Among those who see improvement in the 2010 market is Lawrence Yun, chief economist for the NATIONAL ASSOCIATION OF REALTORS® (NAR). Yun hopes that the extension of the first-time home-buyer tax credit will provide a new pool of buyers to absorb the additional foreclosures that will hit the market this year.

He expects existing-home sales to rise 13.6 percent in 2010; home prices should go up 3 to 5 percent, with wide geographic differences. The average rate on 30-year fixed mortgages will range from 5.3 percent in the first quarter to 5.8 percent by year end. This forecast assumes there will be no major economic surprises. The weak job market remains a concern.

The Mortgage Bankers Association (MBA) has a slightly different take on the 2010 housing market. MBA predicts existing-home sales will increase approximately 11.2 percent. Interest rates should be about 5.6 percent by the end of 2010. The unemployment rate is expected to peak at 10.2 percent and gradually decline in 2011. National average home prices should stop sliding during the first part of the year and stabilize, depending on area and price range. 

In my office we have seen a marked improvement in the number of first time buyers calling for help buying a home.  I have been doing floor time (answering calls) and in the last five days I have acquired 5 new clients, one a day.

I have been answering a lot of questions from uninformed first time buyers on websites Like Homeresearch.com and Trulia.com, these sites have realtors who will answer real estate questions.  The majority of questions are regarding if one house or another is available.  They do not have a Realtor nor are they pre-approved……So I am writing this for the benefit of the many first time home buyers who do not know that their first step should be to find a Realtor they feel comfortable with.   The buyers Realtor is paid by the seller and so the expert help of an experienced Realtor comes at no cost to them. 

Their next step should be to obtain a pre-approval from their bank or other lender.  Without a pre-approval, any offer they submit will likely be ignored.  If they do not have a particular lender or bank they want to do business with their Realtor can help them with that as well.

At Leland Meadows you can have fun in the snow.  They have inner tubes that have tow straps on them so you can be towed up the hill and then you slide down.  So much easier for us older folks who do not want to drag the tube, while we walk up the hill.   For the younger and more energenic, you can still do it the old fashioned way. 

My Family and some friends enjoyed both the towing as shown on left and the old fashioned way pictured below.  If you like to ski (like I do) you can also visit dodge ridge which is about 15 to 20 minutes away.  Go to www.snowplay.com  to find leland meadows and you can find dodge ridge at http://www.dodgeridge.com/site/index.php  You can play for the day and go home or if your prefer you can stay at one of the wonderful cabins or hotels and spend more days in the snow.

The FHA has come up with some new rules when it comes to their loans. 

Beginning April 2010, the up front mortgage insurance will increase from 1.75% to 2.25%

There will be no more spot appraisals.  So it will be harder to get an approval on a condo. 

This is a big one.  Effective for all case numbers issued on or after February 1 of this year, all previous FHA condo approvals will be eliminated and condominium projects must be recertified by HUD.

You can pretty much forget about buying a condo until the project has been blessed by HUD or one of HUD’s approved lenders.

Going forward there will be two approval methods for FHA Case numbers ordered after February 1, 2010; 

Hud Review and Approval Process (H-RAP)

DE Lender-Approval and Review Process (DEL-RAP)

On another note>>> 
For all purchase contracts dated after February 1st, 2010, FHA has waived the flipping rule.
Private Sellers & Investors can now sell their properties to FHA buyers without having to wait 90 days.

Helping to energize the housing market is the reason behind the homebuyer tax credit and the recent extension and expansion.  Consumer spending is, of course, the real water for the nation’s economic growth, and a lot of consumer spending is fueled by the growing housing market,  along with new jobs, and confidence in our country’s rebound from the recession.

 Well there is a FHA loan called a 203K that will allow you to get money to fix up a fixer.  You know, the homes where you go in and the carpets are filthy and the kitchen and bathrooms are a mess? 

 So,l now instead of passing them up (as others are doing) you can make an offer on one that is basically sound and only needs cosmetic work.  Get the extra money and have it remodeled.  You will have an easier time getting your offers excepted as everyone is looking to buy the homes that are already remodeled.  Also you can pick your carpet, tile and counters and will be able to move into a clean newly revamped home……

 For more information on the 203k loan program, visit www.hud.gov or www.re-buildusa.com.

Read more: http://rismedia.com/2009-12-08/changing-the-way-people-buy-homes-using-the-203k-program-to-purchase-dream-homes/#ixzz0ZK2CGO8v

The unemployment rate is close to peaking and is projected to ease to 9.5% by the end of next year.

Read more: http://rismedia.com/2009-11-17/housing-a…

This is a UTUBE video I thought you all would like. I thought it was funny and entertaining. It hits close to home in regards to bank owned homes and the “foreclosure specialists” assigned to list them..

when the economy gets bad and people get desperate, some people have no scruples and will try to scam any way they can.

If you are trying to get a mortgage, beware of online scams who are trying to just get your information so they can steal your identity and ruin your credit and your life. Also beware of brokers or lenders who tell you one rate and then give you another (higher rate). Be sure you do business with a “Realtor” or someone else you know and trust. Realtor’s have specific ethics they have to abide by.

Some people are already finding ways to scam the tax credit, and it makes it tougher for those of us who are trying to complete honest business transactions. keep heart there are good, honest, people who will help you get the mortgage you need.