New Lender Disclosure Requirements

So, do we need more disclosures for borrowers? See what the pros and cons are according to the Wall Street Journal.


http://online.wsj.com/article/SB126222090787511123.html?mod=WSJ_hpp_MIDDLTopStories#articleTabs%3Darticle

Positive Signs For Existing Home Sellers

There is continuing good news for current home owners according to the report below.


quarterly housing valuation analysis

USA Today 12-14-09

The article gives more insight into the mixed messages of the housing market.

http://www.usatoday.com/money/economy/housing/2009-12-13-housing_N.htm?loc=interstitialskip



What do you think- are is the economic recovery with the housing market begining to turn around for the better?

Lingering Problems for Strapped Home Owners

The article below is from the Washington Post regarding the frustration and paper work facing homeowners trying to work with their mortgage lenders. So the slog goes on with the recovery...

http://www.washingtonpost.com/wp-dyn/content/article/2009/12/10/AR2009121003834.html?hpid=topnews

Nov. 24, 2009 Surge in Home Sales

Nationally, the housing market is beginning to give more signs of recovery. Nothing stimulates buyers like getting a good deal in todays' depressed market and here's the proof:


http://www.washingtontimes.com/news/2009/nov/24/home-sales-surge-101-percent-in-october/?feat=home_headlines

Veteran's Day in Elko

Elko Honors Our Veterans

A Veteran's Day tribute to those who serve from the Elko High School Band. Click below to hear the Pride of Nevada!

Federal Tax Credit- Extension and Changes

This link goes to info basics on the "old" and "new" federal tax credit program which was just approved by congress and expected to be signed by President Obama.

http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf



This article from the Christian Science Monitor just goes over the program details, but it is especially interesting to read the comments section at the end with great questions and comments.

Regardless of whether you are for the home buyer tax credit or against it, it appears that it will be implimented. My philosophy is that if the government has decided to give away money and you are contemplating buying a home, you may as well take advantage of it.


http://features.csmonitor.com/economyrebuild/2009/11/05/what-the-6500-homebuyer-tax-credit-means-for-you/

Extending the Tax Credit?

The article below discusses the inplication of extending the tax credit program- pro and con. What do you think about the stimulus- has it had a positive "over-all" impact, or just on housing?


http://features.csmonitor.com/economyrebuild/2009/10/29/extending-home-buyer-credit-another-clunker/

National Real Estate Price Predictions

Although Elko home prices have been much more stable than many areas of the country, national trends can also come into play locally. The following news could be negetive for sellers or positive if you are a buyer...


http://finance.yahoo.com/news/Homes-About-to-get-much-cnnm-699910894.html?x=0

FICO Score: Explained

Learn how your FICO score is determined and effects your interest rates and even insurance premiums and how to improve it.

http://www.rd.com/advice-and-know-how/your-credit-score-the-magic-money-number-explained/article163604.html

Borrowers rush in as mortgage rates slip below 5% -- latimes.com

Borrowers rush in as mortgage rates slip below 5% -- latimes.com

Posted using ShareThis

NAR Pushes to Extend First Time Home Buyer Tax Credit

View the NAR's video dialogue about the push to increase the time limit for the 1st time home buyer tax credit.

Be patient while the video loads.


http://www.realtor.org/home/realtortv

End Of Summer Fun!

It's the Elko County Fair PARADE!

A beautiful day for the parade-

Enjoy Elko's home town spirit-

What a delightful place to live!

For good old fashioned fun enjoy the Elko County Fair! The link has information on the hours of various venues taking place.

http://www.elkocountyfair.com/links.htm


If you are willing to do a little driving (north of Reno) you can particpate in a unique experience called Burning Man. Having not attended it, I can not comment on it, though think it would be fun to check it out!

Beware: Don't just show up and think you will get a ticket at the event- they are currently listed on line as going $300+!


http://www.burningman.com/

"Locking" Your Mortgage?

Here is a great article with information about locking your mortgage loan- what it means, when and how to do it, etc.

http://customsites.yahoo.com/financiallyfit/finance/article-107478-2225-2-should-you-lock-in-a-mortgage-rate

Another Great Home For Sale in Elko!

Check out the website for my new listing in Elko at 392 Poplar.

http://www.392poplar.info/

It's a great home with almost 2500 sq. ft. of all finished living space in a great area for only $279,000.

Call today to see for yourself!

Donna Johnson, GRI, CRS
Century 21 Jensen Realty
(775) 934-9604

Mortgage Payment Trouble?

If you find you are facing mortgage payment problems seek help NOW!

Here are a couple of links that can be of great assistance to you and help you figure out the best way to proceed. Both are free!!!

The Consumer Credit Counseling Services is United Way Agency that offers HUD certified comprehensive housing counseling and can assist you to avoid foreclosure.
http://cccsnevada.org/


The Department of the Treasury and the U.S. Department of Housing and Urban Development encouraged leaders in the lending industry to form outreach efforts to homeowners in distress to help them stay in their homes.

http://www.hopenow.com/


Call me for more information and ideas on how you might avoid foreclosure.

Money Matters

Here are a couple of current articles regarding issues that could affect mortgage funding and rates.


http://www.reuters.com/article/newsOne/idUSTRE5756U320090806



http://www.reuters.com/article/newsOne/idUSTRE5756ZH20090807


Availability of funding is most always an issue for home buyers and impacts the housing market for sellers as well. What will the financial market bring to bear on the housing market? Time will tell... Also, the $8000 tax credit for 1st time (or those who have not owned a home in the last 3 years) is currently set to expire by Nov. 30th. With escrow taking 30-45 days, that means that those hoping to take advantage of it must do so within about the next 8-9 weeks!

Snapshot of Nation: Bottom Of Downfall?

According to recent statistical information, it is looking like the bottom or near bottom for the the tumbling housing market in many areas of the country.


http://finance.yahoo.com/news/Welcome-to-the-bottom-Housing-apf-1993519878.html?x=0&.v=1

Great Time To Take The Plunge For Home Ownership

For those willing to brave the over all economy, it's looking like a great time to buy. See below:


http://news.move.com/phoenix.zhtml?c=192403&p=irol-newsArticle&ID=1306173&highlight=

Reuters: U.S. housing turning corner but consumer optimism lagging

Indicators show that housing market may be beginning to stabilize, but consumer optimism lagging and affecting market.


http://www.reuters.com/article/newsOne/idUSN2840693720090728

Banks Asked to Ramp Up Mortgage Loan Help

Read the article below from the Wall Street Jounal to hear how the federal government is encouraging more restructering of loans for those in need.


http://www.washingtonpost.com/wp-dyn/content/article/2009/07/28/AR2009072802640.html?hpid=topnews

Slide Shows of My New Elko NV Area Listings

Here are the links to side shows for a couple of my listings. If you are looking for a home or selling a home and would like to see my Gold Service Marketing in action, click below!

http://www.394fairway.info/ This lovely home is just across the street from the Spring Creek Golf Course club house.



http://844mcarthur.info/ This well kept home is near Southfork Res. and has wonderul views not to mention a large (1200 sq ft) fully insulated garage.


http://1654mutchler.info/ This "priced right" property is in Carlin and close to work for miners.

Call to set up an appointment to view any of these homes (or I can assist you with any other property regardless of what agent or office is representing the seller) or if you are looking for a free home evaluation!

July Real Estate News

The following link explains about the Nevada Foreclosure Mediation Program. It is being primarily implimented in Clark County at this point, but is a way to help distressed homeowners.



http://finance.yahoo.com/news/Nevada-foreclosure-mediation-apf-2254870516.html?x=0&.v=1&.pf=real-estate&mod=pf-real-estate




On another note, there seems to be some positive news in the housing market as seen below:

http://finance.yahoo.com/news/June-new-home-sales-rise-11-apf-3824378813.html?x=0

Coming Soon: A Boon For The Short Sale Home Owner

The confusing maze for the sucess of sellers being able to sell their property as a "short sale" is about to become more navigable. Further information should be coming later this month, but the basics are below:


http://www.realtor.org/press_room/news_releases/2009/05/short_sales_process

$8,000 Tax Credit Can Be Applied to FHA Loans

Great news! 1st time home buyers who are getting an FHA loan can apply the $8,000 tax credit to the loan..the catch? The borrower must still come up with the 3-1/2% FHA fee. None the less, it should be a great boost for borrowers. Check out the details here:

http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=200905291015dowjonesdjonline000620&title=hud-rolls-out-plan-to-monetize-tax-credit-for-fha-loans


Here is the video clip of Secretary Donovan with the press release.

http://www.nahb.org/generic.aspx?genericContentID=117642

Demand For Home Loans Increasing

According to MSNBC, there has been a jump indemand for mortgages giving rise to hope that there will be an increase in home purchases over the spring and summer. This will help bring relief for the housing market as buyers take advantage of the attractive interest rates and decreased home values allowing them to purchase more than in the past.


http://www.msnbc.msn.com/id/30107144/

Quoting from the article:

"Overall mortgage applications last week were 72.4 percent above their year-ago level. The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was up 13.3 percent."

The Future of FHA Loans: Seller Contriubutions for Buyer?

The following link gives various thoughts on whether or not FHA should allow seller contributions for buyers.

http://http://realestate.yahoo.com/info/news/washington-report-obama-and-fha

Fed: Seller's to Disclose Home Energy Costs?

The link below discusses an idea HUD has come up with for home sellers to disclose home energy consumption to potential buyers (as the auto companies do for cars). Do you think this is a good idea? What ways might it be a benefit or hinderence in the real estate market?

http://http//www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/04/12/REOU16TJ2S.DTL

Elko Garners National Attention Once Again...

It's fun to find so much interest in our little ol' town- even the Wall Street Journal is taking notice!


http://online.wsj.com/article/SB123923354485803067.html

Mortgage Rates Expected to Drop

For credit worthy buyers, there's more good news if you are planning on purchasing a new home- according to the Wall Street Journal, interest rates are expected to drop again. There may not be a better time to buy with high inventories, arresting price increases and very attractive interest rates in the horrizon. If you have been fence-sitting on buying a house, will a lower interest rate entice you to purchase a home?

/http://online.wsj.com/article/SB123783885610917083.html

Bad News/Good News

Here are a couple articles from USA today- one with a US map of the mortgage crisis hot spots. Good news- Elko County remains in the lowest catagory for foreclosures inspite of being in the vacinity of areas with high rates . A nice article follows regarding the bright side of human nature noting increased incidents of kindness and charity in these times of ecconmic tribulation.

Has anyone reached out to you in times of difficulty or have you been in a position to lend support of some sort to others who are facing tough times? Do you worry about our local ecconmic conditions and if so, has it affected your spending?


http://www.usatoday.com/money/economy/housing/2009-03-05-foreclosure_N.htm#uslPageReturn


http://www.usatoday.com/news/nation/2009-03-09-gooddeeds_N.htm

Obama Proposal For Foreclosure Prevention

It will be interesting to see if this passes and if so, how it impacts those struggling to pay their mortgage.


http://www.foxbusiness.com/story/markets/obamas-foreclosure-prevention-plan-faces-hurdles/

3 Magic Words To Forestall Foreclosure

ABC News has a story on a way to forestall forclosure. Check out the method below...what do you think of it? Would you use it if you were being foreclosed on?

http://abcnews.go.com/Video/playerIndex?id=6945801

http://abcnews.go.com/US/wireStory?id=6897985

Approved Stimulus Package Tax Credit for 1st Time Home Buyers

The new stimulus package has been passed and the proposed tax credit incentives were reduced down to $8,000. The link below gives the complete details for qualification of the tax credit.

http://www.federalhousingtaxcredit.com/2009/


Here is the information in a chart form:

http://email.c21.com/imgs/obboi/FirstTimeHomebuyer_Consumer_Guide.html

Want IRS details? See below:

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

Here is the link to see the new IRS form that will be used for claiming the tax credit

http://www.irs.gov/pub/irs-pdf/f5405.pdf

It appears to be quite straight forward- not too much extra paper work..can you believe that?

Do you think the tax credit will make a difference, both for potential home buyers, as well as for the US economy? If you were/are buying your first home, would this incentive be enough to nudge you into home ownership?

USDA Rural Development- Mortgage Rates Decrease

The following information came from the Elko Independent, Feb. 10th 2009 issue:

According to Kay Vernatter, the NV director for UDSA, interest rates have been reduced to 4.375% (down from 5.375) for their Direct Loan Program.

The Section 502 direct loan program is available to eligible very-low and low income households to purchase homes in the certain rural areas, of which Elko County is part of. Financing for this program can provide up to 100% loan to value and no down payment is required. Applicants must have an acceptable credit history and debt to income ratios with eligibility based on household size and income.

To view eligibility requirements and income limits, visit:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Tax Tips

This link gives some good information on items that can lower your tax liability, several of which involve buying a home. Put it on your "favorites" list on your computer to help you in your financial planning.


http://finance.yahoo.com/news/10-new-tax-laws-you-need-to-brn-14221646.html



I understand that the senate has approved an amendment for the proposed economic stimulus bill to increase the tax credit up to $15,000 for ALL home buyers. I will post more as info becomes available.

http://www.usnews.com/blogs/the-home-front/2009/02/05/senate-adds-15000-home-buying-tax-credit-to-stimulus-bill.html



Here is the current tax credit info & benefits. The current credit is only for 1st time home buyers and the cap is for $7,500, so you can see that the one they are working on now will increase the benefits significantly and offer them to a greater number of home buyers.

http://taxes.about.com/od/deductionscredits/qt/homebuyercredit.htm

Here is the Elko Daily Free Press editorial response to the National Geographic and New York Times articles. Last week I had called the Free Press and asked if they had seen the article and might be printing a response.

One of my complaints about the NG article was that it felt the mine in Indonesia created job-envy there. I feel those who don't currently work at the mine itself will still find greater ecconomic opportunties. As those with the mine jobs start to have more money than time, others will begin to find ways to meet those needs- ie- to produce more food, etc. and the overall economy will begin to expand. "A high tide lifts all boats"! Perhaps National Geographic feels they should just continue in their same ecconomic state until we find a way to create equal paying jobs for all??

http://elkodaily.com/articles/2009/01/08/opinion/editorial/doc49650b8a5a555958671415.txt

National Geographic January 2009 Gold Article

This article below just came out regarding the impact gold mining on the environment and people/societies. The Elko area isn't mentioned in particular, but Newmont is (go to page 5 of the article to skip to it). Although no one in my family is employed in mining related work (thus I consider myself more-less impartial), I felt the article was very negatively slanted (which in my opinon many many articles in National Geographic are elitist).

Read it and let me know what you think the pro/cons are for the mining industry over all, as well as for Elko in particular.

http://ngm.nationalgeographic.com/featurehub

The New York Times Article on Battle Mountain, NV

My brother, David (in Indiana) sent me this link regarding the town of Battle Mountain, about 60 miles from here. The link is below. I felt the NY Times did a pretty nice job on the article and explaining the boom/bust cycle for gold mining. At least it didn't denigrate the mining industry, as the January issue of National Geographic did.

http://www.nytimes.com/2009/01/02/us/02nevada.html?no_interstitial

What do YOU think of both the article's tone and Battle Mountain?