After comparing the number of homes sold in December 2007 and sales in December 2008, we saw an increase of 111% in December 2008.  Since prices and interest rates have gone down, buying a home is now more affordable to more people.  First time buyers are taking advantage and this accounts for a big percentage of the transactions.  

Foreclousres will play a big part in the real estate scene for a while longer.  In an effort to prevent foreclosures, many lenders are allowing “early workout” loan alterations.  Qualified borrowers who will be facing financial difficulty from a loss of job and other reasons, under the Fannie Mae’s program, can enter into a trial period of reduced payments for four months.  If payments are made on time under the reduced payment plan during the trial period, their modified payment may become permanent. 

If you see problems looming ahead that will cause serious delinquency, call you lender immediately and find out if your loan is owned by Freddie Mac, Fannie Mae and other major lenders and ask for an early workout. 

If you would like more information regarding this, please contact me.

Elizabeth M. Eugenio, (909) 376-8615

Email: Elizabeth@HomesByLiz.com, website: www.HomesByLiz.com

Certified Distress Property Expert (CDPE), Certified Residential Specialist (CRS), Graduate Realtor Institute (GRI), Certified Foreclosure Specialist, (CFS).

What’s the housing market going to be like in 2009? is a post from: Chino Hills Real Estate Resource Center