE=VACUL&SECTION=HOME&TEMPLATE=DEFAULT

County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.countyproperties.net/. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION & ATTORNEY SERVICE.  or go to www.ShortSaleRealtors4U.com

Please feel free to contact me today for free counseling at (619) 301-0200 click http://www.shortsalerealtors4u.com/

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.

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Federal Reserve maintains target range for federal funds rate

by Arnie Levine on August 15, 2009

in Finance

The Federal Reserve today announced it will “maintain the target range for the federal funds rate at zero to 0.25 percent, and continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.”

 

“Conditions in financial markets have improved further in recent weeks. Household spending has continued to show signs of stabilizing but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit,” according to a statement by the Federal Open Market Committee.

 

“Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.”

 

If you would like to get loan information from recommended banks, or get started and view all homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO's) or thinking of selling your property, please visit our website at: County Properties San Diego or County Properties Riverside

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