Real Estate Information

Good Monday morning

While the economic news is  negative, we continue to get great news out of the Real Estate market. Homes sales locally continued a strong showing as prices fall and rates are competitive. Sales in La Quinta jumped 42.6% in October compared to the year before.
                                                                                                                                                                          All across the desert first-time buyers and investors are tapping into some
hot deals... plus great Mortgage Loans are currently available as you will see
from the information provided below.

Remember, these are limited-time opportunities so don't let a golden one pass you by!

To have direct access to these properties: http://www.FindMyDesertHome.com

If you are considering the sale of your home you can receive an e-mail analysis that will
give you a good indication of your homes current market value at http://www.DesertCMA.com.

Mortgage Market update!

To continue with our theme for 2008 “Guideline Changes for the Mortgage Industry” we have another update! FHA loan limits will be decreasing to $355,350 for the County of Riverside for all loans that have an approval dated after Jan 1, 2009.
There will no longer be a classification of Jumbo Gov 30, just Gov 30.
Yesterday was the last day to lock loans Agency or FHA Jumbo between $417,000 to $500,000.

Conventional loans will also be lowering  their loan limits in Riverside County back to $417,000 down from $500,000. 

E-mail me with any questions you might have

1 Canadian Dollar = 0.82193   U.S. dollars (Today)
1 Canadian Dollar = 0.83946  U.S. dollars  (Last Week)

 

Have a Great Week!

Rob Zwemmer

Extreme or Temperate?

You can see it on TV almost every day - extreme football, extreme wrestling, extreme police chases, extreme everything. The TV networks seem to be competing to capture our attention with one-upsmanship to the extreme.

If you're in your 20's to mid 30's, doing things to the extreme may be attractive to you. If you're 35-45, you may be starting to question whether it's necessary to carry things quite so far. If you're over 45, your age of wisdom may have set in - leading you in another direction - towards temperance. The good news is that it's beneficial at any age.

Recently on TV, there was an old interview with Harry Truman at the age of 77. The interviewer David Susskind asked, "To what do you attribute your energy and vitality at age 77?" Truman shot back with noticeable conviction, "Temperance in all things. I take plenty of rest, sleep well at night, and eat the right foods. That leaves me ready to face the challenges of being president."

What a simple word - "temperance." Webster defines it as "moderation in action or thought; restraint; marked by moderation, as in keeping within limits." It does not mean total abstinence or prohibition of action. It is merely a concept that takes into account reasonable, self-imposed limits.

Some see temperance as "clean living." By whatever name, it can bring peace, tranquility, good health, high self-esteem, satisfaction, and financial freedom. What are your self-imposed limits?

 

Good Monday morning

I spent the last week at a national Real Estate convention.  The majority of the talk was involved in what is taking place with the Real Estate market.
I can tell you in confidence that after talking to other agents from almost every market in this country, the Palm Springs area has clearly maintained a much healthier market.  The one thing that I can see from this is that even though we saw home prices rising in our area, we did not see the kind of housing inflation that many parts of the country saw.  Our ride down may be much more gentle as a result.  Time will tell the story here.

To have direct access to these properties: http://www.FindMyDesertHome.com

If you are considering the sale of your home you can receive an e-mail analysis that will
give you a good indication of your homes current market value at http://www.DesertCMA.com.

Mortgage Market update!

The Labor Department's Jobs Report came in much worse than analysts expected, with 240,000 jobs lost in October. In addition, the Unemployment Rate jumped to its highest level since 1994. In market news, Stocks are coming off their worst back-to-back days since the 1987 Stock Market crash.  Although Stocks opened higher this morning, they could be in for more of a decline as today's poor Jobs Report sinks in.  This could create selling pressure on Stocks, which may help bonds improve.

On a positive note the Canadian dollar is still on 28-year high  and continue to improve from week to week after his fall a few weeks ago.
This confirms my forecast that the C-Dollar will improve his purchasing power over the next few weeks.

1 Canadian Dollar = 0.85579  U.S. dollars (Today)
1 Canadian Dollar = 0.83946  U.S. dollars  (Last Week)

 

Have a Great Week!

Rob Zwemmer

 

 

GIVE YOURSELF A PRESENT!

Regardless of who you have been in the past - why not give yourself a "present"? Each of us experiences regret from time to time over what we have done - or left undone - in the past. Perhaps our transgressions were great - or just seemed so in our heart.

To become a different person in the future, St. Jerome suggests that you must "begin to be" that person now. If your career is overwhelming you, begging to be tamed, begin now to untangle it. Begin today to simplify your activities.

If you would like to be more caring, begin today by complimenting someone. Want to be more understanding? Listen carefully to one you love - today. Want greater financial independence? Analyze your income and your expenses, then earn more and live on less - beginning today.

Nothing happens until you "begin to be." Interestingly, however, the moment you BEGIN, you actually ARE the person you desire to be, provided you continue to be. The moment you change anything in your life, the past is over, forever.

Want a new beginning in your life? Don't wait for some earth-shattering, life-changing event to get your attention. Get started today!

 

Good Monday morning

Again a week filled with sports, politics and Real Estate.
I would like to start off with announcing that immigrating from The Netherlands  after 8 great years ago, I finally became a United States Citizen.
I could not be more proud to be part of this country. After sworn in last week I was able to vote for the first time of my life..
So, please go out there and do what I did and VOTE!

We also had some positive news from Canada, after a steep drop of the Canadian dollar last week,
it started making it’s comeback by the second part of the week.
We are expecting the dollar to rise even more by the beginning of this week and start stabilizing by next week until January.

With that said the month of November is also the start of the season here in the desert.
Snowbirds are returning, the golf communities are opening their freshly seeded courses and
 the temperatures have dropped into the eighty’s. This also means  more housing inventory to choose from.

To have direct access to these properties: http://www.FindMyDesertHome.com

If you are considering the sale of your home you can receive an e-mail analysis that will
give you a good indication of your homes current market value at http://www.DesertCMA.com.

Mortgage Market update!

A quick update on loan programs.  See the flyers attached. Rate Sheet Update Attached. Please call with questions.

Agency Jumbo Loans : Loans that are between $417k -500k... your clients have 2 weeks to lock their loans in to get
 the benefit of conforming jumbo pricing which have lower interest rates than loan amount over $500,000.
An agency jumbo loan was part of the economic stimulus program rolled out by the Government in February 2008
and is set to expire at the beginning of 2009.  Loans must be locked by November 13th and closed by year end.

Cal- HFA (Chaffa) still allows 100 percent financing with a 680 fico or better if you meet the low income requirements.

Calsters - teacher program.  3% down 80% 1st and 17% 2nd with no mortgage insurance and payments are deferred on the 2nd mortgage for 5 years
FHA is still my favorite program because it has no income or property eligibility restrictions and is the most lenient for underwriting guidelines. 
Current down is 3%; however it will change January 1, 2009 to 3.5%.

Canadian/ Foreign Nationals: 30% down with a minimum loan amount of $200,000.  Full Documentation with an International
Credit Report and reserves with the servicing bank.

 

NATIONAL OVERNIGHT AVERAGES

TODAY

+/-

LAST WEEK

30 yr fixed mtg		6.41%		6.08%
15 yr fixed mtg		6.06%		5.71%
5/1 ARM		6.09%		6.01%
30 yr fixed jumbo mtg		7.63%		7.52%
5/1 jumbo ARM		6.27%		6.23%

1 Canadian Dollar = 0.83946   U.S. dollars (Today)
1 Canadian Dollar = 0.74531  U.S. dollars  (Last Week)

 

Have a Great Week!

Rob Zwemmer

ME, MYSELF & I - A GROUP OF ONE!

Remember this tune from the protest era? "One is the loneliest number that you'll ever do." The poignant lyrics call attention to the reality that being alone, being a group of one, can be a very lonely, uncomfortable, and sometimes challenging situation.

When it comes to the important issues in your life, it's much more comforting to know that others are standing with you. You stand up for a student issue at a PTO meeting, and others stand with you. You call attention to a social injustice, and are backed by a majority of the members in your organization. Together, the group gives strength and credibility to the views of its leader.

What, then, if the leader and followers are a group of just one? What value is there in taking a position with no one to back you up? What's more, acting alone often stimulates inner questioning, self-doubt, and ultimately self-defeat.

So, where do you stand when it comes to defending your own principles of living? When you witness cheating, dishonesty, or unfair criticism of others, do you stand up as a group of one when no one else cares to stand with you? Do you then feel like the "lone voice in the wilderness?"

Our world has few leaders and many followers. The stand you take alone may provide the inspiration needed by followers who agree, but who do not have the ability to speak out on their own. As Ghandi counseled, just because you're "the lone voice . . . doesn't mean you're wrong."

I hope you had a great weekend! Deep discounts on foreclosures and low interest rates continue to motivate first-time buyers, seasonal buyers and investors into taking action.
Recent stats show sales of existing homes across the desert rose 135.3% from the year before, and resales in September were up 17.4% from August, according to the California Assn. of Realtors. The median home price reached $199,810 last month, creating
a flurry of Real Estate activity reminiscent of the big housing boom a few short years ago.

I would like to encourage everyone who has been considering a Real Estate acquistion to do so while this incredible buyer's market opportunity is at hand. Now is the time to get a hot deal that can quite possibly secure your financial future.

Have a Happy Halloween everyone, and enjoy a safe and spooky evening of
festive parties, trick or treating, family fun and lots of candy!

 There are still great deals out there. To have direct access to these
properties visit:  http://www.FindMyDesertHome.com

If you are considering the sale of your home, you can receive an e-mail
analysis that will provide a good indication of your home’s current market value:
http://www.DesertCMA.com.

Mortgage Market Update!

Bonds and home loan rates began the week with a strong rally on news that
the world's largest Bond Fund, PIMCO, raised its stake in Mortgage-Backed
Securities to its highest in over seven years. Also helping Bonds and home
loan rates break above important technical levels were poor earning reports
by companies like DuPont, Texas Instruments, Merck, Wachovia, and Boeing.
Bonds and home loan rates may be the beneficiary and find some improvement...
but the words and actions of the Fed are likely to be the primary driver
for interest rate action this week.

NATIONAL OVERNIGHT AVERAGES    TODAY +/- LAST WEEK

30 yr fixed mtg                                            6.08%                6.29% 
15 yr fixed mtg                                            5.71%                5.98% 
5/1 ARM                                                       6.01%                6.09% 
30 yr fixed jumbo mtg                                7.52%                7.51% 
5/1 jumbo ARM                                           6.23%                6.36% 

1 Canadian Dollar = 0.78703   U.S. dollars (Today)
1 Canadian Dollar = 0.840407  U.S. dollars  (Last Week)
 

Have a Great Week!
Rob Zwemmer

 

Wow! What a week with plenty of Football and Politics.  I hope everybody had a great weekend. 

As we are getting ready for a new season here in the desert, the Real Estate market is getting ready too. Despite all the negative news you’ve been hearing in the media, the number of Home Sales during the summer was up by 6% compared to last year. The Canadian dollar took a dive last week, but now with the new stimulus package in place, we are expecting a rebound in the next few weeks.

With more and more snowbirds coming to the desert next month we are expecting a busy season in the Real Estate market. Here are the 3 main sources that will be responsible for Real Estate Sales in 2009:

1. Investors who are pulling out of the stock market and investing in Real Estate.
2. Canadians with their strong Canadian dollar.
3. First-time home buyers.
 
There are still great deals out there. To have direct access to these properties visit: http://www.FindMyDesertHome.com

If you are considering the sale of your home, you can receive an e-mail analysis that will
provide a good indication of your home’s current market value:  http://www.DesertCMA.com


Mortgage Market Update!

Mortgage Bonds are attempting to build on the gains seen over the past two days, after being helped by some weak news in the housing sector. The lower-than-expected New Homes Sales for September were reported at their lowest level since January 1991. Additionally, building permits came in at a 27-year low. This weaker-than-expected news gave Mortgage Bonds a bit of a boost. Stocks continued their volatile ride; climbing exponentially by the end of the week. Mortgage professionals recommend floating to see if Bonds can continue to build on their momentum.

NATIONAL OVERNIGHT AVERAGES    TODAY +/- LAST WEEK
30 yr fixed mtg                                                     6.29%              6.16%
15 yr fixed mtg                                                     5.98%              5.90%
5/1 ARM                                                                6.09%              5.93%
30 yr fixed jumbo mtg                                        7.51%              7.52%
5/1 jumbo ARM                                                   6.36%              6.17%


1 Canadian dollar = 0.840407  U.S. dollars (Today)
1 Canadian dollar = 0.858074 U.S. dollars  (Last Week)

 
Have a Great Week!
Rob Zwemmer

Good Monday Morning,

Happy Columbus Day!
I hope everyone that has today off enjoys the fantastic weather and cooler temps after the long summer season. Many countries join us in celebrating the anniversary of Columbus's arrival in the Americas on October 12, 1492. The day is celebrated as Columbus Day in the United States, as Día de la Raza (Day of the Race) in many countries in Latin America, as Día de las Culturas (Day of the Cultures) in Costa Rica, as Discovery Day in The Bahamas and Colombia, as Día de la Hispanidad (Hispanic Day) and National Day in Spain, and as Día de la Resistencia Indígena (Day of Indigenous Resistance) in Venezuela.

Last week was certainly a volatile and historic one; again a challenge for us all financially.
The $700 Billion Rescue Bill was passed and the Federal Reserve implemented a rate cut from 2 to 1.5 percent, the lowest level in four years. By maintaining patience and a positive outlook through the passage of time, we can ride out the storm and move on to a future of renewed prosperity. Real Estate sales in the valley continue as homes are offered at great value pricing with the advantages of special incentives, extra amenities and the recent tax cut. Opportunity abounds for those that couldn't afford their dream home, second home getaway or investment property a year or two ago. Opportunity is knocking right here, right now.

 
There are still great deals out there!
To have direct access to these properties: http://www.FindMyDesertHome.com

If you are considering the sale of your home you can receive an e-mail analysis that will give you a good indication of your homes current market value at :  http://www.DesertCMA.com.

Mortgage Market Update:

Current Mortgage Facts & Guidelines to remember, act on and consider:

 1.       Count Rental Income if you are converting a primary to an Investment. 
If qualifying is a problem, tap a co-mortgagor to help offset the debt-to-income ratios
if they are too high.

      a. Conventional - 30% equity and 6 months PITI reserves to count rental income

      b. FHA – 25% Equity and 6 months PITI reserves to count rental income

2.       Source the Down Payment – receiving a gift or having money in the bank makes getting approved easier.

3.       Zero Down? USDA Zero down programs for rural housing, CALHFA for 100% financing
with a 680+ fico, and VA loans with no mortgage insurance are available.

4.       Now just 3% down required until January 1, 2009 and 3.5% thereafter!  Using gift money from a relative can make your acquisition easy!

5.       Have Credit Problems? Talk over a credit repair program.  It’s a low-cost and easy method to turn you into an approved buyer.

6.       Think Full Documentation – Bring in 2 years of tax returns, 2 months of current bank statements, and current paystubs. Be sure to set realistic expectations.

7.       Investors – 20% down with no more than 4 properties with loans on them –
Per Fannie Mae Guidelines

8.       Investors – 30% down with more than 4 properties with loans.

 

Today:                     1 Canadian dollar =  0.858074 U.S. dollars
Last Week:             1 Canadian dollar =  0.904732 U.S. dollars

NATIONAL OVERNIGHT AVERAGES    TODAY +/- LAST WEEK
30 yr fixed mtg                                              6.16%         5.93%
15 yr fixed mtg                                              5.90%         5.63%
5/1 ARM                                                         5.93%         5.95%
30 yr fixed jumbo mtg                                 7.52%         7.17%
5/1 jumbo ARM                                             6.17%        6.22%
 

Have An Awesome Week!

Rob Zwemmer

 

Good Monday Morning,

I hope you had a terrific weekend and enjoyed the cooler temps and clear blue skies.What a week of change! Following the challenges that hit Wall Street, positive signals are sweeping through the local desert Real Estate market as buyers continue to consider home purchases while great values are plentiful and mortgage rates are competitive. The season is upon us, and as we gear up for one of the greatest times of the year here in the desert... let's all strive to make it our best one yet.

There are still great deals out there!  To have direct access to these properties: http://www.FindMyDesertHome.com

If you are considering the sale of your home you can receive an e-mail analysis that will give you a good indication of your homes current market value at http://www.DesertCMA.com.

Mortgage Market Update!

Changes in Loan Programs - There is change afoot! Mortgage guidelines are changing for conventional and FHA financing.  See the bullet points below:

 ·         Turning a primary residence into a rental requires 30% equity for conventional and 25% for FHA to count rental income toward qualifying ratios.

·         Investment properties require a 20% down payment.

·         Second Homes require only 10% down!

·         FHA now requires 3.5% down payment as of January, 2009.

·         Down Payment assistance (Seller Paid) – like Nehemiah, HART, etc is not
allowed as of October 1, 2008.

·         Down Payment assistance – Gift funds from a family member, non-profit, employer still ok.

·         Bankruptcy Seasoning – Discharged = 2 years with re-established credit
Dismissed = 4 years with re-established credit.

·         Short-sales – two-year seasoning period with re-established credit.

NOTE:  MOST FIRST TIME HOMEBUYERS WILL QUALIFY FOR A LOAN!!  IT IS NOT DOOM
AND GLOOM!  Let’s take a dream of homeownership and make it a reality and focus on
what we can do!

Today:                 1 Canadian dollar =  0.904732 U.S. dollars
Last Week:         1 Canadian dollar =  0.970591 U.S. dollars

NATIONAL OVERNIGHT AVERAGES       TODAY +/- LAST WEEK

6 month CD                                                   3.20%         3.18% 
1 yr CD                                                           3.68%         3.67% 
5 yr CD                                                           4.15%         4.14% 
1 yr IRA CD                                                   3.29%         3.28% 
5 yr IRA CD                                                   4.01%         4.01% 

 

 Have An Awesome Week!

 Rob Zwemmer