Ed's Blog

There’s good news this week. For the third straight month foreclosure filings have fallen, though they still remain at much higher levels than in 2008. All the same, this is good news for homeowners everywhere.

First and foremost this is good news because it indicates that homeowners in distress have been able to refinance or modify their current mortgages. It’s also good news for homeowners who are current on their mortgage, as fewer foreclosures in an area, help maintain home values, instead of pulling them down.

Let’s keep our fingers crossed that this trend continues through the holiday season and New Year!

Questions? We can always be reached at 415-406-2330, or email me at ecraine@smithcraine.com

Here’s an abundance of good news for you on the eve (almost) of Thanksgiving.

For those who like the short version here it is:

1) Interest Rates Have Remained Low so you can still refinance even if you are a procrastinator.

2) Home Buyer Credits Have Been Extended expanded to current homeowners.

3) Home Values Are Up 7% In The Bay Area- Yippee!

4) A Happy Pet Story

And now the details:

Interest Rates Remain Low, Low, Low-

For you procrastinators out there, the interest rate gods (and goddesses) are smiling on you. Defying odds, interest rates continue remain in historically low range. For most of you we can take your application and gather all of your data in an hour or two tops. Contact us and we’ll have you saving money in no time flat.

Home Buyer Credits Expanded and Extended-

The $8,000 first time homebuyer credit has been extended thru the middle of 2010. And a provision has been added to offer up to a $6,500 credit to current homeowners who buy a new primary residence. Contact us to see if you might qualify. We’ve already helped a number of first time buyers who are getting credits.

Home Values Up Again In October-

The San Francisco Chronicle had a story (Friday, November 20, 2009) about rising median home prices in the San Francisco Bay Area. In fact, prices were up 7%! And the Chronicle reported today (Tuesday, November 24, 2009) that home sales nationwide are up 10%. Good news! (I think!) Doesn’t mean we’re out of the woods yet, but sure is nice to see that prices don’t always go down. Hang in there, things will change for the better as the economy stabilizes and inevitably improves.

Happy Pet Story-

Hope you’ll indulge me a bit as I tell you a personal story. A few days ago, my youngest daughter’s favorite cat, “JT”, went missing. By the next day we were in full panic mode. Long story short, we found him at Animal Care and Control (ACC) in San Francisco.

In a demonstration of how life can run full circle, it was from ACC that we adopted JT. It was about 8 years ago that our daughter Cassie was doing volunteer work there and we ended up adopting him the day before he was scheduled to be euthanized. (The adoption is a whole story in itself!)Thanks to ACC, JT will continue on in his revered position in our family for at least a bit longer!

According to a new report released this week, the number of homeowners who owe more on their home than it is worth dropped in the third quarter this year. According to the report, which was conducted by Zillow, the number of homeowners underwater dropped 2% to 21%.

While this number is still far too high, the fact that it’s decreasing rather than increasing is a step in the right direction. Refinancing becomes easier once homeowners obtain equity in their homes, and this also indicates that home values are probably leveling out.

If you’d like to know if you are underwater, feel free to contact us today, and we’ll determine your eligibility for a refinance. We can always be reached at 415-406-2330, or email me at ecraine@smithcraine.com