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.

Thursday, May 15 approx. 3:30 p.m. a one day before her birthday……… a beautiful lady and mentor left this place to meet her maker.  Arliene Beesley was a colleague, friend, WCR past president, MCAR past president, wife, mom, grandmother and so much more.

 What do we do when we loose someone “before their time”, what sense can one make of it.

The lesson I choose to take from Arliene is that she always smiled, always asked about your family and looked at the positive in every situation.  I never heard Arliene say an unplesant thing about anyone and she had faith in every situation and every person she came ito contact with.  Oh, if only I was half so optimistic. 

 It is still a shock………………… goodbye sweet lady, may your faith and kindness live on in all of us who were touched by you.

After reading about the jobs reports and watching the Fed. Chairman Bernanke at the joint economic committee hearing on Capitol Hill I think that the “R” word will be thrown around more liberally in the weeks and months to come.  And that is a good thing!!! Read more at this article in SF Gate

   What strikes me is that we are so resistant to use the word or other words such as stagnation,  & inflation yet we all feel the effects and live with it daily.   I believe the general consensus is that if we avoid the word then we can control the emotional climate of the American populace - bullsh__- if there is an elefant in the room believe me everyone sees it and senses its presence.

  In real estate we feel the  pressure of building inventories, decreased availability of money and fear filled buyers not to mention the 51,000 people out of work due to the slow down in new construction.  In retail the effects of consumer cut backs in spending and of course the continued cutbacks in manufacturing jobs going off shore.  I say lets call a spade a spade and move on.  We will recover from this and the markets will turn,  but pretending  that we are not in a recession or whatever it is just makes me feel manipulated and placated. 

I’ve been thinking about what keeps folks from getting into the real estate market and the analogy about the brides maid came to mind.  Many people rent and say “someday I’ll buy”, “I can’t afford it right now”, “all the houses I can afford are in neighborhoods I don’t like” and on and on.  They may talk to their landlords about buying the cottage, apartment, home they currently rent and may even look at homes for sale on the internet, but they never quite take the plunge. 

 I cannot think of one single investment that I’ve made that has served me better than buying my first home at age 32, and oh how I wish I had started in my 20’s when I was studying investment finance and fell upon several books explaining the benefits of real estate investing.  Some recommended reading: Multiple Streams of Income, Rich Dad Poor Dad, and a delightful book I read in 1989 Housewise, Suzanne Brangham.  Do some research and really look at the cost of renting vs. owning in the long-term.  Making the commitment to owning is hands down the winner!  I guess you could say the same about being a bride vs. the brides maid too

 So here we are with a plethora of affordable housing all around; foreclosures, bank owned, and sellers that need to move.  This is called opportunity!  And yes, there are challenges too.  Getting a loan takes more effort and a down payment is now a necessity.  So what - set up a plan to save or be gifted the down payment and start working with reputable lender so that you know you will be ready when you find the “one”. 

 There is currently a window of opportunity.  For how long?  Nobody knows,  but I can guarantee you that it is a window and it will close eventually.  Right now there are deals to be made, opportunities to be had and a perfect match for so many potential homeowners that have been priced out of the market for the past 5-7 years. 

 Step up and say I DO!