Just Reduced and Owner/Agent to Pay $8,000 toward Closing Costs!

Weekly Mortgage Commentary

Rates have remained around 5% most of the last week for 30 year fixed with no points.

For people refinancing their primary residence, they will be able to refinance their Fannie and Freddie loans up tp 105% of a new appraised value, and maybe not have to pay PMI insurance. Full details expected March 4.

As for the 4% rate-that did not make it out of congress. The 5% rates we have now should be jumped on quickly.


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e-bits: A weekly news letter brought to you as a public service by BILL MAUFFRAY, Countrywide Home Loans, a div of Countrywide Bank, FSB. 352-219-3141

**Bargain Alert** $5 Coupon for Sonny's Barbeque

And...who doesn't LOVE Sonny's? Sign up on their website for a newsletter subscription and you'll receive a $5 of $25 coupon in your email.

http://www.sonnysbbq.com/

Who's up for Sonny's? :-)

Home Maintenance Tip

Home Maintenance Tip -

Instead of using chemical drain cleaners to clear a tub or sink stoppage, pour 1 cup of baking soda and 1 cup of salt down the drain, and then follow with 1 cup of white vinegar. Let it sit 15 - 20 minutes, then follow with a pot of boiling water.

To keep your garbage disposal running smoothly and odor free, try this: Fill an ice cube tray with a mixture of 1/2 vinegar and 1/2 water. Once the cubes are frozen, place 2 - 3 cubes down the disposal a week for about a month. This will not only sharpen the blades, but also keep your disposal clean and odor-free at the same time! (Grinding lemon peels in your disposer will also work well for odors).

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Cross posted from Todd Powell, Old Republic Home Warranty Service

Who Could Use $8,000? A First-Time Homebuyer, That's Who!

Cross posted from e-bits: A weekly news letter brought to you as a public service by BILL MAUFFRAY, Countrywide Home Loans, a div of Countrywide Bank, FSB. 352-219-3141
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Rates have dropped and averaged around 5% most of the last week for 30 year fixed with no points.

We are all waiting to see what the final version of the new economic stimulus package is and what parts will help the construction, real estate and mortgage industries. One part of it will increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it would extend the credit's expiration date to Dec. 1, 2009, from July 1. Those eligible for this credit must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009.

Creek Cleanup Saturday

Please come help us clean up a portion of Sweetwater Branch this coming Saturday, Feb. 21. Meet Elliot Hart on SE 8th St. at the bridge going over the creek. We will start work at 9 and be finished by noon. This little part of the creek always needs work, so please come if you can. I'd appreciate knowing if you plan to attend, but come regardless. We'll look forward to seeing you there!

Thanks
Fritzi

Fritzi S. Olson
Executive Director
Current Problems, Inc
PO Box 357098
Gainesville, Florida 32635
aar@current problems.org
352-264-6827

Did You Know??? Surprising Facts and Figures about The Housing Market...Then and Now.

Some Facts to Know:

• More than 100 banks closed in 1930 - only 14 U.S. banks had been taken over in 2008.
• There are 76 million households in the U.S. that own their home - 24 million of these are free and clear
• There are 52 million homes with mortgages - 97.2% of these are NOT in foreclosure. 93.8% of these homes are current on their payments

On a Sobering Note:

• Over 20% of homeowners with a mortgage owe more than their home is worth
• 40% of all foreclosures are non-owner occupied

How did we Get Here?

Decade....Homes Sold High.........Homes Sold Average

1970's...............3.9 million........................3 million
1980's..............4.0 million.....................3.3 million
1990's..............4.9 million.....................3.9 million
2000's..............7.1 million.....................5.6 million

(resale numbers - the above does not include new home sales.)

Sources: Wall Street Journal/Moody's Economy.com/RealtyTrac/NAR/Forbes

Happy One Year House-Iversary Justin Keels!

Motivated Seller Says "Bring an Offer"

Gorgeous +/- 30 acres in popular Newberry off NW 202nd St.
Sturdy 4/3 concrete block home with inlaw suite & generator prewired. Extensive hardwood floors throughout. Wood stove.
Several out buildings including kennel, paddocks, barn, & chicken coop. Seven pastures, fenced and cross-fenced.

Reduced to Only $599,000.

Photos and Virtual Tour:

http://www.gainesvilla.net/cedar/

Opportunity Knocks...Make an Offer!

JUST LISTED!! Prime Lease Location Near Downtown Gainesville
607 East University Ave. * 3,057 Sq. Ft. in Three Story Victorian
Just $2,700 per Month

What a Nice Surprise!

In December, the sale of previously owned homes increased 6.5%, the first upswing since September. The government's initiatives to stop foreclosures and lower interest rates are starting to have an effect, presenting fantastic opportunities for first time homebuyers and bargain saavy buyers snapping up distressed properties. The increase in sales volume, however, has done nothing to curb the downslide in pricing, about a 15% decline since this time last year.

Not so fun fact: Our economy has been stuck in recession since December, 2007. The collapse of the US housing market triggered the worst financial crisis since the Great Depression.

Well...it's a start to clear out the huge inventory of homes on the market and may mark the end of the worst housing market in decades. If you are or know someone looking for a great bargain, there hasn't been a better time in years. There is a pent up demand for housing, and when the market breaks loose...these great bargains will be in short supply, so now is the time to get buying!