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Pacita C. Dimacali
November 2008
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Smaller Homeowner Relief Already In Place

  Don't wait for home owner bailout provisions to trickle down from the $700 billion Emergency Economic Stabilization Act of 2008," (H.R. 1424) recently rushed through Congress.
      When it comes to help from new federal legislation for distressed home owners, the $300 billion "Housing and Economic Recovery Act of 2008" (H.R. 3221), signed earlier this year, can provide more immediate relief.
      The $300 billion recovery act has both a mandated mortgage modifying provision and a voluntary "Hope For Homeowners" (H4H) refinance program, for home owners who qualify.

Mortgage Rates
U.S. averages as of October 30, 2008:

30 yr. fixed:   6.46%
15 yr. fixed:   6.19%
1 yr. adj:        5.38%
<!-- <B>30 yr. jumbo:  6.98%</B>-->



View current rates



      President Bush signed the larger $700 billion stabilization act on Oct. 3, 2008, but it is, in-part, "stay tuned" legislation. Exactly how it will be implemented to help home owners -- or the economy at large, for that matter
CONTINUED >>>


Wondering What Your Home Is Worth?

Let me show you.




Good News For
Qualified Buyers

     A recent survey released by Trulia, a real estate search engine, community forum center, and reporter of market trends and data, found that a "crisis of confidence" exists among key groups of U.S. homebuyers.
      Not surprisingly, much of the lack of confidence in the real estate market stems from the mortgage fallout, the instability of the real estate market, uncertainty of economic times, and the upcoming election.
      According to the survey, which included about 1,500 respondents, 70 percent of non-homeowners have no plans to purchase a home in the next 12 months and nearly half in the 18 to 34 age group say the reason is because it's too costly. While those in the 35 to 44 age group are concerned that they might not be able to qualify for a home loan. The survey also found that only 12 percent of the non-homeowner respondents said they expect to buy a home in the next 12 months.
      In a press statement, Pete Flint, CEO of Trulia said, "This combination of CONTINUED >>>


Credit Unions To The Rescue

     Been down to your friendly neighborhood credit union lately?
      You could find that elusive home loan you been unable to get anywhere else.
      Credit unions didn't need a bail out during the Great Depression, they didn't need federal intervention during the Savings & Loan debacle and they don't need government assistance now. In fact, right now, they are rolling out the red carpet for home loan borrowers.
      During the boom, credit unions avoided writing subprime home loans and other easy-money mortgages. They also shunned selling packages of mortgages to Wall Street moguls who packaged them into now low- to no-return securities. That means credit unions are relatively untainted by the credit squeeze and they have both money to burn and a sound business foundation that allows them to keep on lending.
      Instead of fearing the next Great Depression, member-owned credit unions are bracing for what could be their boom time in home loans and other financial services, now that banks and mortgage lenders are crashing and burning.
      Mortgage production among credit unions is small by comparison to banks and mortgage lenders, but their originations rose a whopping 10.1 percent during the first half of 2008, according to the industry's federal regulator, the CONTINUED >>>


Opportunities!

*** FIXER 2 bedroom/1 bath bungalow in Alameda $299,500 *** Starter 2 bedroom/2 bath condo a The Park in Hayward for $149K





Improving Indoor
Air Quality At Home

     Over the past few years energy efficiency within homes has been greatly improved upon. The modern approach to home design goes another step further by also greatly improving indoor air quality. By following a few simple tips and guidelines, you can work to better your family's repertory health. Here's a room-by-room checklist for homeowners looking to achieve optimal health at home.
      Let's start on the lower level. Basements are prone to water leakage. Once the walls or floors have become moistened, mold can begin to grow in the drywall or carpet making you or your family sick. According to Dan Vandervort of HomeTips.com, gutters are an easy solution to routing water runoff away from
CONTINUED >>>


Local Market Conditions




Daily News and Advice
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Pacita C. Dimacali, e-PRO,SRES
E-mail: Pacita@PacitaRealtor.com
Web: http://PacitaRealtor.com
510 748 1148 office
510 205 2992 cell
510 523 1570 fax
Gallagher and Lindsey, Inc. REALTORS
510 521 8181
2424 Central Avenue
Alameda, CA 94501

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