This post will be updated throughout the month of June, 2010.  Check back frequently for more real estate related information.

General Information:

FHA delinquencies decline for the third month in a row. 

The mortgages insured by the Federal Housing Administration has declined again to 8.5 percent down from 9.4 percent in April.  The rate is still high, but definitely a positive trend.

On that note…Is FHA the loan of choice?

About 87% of potential home buyers plan on using FHA insured loans on their future purchase, according to a survey conducted by the Home Buying Institute.  Two thirds of those surveyed were first time home buyers.  54 percent of those surveyed said they preferred FHA because of the low down payment.

15 year mortgage at a record low

15 year fixed loans were at a record low of 4.2 percent, down from 4.21 percent (source: Wall Street Journal 6/4/10)

BofA to Settle Countrywide Charges

BofA agreed to pay $108 million to settle charges that Countrywide Financial Corp. charged large and unfair fees to borrowers facing foreclosure.  The settlement should refund money to about 200,000 borrowers.

Builders Report Improving Sales

JMP Securities reports that sales activity in California, Texas and Arizona are approaching pre-April numbers in several markets.  Sales are at their strongest pace since before Spring of 2009.

30 and 15 Year Rates Lowering

30-year fixed-rate mortgage averaged 4.72 percent, down from 4.79 percent a week ago – rates on 15-year fixed-rate mortgages fell to a record low of 4.17 percent from 4.2 percent.   (06/11/10)

Mortgage Applications Rise

The number of mortgage applications to purchase homes rose last week -  the Mortgage Bankers Association purchase index increased 7.3 percent (6/16/10)

Mortgage rates were up last week:

• 30-year fixed-rate mortgages increased to 4.82 percent from 4.81 percent.
• 15-year fixed-rate mortgages decreased to 4.23 percent from 4.26 percent.
• 1-year ARMs increased to 7.07 percent from 6.94 percent.

If you are looking for a home in Arizona, San Tan Valley, Queen Creek, the Phoenix Metro area, Chandler, Gilbert, Mesa, Tempe or anywhere else in the Valley, the $8,000 Tax Credit could be an excellent opportunity for you!

First time homebuyers that close on their homes by April 30th, 2010 could be eligible for an $8,000 tax credit.  A tax credit is equal to money in hand, NOT a tax deduction! In other words, it will directly reduce the total amount of taxes that you owe. Do you have questions? Like, how does it work? How big is my tax credit? Is there anything new about the extended tax credit that I should know about? Enter your information below and we will send you a brochure outlining the Homebuyer’s Tax Credit. Please enter any questions in the comment section.

Repeat Buyer Tax Credit

If you are a repeat buyer you may also be eligible for a $6,500 tax credit.  Complete the form below for more information.

I would like more information on the Tax Credit!

cforms contact form by delicious:days