Foreclosure News

Hello POPULACE! Sorry for not having blogged in a while I have been extremely busy and I took some time off. But enough of the items from the not so important file. I wanted to pass on a bit of foreclosure news to you. It is a bit mixed so it can be hard to gauge if you are following the trends. Foreclosure filings are down but there seems to still be a large inventory of homes that are REO. So will more homes be sold through foreclosure or as the pace slows and more homeowners modify their loans will the numbers decrease? Questions we all would like to know. One interesting tidbit is that Bakersfield was #8 in a top 10 list of Metro cities that had the greatest decrease in foreclosure filings. I have been saying if you have been reading my blog that Bakersfield is and has been stable. Sure our median price fluctuates but not at the percentages we have been seeing over the last few years. Our market is still volatile but I hope at the very least that this trend continues because it is a good thing when foreclosures are down because it helps everyone. Especially the BAKERSFIELD POPULACE! Anyway read on and I will see you at a BLOG or TWEET near you.

BE IN THE KNOW!

Carl O
http://www.realtytrac.com/contentmanagement/pressrelease.aspx?channelid=9&itemid=9427

FHA Loan Changes Coming!

FHA is about to change concession amounts POPULACE! Currently you can ask for up to 6% of the sales price for closing costs and pre paid items from the seller, but FHA is preparing to slash that number to 3%. What this means is that if you don't have much money above the 3.5% down payment required for an FHA loan than you may want to act fast or save up a little more as you will be required to make up the closing cost difference. Closing costs and pre paids will vary but know for sure you will be asked to contribute more towards this cost once the new number takes affect. The new number is expected to go into effect by late summer. The reduction is a safeguard for FHA so that they are not insuring underwater loans. This may or may not put a damper on your plans to purchase a home but if you are ready than take advantage of the higher concession amount while you still can.

Remember: BE IN THE KNOW!

Carl O
http://www.latimes.com/business/la-fi-harney-20100530,0,463085.story

Foreclosure Help

Hello POPULACE! A little foreclosure help for you. I know it's a difficult situation but help may be just a phone call or click away. Take advantage of resources available to you because this is your home after all. Sometimes just making the call can feel like a huge weight but if you don't seek some type of advice or help the weight only gets worse. Make the call POPULACE! You have everything to gain and as I have said in the past do what it takes to save your home. At least make a solid effort before letting the home go. I hope this helps.

Remember: BE IN THE KNOW!

Carl O
http://www.scribd.com/doc/32439403/Foreclosure-Prevention-2