Here is another great email from Mary Ellen Kohut of The Mortgage Advantage, Inc:
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Good morning comrades. "Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the heart and minds of men there must be strict supervision of all banking and credits: and investments, so that there will be an end to speculation with other people's money." President Bush? John McCain? Barack Obama? Jon Stewart? Nope. Franklin Delano Roosevelt, President from 1933 to 1945. By 1933 depositors had lost over 140 billion dollars due to the frolics of Wall Street. Along with the stock market crash of 1929 it began a downward spiral into what is known as the "Great Depression".

The U. S population then was a mere 123 million souls compared to over 305 million today. Through the years we have allowed Wall Street to ease back in to take control of our money and our country. As a result the 700 billion dollar proposed bail out plan may be the socialist answer to save our economy, but it may be the only answer. While our leaders on Capitol Hill are posturing for a plan to carve their initials, Washington Mutual was taken over last night by the Fed and will be chopped up with a big slice being given to Chase. This is by far the largest bank failure in U. S. history. Why is the government stepping in when our capitalist motto is for the government to stay out of our companies? The sins of Wall Street have seeped into virtually every business (think 401k's) in the U. S. and the world. We all should be mad as heck, but if we do not have banks or have lending - we do not have an economy. This time around it is not just about us. Banks, investments, all ethnic groups, cultures, careers and savings are intertwined throughout our globe.

FYI: Get Out!!! We, as a country will get through this. Houses are selling. Fannie, Freddie, FHA and VA are all controlled by the government, so there are loans for home buyers. Step away from the T. V. , your P.D.A, and talk radio and take yourself and family on a drive to Sedona to the State of the Art Festival, or to the high country and go hiking, or visit a museum for free, compliments of the Smithsonian on Saturday. Take in a happy movie. Eat at your favorite restaurant. Get out and enjoy the life we have!

Mary Ellen


Truth In Lending Promotes Trust In Lending

Mary Ellen Kohut, Mortgage Specialist
The Mortgage Advantage, Inc.
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Wise words. Especially about getting out and enjoying our families at a time when the economic structure seems so shaky. There is no better time to get back to basics and remember what is TRULY important, the health and happiness of our families.

Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!

This is something that came across my desk from Mark Sheck, Senior Loan Officer of Cherry Creek Mortgage. Changes in lending are being made for people trying to rent their existing home to purchase a new primary residence. With all the shake up in the market and mortgage industry, it is no wonder they are trying to regulate this new tactic as people want to take advantage of the lower prices and get more house for less money. Here are key points to the new Federal Housing Administration (FHA) guidelines:
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Here are the 7 things you need to know about these changes:

1. This is a temporary change, and effective as of September 19th, 2008.
2. The borrower must be relocating to a new job location.
3. The new home must be outside reasonable commuting distance from the current residence (UW's discretion).
4. The borrower must have a fully executed lease with at least a 1-year term from the closing date of their new mortgage.
5. The borrower must document receipt of the security deposit and/or first month's rent.
6. Current residence must have an LTV of 75% or less.
7. The value of current residence can be proved with the following:. * Appraisal no more than 6 months old, or * Original HUD-1 and current bank statement.
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Thanks to Mark Sheck from Cherry Creek Mortgage for keeping us up to date on these changes!!

Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!

This was sent to me by another agent in our office. I thought it was worth passing on. This could mean good things for home buyers, in addition to the great low mortgage rates AND super deals on foreclosed properties!!

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Washington, DC - September 16, 2008
By: Nehemiah Corporation of America

A Bill that would save seller-funded downpayment assistance from being eliminated on October 1 passed the House Financial Services Committee today on a voice vote amidst strong bipartisan support. The Bill, The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008, or H.R. 6694, is expected to move to the floor for a full vote in the coming days.

"We continue to believe that reinstating downpayment assistance (DPA) will ensure that working-class families that have nowhere else to turn for help will still be able to own a home," said Scott Syphax, president and CEO of the Nehemiah Corporation of America, the largest and oldest provider of downpayment assistance. "The strong bipartisan support demonstrated during today's hearing speaks to the growing sentiment that the original Housing Bill was wrong to ban DPA. As H.R. 6694 continues to move through the House and onto the Senate, we urge members of Congress, like so many others, to vote to 'amend - not end' these important programs and correct the mistake made through the initial ban."

The October 1 ban was written into law by President Bush when he signed H.R. 3221 Housing and Economic Recovery Act of 2008 on July 30, 2008. H.R. 6694 was introduced in the House of Representatives by Congressmen Green, Miller and Shays and Congresswoman Waters on July 31, 2008. If enacted into law, it will allow downpayment assistance to continue indefinitely.

Ben Allred

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Mike Billingsley
Remax Power Realty

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Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!

Here is a video that explains the take over of Freddie Mac and Fannie Mae and what that may mean for you. I know many may be interested in this latest news and what this means for the economy and real estate market.

http://www.myfoxphoenix.com/myfox/pages/Home/Detail;jsessionid=0D2A6FE1DD0BCA86E9D6CBCD21DFFE8B?contentId=7379081&version=2&locale=EN-US&layoutCode=VSTY&pageId=1.1.1&sflg=1

Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!

Wow, things just keep getting more "interesting" in the mortgage industry. If you've been wondering about this take over and how it may impact you, here are a couple of links worth looking at. Rates will likely get lower before they go higher, that plus the screaming deals make it a great time to pick up an investment property if you are so inclined.

http://webmail.west.cox.net/do/redirect?url=http%253A%252F%252Fwww.remax.net%252Fstories%252Fmainst%252F20080910%252F8683.htm

http://webmail.west.cox.net/do/redirect?url=http%253A%252F%252Fwww.marketwatch.com%252Fnews%252Fstory%252Ftreasury-set-bail-out-fannie%252Fstory.aspx%253Fguid%253D46d1439e-a2c4-418c-9be0-09be0b9ee60d

http://webmail.west.cox.net/do/redirect?url=http%253A%252F%252Fwww.sfgate.com%252Fcgi-bin%252Farticle.cgi%253Ff%253D%252Fc%252Fa%252F2008%252F09%252F09%252FED7R12R6CA.DTL

Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!

Here are a couple of graphs to give you a visual representation of the market levels these days. The top one covers all areas of the Valley and the bottom one just focuses on Maricopa and Queen Creek.



Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!

As property values drop, you may be wondering just how you can build equity in your home. Paying extra per month, even small amounts, can really add up in terms of paying off your loan sooner and building more equity. Simple things like 1 extra payment per year can save you thousands in interest. Even something as little as $20 extra per month can really make a difference. Here is a flyer I scanned which has some other great ways to save you money and help pay off your mortgage faster! Click for full size image.

Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!

Woodside Homes is the latest to go into bankruptcy. They were ranked the 26th on Builder Magazines list of 100 largest homebuilders in 2007. They have 9 communities in the valley. Read more about it here:

http://www.azcentral.com/realestate/articles/2008/08/28/20080828biz-woodside0829-ON.html

Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!