More Proof!!! Real Estate market is on the RISE!!!

YES, the stock market is still sketchy; YES, the "GLOBAL RECESSION" makes it difficult to see light at the end of our recession tunnel. SURPRISE! the real estate market is showing strong positive signs!!!

According to the National Association of Realtors, pending home sales (signed contracts in escrow) rose nearly 7%!

According to the Mortgage Bankers Association's survey ending July 3rd, another near 7% increase in home purchase applications!

On average interest rates last week were 5.3% for a 30 year fixed and 4.8 for a 15 year fixed!

Orawin Velz, economic forecaster for the Mortgage Bankers Association, said in a commentary that "the steady improvements in pending home sales are encouraging," and confirm the view that existing home sales hit their cyclical bottom in January and are likely to continue to rise in the coming months.
Since the January low point, she noted, the Realtors' pending sale index is up by 13 percent.

A new California Association of Realtors survey showed 68% of buyers were swayed off the fence, rather pushed by the great deals available. YES, many of these deals are short sales and foreclosures, but keep in mind the sooner WE absorb theses "distressed" properties the sooner the market will readjust and our equity will again RISE!!!

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RealEstatewithRuben@gmail.com

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New Programs Target Low-Income Buyers

YES!!! More to celebrate this FOURTH OF JULY!!!

Under the federal Neighborhood Stabilization Program, many new state and local initiatives are expected to roll out in the next few weeks that will help middle- and low-income families buy foreclosed homes in hard-hit neighborhoods.

In all, about $5 billion is available, including $50 million in technical assistance to get the programs up and running. Regulations limit participation to households earning no more than 120 percent of the median income with 25 percent of the money going to families earning less than half the median. The funds must be used for primary residences in communities with the highest incidences of foreclosures and subprime loans.

There also will be a lease-to-own program.The Neighborhood Stabilization Program was authorized last summer, but it has been rolling out slowly because the volume of paperwork involved has stymied communities.

***compliments of CNNMoney.com, Les Christie (06/24/2009)

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PROOF IS HERE! THE UPTURN IS COMING!

It's looking good peeps! The economy, especially the housing market is making its way back up the latter. Let's look at some geographical stats:

Northeast: The Pending Home Sales Index shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago.
Midwest: The index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008.
South: The index slipped 0.2 percent to 93 in April but is 3.5 percent higher than a year ago.
West: The index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.

According to our money guru Bernanke,

"We continue to expect economic activity to bottom out, then to turn up later this year. Key elements of this forecast are our assessments that the housing market is beginning to stabilize. Final demand should also be supported by fiscal and monetary stimulus."

In Cali, our economic epicenter, data suggests that housing prices nationally could start to rebound relatively soon. That data includes two consecutive monthly gains in the median price of existing homes. In April, single-family median home price rose 1.4 percent to $256,700 YEAH!!!

As I have mentioned before, KUDOS to all you investors out there, you are key to our UPTURN! Some investment companies like Discovery Enterprises are snapping up foreclosed properties at bargain basement prices. Then financing buyers with small down payments and less than perfect credit. Keep in mind that many of these properties are in need of work, so more jobs are created YIPPEE!!!

Comments, Suggestions, Questions?

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