Tony Perez

FORECLOSURES

While the number of foreclosures remains high, thousands of homeowners on the verge of losing their homes find last-minute ways to prevent it. In the second quarter of 2008, mortgage servicers finished more than 522,000 workouts through the Hope Now program, allowing distressed homeowners to keep their houses.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n4-090408.cfm

www.HopeNow.com

Mission Statement
HOPE NOW is an alliance between counselors, servicers, investors, and other mortgage market participants. This alliance will maximize outreach efforts to homeowners in distress to help them stay in their homes and will create a unified, coordinated plan to reach and help as many homeowners as possible. The members of this alliance recognize that by working together, they will be more effective than by working independently.

HOPE NOW preserves homeownership and prevents foreclosures by:

• Outreach to Homeowners
• Counseling Homeowners
• Assisting Homeowners

Fairfax County
September 20, 2008 - 10am - 6pm
Fairfax County Government Center
12000 Government Center Parkway
Fairfax, VA 22035

Prince George's County
September 13, 2008 - 10am - 6pm
Watkins Regional Park
301 Watkins Park Drive
Upper Marlboro, MD 20774

CONDO MARKET

Trying to time the real estate market and planning to buy once it hits bottom? Get your checkbook. Condo Vultures LLC's owner believes the recent purchase of 120 condominiums in Miami will usher in a wave of investors looking to snatch up distressed properties.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n1-090408.cfm

GMAC MORTGAGES

Lender GMAC Financial Services said Wednesday it will close all of its 200 retail offices and lay off about 5,000 employees as part of plan to reduce its mortgage lending and servicing because of the housing market downturn. The company will continue to operate online.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n2-090408.cfm

BUYER SERVICES

Rent-to-own options are becoming popular again after falling out of favor during the last couple of decades. A rent-to-own arrangement can help buyers with poor credit or renters who want to try out homeownership without making a costly commitment.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n2-090508.cfm

MORTGAGE RATES

Rates on 30-year mortgages fell for a third straight week, dropping to the lowest level since mid-July at 6.35 percent, according to Freddie Mac's weekly nationwide survey.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n1-090508.cfm

First time homebuyers now's the time to buy and stake your claim at home ownership, with the passing of the new Housing and Economic Recovery Act of 2008. Home prices are lower and interest rates have dropped, this is the time to get off the fence before you lose one of the best oppurtunities to own a home in SWFL.

The legislation provides a temporary $7,500 tax credit to qualifying first-time home buyers who purchase homes between April 9, 2008, and July 1, 2009. To learn more about it, click here www.federalhousingtaxcredit.com.

Market Report for Golden Gate Estates ending August 2008 shows that new listings are down 26% from July while pending sales are up 18% from July. Closed sales were down slightly from July and most loan financing has been convetional loans over cash deals.

In closing based on these Sunshine MLS charts new listings are down pending sales are up which can only continue to start bringing balance to the current market with the supply & demand ratio.