My goal is to help Diablo Valley customers to achieve their most successful real estate transactions. As an agent, I like to offer buyers or sellers, the accurate market analysis to reach the price they should pay for their dream home. I have never felt more strongly that anyone who has ever considered purchasing real estate should do it now. The strong influence of a relentless flood of foreclosures and a lackluster economy sets a very attractive buyers market. Still, a lot of Contra Costa residents are waiting for a lower bottom. I’d like to remind everyone that nobody has control over any kind of market, so when you find the right home , the right price for your budget, the right location, just BUY IT. In the mortgage corner, the new legislation was signed to bail out the financial industry. The Federal Housing Administration (FHA) hopes that it will provide relief to homeowners struggling with foreclosure woes. It also hopes to calm the fears on Wall Street by offering support and financial relief to the beleaguered government-sponsored mortgage institutions, Fannie Mae and Freddie Mac. Homeowners with negative equity or who where behind on payments, had little or no option for refinancing into a more favorable loan, leaving foreclosure or a short sale as the only alternative. Under this act, the FHA can now refinance those homes at up to 90% of the current Value. The current lenders will forgive the remaining balance of the loans. The catch? Homeowners will be required to share in the future appreciation (50-100%) with the FHA and must meet a payment burden test to qualify. Uncle Sam will now issue a tax credit of 10% of the home purchase price up to $7,500, for first-time homebuyers through July 2009. The credit must be repaid over 15 years. The temporary loan limits were set higher at $729,750 until their expiration date on December 31, 2008. The minimum down payment for an FHA loan will increase to 3.5% from 3.0%. The media is all too happy to report on bad news, throwing gas on the fire and hurting the greater housing market. All the ingredients are in place for a housing rebound in the Danville, Pleasant Hill and the Lafayette areas (Lamorinda). There is just one missing ingredient: a series of media reports that buoys the confidence of all buyers waiting for signs that the bottom has hit.