I wanted to let everyone know about a new lender we sourced two weeks ago. Non conforming market ($417,000 +) is still working its way through this credit crunch. However, I have teamed up with a group out of New Mexico who is head and shoulders above the market -- and they portfolio all their loans. (They don't sell them off... meaning they don't have to find a buyer... key point given turbulent secondary market). They prefer loans of $1m+, but they will facilitate a $750k loan if it makes sense.

If you would like more information on this program, please contact us online today.

Here's to a prosperous and healthy 2008!

Best Regards,
Britt Miller
Vice President
Steelhead Capital

SOURCE: Reuters

The new Federal Reserve rate cut and a stimulus plan that will expand the availability of home loans in hope of helping the U.S. housing market and in doing so, help economy along with it.

The interest rate cut of three-quarters of a percentage point has created a series of events that has left mortgage rates at their lowest level in nearly four years.

"The increase in the conforming loan limit should have a positive impact on the housing market, and overall I would say the package is large enough that it should have a notable impact on GDP growth," said Dean Maki, chief U.S. economist, Barclays Capital in New York.

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SOURCE: CNN Money

Should we trust the experts predictions for a turn around in 2008?

Some of the nation's top economists felt that the mortgage market was going to begin a recovery in 2007. Boy, were they wrong. Not only didn't that occur, there have been record declines in every measure associated with the real estate market.

Even some of the big names, like Alan Greenspan the former Chairman of the Federal Reserve and his successor Ben Bernanke made predictions that were considerably off the mark. Economists are trying again this year to look into the future and have made some less than optimistic predictions for 2008.

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SOURCE: Market Watch

Sellers might accept a lowball offer - if made correctly.

In these tough times sellers aren't automatically turning up their noses at lowball offers.

Making sure to include data as to why the offer is low is one way to help avoid insulting the seller. Do your homework, study current interest rates closely and have your facts as to why the offer is being made at the price it is.

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SOURCE: USA TODAY

There were over 200,000 foreclosure filings for the month of November alone.

Even though there was one foreclosure filed for every 617 households last month, it was 10% less than in the month of October. This isn't all good news as the decline is most likely due to a lull in the rests of adjustable rate mortgages.

There will be another adjustable mortgage reset that takes place in May and June, so there will likely be another wave of foreclosures because homeowners are unable to make their payments at the higher interest rate. Approximately 2 million mortgages are to be reset at higher rates in the next seven months.

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SOURCE: MSNBC News

Home buyers are reportedly waiting until the market bottoms out, according to MSNBC News.

Even though home prices are falling at a considerable rate, stricter residential lending standards only allow the best credit risks to borrow.

Only people that need to move are very motivated to buy right now. Most are waiting for the housing prices to drop even further.

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SOURCE: CNN

Some tips for reducing closing costs when buying or refinancing.

Comparing the mortgage terms offered by different lenders can be difficult when their up-front fees vary so greatly.

New regulations in the works hope to simplify the mortgage process and save consumers money. It is unclear as to when these rules will come into effect but there are things you can do now.

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SOURCE: Yahoo Finance

Before speaking with a real-estate agent, know your stuff.

There are more and more resources available for home buyers that will allow them to know a lot more about a prospective property than just the basics.

Everything from a detailed description of the home to the neighbors you'll have, and everything in between, can be found online. All this information is useful when determining which home and where to buy.

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