Just announced yesterday, Fannie MAe (FNMA) has extended it’s seller assistance program to June 30, 2010. This program extends the program scheduled to end on April 30 for two more months to aid in the sales of FNMA foreclosures to the owner occupied home buyer market.

This incentive is a 3.5% credit toward either closing costs, appliances or a combination thereof. Call your FNMA agent at Prime Real Estate for more information 404-685-3774.

Take advantage of your FNMA seller incentives AND your federal tax credit if you are under contract by April 30. See us at www.atlprime.com

The most recent foreclosure news from DS NEWS 4/12/10 says

“Despite servicers’ efforts to modify unprecedented volumes of troubled mortgages and a large-scale government-led program put in place to stem the nation’s viral foreclosure epidemic, they haven’t been enough to keep up with the rapid pace of loan deterioration, according to new data from Lender Processing Services (LPS).
A market report released by the company Monday shows that the total number of delinquent loans as of the end of February was 21.3 percent higher than it was a year earlier. Although the data showed a small 1.45 percent seasonal decline in delinquencies from January 2010 to February 2010, LPS reported that the national delinquency rate still stood at 10.2 percent.

Although delinquencies remained relatively level, the nation’s foreclosure inventories reached record highs in February. Based on LPS’ analysis, the foreclosure rate of 3.31 percent represented a 51.1 percent year-over-year increase.

Furthermore, the percentage of new problem loans is also at its highest level in five years. LPS found that more than 1.1 million loans that were current at the beginning of
January 2010 were already at least 30 days delinquent or in foreclosure by February 2010 month-end.

According to the company’s data, the number of non-current first-lien mortgages and REO properties now total more than 7.9 million loans.

LPS noted in its report that as a result of the federal government’s Home Affordable Modification Program (HAMP), delinquent loans that were modified and that remained current through HAMP’s three-month trial period – called “cures-to-current” – have increased. Advanced delinquency rolls, however, remain elevated from a historical perspective, the company said.

Both delinquency and foreclosure inventories remain bloated, LPS said, thanks to high volumes of problem loans in combination with prolonged loss mitigation efforts and foreclosure moratoria.

With 10.2 percent of borrowers delinquent and 3.3 percent in foreclosure, the nation’s total rate of non-current loans has hit 13.5 percent, LPS said.

Based on the company’s analysis, the states with the most non-current loans include: Florida, Nevada, Arizona, Mississippi, California, New Jersey, Georgia, Illinois, Ohio, and Indiana.

The states with fewest non-current loans are: North Dakota, South Dakota, Alaska, Wyoming, Nebraska, Montana, Vermont, Colorado, Washington, and Minnesota.

Commentary from Freddie Mac’s economic team Monday says, “The current large backlog of seriously delinquent mortgages remains a daunting prospect for many local markets across the country, and it may take two years or more to return to more normal housing market conditions.””

Call your Prime Real Estate foreclosure expert to find out more

“According to the latest Zillow Real Estate Market Reports, home values in Atlanta decreased 13.9% in the second quarter of 2009, compared to the second quarter of 2008. Nationally, home values decreased 12.1% during this same period.”

The contributing factors to this event are a glut of foreclosures that have now hit the market and continue to put downward pressure on pricing. That’s why there has never been a better time to contact your CFS/RDCpro(tm) foreclosure specialist at Prime Real Estate to get in on the deals before they disappear!

Call Prime Real Estate today at 404-685-3774, or visit our web site at www.atlprime.com

Fed Extends TALF, Says Credit Markets Still ‘Impaired’
FEDERAL RESERVE, FED, TALF, ECONOMY, TREASURY DEPARTMENT
CNBC.com | 17 Aug 2009 | 09:38 AM ET
The Federal Reserve said Monday it will extend its Term Asset-Backed Securities Loan Facility another six months though it said conditions were improving in some areas.

In a joint announcement with the Treasury Department, the central bank said the TALF, as the program is known, now will run until June 2010, from its original cutoff date of December 2009.

“Conditions in financial markets have improved considerably in recent months,” the Fed and Treasury said in their statement. “Nonetheless, the markets for asset-backed securities backed by consumer and business loans and for commercial mortgage-backed securities are still impaired and seem likely to remain so for some time.”

The extension will cover newly issued commercial mortgage-backed securities but will not be expanded to cover assets not already eligible.

The program targets primarily students loans and credit cards but extends to other financing as well.

The TALF started in March and figures prominently in efforts by the Fed and the Obama administration to ease credit, stabilize the financial system and help end the recession.

Under the program, investors use the funds to buy securities backed by auto and student loans, credit cards, business equipment and loans guaranteed by the Small Business Administration.

The program has the potential to generate up to $1 trillion in lending for households and businesses, according to the government. Spurring such lending is vital to turning around the economy. The Fed and Treasury said they were prepared to reconsider this decision if financial or economic developments conditions indicate that such an expansion would still be warranted. However, the government believes the financial system is beginning to stabilize after being hit last fall by the worst financial crisis since the Great Depression.

The Fed and the Treasury also extended TALF through March 31 for newly issued asset-backed securities and already-issued, or “legacy,” commercial mortgage-backed securities.

—Reuters and The Associated Press contributed to this report.

© 2009 CNBC.com
URL: http://www.cnbc.com/id/32446222/

By Julie Haviv

NEW YORK (Reuters) – An unusually robust rise in home prices from April to May could foreshadow a recovery in many U.S. housing markets, according to a report released on Thursday by Radar Logic, a real estate data and analytics company.

Twenty-two out of 25 metropolitan statistical areas, or MSAs, displayed month-over-month price increases in May, according to Radar Logic’s RPX Monthly Housing Market Report for May 2009.

The RPX 25-MSA Composite showed a month-over-month increase of 2.1 percent.

“This is in stark contrast to the same period during 2008, when a decrease in the velocity of home price depreciation gave way to the worst loss in housing value in recent history,” the report said.

Prices have fallen 33.5 percent peak-to-trough and 31 percent peak-to-current, according to the RPX 25-MSA Composite.

Radar Logic said the RPX is designed to be a daily indication of the “spot” price for residential real estate, which perhaps provides an early view of trends in the broader economy.

“We have been observing strength in the RPX since April, and it now appears that this improvement in home prices was an early indicator of some strength in the general economy,” the report said.

San Francisco ranked No. 1 in May, in terms of price gains, prices surging 7.3 percent versus April. Minneapolis and Milwaukee ranked second and third, with prices climbing 5.5 percent and 4.9 percent, respectively, in May versus April, the data showed.

“Prices in most of these MSAs increased more than would be expected, given historical seasonal patterns,” the report said. “This contrasts starkly to the month-over-month price changes in May 2008, when the seasonal strength typically observable in spring and summer was largely absent.”

Radar Logic said the larger-than-average increase in home prices from April to May 2009 could indicate that seasonal price fluctuations do not fully account for the strength seen in many areas and that seasonal gains are being augmented by a more general recovery in the housing market.

“Unusually mild price declines in the coming autumn and winter would provide further evidence that some markets have started to recover,” the report said.

BIG CITY BLUES

Atlanta, Las Vegas and New York — in contrast to the price growth displayed by most of the MSAs tracked — declined on a month-over-month basis in May, dropping 0.2 percent, 0.6 percent and 1.7 percent, respectively, the data showed.

Radar Logic said the price declines in New York and Las Vegas were not surprising, due to their economies’ reliance on industries that have been hit hard during the recession.

The company also said the absence of seasonal strength in Atlanta was not unusual, either, as seasonal factors do not have a particularly strong influence on the Atlanta RPX relative to the influence of seasonality on other MSAs.

The RPX 25-MSA Composite has increased 3.7 percent since March 30, when it hit its lowest point since the beginning of the housing crisis. Home prices in the western region of the United States have performed particularly well recently, increasing by 6.9 percent since hitting their low on January 22, the report said.

(Editing by Jan Paschal)

Check out this incredible 2BR/2BA loft at Ponce Springs with TONS of upgrades.  This spectacular top floor loft has everything you can imagine and it is priced less that the plain one down the hall with a poor view.  You would not believe all the extras this recently reuded loft has.  Located at 620 Glen Iris Drive #523, Atlanta, Ga 30308 and priced at $274,500 this home is a steal. 

Visit our preferred listings at www.atlprime.com to find out more.  SEE FMLS# 3713647.  For brokers there is a 4% selling commission for all contracts by July 1, 2008.  The seller’s are motivated and have priced their home accordingly.  Contact Bru Krebs at 404-849-2623 for your private showing.  Our office is on site and showing is easy and convenient.

This home has tile floors, internet security camera, tile backsplach upgrade, upgrade tubs, additional spcialty doors, projection scree TV included.  Ask about the furnishings too!  This great loft has granite counters and stainless steel appliances, custom lighting, custom closet shelving systems and much more. Come see and buy today!

If you are thinking about buying a home in the Atlanta area, a PRIME agent is your best resource.  We know where the best properties and deals are.  Our agents keep on top of the market and assist in finding the right place, negotiating the best deal, and getting the right financing.  Buying a home can be tricky, especially if you buy the wrong thing. 

There are several key factors to consider in purchasing a home including location, age, builder and finishes.  Many properties can look the same but be quite different.  For example you may find a property that looks great but has some underlying issues you may not be aware of.  Your PRIME agent can look at the history of the property and how its fits into todays marketplace.  There may be factors you need to consider when making your purchase decision.  Having the right resources makes all the difference.  Many buyers have rushed in and bought properties based on a feeling and not looked at the history.  This has often created a major problem for them in repairs, resale or valuation.  At no cost to you, a PRIME agent can help you sort out these issues to make the most informed decision possible.

“That is my job,” says Prime Broker Bru Krebs, “to make sure my clients are taken care of.  Repeat business is key to my success and happy clients make repeat business.”  The PRIME team works hard to ensure its clients satisfaction not only today, but in the future. “The relationship does not end at the closing table for us,” says Krebs, which is something often overlooked with so many other brokers.  Be careful, be informed and have the right tools and your home buying process will be maximized.

Today, April 27th, 2008 is the last day to see the nearly 700 homes up for auction in Atlanta.  The auction will be on May 4, 5 & 6th at The Georgia World Congress Center.   You can pick up information on the properties at the PRIME REAL ESTATE office located in Ponce Spring Lofts at 620 Glen Iris Drive, Suite 102, Atlanta, GA 30308.  Or contact a PRIME REAL ESTATE sales specialist to get the information.

These homes muse sell and many start bids at only $1000.  The Prime team also has many resale homes ready for move in.  Contact any of the Prime specialists for the perfect property in Atlanta and beyond.  Also, keep a look out for our developer projects in Darien, Coastal Georgia, Buckhead and Sandy Springs.  There are a lot of great deals out there and now is the time to buy.  All market indicators tell us the housing market has hit the bottom and the time to buy is today.  Interest rates have never been better, nor have prices.  Get your PRIME REAL ESTATE today!

Call any PRIME agent for information on Auction properties in Atlanta.  These are foreclosures from Countrywide, Bank of New York, Bear Stearns and more.  Call or stop by.  620 Glen Iris Drive, Suite 102, Atlanta, GA 30308, (404) 685-3774, www.atlprime.com.