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(WASHINGTON) – NAR reports its Pending Home Sales Index of contracts signed in February rose to 82.1 from a reading of 80.4 in January – but is still below last year’s February index of 83.3.
Alternatively, because of the general decline in housing prices, NAR’s Housing Affordability Index for February reached a record high of 173.5 compared to 172.6 in January.
According to trade association calculations, a median-income family earning $59,700 could afford a home costing $285,600 in February, assuming a 20 percent down payment.
NAR Chief Economist Lawrence Yun said he expects housing inventories to rise through early summer. He added, however, that he expects price stabilization in most markets by the end of the year.

Despite the economic gloom of the past few months, there are some positive dynamics taking shape in the current cycle.

• Low Mortgage Rates—Mortgage rates continue to hover at 50-year lows – 5% and even 4.75% for 30-year mortgages, and still lower for 15- and 20-year mortgage terms.

• Improvement in Oil Prices—We’re all paying a lot less at the gas pump, and seeing sharply discounted prices on retail goods and autos.

• Saving Money—Americans are actually saving again, the national savings rate took a nearly 3% jump last month. That might sound small, but it’s hugely important if it is the start of a trend.

• Action on Capitol Hill—The incoming Obama administration is expected to introduce a massive economic stimulus package early in 2009. A resulting improvement in the employment picture and available credit can help restore consumer confidence and spike a surge in economic activity.

• Coming Price Stabilization—Some economists are expecting housing prices to stabilize and/or rise (in 2009) after a likely boom in mortgage refinancing as rates fall and loan applications increase. There are signs that housing prices are stabilizing in some parts of the country. The latest monthly Federal Housing Finance Agency index found home prices up by 0.6% in the Mountain states and by 0.2% in New England.

* All down-cycles tail come to an end. Keep your eyes open for the small positive signs that are accumulating out there.

It is easy to find homes now. It is not so easy to get financing. I have a GREAT solution to solve this challenge. It is called Credit Partners. Let’s create partnerships that utilize the best of both worlds. Let me explain how WR Properites, LLC (WRP) and you can work together to mutually benefit each other – create wealth together.

WRP (that’s me), the investor, are going to do the following:

1. Find the property

2. Evaluate the property (After Repair Value upfront)

3. Fix the property

4. Rent/lease option/flip the property

5. Manage the property

6. Market the property (Property Signs, Craigslist, Ads, MLS)

7. Maintain Relationships w/ REO specialist (Pre-Foreclosure / Foreclosure)

8. Handle Contracts / Title / Insurance / Inspections

9. Manage the buyer (Credit Repair, Collecting Rents, Screening Tenant / Buyer)

As an Income and Credit Partner (that’s you), WRP is committed to:

1. Buying a house with 30% equity or more or we find another one
2. Giving you (the Credit Partner) the TAX DEDUCTION until it sells or you buy it from them later at an agreed upon price
3. Using other peoples money to finance the deal (Private funds or Hard Money)

The Income and Credit Partner (that’s you) shall:

1. Apply online to make sure they can qualify for investment financing www.jasonpalliser.com

2. Set a phone appointment to go over the 22 question investor checklist with Jason Palliser and me to make sure you know what the investment property plan is and what to do and what not to do. Click on the link below (???) for the 22 question investor checklist.

3. Get Jason Palliser’s office your income and assets documents.

4. You are pre-approved and ready to buy….

Key notes in today’s lending environment:

1. Always place a renovation lien against the property the day your partner buys it so you can do an immediate refinance (No Cash Out).  You can currently pay off your renovation loan with no seasoning as long as it was placed on the home from the time of closing.  If you pay cash with no lien against the house, then you cannot refinance until you have 6 months seasoning.  You can go up to 75% of the After Repair Value.  Free and Clear = 6 months seasoning.

2. Trying to get a loan under 50,000 on the refinance is going to be virtually impossible because of the small loan adjustment pricing hits form the bank.

3. No flip flopping title.  Who ever is getting the final permanent loan must be on title from the purchase date and on the renovation loan/private funds loan.  If you try to add someone later, then you have to wait for 6 months seasoning again.

Who ever can get the most Income and Credit Partners lined up in the tight lending environment:  WINS!

· Let’s be partners!

· Sign Up Now! Jason Palliser will qualify and train you to be our teammate.

· We will look for your applications and your call.

· E-mail our office right away! tom@tdwilson.com

Here’s our take on the Stimulus Bill and Treasury announcements made this week. We look at the Stimulus package AND the Treasury’s package holistically, in compliment with each other - mostly because that’s how the Obama team is looking at it. Our representatives, the NAR Board of Directors, asked us in November to do 4 things (with an unspoken but clearly understood mandate to PRESERVE what we already have). Here they are: 1) get loan limits raised for high cost areas, 2) make the $7,500 tax credit NOT a loan, 3) try to find ways to push interest rates down (which are higher than they should be due to systemic risk right now) by 200 basis points, and 4) help provide solutions to the foreclosure/short sale problem.

So here’s what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES’s thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).

We did make a run at the $15,000 credit — and we would have loved to have gotten that or the Homebuilders $22,000 credit idea as well as their 5 year loss carryback deal, but they were considered too rich for this program. What it did do though is totally take the debate off of whether a tax credit should be reinstated at all (it expired last year) and whether it was a true credit or a repayable loan, and kept the conversation on how much it should be. It also kept the debate off of ‘what we are willing to give up to get a $15,000 tax credit’ and kept the debate again, on how much it should be. It’s pretty hard to complain when they give you what you ask for and you lose something you never had.
While we study the Treasury specifics on their major role in providing the rest of the housing solution — there is much more to come and we are working diligently with the Administration to help ‘unclog the pipeline’ and get capital flowing into housing again.

*This information was supplied by NAR

Thanks,

Laura Wunder

We upgraded anyone interested in buying a great start up telephone system at 50% off retail? $350.00 OBO

Craigslist posting id craigslist: Active Posting -1020649568

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