FSBO BLOG

Thursday, March 12, 2009 AP Report: The average rate on a 30-year fixed mortgage slipped to $5.03 percent this week from 5.15 percent last week. A year ago, the 30-year fixed-rate mortgage averaged 6.13 percent.  “Mortgage rates had room to ease this week following news of a weaker jobs market, which may slow consumer spending and keep inflation at bay,” said Frank Nothaft, Freddie Mac’s chief economist.

FSBO.com predicts the bottom in housing sales will be in the 4th quarter, 2009, as last minute buyers take advantage of the    1.tax credit expiring 12/31/09  2.low interest rates  3.depressed housing prices

2010 will see a return of 6% mortgage rates, higher home prices and reduced inventory.   

2 out of 3 cities in the US are seeing their revenue in decline according to a recent survey  by U.S. League of Cities. Cities and towns need to raise rates after their main sources of income — sales, income and property taxes — declined together in 2008 for the first time in 12 years, the League of Cities survey said. Assessed value you pay your taxes on went up while market value went down is a growing problem for homeowners. It’s time to contact your local assessors office to review your value. Who’s done this? We know many investors owning several properties, that use FSBO.com to sell & rent their property, have quickly complained and requested a new assessment. Don’t delay!

Who’s done this?

Home prices are falling for many reasons. One reason, is the increasing number of Bank owned real estate (REO properties) on the market for sale at low prices and getting reduced even lower. In an attempt to slow down the number of new foreclosed properties coming into the market for sale, the Federal Government has a new program as part of the ‘Financial Stability Plan’.  7 to 9 million homeowners may benefit from the Making Home Affordable program.

Click here for the ‘Government website’

Click here for the ‘Government Announcement’

Click here for the ‘Guidelines’

FSBO.com wants to know if you or someone you know will take advantage of this program and if you think this will help the current real estate environment?