The new changes to the HARP program are going to be fantastic! The 2009 version of HARP was always well intentioned but it was seriously lacking in realistic guidelines and has overall failed homeowners struggling to make their payments. This new version will have much more flexible minimum requirements, in some cases we’re talking, no credit score requirements.
So when legislators announced a few weeks ago the intention of a HARP program revamp, it sent the entire mortgage industry into a frenzy! Unfortunately we are still left waiting to hear what exactly these changes will be.  Currently the program is set to begin March 12, 2012.  A few days ago we were let in on the overarching guidelines we expect to see which will qualify homeowners to refinance their homes in this unique financial environment.
As with any government program there many guidelines within any loan program, but to keep it short and sweet I have focused on the key features & perks.
Let’s call it HARP Revamp Cliffs ‘Notes as of January 2012:

1.    You must currently have a Fannie or Freddie loan that was guaranteed before June 1, 2009. Below are links to see if you qualify: http://www.fanniemae.com/loanlookup/      https://ww3.freddiemac.com/corporate/

2.    HARP will allow qualified borrowers to refinance the current home loan to current interest rates – which are at historically rock bottom levels.

3.    Depending on the idiosyncrasies of your individual financing situation, you may qualify to slip by credit score requirements or dodge debt ratio requirements.

4.    The value of the home compared to your mortgage is irrelevant. Did you hear that for those of you underwater?

5.    A HARP refinance may allow for a history of late mortgage payments. Again, not entirely sure what this will look like, but this could be HUGE for many homeowners.

As news comes in on what exactly we’ll be seeing in March, I’ll be sure to keep you updated to be sure you have every opportunity to take advantage of this fantastic new loan program.

For More Information Please Call me at: 602-740-0747 or Email: jnamock@gmail.com

Information is Courtesy of

AMG Mortgage Group
623-236-8490 direct  623-293-6368 cell

Realtor.com reports US home listings drop 21% from year ago

By Inman News
Inman News™

The total number of homes listed for sale on Realtor.com fell by 3.5 percent from September to October, to 2.12 million — the fifth consecutive monthly decline, the company said.

Inventories of homes listed for sale on Realtor.com were down nearly 21 percent in October from a year ago, with 135 of 146 markets tracked posting double-digit annual percentage declines.

Lower inventories, combined with generally stable list prices, can be seen as a positive sign that the overall housing market is holding its own, Realtor.com said in summarizing statistics pulled from its databases.

But housing markets remain fragile, particularly those with high unemployment rates and large numbers of seriously delinquent borrowers, the company said.

Analyzing a combination of factors, including unemployment rates and annual changes in median list price, median age of inventory, total listings, and Realtor.com search rank, Realtor.com compiled a top 10 list of “Turnaround Towns.”

Eleven of the 20 markets that have seen the greatest annual decline in active listings were in Florida, including Miami, Orlando, and Fort Myers, where inventories were down 40 percent or more from a year ago.

Four other top 20 markets for inventory declines were also located in so-called “sand states”: Phoenix-Mesa, Ariz. (-48 percent); Oakland, Calif. (-38 percent); Bakersfield, Calif. (-38 percent); and Fresno, Calif. (-37 percent).

At $189,900, the median list price of all homes tracked by Realtor.com in October was essentially unchanged from September and up 2.6 percent from a year ago. Although 46 markets posted annual declines in median list price, 100 markets held their own or posted gains.

The 10 markets posting the biggest annual decline in median list price were Chicago (-12.6 percent); Detroit (-10.9 percent); Las Vegas (-10.4 percent); Atlanta (-8.6 percent); Los Angeles-Long Beach (-7 percent); Ventura, Calif. (-7 percent); Sacramento, Calif. (-6.7 percent); Tampa-St. Petersburg-Clearwater Fla. (-6.6 percent); Orange County, Calif. (-6.6 percent); and San Francisco (-6 percent).

Eight of the 10 markets posting the largest annual increase in median list price were located in Florida.

The median age of Realtor.com listings in October was 110 days, up 2.8 percent from September but down 1.79 percent from a year ago. Most markets with the longest median inventory age were located in the Southeast, including the South-South Carolina RSA, which topped the list at 185 days.

The 10 markets with the freshest inventory by median age in October were Oakland, Calif. (49 days); Denver (52 days); Fresno, Calif. (61 days); Phoenix-Mesa (62 days); Stockton-Lodi, Calif. (66 days); Bakersfield, Calif. (66 days); Detroit (67 days); Washington, D.C. (67 days); San Francisco (68 days); and San Jose, Calif. (73 days).

*Final guidelines come out 11/15.

Courtesy of Tracy Tucker Nova Home loans

Even as realtors the question comes up almost every day. I believe a better question might be. Are we at the bottom of consumer confidence in the market yet? As we move forward in these questionable times of financial weakness, most ponder the notion of when we will see a turn around if at all. Amidst all the questions, fear and confusion I take heart in knowing that we as a people can and will overcome all adversity.

        When dealing with the unknown there is always fear. Fear of events to come or events we may never get the chance to witness. I believe that we are a bottom and showing signs of recovery. Home prices here in the Phoenix Area are at an all time low which gives buyers a great opportunity to buy at a low cost in the market.

         Can prices go lower? Yes absolutely the can go lower. But when you take into consideration that starter home around 125k would get you a payment for the same if not lower than the cost of rent (at least on a month to month basis). Then when you take advantage of the federal tax credit you receive when you write off the interest you paid on your loan.  It will be less then rent. People will start buying again. Even if prices go lower rental rates will most likely stay the same.

        Is now a good time to buy a home?  This is a question you will need to ask yourself. With the banks being so tight on financing and down payments on the rise. You will need to know exactly where you stand financially. Your credit score is a good place to start. With more and more insurance, utility and even employers basing their decision about you solely upon your credit score it’s not a bad idea just to know where you stand. You will need to make the choice of do I pay my self back buy owning a home or do I continue to pay someone else.

        In knowing all the things I know about our housing market. We  are at the bottom in some shape or form. It will be those that take advantage of the bottom that will bring it back up. With investors climbing over themselves to scarf up the lower end of the market to fix them up and sell them at a premium or maybe just to rent them to someone who is still sitting on the fence. The bottom is here. The American dream is still out there. The best difference is it comes at an affordable price.

Jamie Namock

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Strong Rebound in Pending Home Sales

As Mortgage rates fall so do House prices!