Weekly Real Estate Report 12/09/2007

There has been alot of real estate activity on both a local and national level. SO lets gor right into it.

National News: The folks in Washington appear to be taking steps to curb increases in forclosures that have come about due to irresponsible lending practices as well as complicated loans which if put into effect will allow some modification of some of those loans and in effect freze interest rates for qualified buyers. The National Association of Realtors® (NAR) has expressed support. As the leading advocate on housing issues our associaion has been working hard with Washington and the administration to protect all homeowners rights. 

 NAR has also been working with Washington to make FHA a viable loan product again and to also to protect current homeowners who qualify by offering a secure alternative to their current subprime loans.

 If you are currently in a loan that may be adjusting or you are paying a higher than market rate there may be help for you. If you are in the local area give me a call so I can put you in touch with some of the lenders that may be able to help you.  If you are outside the area you can email me and I will attempt to locate an agent in your area that may be able to assist you. 815-716-0772 or brian@briancorwell.com

LOCAL NEWS The local market has still been good. We are still seeing positive numbers on sales, listings and available funds. I was talking with one of my lenders on Friday 12/07/2007 who just came back from a training eminar dealing with FHA mortgage financing. She reports some great new products in the new year to assist buyers with limited downpayment and it looks like we may see 100% financing coming back. More on this when I get the information.

If you have been thinking about buying this is still a great time to get out and look for a house. Many other agents shut down but I sell all 12 months and there is a good supply of homes. Don't let a little cold weather put you off from getting a house that may be there right now. Call me to  set up your personal interview and housing needs ananlysis. 815-716-0772

 Watch the ice

 

Brian Corwell

RE/MAX Sauk Valley