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Prices are low... and getting lower

One of the best things about all the bad things that seem to be going on right now is the absolute rock bottom prices that houses are selling for. Properties are priced so low that not a single person in real estate that I know could ever have predicted they'd get this low. And given what I've been reading lately, they're going to get lower and lower again still. It's all about the foreclosures. Lenders have been holding a lot of properties on their books for a long time that haven't been pushed into the marketplace. Why? Presumably because if they dumped thousands of homes into the market at one time, they would push prices even lower than they are already. But because a new wave of foreclosures could be coming in the 2nd half of this

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year, values will have to drop again, and banks just can't keep stockpiling houses. Especially if the unemployment rate continues to remain high, the assistance programs dry up, and the economy doesn't improve. Some 7.3 million home loans out there are in some stage of delinquency. If the Borrower has no job or income, no modification anywhere will solve the problem. The billions of dollars that the Obama Administration dumped into the market has only put a small dent in the problem. With all of these challenges in front of us, there are not too many signs that indicate that property values are going to rise anytime soon. GET APPROVED, BE PATIENT That means get your loan application submitted so you can patiently watch as more and more homes come into view in the coming months and leap on the one you want. Celia Chen, Senior Director of Moody's Economy. Com has predicted that some home prices will fall as much as 6 percent over the next 12 months. It's no doubt a good thing that a very large segment of the buying public can

(925) 516-5791

8440 Brentwood Blvd. Ste F., Brentwood Ca, 94513 We Offer REVERSE MORTGAGES Call Today! now qualify to own a home. Yesterday we quoted the lowest rates ever in my 17 years in the business. Rates dropping, prices dropping, wow! In the new market, Borrowers have to prove they have income, credit has to be there, and every fact will be checked and rechecked before a Lender will fund your loan. But if you're positioned correctly in this great time, you'll own your own home with the smallest fixed payment seen in almost 50 year of lending, and you'll never have to ask yourself if you truly made a good decision. Of the millions who bought before you and lost their shirts, most every one of them wishes they could buy today. Paul Kelly is Broker/Owner of Home One Mortgage in Brentwood specializing in VA/FHA & CONV loans. Paul and his staff have served East County for over 16 years in the Mortgage Industry. Located at 8440 Brentwood Blvd, Ste F. They can be contacted at 925-516-5791 or stop by our office any time.

For Veterans

* 100% Zero Down * No Mortgage Insurance * 17 Years Helping Vets * Learn How to Get Your Offer Accepted * VA Rate Reduction Streamline Specials

For First-Time Buyers

* 3.5% Down * Perfect Credit Not Required * Loans to $729,000 * We Work with Several Banks * We Refer Exceptional Real Estate Agents Paul Kelly The Loan Guy Real Estate Loans are provided by Home One Mortgage, a dba of First Priority Financial - A Mortgage Broker with the Ca Dept of R.E. Lic No. 00654852. E-Mail me your questions or inquires to: Paulkelly@yourloanguy.com. 28 The Monthly Grapevine ® DELTA EDITION AUGUST 2010 www.MonthlyGrapevine.com

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