In many ways, this plan will help many struggling homeowners. This plan would allow your loan investor or servicer to negotiate with you to reduce your loan payment to 31% of your total monthly income. This 31% includes principal, interest, property taxes and insurance. They can negotiate your interest down to 2% even if you’re topsy turvy in your home value to what you owe. They can also stretch your mortgage timeframe out to 40 years. This could very well make a difference to millions of people. Check this link out!

http://www.msnbc.msn.com/id/29512402/

And now here it is! This is the link that will tell you who is eligible. This credit does not have to be paid back and you have until 12/31/09 to purchase a house to become eligible for the credit!

http://www.federalhousingtaxcredit.com/2009/glance.php

Per the Federal Housing Tax Credit web site!

And the Newest Link to this Housing Tax Credit is:

http://www.federalhousingtaxcredit.com/

You’ve probably all read this….heard this…..seen this on TV. Ways to live green….At our house we have a programmable thermostat and use it, recycle faithfully, are starting to compost this year, will grow our own garden, are judicious in our use of our vehicles, turn our lights off (everyone of us is good at this but one…and we won’t mention names). But check this out…and there is an additional web site you can check out for more good ideas!

http://www.nwmls.com/discover/index.cfm?SectionGroupsID=25&SectionListsID;=25&PageID;=4875

This was posted in the NW Reporter this month, linked to the NW Multiple Web Site.

There are lots of articles available for your viewing pleasure lately. Let’s face it, the media does just so love to sensationalize the vast majority of information floating around out there. I’ve chosen to pick and choose what I post here. The market is what it is and will turn around. This also happened to almost this extent in our area from 1990 – 1991 and almost 1992. It was tough then for Sellers to see the market go from huge price increases to price falls. It is tough now. But for Buyers…we’re in an opportunity not seen for a long, long time! And in case you’re wondering if it is tme for you to get off that fence and ride…..here’s an interesting article. This indicates that real estate is still a fabulous investment. See what you think!

http://realestate.msn.com/article.aspx?cp-documentid=17856930

Who can predict the future? Not I. But I do agree that it seems as though this is the year we will stabilize our housing prices. I’ve read three articles this past week-1 from Standard and Poor (previously reported), 1 from Moody Report, and this NW Reporter Article I’m attaching that seem to indicate that they expect Q3 2009 to be the turnaround spot. 2 of the 3 articles say they expect prices to go down in this area another 8 – 14.9%. While that is not great news, this particular article also says that new home inventory is down by about 20% over last year. This is a correction that needed to happen. Now where is that stimulus package when you want it NOW!

http://www.nwmls.com/discover/index.cfm?SectionGroupsID=25&SectionListsID;=25&PageID;=4870

This is an interesting article on msn.com about predictions for the housing market situation in 2009. It indicates projections that would mean we’ll be “bumping along the bottom” in the next 6 – 9 months (consistent, I must say, with my earlier thoughts) with better news in 2010. Here’s the link, see what you think!

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=BWK&date;=20090202&id;=9568091

This is an interesting blog for you to read. Please review it and tell me what you think. The author has been highly touted as an expert in the economy and includes a variety of topics regarding the economy, including the national housing picture.

http://globaleconomicanalysis.blogspot.com/2009/01/obama-announces-new-rules-to-address.html

The Government created a tax credit of $7500 for first time Buyers. This Tax credit expires in 6/30/09 unless extended. The fabulous rationale for said credit is that first time buyers will be more motivated to become eligible for this to buy a home. And there couldn’t be a better time. IN the next 9 months, I fully expect our market to begin the stabilization period. We do not know what interest rates will do in the future but right now, today, they’re hovering around 5% for buyers with credit scores that are the best. Please check out this link to fully understand the $7500 tax credit. Oh, by the way, FHA does allow you to receive gift money for the down payment of a home from your relatives. Their down payment requirements for FHA is approximately 3.5%. Check this link out regarding the tax credits:

http://www.realtor.org/GAPublic.nsf/files/chart_homebuyer_tax_credit_.pdf/$FILE/chart_homebuyer_tax_credit_.pdf

Normally, you would not see a post from me regarding Association of Realtors’ actions with the legislature, however this one particular action and several others that they are taking will only benefit homeowners. We are seeing many home owners in positions where they must move, have personal problems, and cannot sell their homes for what they owe. Therefore, they must get permission from their mortgage holder (s) to agree to what is called a “short sale”. You’ve read about this, I’m sure. This is when the Seller’s lender forgives some of their debt. I had just received word from an escrow company that the Department of Revenue of Washington State had decided to TAX those same homeowners on the difference between what they owed to the mortgage company and what they actually did get from the sell of their home. That difference would be taxed 1.78%. So if I owed $200,000 on my home but only could get $150,000 on the sale of my home and the lender forgave me that debt, the State of Washington planned to charge an additional $890 worth of tax on that difference to the already upside down home owner. The Washington Association of Realtors met with the Department of Revenue folks this past week and got their decision reversed. This is great news for Home Owners! The link to the letter can be seen here:
http://www.warealtor.org/press/Short-Sales-Letter-to-Stakeholders-1-13-09.pdf

Kudos to the leaders of my Realtor’s Organization. They’re also working with the National Assocation of Realtors & our State Legislature to encourage permanent tax credits for purchasing homes in 2009, reducing the interest rate on mortgages further, and increasing FHA limits permanently in areas like ours, where prices are still higher than the national average & it is very difficult, expensive and challenging to get jumbo loan financing.

Despite some reports to the contrary, this article discusses the viewpoint expressed by one of the top and leading economic members of of the Federal Reserve Board. It discusses the discouraging news from 2008 but suggests that there are many signs that housing & the overall economy will get back on track in the latter half of 2009. Read on for more information!

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=OBR&date;=20090108&id;=9499795

Hope your New Year was awesome and that 2009 will bring every success you could want!