Financial Market Updates June3 29th

Will Fed News Become Good News?



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http://www.mmgweekly.com/w/index.html?SID=e335123b12e0f5cec402ab04e2ea9870

Up to 22% down payment assistance is on its way to Pima County home buyers!!

Stay tuned, but we are expecting a new program for Pima County home buyers that will help out with up to 22% of a borrower’s down payment and closing costs. The 22% will be a deferred low interest rate with a no payment 2nd mortgage. The 2nd mortgage can be forgiven after a period of time. More details should be out on June 19, 2009 and the program is expected to be up and running on July 1st. So far I know that it is going to come from the Arizona Department of Housing and will be for buyers for foreclosed and banked owned properties. I expect this to boost the number of foreclosed and banked own properties sales. These sales tend to drive down the values of homes in neighborhoods because the banks that own these homes are desperate to sell them. Now they can sell these homes for a little more because many more home owners will have access to down payment and closing cost money.


I do not have any details yet but as soon as I do I will post the info.