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Saving Homes from Foreclosure

Monday, March 23, 2009
by Don Roth

Although in the greater Harrisburg/Central Pennsylvania real estate market we are experiencing the beginnings of a basing of prices, there are homeowners facing serious challenges with their home mortgage payments in an attempt to keep their individual homes. The recent action by the President and Congress through the recently passed legislation has given homeowners the resources to see through the various governmental initiatives a vehicle to save their homes. These programs are not going to save every homeowner, but these are channels to research the process and you have the ability to investigate what is available to you.

Here is a list of websites that offer tools that may help you if you are facing challenges with your mortgage:

www.MakingHomeAffordable.gov
www.fanniemae.com/homeaffordable
www.freddiemac.com/avoidforeclosure
www.portal.hud.gov
www.hopenow.com

In addition to these sites, please do not hesitate to go www.PHFA.org (Pennsylvania Housing Finance Agency) as a site that can provide additional resources. BUT please do not go and pay for any credit counseling because all of the sites listed will provide the counseling at NO COST to you. ALSO REMEMBER, if you are having problems paying your mortgage payments, call your lender immediately because they are not in the business of owing homes and if there is a way, they and you are better off investigating the alternatives of foreclosure. Being proactive is the best alternative in the current environment.

If you have any questions, please feel free to email me at don@donroth.com.

Central Penna. Home Sales February 2009 vs February 2008.

Monday, March 2, 2009
by Don Roth

The Central Pennsylvania Real Estate market continues to be in a state of flux, according to the February 2009 results from the Central Penn Multi List. The number of homes sold in February 2009 compared to the same period last year declined in numbers by 26%, and the average sales price decline of $163,642 by 9% for the same period. And the average days on market before a home is placed under contract increased slightly to 89 days from 83 days in 2008. These results are primarily in Cumberland, Dauphin and Perry Counties with some additional sales recorded in parts of York, Lebanon and Lancaster Counties.

What does that mean as we head into what has been the traditional selling season in this area? For buyers, there are values to be realized since we are seeing a slowing in the market and for sellers, there are opportunities because there are many qualified buyers looking for a new home. How can we tell? Although the sold results do not look good, and even though there are over 4100 active residential listing in the Multi List right now, the number of homes under contract has increase by over 10% compared to December 2008. And I think that this trend of increased sales will continue going forward in 2009. Also, the recently passed Stimulus Bill will provide first time home buyers with a $8000 tax credit if they settle by the end of November of this year. In my opinion, this legislation is very positive since many of these buyers will purchase a home in the average sales price range and then many of those sellers will move into a new home and the real estate sales cycle will be positively affected in the higher price ranges. And also do not forget that the lower interest rate environment is still with us, meaning that buyers can buy more home. Iin addition, I would not be surprised if mortgage interest rates dropped even further.

If you would like to receive a daily update of new real estate listings in a certain area or just have any real estate questions, please contact me at your convenience. And if you would like to know more about the tax credit, contact me as well at Don@DonRoth.com.

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