According to a story published by the AP, “Bank of America on Friday halted foreclosures on homes across the country so it could review paperwork in tens of thousands of cases for flaws, expanding a crisis at a perilous time for the housing market.”

The article continues to state that “The suspension in foreclosures could prop up home prices in the short term because fewer cheap homes would pour onto the open market in coming months. When those properties ultimately do go up for sale, the overall economy could be in better shape.

‘The irony is, it may actually support the recovery,’ said Mark Zandi, chief economist at Moody’s Analytics. ‘It may be that when those properties actually hit the market, the economy is in a better place.’”

In a related story, Washington state homeowners received a boost from a recent settlement negotiated by Washington Attorney General Rob McKenna and announced on October 6, 2010. Mr. McKenna announced “the settlement with Wells Fargo Bank that provides loan modifications for residents in Washington and seven other states who obtained problematic mortgages from Wachovia Bank and Golden West Corp., which did business as World Savings Bank.“

Seattle-area home sales rose sharply in March compared with both February and the unusually low level of a year ago, according to a report by DataQuick Information Systems. The report continues, “A total of 3,939 new and resale houses and condos closed escrow during March in the Seattle-Tacoma-Bellevue metropolitan statistical area encompassing King, Snohomish and Pierce counties. March sales rose 55.0 percent from February and increased 52.0 percent from March 2009, according to MDA DataQuick of San Diego. The firm tracks real estate trends nationally via public property records.”

Read the full report on Seattle-area home sales in March.

The Worker, Homeownership, and Business Assistance Act of 2009 extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers. The tax credit applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

A story published on Bloomberg.com today states that “Sales of existing U.S. homes in November rose to the highest level in almost three years as first-time buyers rushed to take advantage of a government tax credit and lower prices.“

The Zillow Home Value Index for the U. S. as a whole declined 5.7% over the past year. This chart compares the U.S. data with that for Washington and Oregon for the same period.

According to MarketWatch, “Rates on 30-year fixed-rate mortgages averaged 4.78% this week, matching an all-time low in Freddie Mac’s weekly survey of conforming mortgage rates, released Wednesday.

The mortgage averaged 4.83% last week and 5.97% a year ago. This week’s average matched a low set the week ending April 30.”

According to Zillow’s Real Estate Market Reports for September, Pierce County home values are down 6% from the previous year.

Seattle home values were up 0.0% compared to August and down 9.1% compared to September 2008.

The government has just extended and expanded tax credits for home buyers – and not just those buying for the first time.

• First time home buyers can now receive an $8,000 tax credit through April 30, 2010

• Home buyers who have lived in their residences for five years may now receive a credit of $6,500

• The tax credit is now available to individuals earning up to $125,000, or $250,000 for couples

All of the homes and condos listed on our site as of 11-09-09 qualify for the credit.

Read the full story about the 2009 homebuyer tax credit for more details. More implications of the new tax credit are discussed in this article.

Our site has very powerful search capabilities, including the ability to filter the results that you see. For example, if you want to search for open houses in Tacoma, click the green button in the sidebar to the right labeled Tacoma. Of course, you can start from any of the green buttons, or start from the “Search MLS: Map” menu at the top of the page to choose any city you like.

Once the page with the map appears on your screen, click the “sort results by:” selector as shown below. Initially, it is set to sort by “Price: low to high”. In order to show open houses, we will change it to select “Type: Open Houses Only”.

If no open houses are shown, just zoom out until they begin to appear on the map. The open house icons look like little realtor open house signs! You can drag the map around to see open houses in different parts of the city, or choose a different city to look for open houses there.

Wasn’t that easy? We hope you’ll find our MLS search capabilities as easy and fun to use as we do!

It's easy to narrow your search to find open houses or anything else you're looking for!

We already love to socialize! Now we do so using social networking. You can follow Realty World Executive Partners on Facebook or follow Realty World Executive Partners on Twitter. We look forward to seeing you soon!

The New York Times reported Wednesday night that Democratic congressional leaders are working with the White House to extend the $8,000 first-time homebuyer tax credit and make it available to all home buyers.

The credit is believed to be a driving force in the recovery of the housing market. Some analysts fear the market will resume its slide once the tax credit expires Nov. 30.

You may read the full New York Times story by clicking here.

We thank the Seattle P-I for providing the summary.

Update on 11/5/09: President Obama is set to sign an extension of the homebuyer tax credit that adds new provisions to the existing law.  According to the AP story on Yahoo’s news page, ”

“The legislation would extend the program through June of next year, as long as the buyer signs a contract by the end of April. It also offers a $6,500 tax credit to those who have lived in their current residence at least five years.

The measure doubles the income ceiling for eligible individuals to $125,000. Homes must cost less than $800,000 to qualify.”

The succinct definition of a short sale is “the sale is conditioned upon Seller obtaining from all lien holders written commitments to accept pay-offs discounted sufficiently to enable Seller to clear the title and pay all closing costs with the proceeds from this sale only.”

The key elements for a short sale are
- a willing Seller
- a willing Lender
- a workable Title

A Seller may want a short sale for a variety of reasons, including
- finding a path to the future by freeing yourself from the past
- the “first loss is the best loss”
- credit issues
- family issues
- personal issues

There is much more to cover on the topic of short sales. A short sale is generally anything but “short” in terms of time and patience required to complete the transaction. The Realty World Executive Partners team is trained and experienced in handling short sales and transactions involving foreclosure. Whether you are a seller considering your options, or a buyer interested in learning more about the short sale process, we are ready to help you with these specialized types of real estate transactions.

Verna Metzger is proud to be recognized as a Certified Short Sale Specialist

All of the members of the Realty World Executive Partners team are excited to introduce our new web site to you. We have worked with a great team of vendors to bring you a new set of services through the site that we hope that you will enjoy. As a buyer, we have made it easy to find search our listings as well as search through the entire Multiple Listing Service. As a seller, our investment in the web site is an example of our commitment to you to provide the best marketing for your property in the Puget Sound region.