Foreclosures with closing costs paid by Fannnie Mae

Fannie to Offer Closing Cost Aid on Foreclosures

Fannie Mae, the largest provider of residential home funding in the United States, announced Friday that it would pay the closing costs on purchases of foreclosed homes in its inventory.

The government-controlled company said buyers of qualified properties will get up to 3.5 percent in closing costs, or an equivalent amount for the purchase of new appliances.

The goal of Fannie is to clear out the nearly 50,000 properties it has in inventory— listed on HomePath.com, the Web site created by Fannie Mae last year to sell the growing number of foreclosed homes.

"Attracting qualified buyers to the market and reducing inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover," said Terry Edwards, executive vice president for credit portfolio management, in a statement.

Source: Reuters News, Al Yoon (01/28//2010)

Housing is near Bottom

Freddie Mac CEO: Housing Is Near Bottom

The inventory of foreclosed houses still hampers the recovery of the housing sector, but overall, the U.S. housing market appears to be at or near bottom, Freddie Mac CEO Charles Haldeman told the Detroit Economic Club on Tuesday.

He predicted that the 30-year fixed mortgage rate would remain between 5 percent and 6 percent through 2010.

"The big downside risk to all this is a large wave of homes now in foreclosure potentially hitting the market at prices that are destructive," Haldeman said.

Source: Reuters News, Soyoung Kim (01/26/2010)

This is the common theme for the Galveston market. Fortunately, we did not have the volume of investor purchases in 2005 - 2007 as California, Florida, and Nevada which created many of the foreclosures in these resort markets. Overall, our foreclosure result is minimal as compared to other markets.

Housing Economists: Sales Are on the Rise

Daily Real Estate News | January 20, 2010 | Share
Housing Economists: Sales Are on the Rise
The housing recovery should gain moment in 2010, but the improvement will still be slow, according to a panel of economists speaking at the International Builders Show in Las Vegas.

"It won't be a strong recovery, but it will be a recovery," said David Crowe, chief economist for the National Association of Home Builders.

Crowe forecast that sales of new homes will rise by about 33 percent while resales will go up 7 percent. He expects prices to remain stable in most areas, but some cities may see some slight declines.

"I believe we've seen the worst of the house price declines ... The stage is set for the consumer to return," Crowe said.

Source: Associated Press, Alex Veiga (01/19/2010)

The Market is Heating Up while the Wind Chill is dropping!

"They" said it would happen and we all knew that eventually it would. The buyer activity is heating up and it is only the second week of January.

During the coldest week we have had in years, I showed property every day of the week. I wrote 2 offers and received 1 from another Realtor. My phone has rung everyday from buyers wanting to buy - not sellers wanting to list.

What a difference one year makes! Whether it is a good stock market; rising interest rates; fear of inflation; or the rising price of oil - most everyone is in agreement - the time to buy Real Estate in Galveston, Texas is now.

If you are sitting on the sidelines it is time to stand up and get in the game. While we will see new listings come on the market over the next 2 months, you can be sure that the homes that have been on the market the longest are the ones that will go first. These are the motivated sellers - not the sellers coming new into the market trying to time the rise in home sales.

If you are a buyer and want to know which homes are the best bargains - call me! There are several available but who knows for how long.