Nationwide, the average closing fees on a $200,000 mortgage, with 20% down and a 30-year fixed-rate loan, totaled $2,732, down from $3,118 in 2008, the study found. Closing costs for home buyers haven’t been this low since 2007, the survey said.

Average U.S. closing costs fall; San Francisco grabs the No. 4 spot [LA Times]

If you have questions about the “Analyze” button or if you’re a real estate professional that would like to strenghthen your relationships with your clients and find new, motivated investor clients, please call our sales representative, Rob McPherson at (434) 242 5188 to get started.

eRealInvestor has a Twitter account too and we encourage you to follow us, we just may follow you back.  Either way, we’d love to hear your thoughts about using Twitter as a means to market property, find buyers, sellers and promote your brand.  Please make comments here, we’d love to hear what you think about the micro-blogging world. 

S.F. man tries selling his condo on Twitter [SF Weekly]
Twitter Co-Founder Biz Stone’s Berkeley Home [Home Girl]

Click the map to see it in action.  It is a graphic reprentation of how the recession has cut deeply into housing security, employment and income of many Americans.  The interactive maps show foreclosure and jobless rates as well as household income by county.

Interactive Map: The Economy Where You Live [NPR]
property search [eRealInvestor]

KEEP THIS IN MIND

• On average, inventories of California homes priced less than $300,000—the most-popular
price point for foreclosure buyers—have shrunk from a nearly 10-month supply a year ago, to
less than a three and a half-month supply in July, according to the CALIFORNIA
ASSOCIATION OF REALTORS® (C.A.R.)

• Because inventory levels of homes priced in the lower end of the market are low, some buyers
are finding that sellers are not willing to negotiate on the price. In many instances, sellers
expect the first offer to be the best and highest possible for the buyer.

• Instead of holding onto REOs for the best prices—and paying the property taxes and
maintenance and heating costs—many banks are selling the homes as quickly as possible,
according to Foreclosure.com. “In this market, if they can liquidate them fast, it makes more
sense to get them off the books,” said the company’s founder.

• Despite efforts by lenders and the government to prevent foreclosures, many economists and
housing analysts predict there will be another wave of foreclosures by year’s end, and many of
those properties will be offered for sale. According to the U.S. Comptroller of the Currency, 53
percent of loans that were modified in the first half of 2008 fell back into arrears.

Buy foreclosures now - before it’s too late [CNN Money]

The median home price plunged a record 15.6% during the second quarter, versus a year earlier, according to a report from the National Association of Realtors.

But on a more upbeat note, the median home price rose 4% in the quarter versus the first quarter of 2009, rising to $174,100 from $167,300.

Stocks sustain gains after Fed [CNN Money]

WASHINGTON - U.S. Department of Housing and Urban Development Secretary Shaun Donovan today announced the Federal Housing Administration (FHA) has implemented changes to its loan modification program to ensure consistency with the Obama Administration’s Home Affordable Modification Program. By August 15, FHA borrowers will be able to significantly reduce their monthly mortgage payments by seeking a loan modification through their current mortgage company or loan servicer under the new FHA-Home Affordable Modification Program (FHA-HAMP).

“Today, we’re bringing another important tool to the table to help struggling families who are desperate to keep their homes,” said Donovan. “Tens of thousands of FHA borrowers will now be able to modify their mortgages in the same manner as so many others who are taking advantage of the Administration’’s Making Home Affordable program. This is just the latest tool we are providing to help homeowners prevent foreclosures through the Making Home Affordable program. Earlier this month we announced an expansion of the Home Affordable Refinance Program to borrowers who are up to 125 percent underwater. Together, these actions will significantly increase the help available to homeowners.”

The Helping Families Save Their Homes Act of 2009, signed into law on May 20, allows FHA to give qualified FHA-insured borrowers the opportunity to reduce their monthly mortgage payment by modifying the mortgage through FHA-HAMP. FHA released the program’s implementation guidelines today. FHA expects all servicers to implement the changes by August 15. The program permanently reduces a family’s monthly mortgage payment through the use of a partial claim, which defers the repayment of mortgage principal through an interest-free subordinate mortgage that is not due until the first mortgage is paid off.

FHA has used the partial claim option in the past, which allows a lender to advance funds on behalf of a borrower, to reinstate a delinquent loan that was up to 12 months delinquent. Now, this program will allow HUD to bring the borrower’s payment down to an affordable level. This will be accomplished by bringing the mortgage current, buying down the loan by up to 30 percent of the unpaid principal balance and deferring these amounts in a partial claim.

FHA will pay an incentive to loan servicers for each FHA loan modified under this program. A Mortgagee Letter, along with detailed requirements for the FHA-Home Affordable Modification Program, was distributed to all FHA lenders today. The implementation of this program will further the Obama Administration’s efforts to stabilize the housing market by helping homeowners to stay current on their mortgages and stay in their homes, therefore preventing the destructive impact of foreclosures on families and communities.

Making Home Affordable, a comprehensive plan to stabilize the U.S. housing market, was first announced by the Obama Administration on February 18. More than 200,000 trial loan modifications are already underway, tens of thousands of refinancings have closed, and informational mailings about the program have been sent to more than one million borrowers who may be eligible.

FHA borrowers who are experiencing difficulty making their mortgage payments should contact their loan servicer or HUD’s National Servicing Center at (888) 297-8685 to determine if they qualify for the FHA-Home Affordable Modification Program. The Mortgagee Letter, with detailed information about the program, is available on the HUD website. Non-FHA borrowers can find information about the Obama Administration’s Making Home Affordable program at www.makinghomeaffordable.gov.

Mike Genstil, CEO of eRealInvestor, details why it’s critical that investors have access to complete information to make more informed purchase decisions.