Doug Reynolds

The median sales price for Sacramento county has momentarily flattened when comparing March to February. The median price for February 2009 was $167,000 and for March 2009 it stayed flat at $167,500. This could be an early sign that we have or are nearing a bottom of the market for our local area. Sales continue to stay hot with volume increasing each month for the last year, multiple offers on many properties, homes selling in a few days and sometimes going for over list price. These statistics were just released today by the Sacramento Association of Realtors (SAR). As always, i will continue to keep you updated and ...

I'm never too busy for you or your friends real estate questions, concerns and needs. Feel free to email or call any time.

clear skies,

Doug Reynolds

California Association of Realtors (C.A.R.) LAUNCHES MORTGAGE PROTECTION PROGRAM

To help provide first-time home buyers with peace of mind when purchasing a home, the C.A.R. Housing Affordability Fund (C.A.R.H.A.F.) is offering a new mortgage protection program to first-time home buyers.

Through the Housing Affordability Fund's Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month for up to six months to help make their mortgage payments. A qualified co-buyer also can participate in the program, for a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.'s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program this year, and estimates that up to 3,000 families will benefit from the program throughout 2009.

To qualify for the Mortgage Protection Program, applicants must:
. Be a first-time home buyer - someone who has not owned a home in the last three years
. Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
. Use a California REALTOR® in the transaction
. Purchase the property in California
. Be a W-2 employee (cannot be self-employed or military personnel)

First-time home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®. For applications and other information on this exciting new program, go to www.car.org/aboutus/hafmainpage/

There is NO COST to participate!!!

RISMEDIA - Social networking sites are constantly being integrated with the real estate industry, giving prospective home buyers the chance to search the Internet in the manner most comfortable to them when looking for a home.

Twitter has now joined the ranks, giving home buyers one more avenue in which they can search for the place they will call home.

RentWiki.com recently added a feature that streams Twitter conversations of neighborhoods and allows renters to post specific questions on Twitter.

Via live feeds, Twitter conversations give renters an idea of the local residents, social scene, and reviews of the area, proving that Twitter can be used for more than just answering the question, "What are you doing?"

"Once a place to start conversations, Twitter has quickly evolved into a market research tool, wholesaler of goods, search engine, news site, and even a rental search," said Eric Wu, co-founder of RentWiki.com. "The goal of RentWiki is to give people searching for a place to live real advice from renters living in that area. By integrating with Twitter, we are expanding the conversation beyond just our site and into the real-time social Web."

From the Twitter feeds posted on each wiki, renters can glean the type of people that live in the area, listen-in on the conversation, and interact with locals by asking for advice. Though not all neighborhoods have discussions on Twitter, where there are conversations occurring, the content is very useful.

"I find news, recommendations for restaurants, and even jobs on Twitter," said Dustin Mitchell, 28 year-old renter in San Francisco. "When I move, using Twitter to find advice about an area just makes sense."

Users also have the ability to broadcast back to Twitter's 8+ million users. With one click, renters can ask about the social scene, safety, and walkability of an area. "Our goal is to provide renters with the content and tools to find the right place to live. Right now, Twitter seems to be hosting conversations that may prove to be very relevant to the rental search," said Wu.

RentWiki.com is known for its access to neighborhood reviews posted by past and current residents and its ability to enable communities to form between renters. RentWiki.com is also integrated with Facebook Connect, Walk Score, social bookmarking sites, and provides the ability for users to upload widgets, videos, and contributed content around a neighborhood.

Single family home and condo sales increase, median price inches downward

Following a record-breaking January, February continues a trend of high sales, reaching 1,575 closed escrows. This data, compiled by the Sacramento Association of REALTORS^{®, is collected from the MetroList® multiple listing services and covers Sacramento County and the City of West Sacramento. The 1,575 sales in February is a 2.1% increase over the 1,542 sales last month. Compared year-over-year, the current data marks an 81% increase over the 870 home sales of February 2008. Distressed and bank-owned properties continue to make up a majority of the Sacramento market, with 1,171 REO properties sold in February - over 74% of all sales.}

The median sales price of a Sacramento home made a slight decrease month-to-month from $169,000 to $167,000, a 2.1% drop, and the lowest price since April 2001 when the median sales price was also $167,000. New listings in February decreased 8.1% from 1,988 to 1,811. The Total Listing Inventory also decreased, recording a 4.1% drop from 5,935 in January to 5,692 this month. Compared year-to-year, the current figure is 38.6% below the 8,731 listings recorded in February 2008. The high rate of sales and low listing inventory results in a favorable Housing Market Supply figure, 3.6 months, but it is believed that many more vacant properties have yet to be listed, kept off the market by lenders to avoid an inflated inventory. This figure represents the amount of time - in months - it would take to deplete the total listing inventory given the current rate of sales.

Condominium Resale Market

The Sacramento condo market also saw an increase of 16% from 81 sales in January to 94 sales this month. Compared year-to-year, the current sales stand 57% over the 60 sales recorded in February 2008. The median sales price of a Sacramento condo saw a drop of 15.3% from $95,000 in January to $80,450 this month. Year-to-year, the current median sales is down more than half, 53%, from the $171,000 median sales price of January 2008 - Likely an inflated median price attributed to three $650K+ condos sold that month. REO property sales also carry the Sacramento condo market, accounting for 72 sales, or 76.6%, of all sales made this month.

Refinance Opportunities Now Available
to Those Who Lack Sufficient Equity

The Obama Administration unveiled the final details of its "Making Home Affordable Program," which is designed to help up to 9 million American families refinance or modify their loans to a payment that is affordable now and into the future.

One of the initiatives in this program is aimed at helping responsible homeowners "refinance" their loans to take advantage of historically low interest rates. Here are some common Questions and Answers about the Refinancing Initiative in the program.

REFINANCING INITIATIVE

Who is eligible?

You may be eligible if:

• You own and currently occupy a one- to four-unit home.
• Your mortgage is owned or controlled by Fannie Mae or Freddie Mac.
• You are current on your mortgage payments.
• The amount you owe on your first mortgage is about the same or slightly less than the current value of your house.
• And, you have a stable income sufficient to support the new mortgage payments.

How do I know if my loan is owned or controlled by Fannie Mae or Freddie Mac?

Simply call the company that sends your mortgage payment & they should be able to tell you.

You may also find out by visiting the following links:

Fannie Mae:

http://www.fanniemae.com/homepath/homeaffordable.jhtml;jsessionid=UBEFGP4LVRAMXJ2FECISFGI

Freddie Mac:

https://ww3.freddiemac.com/corporate/

I owe more than my property is worth. Do I still qualify to refinance under the Making Home Affordable Program?

Eligible loans will include those where the first mortgage will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less, you may qualify. The current value of your property will be determined after you apply to refinance.

If I am delinquent on my mortgage, do I still qualify for the Refinance Initiative?

No. But the good news is, you may qualify for the Modification Initiative. Contact me and i will refer you to a great lender that can discuss your situation and review your options.

I have both a first and a second mortgage. Do I still qualify to refinance under Making Home Affordable?

As long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible for the Refinance Initiative.

Will refinancing lower my payments?

That depends. If your interest rate is much higher than the current market rate, you would likely see an immediate reduction in your payment amount.

However, if you are paying interest only on your mortgage, you may not see your payment go down. BUT... you will be able to avoid future mortgage payment increases and may save a great deal over the life of the loan.

What are the terms of the refinance and what will the interest rate be?

All loans refinanced under the plan will have a 30- or 15- year term with a fixed interest rate.

The interest rate will be based on market rates at the time of the refinance. Currently, interest rates are at historical lows, which makes this a good time to examine your refinancing options.

Will refinancing reduce the amount that I owe on my loan?

No. Refinancing will not reduce the principal amount you owe. However, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.

Can I get cash out to pay other debts?

No. Only transaction costs, such as the cost of an appraisal or title report may be included in the refinanced amount.

How do I apply for the Refinance Initiative?

Call or email me today so i can get you in contact with a lender that can discuss your specific situation and to examine your options. If this plan is right for you, they can begin working on your refinance immediately.