The Rivers Team - Your Tallahassee Real Estate Blog

Check out this article on the Tax Credit Extension from Charles McMillan, 2009 NAR President

Fri, 06 Nov 2009 11:41:10 -0600

Looks like we are headed in the right direction! Great News for anyone looking to purchase a home after the November 30th Deadline!

To read the full article from Charles McMillian click on the link that I have posted below. You can also listen to President's Podcast, with details on the new tax credit and when it takes effect.

http://www.realtor.org/about_nar/presidents_report/_podcast_archive/mcmillan_taxcreditextended_20091105

For more information on the tax credit and the Tallahassee Market give me a call! You can reach me at 850-591-2599 or email me at julie@ringtherivers.com

Julie Cox-Money

850-591-2599

julie@ringtherivers.com

Buyer Specialist

The Rivers Team

Check out this great article from REALTOR Magazine! Rebound in Existing-Home Sales!

Tue, 27 Oct 2009 11:40:48 -0500

Big Rebound in Existing-Home Sales

Daily Real Estate News, October 23, 2009 NAR, Realtor Magazine
Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of REALTORS®.

Existing-home sales-including single-family, townhomes, condominiums, and co-ops-jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2 percent higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in more than two years, since it hit 5.73 million in July 2007.

Lawrence Yun, NAR chief economist, said favorable conditions matched with a tax credit are boosting home sales. "Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home," he said. "We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery."

Inventory Falls
Total housing inventory at the end of September fell 7.5 percent to 3.63 million existing homes available for sale, which represents an 7.8-month supply at the current sales pace, down from an 9.3-month supply in August. Unsold inventory totals are 15.0 percent below a year ago.

"The current housing supply is the lowest we've seen in two and a half years," Yun said. "If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year."

Source: National Association of Realtors, Daily Real Estate News, Realtor Magazine

To read more about the current housing market, read the rest of this great article by clicking on the link below.

http://www.realtor.org/RMODaily.nsf/pages/News2009102301?OpenDocument

For more information on the Tallahassee Market give me a call!

Julie Cox-Money

Buyer Specialist

850-591-2599

julie@ringtherivers.com

The Rivers Team

Fears and Facts about buying a new home!

Mon, 26 Oct 2009 21:07:14 -0500

You may have not decided to buy yet but a lot of fears are unfounded. Here are a few examples of past clients concerns:

Fear: I should wait until the real estate market gets better.
Fact: There is never a wrong time to buy the right home.

Fear: I don't have the money for the down payment.
Fact: There are a variety of down payment options available to you.

Fear: I can't afford to buy my dream home.
Fact: The best way to get closer to buying your dream home is to buy your first home.

Fear: I can't afford to buy a home right now.
Fact: Actually, you can't afford not to buy a home right now ...

Do you have any concerns that we can clear up for you? We are ready to help you and look forward to meeting soon. Please call me today at 850-591-2599 or e-mail me at julie@ringtherivers.com to set up an appointment!

Thank you,

Julie Cox-Money

850-591-2599

julie@ringtherivers.com

Buyer Specialist

The Rivers Team

Some words of advice for anyone who's considering buying a home or refinancing:

Mon, 26 Oct 2009 20:51:08 -0500

Last week, Federal Reserve Chairman Ben Bernanke said that as the economy heals, the Fed will be very vigilant to protect against inflation. While inflation is not a problem at present, it will most certainly become a problem down the road. So why does this matter if you are considering purchasing or refinancing?

Because inflation is the arch-enemy of Bonds and home loan rates, and just the knowledge of it coming has been causing both Bonds and home loan rates to worsen in recent days. Along with the fear of inflation, the Fed's purchasing program of Mortgage Backed Securities is already slowing down, with the end of their buying in sight - and the reduced demand for these Bonds is also driving home loan rates higher.

Bottom line: home loan rates are already on the rise, and we won't likely see these low historic levels again. Interest rates are still very near historic lows - George Washington couldn't have gotten a better interest rate - and the opportunity these low rates present is huge for homebuyers or people looking to refinance. If we haven't talked recently about your own home loan situation - or if you have a friend, family member, neighbor or coworker who needs advice - please Ring the Rivers at 297-2255 or email us at MoreInfo@RingTheRivers.com.

There's no time to waste.

Thank you,

The Rivers Team

Keller Williams Town & Country Realty

850-297-2255

MoreInfo@RingTheRivers.com

View all of our listings at www.RingTheRivers.com 1520 Killearn Center Boulevard Tallahassee, FL 32309

Julie Cox-Money

Buyer Specialist

The Rivers Team

850-591-2599

julie@ringtherivers.com

Weekly best buy list of great Tallahassee properties!

Tue, 06 Oct 2009 23:07:54 -0500

Would you like to receive our Best Buy List on a regular basis? just let me know and I will sign you up to receive great listings picked by our team of buyer specialist who know the market and the great deals that are out there. Every week, the Rivers Team agents compile a list of the absolute best buys that they find in our local market - this includes properties in all price ranges and areas.

You'll find the link to this week's properties below. You can view the property descriptions in the link that is provided and call us if you have any additional questions or would like to schedule a time to view the home.

Click Here to View Listings

If you have friends, family members, or co-workers that you think would benefit from receiving this list, please have them e-mail BestBuy@RingTheRivers.com.

For more information on the Tallahassee market and to find out about more of those great best buys that are out there. Give me a call! You can reach me at 850-591-2599 or you can email me at julie@ringtherivers.com

Julie Cox-Money

850-591-2599

julie@ringtherivers.com

Buyers Specialist

The Rivers Team

Hurry! $8,000 Reasons to Buy Your First Home Now before the November 30, 2009 deadline!

Tue, 06 Oct 2009 22:43:51 -0500

Thinking about buying your first home? Act today and the government will give you FREE money in the form of a tax credit or down payment. No, you're not dreaming! As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers. And those who qualify for the federal $8,000 first -time home buyers tax credit will be able to apply for down payment assistance through

the state of Florida or the Federal Housing Administration (FHA) before they close on the purchase of their home; then repay the amount borrowed when they get their tax credit.

Q What Does This Mean to You?

A It means $8,000 toward a down payment! You have until November 30, 2009 to find a

Q Who Qualifies?

AFirst-time home buyers who purchase homes between January 1, 2009 and

November 30, 2009. To qualify as a first-time home buyer the buyer or his/her

spouse may not have owned a residence during the three years

prior to the purchase.

Q Which Properties Are Eligible?

A The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences,

including: singlefamily homes, condos, townhomes and co-ops.

Q How Much Will the Credit Be?

AThe maximum allowable credit for home buyers is $8,000. Each home buyers

tax credit is determined by two factors: The price of the home the credit is equal to 10% of the

purchase price of the home, up to $8,000. The buyer s income single buyers with incomes up to $75,000 and

married couples with incomes up to $150,000may receive the maximum tax credit.

Q If the Buyer(s) Income Exceeds These Limits, Can He/She Still Get a Credit?

A Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and

$170,000 for home buyers filing jointly. The amount of the tax credit decreases as income approaches the maximum

limit. Home buyers earning more than the maximum qualifying income over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Q Will the Tax Credit Need to Be Repaid?

A No. The buyer does not need to repay the tax credit, if he/she occupies the home for three

years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

Julie Cox-Money

850-591-2599

julie@ringtherivers.com

Buyer Specialist

The Rivers Team

Keller Williams Realty

Motivation for Moving! Great Info from Relocation.com and KW research

Thu, 01 Oct 2009 09:14:26 -0500

More Moving for Positive Reasons & Less for Recession

Half of people surveyed by Relocation.com moved to improve their living

situation. This is a huge improvement from last March when the majority

of people moved due to the recession.

Source: relocation.com

• 26% moved to live in a bigger or better home

• 24% moved into a better neighborhood

• 12% moved to be closer to family or friends

• 9% moved into an area with a lower cost of living

• 6% moved due to a change in marital status

• 3% or less for each of the following: school, job loss, retirement, or foreclosure

For more great information and research done by Keller Williams give me a call! I can also give you great information on the Tallahassee Market as well. You can reach me at 850-591-2599 or email me at julie@ringtherivers.com

Julie Cox-Money

Buyer Specialist

850-591-2599

julie@ringtherivers.com

The Rivers Team

Keller Williams Realty

Tallahassee Appreciation Stats over the past 5 years!

Thu, 01 Oct 2009 08:51:15 -0500

These numbers are according to the FAR UF Bergstrom Report

We looked at the individually - year to year and then an overall average rate.

Tallahassee

2009 $174,100 down 18%

2008 $205,900 down 2%

2007 $210,200 up 18%

2006 $172,800 down 2%

2005 $176,700 up 15%

2004 $153,600

Over the last 5 years prices have gone from a median of 153,600 to $174,100 which is a 2.6% appreciation for the past 5 years.

For more information on the Tallahassee Market give me a call at 850-591-2599 or you can email me at julie@ringtherivers.com

Julie Cox-Money

Buyer Specialist

850-591-2599

julie@ringtherivers.com

The Rivers Team

Keller Williams Realty

Hurry, First Time Homebuyer Tax Credit information and how it works.

Sun, 13 Sep 2009 20:10:31 -0500

TALLAHASSEE, Fla. - July 1, 2009 - Florida created a program to help first-time homebuyers get their federal tax credit early, allowing them to use up to $8,000 toward a downpayment. The effective date for the program is July 1; however, it will probably be another few weeks before the funds are available. As a result, some Realtors struggling to help homebuyers find the system confusing.

While most first-time homebuyers qualify for the tax credit (given by the government as an income tax rebate regardless of tax owed), they once had to buy a home first, submit the info to the IRS through their tax return, and wait for the $8,000 rebate. To help these buyers get the money early enough to use it as a downpayment, the State of Florida created a program of bridge loans, the Florida Homebuyer Opportunity Program (FLHOP), where money can be borrowed from the state and then paid back after the new homeowner receives his tax credit.

Under a different federal program, the Federal Housing Administration (FHA) has done something similar, yet with a significant difference: The federal program applies to FHA loans only, and buyers must still come up with a minimum downpayment of 3.5 percent.

"FAR's Office of Public Policy has been getting a lot of questions from across the state regarding downpayment assistance for those who qualify for the federal first-time homebuyer tax credit," says Florida Association of Realtors (FAR) Vice President of Public Policy John Sebree. "Given that there is a state downpayment plan and a federal downpayment plan (and at least one special exemption), it definitely gets confusing, and details have been slow to emerge. Many Florida Realtors say local housing authorities don't have all the information they need to move forward with the state program, and some Realtors report that bankers are steering clear of the downpayment assistance programs altogether."

Florida Homebuyer Opportunity Program (FLHOP)

The Florida Legislature created the state program during the recent legislative session, and it's part of the 2010 budget effective July 1, 2009. Many details remain sketchy, but Sebree reports the following:

· Money for homebuyers may not be available until the first week of August. Lawmakers funded the program through doc stamp taxes applicable in the new fiscal year rather than through a lump sum commitment; and since today is the start of the new fiscal year, the program won't be fully funded until the state collects new doc stamp taxes.

· Florida's downpayment loan program can work with FHA loans. Florida Housing Finance Corporation (FHFC) - the state agency that funnels housing money to local housing agencies - received confirmation from FHA that borrowers who access the $8,000 tax credit through a state or local government program may use it to make up the required 3.5 percent downpayment, unlike the FHA downpayment loan program through private lenders.

· Florida's local housing administrators will oversee the downpayment funds at the local level. (To find the administrator in your area, go to: http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SHIPLGContacts.aspx). For local housing authorities, the program is similar to the SHIP program (State Housing Initiatives Partnership) with one major difference - the income limits. Currently, SHIP uses Area Median Income (AMI) and those are typically lower, and calculated differently, than the federal tax credit limit of $75,000. The $75,000 for a single income tax filer ($150,000 for joint filers) will be used for FLHOP.

· Realtors can start to promote the program to potential homebuyers. It takes time to close on a home, and local housing authorities should be taking applications now.

· FHFC says they've trained local administrators on procedures for the Florida downpayment program. Local housing authorities will have flexibility over the $8,000 loan, be able to include penalties, and create a structure dictating how the new homebuyer will pay back the money.

"It's important to note that this money is a bridge loan to buyers; but once it's repaid, local governments and housing authorities can keep the money and use it locally for affordable housing projects," Sebree says. "This is a win/win for them. If the offices seem unwilling to work with Realtors, they probably don't understand the program themselves yet."

For specific questions about the $8,000 tax credit, homebuyers should consult a tax professional.

Resources for understanding the tax credit and bridge loans

FAR's Homebuyer Center: http://www.floridarealtors.org/AboutFar/homebuyercenter/index.cfm

NAR's The Basics: 2009 First-Time Home Buyer Tax Credit: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit?lid=ronav0019.

Pending Home Sales on the rise! Yea!!!!!!

Tue, 01 Sep 2009 21:42:08 -0500

So I was reading this great article tonight sent to me from the National Association of Realtors and got super excited about the fact that we are making progress now in this market. In NAR's article "pending home sales on a record roll" It is stated that Contract activity for pending home saleshas risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.

This is Great News! The article also states "The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007, when it was 100.7". Also stated is that Affordability is at an all time high"by Lawrence Yun, NAR chief economist. He states that "The housing market momentum has clearly turned for the better and that the recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit,"

This is a great article and is packed full of great information that you should definitely take the time to read. You can view this article by clicking on the link below

http://www.realtor.org/RMODaily.nsf/pages/News2009090101?OpenDocument

For more information on the Tallahassee real Estate Market feel free to contact me at 850-591-2599 or you can email me at julie@ringtherivers.com

Julie Cox-Money

850-591-2599

Buyer Specialist

The Rivers Team

julie@ringtherivers.com

Keller Williams Realty

And the Market just keeps getting better!

Wed, 15 Jul 2009 20:16:38 -0500

And the Market keeps getting better!!!!

So I was reading this article that came to me from The National Association of Realtors titled "Pending Home Sales Record Fourth Straight Monthly Gain" and I got super excited to once again read about how the market is turning around and things are looking up! This article has some great information in it and talks about the fact that the pending home sales index increased from 0.1% to 90.7% from a reading of 90.6% in April and then 6.7% higher in May2008 when it was 85.0. This article states that the last time there was 4 consecutive monthly gains was in October 2004.

This is GREAT news and with the benefits that you can receive right now as a first time home buyer why would you not buy a home now! You can take a look for yourself and read this article by clicking on the link below and for more information on Tallahassee and the surrounding area Real Estate Market give me a call! You can call me at 591-2599 or email me at julie@ringtherivers.com

http://www.realtor.org/research/research/phsdata

Julie Cox-Money

850-591-2599

julie@ringtherivers.com

Buyer Specialist

The Rivers Team

Keller Williams Realty

Tallahassee Market View

Mon, 06 Jul 2009 08:56:12 -0500

If you ask me how I feel about the Tallahassee market then I would have to say, "It's a great time to buy". The National Association of Realtors states in an article titled "More signs of a Real Estate Turnaround" that there are many signs that good things are ahead.

This article written by Bill Dedman quotes that Housing confidence is up amid increasing evidence that the market is turning around and that The Adversity Index from MSNBC.com and Moody's Economy.com reported signs of a turnaround in 33 of the nation's metro areas.

While that's less than 10 percent of all metro areas, it's still significant, says economist Andrew Gledhill of Economy.com. "There are signs out there that builders are growing modestly more confident about their prospects," he says.

This is Great news and why would you not want to buy a home right now when there are so many reasons including but not limited to great home prices, low interest rates, and an $8000 tax credit if you are a first time home buyer. I am confident to say that we are on our way back up and that it will only get better from here! To view this article you can visit http://www.realtor.org/RMODaily.nsf/pages/News2009062202?OpenDocument

For more information on Tallahassee and the surrounding areas give me a call!

Julie Cox-Money

850-591-2599

Buyer Specialist

The Rivers Team

julie@ringtherivers.com

Can't Refinance

Sun, 07 Jun 2009 07:57:05 -0500

Surprisingly this year I have heard too many people who want desperately to keep their homes say that when they try to work out a refinance with the banks the banks have been giving them the run around. I caught this article on MSNBC and thought it would be a good direction for a few of you out there to explore. The associated press ran an article stating that several lawmakers whose districts are drowning in foreclosures are taking unprecedented steps to help people stay in their homes, including picking up the phone themselves to negotiate with banks on behalf of their constituents. If you or someone you know is experiencing some really tough times get on the phone and call your elected officials today....you never know what could happen.

Recharged REITS

Thu, 04 Jun 2009 13:47:25 -0500

"Buy when others are fearful.." are the smart words of one of the richest men of our life time, Warren Buffet. It is obvious that many have paid attention. Here goes an article that I found in Forbes today:

Despite the recent devastating downturn in demand for space, real estate investment trusts are coming back with a vengeance. There have been $10 billion in new equity offerings this year, mostly since March. According to research firm SNL Financial, the median price gain for REITs that sold equity was 35% from Mar. 31 through May 26. SNL's Equity REIT index, representing all U.S. publicly traded REITs, has gained 28%. This rebound comes after a devastating two years in which REIT shares lost 75% of their value. What you are seeing is more than a turnaround in investor attitudes and a need by issuers to deleverage their balance sheets. Many REITs intend to finance the purchase of distressed commercial real estate at bargain prices

Now is a great time to buy in Tallahassee!!!

Wed, 01 Apr 2009 10:37:00 -0500

If you ask me how I feel about the Tallahassee market then I would have to say, "It's a great time to buy". Home prices are finally on the rise and I think that it is safe to say that I feel we may have finally hit the bottom in Tallahassee. The Florida Association of Realtors states that U.S. home prices rose 1.7 percent on a seasonally adjusted basis from December to January, according to the Federal Housing Finance Agency's (FHFA) monthly House Price Index. This is great news!

Inman news also stated on March 26^th2009 that Mortgage Rates have not been lower since 1971 and Freddie Mac chief economist Frank Nothaft said that "compared to a 30-year fixed-rate mortgage taken out at last year's high of 6.63 percent on July 24, the current rate represents savings of about $225 a month on a $200,000 loan". This is awesome news and just more reasons why you should buy a home now! Why wait to make one of the best financial decisions that will pave the way to your future wealth!

For more information on the Tallahassee Market give me a call! You can reach me at 850-591-2599 or email me at julie@ringtherivers.com

Julie Cox-Money

Buyer Specialist

The Rivers Team

Keller Williams Realty

850-591-2599

julie@ringtherivers.com

Market View

Tue, 31 Mar 2009 18:09:32 -0500

Things are undeniably looking better than a year ago. Nationally real estate sales are up! Areas like South Florida had various cities see a plus 50% sale volume when compared to this time last year. It was enough to make Dade county top producer Charles Richardson cite that it was the sharpest spike in sales year-over-year he's ever experienced. Will this trend likely continue? From the appearance of reports revealing that mortgage applications have increased 30% it is to be expected. A recent survey also revealed that 78% of home buyers today felt that now was a good time to buy. This to me asserts two important factors.

One: Sellers in this market need to adjust their asking price to what the market is dictating and not a cent more. Buyers are armed and ready today with more ammo than ever before and are particularly focused today on making sound investments.

Two: On the other hand, when coming across a well priced home, buyers in the coming months need not fool around with their offers. If it caught your eyes, chances are it caught the eyes of at least 5 others. Multiple bids on well priced homes are not myths and will occur.

Over all the real estate market is on the verge of smoothing out. Leif Thomsen, chief executive of Mortgage Master in Walpole, Massachusetts, whose’ business closed just over $1 billion in total mortgage lending since the beginning of the year made a well spoken analogy. "The housing market is coming back, but not roaring back," he said. "We have gone from a crawl to a brisk walk and we will still have to navigate some pitfalls before we are able to get running again…."but it’s a great start!

Some Seller's Still Haven't Gotten the Memo

Wed, 11 Mar 2009 13:39:53 -0500

The simple fact is that home prices are dropping and sellers need to realize that the adjustment on their asking price must occur or they are simply not going to sell. Mr. and Mrs. Seller if you're reading this please understand that as a buyer's consultant I can honestly tell you that my clients are not stupid. They understand how to make sound, sensible decisions and will request that I print out for them a list of comparable properties in an easy to read market analysis before committing to any purchase. Okay, sorry for the sarcasm but buyers today have options and time on their side so by not pricing your house accordingly at the beginning you're only wasting your time. A recent survey discovered that while over 63 percent of sellers felt that the price recommended by their Realtor was too low only 18 percent of active home-buyers believed that current prices were even fair. Pamela Frey-Primiani of Keller Williams Realty in Sicklerville, N.J. said it best. “Homeowners know that prices have fallen, but that somehow doesn’t apply to them because they have ‘upgraded vinyl’” or something....Sellers have got to be realistic in their expectations. An overpriced home in these times does nothing — no showings, no offers, just whining from sellers that it’s all someone else’s fault that the home hasn’t sold.”

10 Things you should know when buying your next home!

Wed, 04 Mar 2009 14:30:09 -0600

Now is such a great time to buy and I know that I am always talking about this so I figured I would find some good material for you guys to take a look at once you have actually decided that you are ready. Once you have made the decision to actually buy a home or even if you are just thinking about it there are certain things that you should know. So I found this great article on CNN money.com titled 10 things to know.

This article has great information regarding the planning and preparation for one of the biggest most important purchases of your life so take a look and give me a call! What are you waiting for! Now is one of the BEST times to buy a home that you may ever see in your lifetime.

You can view this article by visiting the link below

http://money.cnn.com/magazines/moneymag/money101/lesson8/

For more information on the Tallahassee Real Estate Market give me a call! You can reach me at 850-591-2599 or email me at julie@ringtherivers.com

Julie Cox-Money

Buyer Specialist

The Rivers Team

julie@ringtherivers.com

Now is a great time to buy! House Prices at an all time low!!!!

Wed, 04 Mar 2009 14:20:04 -0600

If you ask me now is a GREAT time to buy! Home prices are at an all time low and interest rates are at an all time historic low. First time home-buyers that can get approved for a mortgage loan are facing one of the biggest opportunity's in history to get a great deal on a home that will pave the way for their future investments in Real Estate. In addition, if you purchase a home NOW you may be eligible to receive an $8000 tax credit for first time home-buyers. With all of these advantages, why would you not want to buy?

Take a look at this great article that I found on CNN Money.com, which states that The National Association of Realtors reports that home prices dropped a record 12.4% during the final quarter of 2008-the biggest decline in 30 years. It is definitely a buyers market! So what are you waiting for? Now is the time to BUY your new home!

You can view this great article from CNNMoney.com by visiting the link below

http://money.cnn.com/2009/02/12/real_estate/Latest_median_prices/index.htm?postversion=2009021215

For more information on the Tallahassee Market give me a call! You can reach me at 850-591-2599 or email me at julie@ringtherivers.com

Julie Cox-Money

850-591-2599

Buyer Specialist

The Rivers Team

julie@ringtherivers.com

New Foreclosure Defense: Prove I owe you

Tue, 17 Feb 2009 23:29:37 -0600

I was surfing the net tonight and came across an interesting article. With all of the turmoil that has risen over the past year involving the economy people have really begun doing what they felt was needed to survive. Thousands of people have literally no where to go if they're forced to vacate their homes. MSNBC discovered one lady in Florida who may have found a loop hole:

During the real estate frenzy of the past decade, mortgages were sold and resold, bundled into securities and peddled to investors. In many cases, the original note signed by the homeowner was lost, stored away in a distant warehouse or destroyed. Persuading a judge to compel production of hard-to-find or nonexistent documents can, at the very least, delay foreclosure, buying the homeowner some time and turning up the pressure on the lender to renegotiate the mortgage.

More than 2.3 million homeowners faced foreclosure proceedings last year and millions more are in danger of losing their homes. On Wednesday, President Obama will unveil a plan to spend at least $50 billion to help homeowners fend off foreclosure.

Refinancing Tips

Fri, 06 Feb 2009 06:58:26 -0600

Found this great information about refinancing and wanted to share it with you.

Thinking of refinancing but queasy at the thought? We know it can be a complex process (especially with the recent slew of regulations), but for many homeowners it's the best way to save some cash.

From finding the right appraiser to understanding loan modification programs, these five examples from Trulia Voices will give you a crash course on refinancing basics. Still not sure about your situation? Ask the Voices community of homeowners and experts to find out if refinancing is the thing for you.

What are appraisers looking for?

Q: Refinancing....are there tighter restrictions for appraisers?
Asked by Alex, Home Buyer in SF Bay Area
A: Underwriting guidelines have definitely tightened up. But the tightening has been mostly in regards to the comparable sales data we are allowed to use to estimate value. For example, up until early 2007 appraisers could use sales comparables that had sold within the prior 6 months and... see more or reply

Can you explain the confusing refinancing rules?

Q: Any tips of refinancing w/the lower rates but tighter/more confusing rules?
Asked by Ejsf22 Just Looking in San Francisco, CA
A: Right now everything depends on your loan-to-value ratio. The best rates (below 5%) are reserved for the conforming loans (below $417k) with a loan-to-value below 60%, where the borrower is willing to... see more or reply

Do loan modification programs actually work?
Loan Modification Programs: Quacks or Saviors?

I've hesitated writing on this topic because of the large number of voices clamoring to "fix your loan mess" As I've stated to anyone who would listen a number of a few times in the past, "Be careful. There are many scams out there." But, as I've discovered, there's also some real help as well... see more or comment
Written by Carl Medford, Real Estate Professional in Fremont, CA

What is the FHA "Hope For Homeowners" plan?
Refinancing hope for homeowners in distress

On October 1, 2008, the FHA "Hope for Homeowners" plan was implemented. If you meet the guidelines outlined below you may be eligible to refinance your current mortgage. One key condition, however, is that your current lender of your mortgage must agree to... see more or comment
Written by Harold Penner, Real Estate Professional in Clovis, CA

Please let me know if you have any questions by calling or emailing me at 850-545-0814 or ellie@ringtherivers.com .

Great Information on the Real Estate Market from NAR

Thu, 05 Feb 2009 11:08:44 -0600

If you ask me what my view on the Real Estate Market in Tallahassee than I would have to say that now is a great time to buy! According to an article posted by the National Association of Realtors "Pending Home Sales Show Healthy Gain" Pending home sales increased as more buyers took advantage of improved affordability conditions. The National Board of Realtors states that The Pending home Sales Index, a forward looking indicator based on contracts signed in December rose 6.3% to 87.7% from an upward revised reading of 82.5% in November, and is 2.1% higher than December 2007 when it was 85.9%.

Lawrence Yun, NAR chief economist said that the index shows a modest rebound. "The monthly gain in pending home sales, spurred by buyers responding to lower home prices and mortgage interest rates, more than offset an index decline in the previous month" He said that the biggest gains were in areas with the biggest improvements in affordability"

NAR's Housing Affordability index rose 10.9% in December to 158.8%, the highest on record. I think that this is great news and I am excited as we start the New Year for the Tallahassee Market to continue to pick up until we are full speed ahead into a more stable housing market for both buyers and sellers. Why wait? Interest Rates are the lowest that they have been in years and why miss the opportunity to make one of the best investments of your lifetime!

You can view this article by visiting the link below Thanks NAR for providing such great information!

http://www.realtor.org/press_room/news_releases/2009/02/pending_home_sales_show_healthy_gain

For more information on Tallahassee and the surrounding areas Real Estate you can contact me at 850-591-2599 or email me at julie@ringtherivers.com

Julie Cox-Money

850-591-2599

julie@ringtherivers.com

Buyer Specialist

The Rivers Team

Interesting Trend in Real Estate Investing

Tue, 03 Feb 2009 20:47:59 -0600

An interesting trend being scene among Real Estate investors are the addition of Self Storage facilities to their portfolios. Self storage can meet a variety of investment goals.

Self storage offers the ability to quickly produce high investment returns, with minimal risk, and allows you to choose your level of involvement. By effectively investing in self storage you can:

* Produce returns that exceed 20%

* Quickly establish cash flow

* Significantly increase your investment value

* Manage your investment risk

* Control your investment involvement

Steve Gillman did offer one piece of advice.

"Don't try to do this on too small of a scale. The rent you collect for each self storage unit will not change, but the cost per unit will go down with bigger complexes because of the fact that per-unit cost for land goes down. For example, A $60,000 piece of land is $3,000 per unit for 20 units, but you might fit 120 on the same land, which makes it just $500 per unit. Good cash flow is easier to achieve with a decent-sized self storage building."

Dave Ramsey's Thoughts on Obama's Plan

Fri, 30 Jan 2009 09:47:28 -0600

As our nation digs deeper into a pile of debt and the administration works around the clock for a solution it only made sense to me to see what the self proclaimed guru of debt relief felt about everything. In his monthly news letter, Dave weighed in on a couple key issues:

Tax Breaks These aren’t bad, and I would never turn them down. But to think that tax breaks single-handedly stimulate the economy is laughable. Remember last fall? Those stimulus checks didn’t fix the problem, so what makes us think it’s going to fix everything this time? Did you know it was your money to start with? They’re just giving it back to you and making you feel good about it. If you’re looking for $1,000 to change your life this year, you obviously don’t have a life to start with! It may help you today or this month, but $1,000 will do very little for you in the long run. To win with money, you've got to think long term.

Patriotic Duty The government wants you to spend, spend, spend—and many Americans are taking this advice while still in debt! No matter what the talking heads say, it is not your patriotic duty to spend money you don’t have. Your duty is to take care of yourself and your household with the money you earn from an honest day’s work. If you have your full emergency fund and are in a position to buy something, now is the perfect time! You can get some fabulous deals, but don’t let the deals entice you if you haven’t planned ahead and don’t have the cash!

National Deficit

The dog is still chasing its tail.

Debt started the problem, so what is the current plan to fix the problem? More debt! What really drives the economy? Is it D.C.'s programs or small-business people scattered throughout the country? This down economic time will begin to heal itself. Do we have to go $1 trillion in debt to do that? No way!

The good news is that our future as an economy isn’t coming out of Washington. Our future prosperity is coming out of the hopes, dreams and individual freedoms of the American people. When left alone, we have a tendency to prosper. The healing of the economy will begin and end with you. Yes, you, the person you see in the mirror! You have to make your decision as to whether or not you’re going to take part in the recession.

Great information on the Real Estate Market and why NOW is the time to buy!

Wed, 21 Jan 2009 16:46:02 -0600

Ok guys,

I think that this article that Brian posted on Tallahassee.com is so great that I wanted to blog about it so others on here could read it. The information in this article is courtesy of Gary Keller himself and I think that reading it will help many people grasp a better understanding of the Real Estate Market and how it doing right now.

Thanks Brian for posting this great information for many to read and Thanks Gary Keller for giving us such great information and expertise regarding the truth of our Real Estate Market!

You can view this article by visiting the link below

http://www.tallahassee.com/apps/pbcs.dll/article?AID=/200812200200/REALESTATE/812200329

For more information on Tallahassee and the local Real Estate Market you can contact me at 850-591-2599 or you can email me at julie@ringthrivers.com

Julie Cox-Money

850-591-2599

julie@ringtherivers.com

Buyer Specialist

The Rivers Team