Consumers Hopeful Worst Is Over For The Economy

Hopeful signs that the worst may be over for the economy boosted Americans’ moods in April, sending a closely watched barometer of sentiment to the highest level since November.The New York-based Conference Board said Tuesday that its Consumer Confidence Index rose more than 12 points to 39.2, up from a revised 26.9 in March.

The reading marks the highest level since November’s 44.7 and well surpasses economists’ expectations for 29.5. Continue reading

Note From Treasury Sec. Tim Geithner


Treasury Sec. Geithner says the Fed has achieved its goal of lowering mortgage rates through the direct purchasing of Mortgage backed Securities. Americans should refinance while rates are low.

Price Is Right: Home Buyers Are Testing the Market Again

The large plate of home-made chocolate chip cookies on the kitchen counter was the perfect enticement for one member of a family attending a Morris Township, New Jersey open house.

“Go ahead and take another,” said real estate agent Kim McDonald to the high school freshman who gobbled up her second cookie while her mother and father were walking through the upper part of a three-bedroom, two-and-a-half bath home listed at $565,900.

The girl’s parents are searching for a house to be closer to the private school she currently attends. And now is the right time they say. Continue reading

Michael Lopez interviewed by WWAY

 

The dark cloud that has been hovering over the real estate market may be breaking up.

Several real estate agents and mortgage brokers believe it’s a great time to buy a home for the first time.

“I think the real estate market in 2009 is phenomenal right now,” said President of Coldwell Banker Seacoast, Tim Milam.

According to many experts, it’s a great time for new homebuyers, which includes anyone who hasn’t owned a home in the past 36 months.

Currently, there are some good incentives including an $8,000 tax credit, low interest rates, and reasonably priced homes.

President of Alpha Mortgage Michael Lopez calls it the triple threat. “We have the best rates in history right now.”

Realtors are seeing high foot traffic. Buyers are mostly looking for homes priced lower than $300,000.

Mohamad Elhenawy just bought his first home. He said the tax credit was a good incentive for him. “Made me think about it so much, because $8,000 is a lot of money for me.”

His new home is off Gordon Road, and he can’t wait to start working on it. “I love the yard, I love to work in my yard, to grow plants and fruit, I love to grow fruits.”

Some Wilmington mortgage brokers and realtors have come together and created a website that describes the $8,000 incentive and how it applies to buyers looking in our area.

For information on obtaining a mortgage or to find out about current mortgage rates, visit www.alphamortgage.com.

Bidding Wars Over Houses? Real Estate Bottom?

One hour outside of Washington DC, in the picturesque small city of Martinsburg, West Virginia, some homes for sale are attracting bidding wars—again.“Prices are so low, we’re starting to see that,” says Mark Savitt, a realtor there for a quarter of a century. “In our area, you’re at the bottom.”

Savitt, who’s also president of the of National Association Of Mortgage Brokers, might be accused of being overly optimistic. But he is hardly alone in sensing a long-awaited bottom in the real estate market. Continue reading