Consumer will not pick an agent based on who mailed the best pie recipe post card.  They are looking for one that can provide facts.

How do you answer the question:  Why should I buy now if prices are still going down?

Because of the changing market, you may not financially qualify tomorrow for what you financially qualify for today. 

The government is getting involved in the economy by lowering credit card and short term loans.  The impact of this action the interest rates will raise. 

            Price Today $150,000 @ 6% = $899.53 per month
               Price Later   $138,000 @ 7% = $918.12 per month

 MI 2008 Projected Foreclosures 28,239.
         MI homes affected by the 28,239 is 1,442,570.

The 2008 waive of foreclosures is not because of loans, it's because the values are declining so people just walk away.  The people that are walking away don't realize the market will come back and real estate is a cycle.

Complete Realty, LLC is attempting to assist homeowners’ that are facing possible foreclosure.  There are more options:  Short sale or Deed in Lieu.

Short Sale

Homeowners who are upside down and can no longer make their mortgage payment, up to now the only option was bank foreclose. That’s not a good option since a foreclosure sticks on your credit record for at least 10 years. Experts are now advocating a “short sale.”  You sell the house for a loss, and the bank agrees to take a loss (although they could still demand the homeowner make some kind of payment or share the loss). Posted by: Dean Foust on March 05, http://www.businessweek.com

Put another why,

A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.   http://www.nolo.com/definition.cfm/Term/51715E63-5BC5-4DCE-B5E96F71DFF3D5AB/alpha/S/

A Deed in Lieu of foreclosure (DIL) is a disposition option in which a mortgagor voluntarily deeds collateral property in exchange for a release from all obligations under the mortgage. A DIL of foreclosure may not be accepted from mortgagors who can financially make their mortgage payments.  Please see the following website for more information.  http://www.hud.gov/offices/hsg/sfh/nsc/faqdil.cfm  The lender is not required to accept the Deed in Lieu and can show his/her refusal by filing a Notice of Non Acceptance with the County Recorder. In any event, a decision is required whether to accept the Deed in Lieu. Usually the owner is submitting the Deed in Lieu when he/she is unable to meet his/her obligations and the property equity has gone to zero.  http://www.wealthnetwork.com/products/prod_foreclose/deed_lieu_foreclose.htm  Your bank will tell you if they will allow the Deed in Lieu.

To start either process the home must be listed with a licensed real estate agent in most cases.  The client will need to sign an authorization for the creditor to speak to the listing real estate agent.

You may not need this information personally, but you may know someone who needs this information.  Please tell them to give us a call.  We are helping people save their credit.

Wow, the listing total in the Flint Area Association of Realtors (FAAR) has reached a record high, 8192 listing.  This does not include homes for sale by unrepresented sellers, nor does this figure represent homes listed by out of area real estate agents.  The average number of listings use to be 3000-4000.

Actual closed sales are are close to last year.  FAAR is down about 66 closing, this year to date FAAR agents closed 2804 last year, 2870.  2001 was acutally a tougher year for real estate agents, just less noticed.  2001 had 2551 total closings.  We sure wasn't paniced then.  The years between average about 3000-3200 closings per year.

I don't have to tell you the prices of homes have dropped dramatically because of the price investors are purchasing foreclosed homes at.  Some are angry at the investors and some home buyers getting these good deals.  I look at this way, the home gets fixed up, the purchase helps the neighborhood stay in tact and the cycle of a seller's market will begin again in a couple of years.

I was watching the news today, I was stirred when I heard some banks and lending companies will no longer provide mortgages until the market changes.

The news keeps taking about sub prime loans, I don't think the news ever explained sub-prime loans.  Sub prime loans are loans that would not be approved through normal channels.  Sub prime loans have special investors and fees.  Adjustable rate mortgages are an example.  Loans that require no documentation are also an example. 

FHA loans are up.  FHA seems to be the new sub prime as my brother from ICON Mortgage Lending puts it.  It's the new sub prime with the government calling the shots.  Right now, that's a good thing!