Know the Details of the Mortgage Forgiveness Debt Relief Act

RISMEDIA, Oct. 30, 2008-No matter the circumstances, there’s a lot of stress a homeowner goes through in a foreclosure or a short sale. The loss of the home itself and any equity can add a lot of anguish to a situation that may be beyond the control of the homeowner from job loss or illness to changing market conditions.

Click Here for the Whole Article...

Ivie's Comments:

This is good news for people who have or need to sell their homes on a "Short Sale". Many people were caught in a catch 22 when it came to short sales, because of the fact that they would have to pay taxes on the difference of what the house sold for on a short sale and what was actually owed. Many people would just let the house go back to the bank instead of attempting to sell it, because of that fact. Now, owner who sell their homes on s short sale, will no longer be taxed on the difference.

I mean... really... How can someone who already doesn't have enough money to pay their mortgage, afford to pay taxes on the difference of what the house sold for, verses what was owed. Kind'a like trying to sqeeze blood out of a turnup! You think?

However, people might not be aware that there are some catches. Though, the "catches" are no way as bad as loosing the house... there are still some catches. Read the artilce to find out more.

Fantastic Mr. Fox

Check out the visitor that came to our house last night. I've never seen a FOX do this. 

Click Here to See More!

SOLD!!! 10 Wooded Acres with Log Cabin

Hunters! Take Notice!

10 heavily wooded acres with a 16x12 real log cabin.

This cabin comes fully furnished.

SOLD for FULL PRICE $59,888

Excellent hunting with 100's of acres of state land just across the street.

This property features a 90x60 (9ft deep) pond with a sandy beach. Stocked with hybred Bluegill and Perch. Nice trails throughout the property, for easy access to the back.

While electricity is available at the road, the cabin is powered by a quiet Honda generator (which is included with the sale). Propane heat with an Empire Direct Vent thermostat controlled system. Window A/C and ceiling fan. Outdoor hand driven well with electric pump. Coleman hot water on demand system for cowboy showers. Clean portable outhouse. ALL INCLUDED!

This is simply a beautiful property offering some fantastic hunting opportunities! Lots of mature woods, offering an excellent habitat for deer, turkey, squirrels and other game animals.

Look at this beautiful 9 point taken in 2007!

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Washington Report: FHA Still Going Strong

by Kenneth R. Harney

The country's top housing official has an urgent message for potential home buyers: You may have heard that the credit markets were "frozen," but FHA has been open for business throughout the credit squeeze, and so are Fannie Mae and Freddie Mac. In fact, FHA's volume has tripled and the agency is now insuring well over a hundred thousand new loans a month.

"There is no credit crisis" for individual home buyers who have at least three percent to put down, documentable employment, and at least a moderately good credit record, said Preston.

Read the entire article...

851 Oren Court, Gladwin - Smallwood Lake SOLD!

Beautiful Waterfront Home on Smallwood Lake!

This is a great deal! This home was listed for $184,888.

SOLD!

3 Bedrooms, 2 Baths, Master Suite

2 Car Attached Garage and 1.5 Car Detached Garage

Over 250 Ft on Smallwood Lake!

Beautiful waterfront home on a clean and quiet channel, just off of the main lake. You will really appreciate the condition of this lovely home and its setting. Exceptional view of lake from the home and deck. Nicely redone in 2000 with new windows, custom oak cabinets (in kitchen and bathrooms), covered deck, large master bedroom with roomy master bath, and much more. Warm your feet by the cozy gas log fireplace during the cooler months. Over 250 ft of waterfront for added privacy. You truly must see this home to appreciate it.

SOLD!

$169,888

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SOLD! Cute Blue Lake Access A Frame

SOLD!!! This one wasn't on the market very long. This cute Chalet at Blue Lake Estates sold for $74,500.

Real Estate Outlook: Real Estate Market Defying Odds

Posted on RealtyTimes.com

The panic and fear that have been shaking Wall Street aren't translating into negative numbers for real estate -- in fact, it's been the reverse.

While the Dow Jones index peeled off a record fourteen hundred points in a matter of days, the latest pending home sales index was moving in the opposite direction -- up strongly to its highest level in more than a year.

Pending sales jumped by 7.4 percent in the latest month, according to the National Association of Realtors.

Read the Entire Article HERE...


Ivie's Comments:

This is a great article. Despite the weak economy and problems at Wall Street, real estate sales have increased nation wide.

The media is great at spewing out all the doom and gloom in our real estate market. Thank goodness there is some GOOD NEWS out there.

Here is another part of the article, of interest that I thought was interesting: "Also - although we keep hearing about the global credit squeeze and banks' unwillingness to lend money, that's definitely NOT the case in the mortgage market. There's plenty of money available - as long as you have a solid credit history and some downpayment cash".

I find this to be true, even though loans have still been tougher to get closed. The lenders are still making loans. They are just busy dotting their "I's" and crossing their "T's". However, the deals are still closing!

I have a friend who reviews appraisals for a mortgage company and she has told me that they have been extremely busy lately. She says that they are mostly processing FHA loans, right now... and things are BOOMING in their company.

One Year ARM Ticks Up As All Other Rates Fall

McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.94 percent with an average 0.6 point for the week ending October 9, 2008, down from last week when it averaged 6.10 percent. Last year at this time, the 30-year FRM averaged 6.40 percent.

Read More...

Are You A First Time Home Buyer?

The Housing & Economic Recovery Act that was signed into law provides up to $7500 for first time buyers. Come learn how you can use this to your advantage. It could be possible to stop paying rent and to achieve your dream of home ownership!

Your local Clare/Gladwin Board of Realtors® is sponsoring the informative seminar:

Gladwin

October 28th, 6:30-7:30 pm, Gladwin High School, Rm 112

Harrison

October 29th, 7:00-8:00 pm, Harrison Library

Clare

October 30th, 7:00-8:00 pm, Pere Marquette Library

Other Topics

Other provisions of Housing & Economic Recovery Act

An opportunity to ask questions

Learn about MSHDA’s low interest loans to improve your home

Contact the Clare-Gladwin Board of Realtors®

At 989-246-0714 for more information.

*A first time buyer is someone who hasn’t owned a primary residence in the last 3 years*

Swans on the Lake

These beautiful swans were on our lake yesterday morning. Click HERE to see more photos.

Bailout Will Help, but Pitfalls Remain

U.S.News & World Report
Friday October 3, 4:29 pm ET
By Rick Newman

The mammoth financial bailout plan is finally in place. But don't exhale just yet.

The $700 billion rescue bill that Congress finally passed will limit panic in the markets, since it gives the government vast new authority to take over sclerotic securities that have clogged the credit system and already brought down some of America's biggest companies. With the feds stepping into the bloodbath, the hemorrhaging should stop. But the economy is still in precarious shape, and unrealistic expectations about the bailout could end up disappointing consumers hoping for some kind of immediate relief.

Read the whole story...

Ivie's Comments

It's hard to say what is to come with our market. I like to be an optimist and say that things will improve with our real estate market in 2009. For us (Kehoe Realty, Inc.), 2008 was not a bad year, as far as waterfront sales and of course... foreclosure sales. People are looking for good deals these days and they have every right to. There is so much for sale right now, that buyers can really be picky about what they buy and for how much!

Halloween is going to stink this year...

Long-Term Mortgage Rates Barely Move this Week

Realty Times: Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.10 percent with an average 0.6 point for the week ending October 2, 2008, up from last week when it averaged 6.09 percent. Last year at this time, the 30-year FRM averaged 6.37 percent.

Full Story: http://realtytimes.com/rtpages/20081003_rates.htm

October Letter from the Heart

I just posted this months "Letter from the Heart" to my web site. 

Click Here to Read Newsletter