Bob's Blog

Here’s an interesting article from the WSJ concerning the number of prime or conventional mortgages that are past due or in foreclosure. It was only a matter of time until the unemployment numbers started to affect this sector of homeowners. Note the graph at the end: more than 65% of all mortgages are still conventional, fixed rate mortgages. So when this sector is contributing to the foreclosure mess, look out. Now we’re talking about your neighbors. This is not a problem that we will cruise through quickly. This recession is still very much in effect for a lot of people…..

Here’s a link to a 9News article about the FirstTime Home Buyers tax credit program entering into it’s sunset period. Seriously, I have not heard ANY talk in professional real estate circles about Congress extending this program. Stimulus programs up to this point have been highly targeted. There is no expectation at this point that this program will continue after November of this year.

So, if you want your tax credit, you need to be acting NOW! And if you are shopping for pre-foreclosure short sales, you would be well advised to look at traditional sales instead. There is no – repeat NO – guarantee that you could write an offer on a short sale today and have it close by November 30.

Using a professional real estate broker to assist you in the role of a Buyer’s agent is highly advised in this transitional time.

9News article on the $8000 tax credit