Is the Housing Market Starting to Come Back?

Dear Friend,

In this issue:

Feature Article: Is the Housing Market Starting to Come Back?

Special Opportunity: See five foreclosed homes in one morning

Recommendations & Resources: How important is your credit score?

———————————————————————————————

Feature Article: Is the Housing Market Starting to Come Back?

Now, it’s no reason to celebrate just yet, but there have been some signs in the past week that the housing market is starting to come back around. In fact, one Associated Press article  had an encouraging quote from the chief economist for the National Association of Realtors.

“The housing market is healing,” NAR’s Lawrence Yun said.

Five magical words.

The article reported that existing home sales nationwide were up 3.6 percent in June, ahead of what was projected, and the third straight month that sales rose. Three straight months of increases haven’t happened since 2004, when the market was nearing its peak.

Then, the U.S. Commerce Department reported that new home sales also rose for the third straight month. In fact, the 11 percent jump in sales from May to June was the biggest for new homes since December of 2000.

It’s no secret that the struggling housing market is one of two major keys to pulling out of this recession (the other is the unemployment rate). News like this has already boosted some investor confidence on Wall Street, and the sign that people might be less fearful of buying a house should continue to build confidence in a recovery. Good housing news is expected to bring with it other good economic news.

What’s a bit unexpected is Yun’s comment about healing. Even when there has been positive housing news to report in recent months, it’s always been accompanied by a ”yeah, but…” tone of caution. Considering that he’s already come under fire from the media lately because of comments he made regarding “faulty” appraisals, it’s a good sign that he’s willing to make that statement.

A few other good signs from the reports the past week:

• 1. The national median home price for existing homes rose from about $174,000 in May to about $181,000 in June.
• 2. The inventory of existing homes on the market, which had hovered near an 11-month supply at one point, is down to about 9.4 months. Stability in the market is expected when it’s at about seven months.
• 3. The inventory for new homes dropped more than 4 percent in June, to an 8.8-month supply, the lowest total since October 2007.

Do we have a long way to go before the market is healed? Probably. But the news recently means we’re headed in the right direction, and that some housing markets are starting to recover. As more people become more comfortable with the idea of buying, and more first-time home buyers take advantage of the special tax credit, prices will stabilize and start to climb.

It’s possible the “bottom” has passed in some markets, but now still represents a great time to buy real estate. And it seems as though more people are recognizing that.

———————————————————————————————————-

Special Opportunity: See five foreclosed homes in one morning

The foreclosure crisis has created an incredible opportunity for home buyers and investors to buy homes for pennies on the dollar.

If you’re thinking of buying a home and would like to learn more about the fantastic deals available, register to attend an upcoming special educational foreclosure home tour.

During the tour, you’ll be able to walk through 5 foreclosed homes in select towns. We will simply meet at the first home and then caravan from home to home. The educational tour should finish in about

90 minutes.

This special tour is a great way for you to learn more about the forclosure market because you’ll be able to see and evaluate each home inside and out. You’ll even be able to have all of your questions answered.

At the first home, you’ll receive a special educational Foreclosure tour packet which will include the following:

1. Details on each home included in the tour.

2. A map in case you get stranded from the caravan.

3. A summary of the real estate market statistics including recent comparable home sales, the average length of time it takes to sell a home today and the average selling prices of homes in the area.

Each tour is limited to 10 because the caravan process becomes challenging with more attendees. Tour spaces will be given on a first-come, first-served basis.

To register for this special educational foreclosure tour, join our www.NJForeclosureSecrets.com membership site and get updates of upcoming dates and times and see Reo Properties

If you’re one of the first 10 to register, we will contact you with the address of the first home on the tour.

———————————————————————————————–

Recommendations & Resources: How Important is Your Credit Score?

Did you know that you can own a Mercedes for less than what you’d pay for a Ford? Believe it or not, your credit score could determine what you drive.

With a below average credit score of 550, you’ll be forced to accept an 18% interest rate and pay $702 a month for a Ford Fusion with a manufacturer’s suggested retail price of $27,431.

With a credit score of 750 or better, you’ll be offered a 5.5% interest rate and pay only $622 a month for a Mercedes C230 Sport with an MSRP of $32,089.

Nothing against Ford, but why pay $720 for a Ford when all you have to do is increase your credit scores to start driving a Mercedes-or a BMW-for almost a hundred dollars less each month!

When you have the right credit scores, you’ll pay almost $100 less a month. What a great concept-paying less to drive a nicer car. And you can do exactly that-when you increase your credit scores.

And credit also determines how much you pay for a home…insurance…whether you get a job (your potential and current employers can legally look at your credit reports and not hire you-even fire you-if they don’t like what they see).

Credit scores even determine what you’ll pay for your utilities in some cities. That’s right, if your next door neighbor has higher credit scores than you, you may be paying more than him or her for your electricity.

Now do you see how important your credit scores are? Can you see how much easier good scores can make your life?

To find out how to increase your credit scores and secure a better financial
future, request a special report and raise your credit score asap

When you request this special report, you’ll learn how to pay less money for the things you want in life.

Go to: https://m291.infusionsoft.com/go/credit/bktools/njfsblog

Have a great weekend!

Brian Kumahor

Foreclosed Homes News foreclosed homes, Foreclosure, Real estate, Real estate pricing