The Federal Reserve has acknowledged, after a two-day conference, the importance of the housing market in improving the economy. They have finally realized that a boost in the housing market will eventually lead to more home-related purchases, for items such as televisions, beds and other items. 

The Fed has reported that they may start purchasing more mortgage-backed securities (MBS) in order to stimulate the housing market. By purchasing these securities, the government will pump more money into the economy, lower interest rates and hopefully increase borrowing.

This new proposal by the government supports the fact that this is a great time for home buying. Whether it is a new place to live, an investment, or a new home to hedge against another economic downturn, the purchase of MBS will benefit buyers. The economy may not recover for quite some time, so now is the time to get great deals before someone else beats you to them.

For the full article, please go to this website: http://www.reuters.com/article/2011/11/03/usa-fed-housing-idUSN1E7A11TP20111103

The Federal Reserve has acknowledged, after a two-day conference, the importance of the housing market in improving the economy. They have finally realized that a boost in the housing market will eventually lead to more home-related purchases, for items such as televisions, beds and other items. 

The Fed has reported that they may start purchasing more mortgage-backed securities (MBS) in order to stimulate the housing market. By purchasing these securities, the government will pump more money into the economy, lower interest rates and hopefully increase borrowing.

This new proposal by the government supports the fact that this is a great time for home buying. Whether it is a new place to live, an investment, or a new home to hedge against another economic downturn, the purchase of MBS will benefit buyers. The economy may not recover for quite some time, so now is the time to get great deals before someone else beats you to them.

Yesterday, President Obama announced his new bill, The American Jobs Act. This act is aimed to reduce payroll taxes for small business and to help families that are currently underwater on their loans. Many believe that Obama did not provide enough specifics, but according to the National Association of Realtors, " Some housing advocates praised the president's refinancing proposal, saying it will help underwater home owners lock in record low rates and lower their monthly mortgage bill."

Critics say that President Obama has already spent billions to jump-start the economy without much resolve, and this bill will not be different than his economic stimulus plan.

Fortunately for home owners, interest rates are at record lows, and with new refinancing legislation, many home owners may be able to escape their horrible mortgages and get back on their feet financially. Rates may not stay low for much longer, and if this legislation passes, it will be the perfect opportunity for home owners to escape their toxic mortgage.

According to Trulia.com, In 74% of America's most popular cities, it is cheaper to purchase a home rather than rent. This is because of the super-low interest rates and financial institutions desperate to get rid of their toxic assets. It is cheaper to rent in just 12% of America's famous cities.

For those interested in a new home, now is a great time to buy. Interest rates are at record lows, and with the Fed promising to keep interest rates low, it is a buyer's market. Many homes in Southern California have lost about 50% of their value compared to the 2007 value. Many predict that housing prices will be low for several more years as the economy slowly improves, but now is the time to act. With all of this economic uncertainty, anything can change at a moment's notice, and good deals may only be good deals for a short time.

According to the National Association of Realtors, theaverage home price has fallen 2.8% in the second quarter of 2011. The number of foreclosures in the United States has fallen about 35% since July of last year. Some claim that this steep reduction in foreclosures is because of the robo-signing problem during 2010; this problem caused banks to slow down the rate of foreclosures while banks investigated the problem.

Because of the current volatility in the stock and bond markets, the FED has decided to keep the federal interest rate low. 

With low interest rates and a large number of foreclosed properties, now is a great time for investors to purchase great properties at bargain prices. According to ForeclosureRadar.com, there were 97,000 foreclosures for sale in July of 2011. This is a great time for acquiring new investment properties. This is a time in history that you should not miss out on!!

For more information, please visit: http://realtytimes.com/rtpages/20110822_realestateoutlook.htm

According to the National Association of Realtors, theaverage home price has fallen 2.8% in the second quarter of 2011. The number of foreclosures in the United States has fallen about 35% since July of last year. Some claim that this steep reduction in foreclosures is because of the robo-signing problem during 2010; this problem caused banks to slow down the rate of foreclosures while banks investigated the problem.

Because of the current volatility in the stock and bond markets, the FED has decided to keep the federal interest rate low. 

With low interest rates and a large number of foreclosed properties, now is a great time for investors to purchase great properties at bargain prices. According to ForeclosureRadar.com, there were 97,000 foreclosures for sale in July of 2011. This is a great time for acquiring new investment properties. This is a time in history that you should not miss out on!!

This is great news for those contemplating a short sale!!

LOS ANGELES (July 15) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) applauds Gov. Jerry Brown on signing SB 458 (Corbett) into law.   SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.

Hello Everybody,

I read an interesting article today on msnbc.com about the rise in closing costs. According to the article, prices jumped from $3,741 dollars in 2010 to $4,070 today. This is about an 8.8% increase in closing costs nationwide. When asked about what specifically increased in price, many lenders said that the origination fees have increased because the process now requires much more money to conform to new regulations. There are some things in the closing process that are not negotiable, such as the cost of running a credit report and appraisal, but other items, such as title insurance, may be more open for negoations.

With the tough economic times, many contractors are struggling for business. The repair and installation market has become very competitive. With this competition comes lower prices for repairs, and, according to an Angie's List survey, 81% of contractors said that they would be willing to negotiate labor costs with potential customers. Because of lower costs on repairs and installation, one could afford more appliances or splurge and upgrade to higher-end appliances. 

Whew, just coming back from the holiday weekend, and already busy. Some of you will notice that the update has been given some extra content. To reflect that we cover San Bernardino, Riverside, Orange, and Los Angeles Counties, my team and I have compiled helpful links for those interested in buying or selling.

Additionally, in our volatile market, I've included extra information that is essential for buyers and sellers to know.

For more specific information about your situation, never hesitate to call me!

Luis

Good schools are tough to find: some areas have much better schools than others. I am currently trying to find an excellent elementary school for my son, Kyle. I love him and I want him to have the best opportunities possible. Unfortunately, good schools are difficult to find, and finding the right questions to ask can be even harder. If you are in a similar position, I know my local markets very well and can help guide you to your family's new home in a great school district.

Hello All,

Last month we added a brand new member to the Luis Hong team. Kyle is a business and real estate student at Mount San Antonio College here in Walnut. He's been a big help and he will allow us to provide all our clients with the best service. If you come by the office, let me introduce you to the team!

Luis

Wheew! Another busy period and finally just getting around to updating the blog. Even for professionals, short sales are full of unpredictable turn of events, and as a result, properties take longer than expected to close.

Once I can clear my plate, the goal for the coming months will be focusing on the numerous investment opportunities that are still widely available in So. Ca.

Additionally, since the last time I posted, I have hired a new and hard-working intern that should make our team much more efficient. Things are looking up!

Luis

I'm really excited about the progress I have made on the introduction of Tiger Assets Investment Services. I've been helping investors for a long time, but I've finally formalized the process. Please feel free to check out the information available on the left-side toolbar.

This new services gives people a chance to invest in all numerous deal that are available due to the increase in foreclosures and short sales. For most of us, buying a home in cash to rehab and resell is beyond our means, but by pooling the funds of multiple investors, it allows more people to share in the great values that are still available.

For more information, just contact my team and me!

- Luis

While the economy is still hard on a lot of families, it's good to hear that the news on the economy is continuing to improve. Especially in real estate, my colleagues and I are some of the first to see signs of improvement and a quickening in the pace at which sales are occurring and the reduction in time that properties are remaining on the market.

Today has been another hectic day of driving to multiple homes in the tri-country area, supervising rehab projects, showing homes, and juggling cell phones while doing my best to avoid getting a ticket.

Think now is a bad time to sell or buy? Drop me a call or email and we can talk about your specific situation. We can discuss whether there might be some good deals at out there (for buyers), or whether now is a good time for your neighborhood to hold a sale for your property.

Cheers and drive safe!

Whew, lots of new upates. Just came back from the International Century 21 convention in Las Vegas. Not a lot of gambling, but a whole lot of networking.

Now that I am back, I just switched offices, at the same address, but moved down the hall, so don't be surprised if you see me in a new office. Drop by anytime to see the new office and offer any decorating tips.

As you can already see, this is a new website. This website aims to be more friendly and much more informative. Keep an eye out by checking back often to see new updates. Suggestions welcome!

Luis