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Weekly Market Update

by Jeff Halbert, First Home Mortgage

Treasury yields and mortgage rates are lower once again today as equities suffer.  Despite efforts to contain the financial crisis in Europe, the situation seems to be deteriorating.  The minutes released this week from the last Fed meeting indicated that it will be some time before the Fed starts to sell its MBS portfolio.  Additionally, the minutes indicated the financial developments overseas had a big influence on maintaining the current policy.  Throughout the minutes, it was evident that the Fed will be on hold indefinitely as any increase in interest rates could intensify the European problems and create a spillover effect on the U.S. economy.

Weekly Market Update

by Jeff Halbert, First Home Mortgage

Over the weekend, the European Union (EU) and the International Monetary Fund (IMF) announced an aid package for Greece.  The announcement has done little to calm fears that Greece’s fiscal crisis may spread to other European countries.  As a result, Europe and U.S. stock markets have been battered and treasury prices have benefited.  Mortgage rates are down again this morning.  There are several economic reports out this week including the April Unemployment Report coming on Friday, but the focus will continue to be on the Greek situation and the resulting effects on stocks.

 

Rate Trend: Slightly Lower

Free Governement Program for Homeowners Facing Financial Hardship

by Don DeHanas, Associate Broker

Website presents information and answers questions on homeowner eligibility with new Foreclosure avoidance resource.

Waldorf, MD - Local Certified Distressed Property Expert, and community advocate, Don DeHanas, of Dehanas Real Estate Services, has announcd the expansion of an information website for Southern Maryland homeowners in distress.

http://hosted.cdpe.com/DonDeHanasHelpsHomeowners

Click on Government Eligibility Survey.  "These surveys will let homeowners quickly discover new options made available by the Governement," DeHanas said. "When faced with the possibility of Foreclosure, I've seen too many homeowners make mistakes because they hadn't been advised by a qualified professional.  These people didn't know the options available, or even how to find any information on their situation. My website helps to solve this problem."

This site acts as a hub for information on the facts and issues for struggling homeowners, putting all the necessary information in one, easy-to-use location. With the addition of these new eligibility surveys, the site lets homeowners make educated decisions about their future.

"Seven out of ten homes that have gone into Foreclosure did so without even being listed on the market," Alex Charfen, co-founder and CEO of the Distressed Property Institute. "Agents like Don DeHanas with the CDPE designation are helping distressed homeowners understand that there may be options available to avoid Foreclosure."

The CDPE designation provides real estate professionals with specific understanding of the complex issues confronting the real estate industry.  Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing financial hardship in today's Market.

Fore more information, contact Don DeHanas at don@dehanas.com or call 301-870-1717 x106

Real Estate Market Outlook

by Don DeHanas, Associate Broker

We are now into the second quarter of 2010, and the housing statistics are quite interesting.  As we near the end of the Tax Credit Incentive, inventory remains a primary concern.  Single-family, detached inventory is down 17.7%, and townhome inventory is down more than 30%, as of the end of March 2010.  In addition, the average days on the market has dropped by 30% to 106 days.  Typically, these are indications that our market has flattened, and values are sustained, however, the data shows just the opposite.

As of the end of the first quarter, home values were down in Charles County by 11% year-to-date over last year.  Much of the sales activity is taking place in the $200k-$299k price range, where we are seeing multiple offers on the more aggressively priced properties.

Future activity of Bank-owned properties is expected to increase significantly as evidence of the most recent pre-Foreclosure activity in Charles County.  The amount of homeowners in default remained consistent month over month last year, around 900 each month.  For the first time, we saw the number of homes in some state of foreclosure climb to over 1000 during the month of April according to Realist data. Moving forward into the summer, there are predictions of a second wave of foreclosures as reported by Credit Suisse & Clayton, and the Certified Distressed Properties Institute. This wave is expected to be as large, or larger than the last in spite of a series of lack-luster Government programs designed to help struggling homeowners.

Other factors that will shape the third and fourth quarters include;  the ending of the tax credits for homebuyers, which ends April 30, 2010; The USDA’s popular Rural Development Loan has run out of funds, and local housing initiatives like the Neighborhood Conservation Initiative (NCI) have also run out of funding.  In addition, interest rates, which have remained at all time lows, are expected to creep up through the remainder of 2010.

There is certainly no shortage of opinion and information when it comes to the Foreclosure Crisis as tv, news and on-line media have a wealth of articles favoring most any position one might have on the subject.  All, however, agree that we have a long way to go before we are out-of-the-woods.

Displaying blog entries 1-4 of 4

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Photo of The DeHanas Team Real Estate
The DeHanas Team
DeHanas Real Estate Services
1218 Smallwood Drive
Waldorf MD 20603
Office: 301-870-1717
1-800-842-0190
Fax: 240-754-7867

Servicing all Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro areas of Maryland, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County real estate advertised in this website are subject to the Federal Fair Housing Act of 1968 which makes it illegal to advertise any preference, limitation, or discrimination based on race, color, religion, sex, handicap and familial status, or national origin, or any intention to make any such preference, limitation or discrimination. DeHanas Real Estate Services will not knowingly accept any listing agreement for real estate sales in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas which are in violation of the law. Our clients and customers are informed that all dwellings advertised on our website in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas are available on an equal opportunity basis. All prices and finance claims appearing in this site are subject to change without notice.