The Los Angeles Times reports that Mortgage rates have dropped to their lowest point in five decades, down to 4.57%.  And although these unprecedented rates have yet to fuel a surge in home sales, the promise for those looking to buy today is that money is cheap.

If you’re renting &  thinking of buying, talk with your mortgage broker or Lender and do the math.  Think about how it would feel to start paying down your own mortgage instead of that of someone else.

“The Home Buyers Assistance Act of 2010 would push the deadline to midnight September 30, 2010 on contracts that were signed by the midnight April 30 deadline.” Ellen Yan of RISMedia reports.

This will give much needed relief to those individuals who met the “Under contract by April 30th deadline,” but for unforeseen circumstances were not able to close escrow by June 30th.

To clarify, this does not open the doors for individuals looking to buy today to qualify for the $8,000 tax credit.  You must have met the deadline of April 30th 2010 in order to fall under this extension to close escrow by Sept 30 should the Bill be passed by the Senate.

The Beverly Press announced that Resmark Equity Partners recently purchased the property and acquired financing to finish it.

The project is finally going to be resuscitated, however; the finished product, according to Resmark will include apartments as opposed to condominiums as originally slated.  How will this fare the neighborhood and the housing economy? And yet another “Unknown” will soon be lingering(as if there hasn’t been enough lingering going on), and that unknown is the Name.  Resmark is possibly re-naming the project.  What will it be?

But first, I feel I need to share my arguments on some points in hopes that you will keep them in  mind when reading it.

1) I feel the counter offer stage is vital to getting both sides to come to an agreement…that is the point of counters.  I don’t believe that 3 counter offers will de-rail an agreement.  It may heat things up, but satisfaction can be achieved.  It’s the Agent’s job to keep things cool and calm.  So counter away.

2) The state of the market does “typically” dictate who may have the upper hand.  But I believe it is important to keep in mind the location(location, location) of the property and specifically what the market is like in that area.

3) Emotions are a part of the real estate transaction no matter how you look at it.  It’s hard for either party to turn it off.  As long as you keep in mind that it is a business transaction, you can try and minimize the emotions from running rampant.  Again, a good real estate agent should navigate both parties through this effectively.

Federal law offers up to $8,000 for first-time homebuyers and $6,500 for long-time residents.  California law offers up to $10,000 for first-time homebuyers or buyers of properties that have never been occupied.  No links in this Post, just a handy summary of the two tax credit laws below:

KEEP IN MIND-the Federal tax credit expiration date is quickly approaching(See below)

Are we experiencing a drop-off or a slower pace of NOD’s being filed?  Or are we seeing and expecting a new release of foreclosures coming down the pike?

You can read all kinds of statistics that prove either side of the story.  The best medication to help settle any fears is to better understand the market activity in your specific area.  If homes are selling, despite distressed properties, people are buying.

Eventually we are going to eat all the distressed properties up and leave only simple-sales to once again, correct the market.  But one thing we do know for sure is that we will have a correct market someday.  It’s all cyclical right?

The buyers eagerly awaited its premiere, to cautiously step beyond its contemporary, loft-like thresholds.  But then…… Hancock Lofts faded, and the story ended.  Or did it?

Let’s pretend to turn the page and the story emerges! We learn from Curbed LA that the contemporary Koning Eizenberg designed building collecting mere glimpses from those passing by gets a second chance from Kennedy Wilson(Auction house) by selling at auction on April 25th.

And it screams opportunity for those looking to claim their stake in prime WEHO real estate….at a much reduced, most appropriate price.

Might the masses come?

Some simple principles can be followed to your existing home when doing both an extensive remodel/renovation, or a simple upgrade.

And the paybacks can be just as simple!

And while foreclosures represented 43.8% in January, according to DataQuick, this was down from an all-time high of 58.8% in Feb 2009.

While sales overall fell 3.8% from the same period a year ago, DataQuick says it is because people are still finding it difficult to secure financing, and uncertain of job security.  They also indicated that some people are finding it difficult to compete for homes as the inventory shrinks.

LA Perfect!

It’s hard to find any good in an article that speaks of a recession like we are experiencing.  But when it alludes to a possible ease in that recession, it still lightens the air we breathe just a bit.

The comments that follow give individual perspectives, throwing in that, “What to believe” wrench.

Regardless, the best way to understand what is going on in your area is to ask a local real estate professional…and I just happen to know one.