hud annouces finacing rules to "borrow" federal tax credit for first time buyers - 05/30/09 06:08 AM
DONOVAN ANNOUNCES RECOVERY ACT'S HOMEBUYER TAX CREDIT CAN IMMEDIATELY HELP THOUSANDS OF FIRST-TIME HOMEBUYERS TO BUY A HOMEFHA plan will stimulate new home sales and help stabilize housing market
WASHINGTON - Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today's action will help stabilize the nation's housing market by stimulating home sales across the country.
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scams with debt - 05/29/09 09:07 AM
just to be aware of the scamster out there important information
The U.S. Department of the Treasury (Treasury), Office of Inspector General, is investigating incidences whereby individuals are using fraudulent Treasury-related financial obligations or accounts to attempt purchases or pay debts.  Fraud perpetrators across the nation have recently begun to use fraudulent promissory notes and/or private bonds as vehicles to defraud investors out of hundreds of millions of dollars. 
The Department of the Treasury is also aware of several fraudulent schemes that involve what are claimed to be securities issued or backed by the Treasury Department or another part of the … (0 comments)

case/shiller index versus the federal housing finance survey - 05/29/09 08:07 AM
 below is the information collected from across the country by Fannie and Freddie mac in the process of buying loans. the information they collect is much broader and a greater pool of information than used in the case/shiller index. while showing a decline it does not sell as many papers if you show a 75 decline instead of a 19%. decline. the are definitely issues with the overall housing market but not quite as end of the world as some woulds have your believe
House Prices
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interst rate report on originated loans - 05/29/09 07:50 AM
FEDERAL HOUSING FINANCE AGENCY REPORTS
MORTGAGE INTEREST RATES
Washington, DC
- The Federal Housing Finance Agency today reported that the

average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or
less decreased 18 basis points to 4.87 percent in April. The average interest rate on 15-
year, fixed-rate loans of $417,000 or less decreased 3 basis points to 4.75 percent in April.
These rates are calculated from the FHFA's Monthly Interest Rate Survey (MIRS) of
purchase-money mortgages. These results reflect loans closed during the April 24-30
period. Typically, the interest rate is determined 30 to 45 days before … (0 comments)

WATER TEST INFORMATION FOR WELLS AND FHA LOANS - 05/27/09 01:03 PM
An explanation of the "FHA Loan Package" Parameters "Colilert or Colisure" - these are very similar tests that test for both total coliform and E. coli bacteria. An "Absent" result means that no coliform or E. Coli bacteria was detected (satisfactory). Total Coliform Bacteria - (Maximum Contaminant Level =None Allowed) Coliform bacteria can be an indication of surface water contamination. Coliform bacteria are present in the feces of all warm blooded mammals, as well as birds and some plants. Coliform is used by the EPA as an indicator of the sanitary quality of a water supply. E. Coli Bacteria - (Maximum … (0 comments)

fannie home savers program - 05/23/09 09:29 AM
below is infromation on fannie mea's program to help prevent forclosure thought it might be helpful
A Loss Mitigation Option for Delinquent Mortgages
 

HomeSaver AdvanceTM Updates
Revisions to the HomeSaver Advance repurchase and cancellation policies, notes, and delivery requirements have been made. See Announcement 09-07 for details. An overview of new HSA note changes is also available. Announcement 09-07 (.pdf) HSA Note Changes Overview (.pdf)
 
Fannie Mae has established a preferred order of consideration of foreclosure prevention alternatives to resolve borrower delinquencies. Refer to the loan workout hierarchy fact sheet for more information, including descriptions of each loss … (0 comments)

hud sanctions against direct endorsement lenders - 05/23/09 09:22 AM
HUD ANNOUNCES SANCTIONS AGAINST MORE THAN 120 FHA-APPROVED LENDERSResulting in More Than $1.5 Million in Payments to HUD
WASHINGTON - The U.S. Department of Housing and Urban Development's Mortgagee Review Board today announced actions against more than 120 lenders for violating FHA requirements. Violations range from failure to conduct sufficient quality control, to failure to continue to meet FHA recertification requirements, to falsifying loan documents.
The entire list of Board actions is posted as a Notice in the Federal Register and may be accessed through the HUD website.
Yesterday, President Barack Obama signed the Helping Families Save Their Homes Act that … (0 comments)

FIRST TIME BUYERS CREDIT/LOAN - 05/18/09 05:38 PM
ALTHOUGH THE GOVERNOR OF MONTANA VETOED THE LEGISLATION TO ALLOW MONTANA BOARD TO PUT TOGETHER A PROGRAM FOR FIRST TIME HOME BUYERS BORROWING THE TAX CREDIT FOR PURCHASING. IT APPEARS HUD IS GOING TO SETUP GUIDELINES FOR THAT TO OCCUR WITH FHA FINANCING THE ARTICLE BELOW IS FROM NAR
Buyer Tax Credit Loan Guidance Coming Soon Detailed guidance on the federal government's plan to provide short-term loans to borrowers using the First-Time Homebuyer Tax Credit is expected to be out shortly, but a spokesperson from the U.S. Department of Housing and Urban Development, which is writing the guidance, couldn't give a firm release date. … (0 comments)

MARKET COMAPRSIONS 1ST QUARTER 2009 - 05/16/09 04:54 PM
How Billings market compares to other areas with similar median sales prices for 1stquater of 2009.
THE INFORMATION SHOWS WHY I HAVE ALWAYS SAID THAT THE BILLINGS MARKET IS LIKE A HIGH GRADE BOND. IT DOES NOT PROVIDE FLASHY RETURN YET IT PROTECT YOU CAPITAL. WITH ALL THE TURMOIL IN THE MARKET PLACES THE STATEMENT IS MORE TRUE TODAY THAN EVER.
  Billings                           Mt       $179,900                     $178,000        -1.05%             4.7%
I don't know about you but I'm glad I live in Billings Montana
 
… (0 comments)

SUB PRIME LOANS - 05/16/09 04:45 PM
Your tax dollar at work.Two things to note in maiden lane2 (a federal reserve llc)  84% of the holdings are alt a sub prime mortgages of which they indicate  that 57.8% are investment grade rated, 44.1% of the holdings are in Californian and Florida.
The federal reserves analysis of sub prime  and alt A in
    %60 days or more behind                % of loans in foreclosure                       % already reo
Californian
Sub prime                    21.5%                                      14.2%                                                  12%
Alt A                           16.2%                                      9.3%                                                    5.2%
Florida                        
Sub prime                    18.4%                                      26.8%                                                  5.8%
Alt A                           12.7%                                      21.2%                                                  2.8%
Now I am … (0 comments)

GOVERNOR LINE ITEM VETOS MONATAN BOARD PROGRAM - 05/16/09 04:41 PM
UNFORTUNATELY THE GOVERNOR LINE ITEM VETOED THE PROGRAM SO NO PROGRAM FROM THE MONTANA BOARD TO BORROWER YOUR TAX CREDIT FOR FOR DOWN PAYMENT.
 
the state of montana has passed a program to lend buyers $5,000 of the avaiable $8,000 credit. the montana board of housing is working to get the program up and running. more on thta soon what follows is what other sates are doing. and some of the rules
The credit is available to first time homebuyers, defined as an individual who has not owned a home in three year period prior to the purchase. Eligible buyers … (0 comments)

INTEREST RATE DIRECTION - 05/16/09 04:35 PM
If you think mortgage interest rate will stay low without this infusion, you might want to double check how printing money by the fed so they can sell debt to Chinese, so they fed can purchaser Fannie and Freddie mortgage backed securities will work without the Chinese. I.e. the lack luster Treasury bond sales last week the 10 year bond is now at 3.21% up from 2.59% on march 19th 2009.  In the short run you will be able to fool some of the people some of the time, but you can't fool all the people all the time. Any buyer … (1 comments)

montana board and the $8,000 federal credit lending program - 05/08/09 06:52 AM
the state of montana has passed a program to lend buyers $5,000 of the avaiable $8,000 credit. the montana board of housing is working to get the program up and running. more on thta soon what follows is what other sates are doing. and some of the rules
The credit is available to first time homebuyers, defined as an individual who has not owned a home in three year period prior to the purchase. Eligible buyers must buy a principal residence - new or resale -- on or after January 1, 2009 and before December 1, 2009. The purchase date is … (0 comments)

makert stats thu april 2009 - 05/06/09 07:20 AM
 BELOW ARE THE MARKET NUMBERS FOR THE FIRST FOUR MONTHS OF 2009. I HAVE ALREADY POSTED MY APRIL COMMENTARY. IF YOU NEED ADDITTIONAL INFROMATION PLEASE CALL OR E-MAIL ME
 

… (1 comments)

market update at glance commnetary - 05/05/09 09:19 PM
MARKET UP DATE AT GLANCE COMMENTARY THRU APRIL 2009
 
CAUTIOUSLY OPTIMISTIC, SEEMS TO BE THE BEST WAY TO DESCRIBE THE WAY THE REAL ESTATE MARKET BEHAVED IN APRIL.  AS MENTIONED PREVIOUSLY AN INCREASE IN buyers coming into the market (first time buyers) were responding to their best self INTEREST WITH historically low RATES AND THE first time buyer tax credit.
the most active SEGMENT of the market was between 120k to 180k(PRIME FIRST TIME BUYER PRICE RANGE), that price range saw it's share of the market place jump from 22% by unit volume in 2008 to 29% by unit VOLUME … (0 comments)

HOME OWNERSHIP RATES AND HOMES SALES - 05/05/09 06:33 PM
HOUSING SALES AND HOME OWNERSHIP RATES.
 
ONE ITEM OF CONVERSATION YOU DON'T HEAR VERY MUCH IS THE EFFECT OF THE HOME OWNERSHIP RATE AND ITS POWER AS THE MARKET WENT UP NOR DO YOU HEAR MUCH ABOUT WHAT THE EFFECTS MIGHT BE AS IT DECLINES IN THE RECESSION AND HOME SALES DECLINE ALONG WITH PRICE. THE GRAPH BELOW SHOWS THE RATE WE AS NATION HAVE OWNED HOMES SINCE 1965. STARTING THERE AT JUST BELOW 63% OWNERSHIP AND 37% RENTERS. IN THAT TIME PERIOD YOU ACTUALLY WERE SCRUTINIZED PRETTY HARD ABOUT YOUR QUALIFICATIONS TO OBTAIN FINANCING AND ACTUALLY HAD TO HAVE … (0 comments)

SUB PRIME LOANS IN MONTANA - 05/05/09 11:09 AM
SUB PRIME LOANS IN MONTANA
OR
WHY OUR HOUSING SLUMP IS SOFTER THAN ELSE WHERE
 
IN LOOKING AT THE HOUSING MARKET IN THE UNITED STATES THEN MONTANA AS A SUB MARKET OF THAT  THE USE OF SUB PRIME LOANS WAS SMALL WHEN COMPARED TO THE COUNTRY AS A WHOLE  IF COMPARED TO CALIFORNIA ALMOST NOT USED.
LET'S LOOK AT THE NUMBER OF SUB PRIMES IN FORCE RIGHT NOW
           
UNITED STATES                   CALIFORNIA                        MONTANA
# OF LOANS              2,586,243                                              369,857                                 3,598
  
FROM THE ABOVE NUMBERS YOU CAN SEE HOW SMALL THE NUMBER OF SUB PRIME LOANS ISSUED  IN MONTANA WAS IN … (0 comments)

making home afforable - 05/05/09 08:33 AM
during this time of conflicting infromation on direction of the housing market. there have been different sets of programs put in place to help amilate so the problems housing is facing. on is the program where first time buyers get a $8,000 refundable federal inceom tax credit. Another is the federal resrve purchasing fanni and freddie  mortgage back securties to keep rates low , at thisa point pretty much sub 5%. another prgram is Making Home Afforable which helps people refiance hteir homes. below is a link to the infromation about the program.
 
http://www.financialstability.gov/docs/borrower_qa.pdf
… (0 comments)

NATIONAL ASSOCATION AND PENDING SALES - 05/04/09 10:35 PM
Pending home sales climbed in March with many first-time buyers taking advantage of sharply discounted prices and low interest rates, according to the National Association of Realtors.
The pending home sales index, a forward-looking indicator based on contracts signed in March, increased 3.2% month-over-month to 84.6 and sits 1.1% higher than March 2008.
"This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit," enacted by the Obama administration for first-time home buyers purchasing a home on or after Jan. 1, 2009, and before Dec. 1, 2009, says Lawrence Yun, NAR … (0 comments)

REVERSE MORTGAGE INFROMATIOM - 05/04/09 10:17 PM
BELOW IS INFORMATION ON A REVERSE MORTGAGE A WAY TO UNLOCK THE EQUITY IN YOUR HOME WHEN YOU RETIRE WITHOUT SELLING YOUR HOME
Until recently, there were two main ways to get cash from your home:• you could sell your home, but then you would have to move; or• you could borrow against your home, but then you would have to make monthly loan repayments.
Now reverse mortgages give you a third way of getting money from your home. And you don't have to leave your home or make regular loan repayments.
A reverse mortgage is a loan against your home that you … (0 comments)

COMENTARY FROM THREE MONTHS AGO FOR PERSPECTIVE ON TODAYS MARKET - 05/04/09 03:07 PM
MARKET UP DATE AT GLANCE FEBRUARY 2009
 
The January thaw that occurred in our weather, UNFORTUNATELY, DID not also occur with the home buying and selling public. AS MENTIONED in the JANUARY update i BELIEVED the Billings/Yellowstone COUNTY real estate market WOULD have its challenges in 2009 and the first months numbers show that in spades.  Billings/Yellowstone county is following its tradition of lagging the united STATES ECONOMY, TRENDS, by its normal 12 to 18 months.
when you look AT ALL the numbers below they would without CAREFUL understanding of the PSYCHOLOGY INVOLVED and the underlying trends lead you to, … (0 comments)

FIRST TIME BUYERS CREDIT/LOAN - 05/04/09 03:02 PM
WANTED TO UPDATE YOU ON THE ACTIVITY THAT THE MONATANA LEGISLATURE DID. IN THE BIG SPENDING BILL HOUSE BILL 645 IT HAD A PROVISION FOR THE MONTANA BOARD OF HOUSING TO CREATE A LOAN PROGRAM FOR FIRST TIME BUYERS TO BE ABLE TO USE THE TAX REFUND, NOW TOWARDS DOWN PAYMENT, INSTEAD OF WAITING TILL NEXT YEAR TO RECEIVES THE MONEY. THE LEGISLATURE ALLOCATED 2 MILLION DOLLARS TOWARDS THE LOAN PROGRAM. IT WILL TAKE A LITTLE WHILE FOR MONTANA BOARD TO COME UP WITH THE PROGRAM AND GET IT GOING. MY BASIC UNDERSTANDING IS THAT THE FIRST TIME BUYER WILL BE … (0 comments)

MARKET PERFORMANCE BY PRICE RANGE - 05/04/09 02:33 PM
I AM IN THE PROCESS OF GETTING MY END OF THE MONTH REPORT READY AND THINKING THRU SOME ISSUES OF THE MARKET PLACE. YOU CAN SEE THE DRAMATIC EFFECT OF THE 8K FIRT TIME HOME BUY3R TAX CREDIT AND LOW INTEREST RATES. FOR FIRST TIME BUYERS BETWEEN 120K TO 180K UNIT VOLUME IS DOWN ONLY 18% BY IN 2009. BY PERCENTAGE OF THE MARKET PLACE THAT PRICE RANGE OF HOMES HAS GONE FROM 22% OF THE HOMES SOLD IN 2008 TO 29% IN 2009. WHEN YOU LOOK AT THE LOWER REGISTERS FROM THERE YOU RUN INTO AND AWFUL LOT OF JUNK … (0 comments)

forclosured propeties and ordinances created to deal with vacant property - 05/04/09 08:09 AM
Although the information below is from 2008 the issue continues to be in for front today, with the increases in foreclosure's around the county . In fact California had 80% of the countries foreclosure notices in the first three months of 2009.
recently in Victorville California a lender destroyed unfinished homes taken back from a contractor to escape the fees the city imposes for vacant foreclosed homes.
The San Diego, Calif. suburb of Chula Vista has responded to the recent housing crisis with an aggressive blight control ordinance that compels lenders to maintain the appearance of vacant homes. As foreclosures increase … (0 comments)

mortgagae law change - 05/01/09 07:14 AM
interesting information about how lenders may issue both primary and second loans on homes. IT is a new part of regulation Z; which requires disclosure of terms and conditions of loan. the two major things that i see is it expressly prohibit lending to a property owner solely on the equity without regard to income of the borrower and the  debt to income can not exceed 50% of the verified income of the borrower. the rules go into effect for lender in October of this year.
(a) Disclosures
(1) Specific disclosures In addition to other disclosures required under this subchapter, … (1 comments)