The home-buyer tax credit is credited for kick starting a jump in real estate sales but you couldn't prove it based on our volume of orders. It's my opinion that even the government giving money away (money they don't have BTW) isn't enough to get people to buy a house if they are concerned about having a job to pay for it. Here's an idea Washington...stop spending money you don't have. Leave the economy alone and it will correct itself. Ironically, they STILL haven't taken the credit for their role in the mortgage meltdown that started this mess in the first place!

February looks like one of the worst in our 25 years, despite great rates, and prices that have become much more reasonable. Sellers are paying closing cost assitance, and it appears to be a real buyer's market. So if you've been sitting on the fence waiting, now is a great time to take the jump. These rates can't last forever and with all of the out of control spending going on in Washington, inflation and possibly double digit 30 year mortgage rates MAY be right around the corner. Yes, I remember the late 70s with 14% mortgages!

The first time home buyer tax credit caused a flurry of sales last fall but the expanded credit which is not limited to just first time home buyers doesn't seem to be having the same effect. When people are not feeling good about the employment situation and the economy and when our country's "leadership" shows so little knowledge of real world business it's no wonder that people aren't worried about buying a bigger house...they are worried about keeping their jobs and paying for the one they are in now! For all of the campaign years, all we heard was "It's the economy, stupid" by Democrats. I say back to them, you were right, it IS the economy, STUPID. Anyone who proposes doing away capital gains taxes for small business doesn't know ANYTHING about the MAIN employment engine of our country...the small business! Capital gains are made on investments, not normal business operations. It is time for our elected Representatives to remember that they are in DC to serve the people and not themselves!

They are already trying to take all the appraiser's money, but loan officers - YOU ARE NEXT! HVCC needs to be revoked. How did a single state attorney general end up making a deal with Freddie and Fanny setting regulations for the entire nation?

It looks like FHA will be lowering the allowable seller paid closing cost assistance from 6% down to 3%. This is expected to lower the trend of agents pushing sellers to raise prices to cover the increased expenses. Also in the works...ten percent down payment for borrowers with very low credit scores. One change they aren't talking about that would ACTUALLY make sense...bring back the old rotational assignment system. It worked. No BS HVCC like concerns. No AMCs getting up to 75% of the appraisal fee. More honest appraisals and lower cost to consumers. Management companies ARE NOT REQUIRED to comply with HUD rules. There are options for small companies such as the Mercury Network and Appraisal Port. Both of these allow you to continue to work with the professionals you have business relationships at a very minimal fee. One client told me last week that an ACM that he wanted me to sign up with charges him $600 for an FHA appraisal. That's nearly $200 MORE than the market here of $400-450. Want to guess what the ACM wants to pay me? $150! Their main concern is who will work the cheapest. Is that who you want doing your appraisals? When experience matters call us. Just say NO to AMCs. They are unlicensed, unregulated and despite what they try to tell you, they are not needed to comply. Email me and I can give you more information on how to comply without being ripped off by AMCs. RLC@RLCarmichael.com