Derek Real Estate Update 10/10/12

Derek's Real Estate Update

Dear Friends- The Fresno State Bulldogs are playing with a new attitude, as they beat Colorado state 28-7 this past Saturday. Excited to see them play Boise State this coming Saturday. The San Fran Giants are hanging by a string. Hopefully, they win today.

Real Estate.Mortgage debt forgiveness is scheduled to end by Dec 31st, 2012. A Negotiator from Greentree servicing corp has told an associate in my office that congress has submitted 2 bills to extend this act. One, keeping intact the act as it is currently with no changes. Another one with a provision that has the seller agreeing to pay 20 percent of the amount forgiven back to lender.

To be on the safe side & with just a little over 2 months away, it would be wise to get your property on the market as soon as possible to take advantage of the current debt forgiveness act.

I still believe there is just a 50/50 chance that will be renewed.Why? See previous update on my website.

As Per the Fresno Multiple listing service,the available homes(Actives) in the Fresno/Clovis area are 903. Inventory continues to hover in the low 900's.

(Given the fact that there are approximately a million people who live in the Fresno/Clovis area, this is a small inventory of homes.)

Here is the breakdown, percentage-wise,as to who is currently selling real estate in the Fresno/Clovis area.

Out of the active properties for sale in the Fresno MLS, the percentage breakdown is as follows:

13.00% are REO..............................( 118 Foreclosures.Bank owned properties)

16.60% are Short sales......................( 150 Sellers upside down on their mortgages)

70.40% are traditional/normal sellers..... ( 635 Normal, traditional homesellers)

100.00% ............................. ( 903 homes for sale in Fresno,Clovis cities area)

Fairly the same breakdown as the month before.70 percent are normal traditional sellers. People looking to take advantage of the current prices of home. Or the low interest rate.Possibly Downsizing. Going from a 2-story home to a single story. I have 1 friend doing that.

As mentioned, with more normal traditional sellers values will slowly rise, as they sell & buy. Some folks are purchasing 1st, then selling their existing property. Or keeping their existing home as a rental. Or possibly making a plan to give the home to an adult child. Taking advantage of current prices and interest rates.(Interest rates have risen today to about to 3.25)

Each families needs are different. Please contact me to discuss what is best for you & your family. My consultations are Free, & without obligation. : )

As of the date of this Update, interest rates are back up to 3.25% for FHA financing.3.375 for Conventional. 2.75 for a 15 year conv. loan.These are large down conv. loans with no mortgage insurance.

Always confirm rate with your trusted mortgage consultant.If you don't have one, I can refer you to one! : )

Also, I have 2-3 folks looking to rent in the N/W part of Fresno.Good people.Could be your new Tenant!

Keep your eye on these e-mails. New stats each Real estate update! Have a Great rest of the week!

( For previous weeks updates, you can see for your self the progression of the market, or to comment, go to my real estate blog on my website, (http://www.derekmonreal.com)

Start your home search go to,http://www.derekmonreal.com . Try the interactive map search,It's cool!

For a $50-$100 dinner coupons go to: www.clovis.kmph.com . See Clovis "The Big Deal" coupons.

Thank you for the opportunity to be of service!

Derek Monreal
Guarantee Real Estate "Over 20 plus years experience. Integrity"
Lic#01111933
Direct:559-349-0296
E-mail address: listwithderek@gmail.com

Website:(http://www.derekmonreal.com)

" I LOVE REFERRALS! "

"I Donate 10% to Charity"

Added: Wednesday, October 10, 2012 4:37:45 PM

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Derek Monreal

Your Trusted Real Estate Professional for the Fresno and Clovis Area

Derek Real Estate Update 10/10/12