As we near the end of March 2010, spring is in the air, the little-leaguers are in full swing and the home buying & selling season is underway.
On the horizon:
· April 5th - The federal Home Affordable Foreclosure Alternatives (HAFA) program will be launched.
· April 5th - FHA Loan costs will increase. Upfront mortgage insurance rising to 2.25% of loan amount.
· April 30th - The federal $8,000 First-time and $6,500 Repeat Home Buyer tax credits will expire.
• May 1st - California's new $10,000 Home Buyer state tax credit program will begin.
Locally, March was the 2nd month in a row where the number of closed short sales equaled or exceeded the number of bank owned home sales. Under the HAFA program, expect this trend to continue and expect the process of banks foreclosing on home owners to slow even more than we have seen in the past year. Those who have been considering buying a short sale, or selling their home via a short sale, your time has come!
National Real Estate Market Watch
Washington D.C. is making way for short sales (HAFA program)
Private loan modifications out-numbering government loan modifications
Bank of America sued for not modifying mortgages
Bank of America to start reducing mortgage principal
Regional Real Estate Market Watch
Spring weather brings Sacramento house browsers out in force
California legislators vote to extend tax relief for 2009 home short sales
California approves new $10,000 home buyer tax credit: begins May 1st
Folsom Real Estate Market
The average sales price in February was $349,000 and the average dollars per square foot was $181. There were 42 sales, 10 were bank owned homes, 12 were short sales. In all, entering March, there are 254 homes for sale, 31 are bank owned homes, 114 are active short sale listings and there is a 6 month supply of home inventory.
Mortgage Watch
30-Year Mortgage Rate Remains Under 5 Percent
More struggling & underwater borrowers to be offered refi's
Shopping for a loan? New laws, effective 1/1/10, protect borrowers: Must Read!
March 2010 Mortgage Rate Watch - Western Region
Short Sales
2010: The year of the short sale
Facing a foreclosure? Consider a short sale
Home Sellers
Government program pays homeowners to sell at a loss
Pay a commission as low as 1% of the sales price when selling your home
Homes Buyers
The federal tax credit for home buyers: Ends April 30th, FAQ's answered
California approves new $10,000 home buyer tax credit: beginsMay 1st
I will give you up to $2,500 cash back when you buy your next home
Aaron Cullen is a Realtor, Real Estate Broker, and Owner of Brokers Incorporated Residential Real Estate. Aaron lives in Folsom, CA and specializes in representing home buyers and sellers in Folsom, El Dorado Hills and the Greater Sacramento Region. Having relocated from the Bay Area in 2004, Aaron continues to work with home buyers in all cities lying between the Bay Area and Sacramento
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