Hi Real Estate News,
Your friend, Leslie Wright, has recommended this article entitled 'Obama Signs Bill Eliminating HVCC ' to you.

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ARTICLE DETAILS
Article: Obama Signs Bill Eliminating HVCC
Posted By: JON PRIOR On July 23, 2010 (1:25 pm)
URL: http://www.housingwire.com/2010/07/23/obama-signs-bill-eliminating-hvcc
Source: HousingWire - http://www.housingwire.com ________________________________________________________________________________________________

This message was sent via a webform by lesliewrightrealestate@gmail.com.

5 Smart Reasons to Buy a Home Now.

http://rismedia.com/lowes/8355/9499

So true! Also the power of compounding interest adds up. Take a look at what it takes to make your 1st $1M.

http://www.investinganswers.com/education/first-million-hardest-1462

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BAILOUTS AND BONUSES – BUT NOT FOR HOMEOWNERS
 
What are things coming too? I follow the financial markets very closely, as it not only effects my own personal wealth, but also to track and educate clients on how the activities, and actions taken by our Government distill to the general public.

On Tuesday, April 27th, Goldman Sachs executives testified before a Senate subcommittee on investigations into potential acts of unethical and even fraudulent activities committed by Goldman Sachs.
 
Goldman Sachs sold pools of mortgages (which included a high percentage of subprime mortgages) which at the time were rated as high as AAA investments to investors. Goldman Sachs sold these investments “long” (meaning the investor would make money if the loans performed as they were rated). At the same time Goldman Sachs was selling those AAA mortgage pools to investors, Goldman Sachs was “shorting” (betting the investment would drop in value or default) those very same mortgage pools in anticipation that those mortgage pools would suffer losses through loan default. It was a great bet. Those mortgage pools rated AAA by Moody’s and Standard and Poor’s defaulted at an alarmingly high rate.
 
Creditors were wiped out. Stock holders suffered substantial losses. Millions of homeowners lost (and continue to lose) their homes. Several European countries are on the verge of default. The global economy is now awakening from a U.S. housing boom hangover.
 
Goldman Sachs on the other hand made billions of dollars betting against those mortgage pools they were selling to investors. The U.S. Government even paid $13 billion to Goldman for bets it made against the mortgage bonds that AIG insured, but was unable to repay. AIG was bailed out by the U.S. government to the tune of $180 billion dollars.
 
As Goldman Sachs gets grilled by the Senate subcommittee on unethical and fraudulent activity, Goldman Sachs stock price closed up $1.01 on April 27th as the Dow Jones falls $213.04. Shares finally tumble 9% on Friday as Goldman Sachs rating is finally cut.
                                                                                     
Lehman Brothers and Bear Sterns were allowed to fail, but most of the large Wall Streets banks were bailed out or broker off by the U.S. Government. CEOs and top executives in most cases were not fired, and still received huge year end bonuses; for making disastrous bets.
 
As the dust begins to settle and the U.S. housing market begins to show some signs of recovery, there will be no bailouts or bonuses for homeowners. Tax payers will simply float the bill for one of the largest financial disasters to hit the U.S. economy; as Wall Street firms continue to make billions. A broken system or capitalism at its finest?

If you have any questions, please give me a call (208) 866-8388 or email lesliewrightrealestate@gmail.com I am a licensed real estate agent in Boise Idaho. Lots of good nuggets available at www.LeslieWrightRealEstate.com - please join me there. Thanks.

Many clients in Boise Idaho have been asking me to explain what exactly a real estate short sale is. Many are confused on what happens in the short sale process and what happens with the deficiency. I wanted to simply explain in broad terms the definition.

A short sale is when a home is sold for less than the amount owed on the mortgage for the home. This occurs when the bank agrees to take less than the full amount due on the mortgage.

A seller does not have to be behind on a home loan to seek a short sale. If sellers wish to pursue a short sale, they must owe more than what the home is worth, demonstrate the house cannot be sold for the amount owed, and suffer from a legitimate financial hardship that makes the mortgage unaffordable.

The next step in the short sale process is to assemble a short sale package. This package will include such things as a financial statement showing monthly expenses, income documentation, bank statements, tax returns, a listing agreement, purchase agreement, an estimated HUD statement and a financial hardship letter.

If the home is sold as part of a short sale, there will be a difference between the amount owed and what the bank collects. This is called the shortage or the deficiency. Sometimes this deficiency may be negotiable. Some banks will seek a promissory note for the deficiency, meaning that the seller may be responsible to pay the difference between what the home sold for and what is owed to the lender. Some lenders might choose to file a collection or a judgment for the amount owed. The seller should be certain that any amount of debt, or release from debt, is received in writing. If the deficiency is forgiven, the lender can write off the shortage with the IRS, which means the seller may be responsible for paying taxes on the amount of the deficiency. However, the Mortgage Debt Relief Act of 2007 generally allows taxpayers the potential for relief from tax on mortgage debt forgiveness.

A short sale will affect the seller’s credit score. To minimize the effect on a credit score, sellers should avoid making late payments on their mortgage and work with the bank to report the sale in the best possible manner.

I am not a law firm, nor an accounting firm, nor a credit repair organization. For advice regarding potential tax liability or credit scores, please consult a tax attorney or an accountant, who is well versed on the tax and legal implications of exercising a short sale.

If you are interested in selling your home, I can asist you in determining your home's true value in today's market. The good news is Spring is a great time to sell, as the momentum builds from now until the end of Summer. If you are interested in purchasing a short sale or a bank foreclosure, and saving some money, I can forward you a list of currently available real estate short sale properties in Boise Idaho. Contact me as www.LeslieWrightRealEstate.com, 208-866-8388 or lesliewrightrealestate@gmail.com - for further details. I am happy to help you.

Good news for Investors! But not so great news if you are looking to sell. We still are uncertain of when we will start to see stabilization in the local Boise Idaho housing market!

http://idahobusinessreview.com/blog/2010/02/15/idaho-continues-in-top-ten-for...

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Hi Posterous,
Your friend, Leslie Wright, has recommended this article entitled 'Peak House Prices Will Return to Sand States after 2025: Fiserv ' to you.

Here is his/her remark:
New Case-Schiller Report: Peak Housing Price will return after 2025 - when will your state return? Check it out!

Peak House Prices Will Return to Sand States after 2025: Fiserv
Posted By DIANA GOLOBAY On April 9, 2010 (3:53 pm) In Origination/Lending, Top Stories

Housing markets that experienced the greatest inflation in house prices — including certain metro areas in sand states California, Florida, Arizona and Nevada — wil l not see a return of peak-level home prices before 2025, according to financial services technology provider Fiserv.

According to the Fiserv Case-Shiller indices measuring historical home price data and forecasts for more than 375 local markets, scattered metropolitan areas could recover home prices before 2013 (highlighted below, in blue):

“Nationally, Fiserv Case-Shiller data points to a further 7% decline in home prices through the end of this year, with a prolonged recovery beginning early in 2011. In many markets, the emphasis is on the word ‘prolonged,’” said Fiserv chief economist David Stiff in a statement this week.

Other factors besides a run-up in house prices are dragging down recovery times in the industrial Midwest — including Michigan, Indiana and Ohio — where steep job losses in the manufacturing sector could keep housing demand low for some time.

But the data is not “uniformly grim” across all states, Stiff added.

A number of trends have defined initial signs of recovery in the housing market in recent months, including rising home sales. In particular, Pittsburgh, PA; Columbia, SC; and several metropolitan areas in Texas, Washington and upstate New York could see peak-level prices return within the next few years.

Write to Diana Golobay.

Article taken from HousingWire - http://www.housingwire.com
URL to article: http://www.housingwire.com/2010/04/09/peak-house-prices-will-return-to-sand-states-after-2025-fiserv/

More positive news... worth reading!

Subprime mortgages are simply loans that did meet Fannie Mae, Freddie Mac, FHA, or VA standards.  The massive onslaught of subprime delinquencies was one of the main culprits in our housing slump.  So it is great news that for the first time in 44 months, delinquencies bucked their trend and actually improved to the best levels in 2 years.

With Unemployment decreasing, delinquencies falling and home prices increasing, this could shape up to be a much better Spring/Summer housing market than last year.

How about some uplifting news for a change?!

A new Fannie Mae survey showed that nearly two-thirds of Americans think the time is right to buy a house, with a majority believing prices will be the same or higher over the next year.

The 64 percent that said it is a good time buy is just shy of the 66 percent that said the same thing back in 2003 as the U.S. housing market was racing higher, said the survey.

In a separate report, Pending Home Sales rose sharply in February.  The National Association of Realtors reported that contracts for pending sales of previously owned homes rose 8.2 percent.  First-time home buyers need to sign a contract before the end of April and close the transaction before the end of June to be eligible for the $8,000 tax credit.  Clearly, there is a rush to take advantage of this with many Realtors reporting multiple offers on a single home.  Buyers who are selling a home and purchasing a different one are eligible for a $6,500 tax credit.