There continue to be positive signs that the real estate market is turning around.  The number of completed home sales has risen for three months in a row, and the number of pending sales has been up for five months in a row, according to the National Association of Realtors.  In some places, sales have doubled since one year ago. 

In most areas, the relationship between mortgage payments and income is at a comfortable level compared to historical data.  Lower mortgage rates, lower prices, and the buyer tax credit are helping more and more buyers purchase homes, and this is an important part of the rebound for real estate and the economy.

Visit Our Website at www.BrettDavisRealtors.com

For all the best homes at great prices!

Source: Buyer Hesitation is Dissolving, from Realtor Magazine.  Article available at: http://www.realtor.org/rmonews_and_commentary/Economy/0909_economy_buyerhesitation

Spectacular Shoreland Farms home, where you can smell the salty air of nearby Maquoit Bay. This property features a granite and cherry kitchen, hardwood floors, and a sunken living room with massive stone fireplace. Location on a dead end road offers a beautiful setting with lots of privacy.

Visit Our Website at www.BrettDavisRealtors.com

For More Information & A Virtual Tour!

According to Kenneth Harney, managing director of the National Real Estate Development Center, the latest numbers continue to indicate a sustained rebound of the real estate market.  There are lots of reasons to be optimistic.

In the building segment, which had been one of the hardest hit in real estate over the past couple of years, starts and permits are at their highest levels in 10 months.   Home sales in general are rising, even in some of the markets that had been the hardest hit in previous years.  Mortgage money became less costly last week, and loan applications for home purchases jumped four percent- which is the third week in a row with higher numbers of applications. 

In other words, it’s a great time for real estate! 

You can check out Kenneth Harney’s article at: http://realtytimes.com/rtpages/20090825_realestateoutlook.htm

 Fantastic Four-Bedroom!

This Yarmouth home is located in the sought-after Bayview neighborhood nearby to schools and the town center.  The home features a dream kitchen with breakfast bar, a fireplace in the living room, and a large, bright family room.  Hardwood floors and a deck overlooking the backyard are just a couple of other highlights of this exceptional property. 

Visit Our Website at www.BrettDavisRealtors.com

For More Information & A Virtual Tour!

According to the Maine Real Estate Information System, Maine’s Realtors sold 1,133 homes last month- that’s a 13.76% increase from one year ago. Home prices eased by 9.57% to a median sales price of $170,000. This price is, however, an increase over May 2009’s median sales price of $160,000.

Nationally, home sales rose .2% and sales prices were down by 15%. In New England sales dipped by 4.7% and prices were down 5.9%.

Be Wary Of Reverse Mortgages

U.S. Bank regulator, John Dugan recently spok at the American Bankers Assocaition Confrence and offered up a warning that reverse mortgages could be the next subprime mortgage product to experience rapid growth while taking advantage of a vulnerable segment of the populartion.

Dugan said that regulators are in the process of crafting guidelines to ensure that robust consumer protections are in place for reverse mortgages.  ” While reverse mortgages can provide real benefits, they also have some of the same characteristics as the riskiest types of subprime mortgages- and that should set off alarm bells”.

A reverse mortgage is a complicated loan targeted at homeowners who are a least 62 years old, and allow older Americans to live off the quity in their homes as they age.

In this type of mortage, the homeowner receives money from the lend, which does not have to be repaid as long as the borrower lives in the home.

Fannie Mae currently has about 90% of reverse home mortages as of 2008. Many large banks like Bank of America and Wells Fargo also provide them.

A great majority of reverse mortgages are insured by the FDA and pose limited risk, but a different class of reverse mortgages offer less consumer protections. Dugan fears that as the elderly American population grows, there could be a significant pickup in demand for these mortgages which bear many similarities to the type of subprime products that helped fuel the housing boom and bust.

Dugan urges consumers to be wary of these products and hopes regulators will be vigilant as well.

AUGUSTA (AP) — Maine business regulators have ordered 15 companies that promised but failed to help homeowners facing foreclosures to stop doing business in the state.

The companies, all based out of state, enticed consumers with radio, television and Internet ads promising to help them avoid foreclosure, but then took a collective $36,000 in advance fees and did not save a single home from foreclosure, Will Lund, superintendent of the Consumer Credit Protection Bureau, said Tuesday.

While many debt management companies comply with the law, the 15 companies “made false promises and then took money from desperate folks who could least afford to lose those funds,” Lund said.

Here is a list of the businesses:

Federal Loan Modification Law center; Irvine CA

United Hope Alliance Corp.; Jacksonville, FL

National Foreclosure Counseling Services; Jacksonville, FL

Hope Now Modifications; Cherry Hill, NJ

Pathway Financial Management; Stanton, CA

Law Offices of Joel L. Schwartz; Northfield, NJ

BillsMadeSimple.com, Inc; San Diego, CA

Lewis Foreclosure Mediation Services, LLC; Phoenix, AZ

Apply 2 Save, Inc.; Coeur d’Alene, ID

HelpModifyNow.com; Newport Beach, CA

Ocean View Investment Services Co.; Ft. Lauderdale, FL

FHA All Day; Boca Raton, FL

Mason Capital Group, LLC; Encino, CA

The Hall Firm; New York City, NY

Fresh Start Mortgage Assistance Solutions; Beverly Hills, CA and Clearwater, FL

Bureau of Consumer Credit Protection: www.Credit.Maine.gov.

Check out some these exciting 4th of July  events!

Bath Heritage Days- Spend the weekend enjoy historic Bath, maine. http://bathheritagedays.com

20th Annual Bethel Art Fair:  At the town green from 9:00-4:00

Antique Tractor Pull & Display:  9:30Am in Boothbay

Reading of the Declaration of Independance: Free reading at 2:00pm at Colonail Pemaquid Historic Site

Fireworks Sail with Portland Schooner Co.  8:15-10:15pm at the Maine State Pier- 207-766-2500

Eastern Prom Firepworks Portland, 9:15

Meet A Bald Eagle 11:00AM at the Maine Wildlife Park

With the credit crunch still in full swing, finding a good deal on a mortgage isn’t as easy as it once was. Many banks have tightened their lending standards and eliminated programs and many banks are no longer working with mortgage brokers.

Taking the online avenue can be tricky as well as many sites have been cited for running bait-and-switch advertisements on rates and not fully disclosing fees.

If you are currently looks for a home loan, follow these recommendations by Sarah Max of Money Magazine.

1. Take to the world wide web.

Visit sites like bankrate.com, mortgagemarvel.com and zillow.com to shop anonymously and get accurate rates.  Take this route if you know what kind of loan you[re looking for; the web should act as your starting point go get a handle on current rates and fess so that when it comes time to sit down with a bank or mortgage broker you’ll know if you’re getting a good deal.

Avoid any website that asks you for your social security number and address upfront. They might pull your credit report, which could hurt your score when you go to actually apply for the loan. 

Also make sure that all fees are clearly disclosed before you take the next step.

How to get the best deal:When you put your information into the online mortgage tool, do not estimate your income, credit score or other key facts, you won’t get an accurate rate without accurate information.

2. Go Directly to a bank

Go to the bank if you are looking for a conforming loan ( less then $417,000). Many banks have stopped underwriting jumbo loans. If you’re refinancing, call your current lend first as they may give you a bette rate to keep you as a customer.

Look out for novice loan officers, in this market, your agent must know what they are doing to keep the deal together.

To Get the Best Deal visit your local bank who’s familiar with the local market and the players in your area .

3. Call a Broker.

A good broker will help you along the way then you would navigating the lending world from your home computer.

If you’re in the market for a jumbo mortgage or financing for an investment property or you don’t fit the conforming mold, a broker will help you find a program that meets your needs.

Watch out for fees, most brokers make money on the difference between the rate you could get and the rate you actually pay and they aren’t required to disclose their cut. Look for a fee-only broker in your area at upfrontmortgagebrokers.org

How To Get The Best Deal Obtain rate and fee info from banks and web sites before talking to the broker. There are lots of brokers who want your business and are willing to help you find the best rate around.

Cumberland Charmer!

This Cumberland home is in a great neighborhood, only minutes to schools and the center of town. The home offers a wonderful flowing floor plan, wood floors and a great master suite; This home is ideal for comfortable living. The lot slopes gently and is nicely wooded & private.

Visit Our Website www.BrettDavisRealtors.com

For More Information & A Virtual Tour!