Will the Housing and Economic Recovery Act of 2008, help US homeowner’s facing foreclosure?  I sure hope so. 

I just sent the NAR link tp://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument to clients facing the reality that their loan payments are escalating at a rate outpacing their income.  I’ll let you know if it helps any of them.  As a Realtor and trusted advisor I recommend all homeowners facing this crisis consult with an attorney and cpa to determine which course of action will best serve their family and financial needs.  The cost of the long term outcome for a foreclosure, short sale or bankruptcy can far outweigh the 200.00 consultation with professional capable of looking at the situation objectively.  

     Except for a few exceptions the volume of sales in June was up in most cities on the Monterey peninsula.  Carmel posting 23 sales for a whopping 197% increase over May.  Pebble Beach down to 7 sales from 9 in May or 78% and Carmel Valley closed 10 sales for 166% over May. Monterey down to 20 sales in June vs. 24 in May and PG with 8 sales vs 6 in May.  Salinas seems to be absorbing  the bank owned and short sales at a good pace, although there is much to be absorbed, posting 114 closings up from 97 in May.

 Overall the marketplace is improving in terms of sales, as for lending we have a ways to go.  Loan officers I work with are reporting continued restrictions and hurdles in trying to get folks qualified.