This Issue Highlights are:

Santa Clara County Home Sales at Highest Level Since May 07

Home sales increased, year-over-year, by 10.9% in May. This is the eleventh month in a row homes sales have been up compared to the year before. The 984 homes sold were the most since May 2007 when there were 1,022 homes sold. Year-to-date, home sales are up 26.7%. Click here for the full report

For a complete city-by-city statistics for Single Family Homes and Condos /Town-homes. Click here

The Basics: 2009 First-Time Home Buyer Tax Credit

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase. Click here for the full report

Mortgage Rate Outlook

May 29, 2009 -- Bond and mortgage markets spasmed this week, and the corresponding sharp rise in rates over a two-day period served as a reminder that even a battered private market markets can be a dangerous animal. It wasn't completely clear what sparked the rout, but there was speculation that a combination of unclear goals in Federal Reserve quantitative easing programs, floods of new sovereign debt and shoddy treatment of GM bondholders all led to the selloff. Click here for the full report

Pending Home Sales Up Third Month in a Row

 May 1, 2009 -- Signs the economy may be stumbling back to life are becoming more evident. At some point, perhaps sooner than anticipated, we may find ourselves on the cusp of actual recovery. When that happens, concerns about inflation will quickly find their way back into the economy, and mortgage interest rates will begin to rise.

This week, the overall average for residential fixed-rate mortgages eased by four basis points. HSH's Fixed-Rate Mortgage Indicator -- inclusive of conforming, jumbo and "high-limit" conforming loans -- dipped back to 5.43%. The FRMI's 5/1 Hybrid counterpart also shed four basis points to land at 5.15% for the period. Conforming 30-year FRMs moved down a like amount, again landing at just under 5%, while "true" jumbo mortgages increased by a single basis point. Click here for the full report

For a list of my preferred lenders, please call or send me an email.

Join me at my next educational seminars:

The Secrets of Profitable Real Estate Investing

The seminar will address the following topics:

In addition, I will cover the basics of real estate investing and tax implications, review the future growth of U.S. markets and demonstrate the compelling reasons why everyone should diversify (especially now) and consider investing in real estate. Join me at my next real estate Investment seminar on Saturday June 30th, from 6:30PM to 9:15PM, click here to register to the Secret of Profitable Real Estate Investing Seminar.

Silicon Valley Home Buyers Seminar

I will cover the following topics:

Join me on Tuesday July 25th, from 9:40AM to 12:15PM. click here to register to the Silicon Valley Home Buying Seminar.

If you know of someone who may benefit from attending my presentation, please bring him or her, or just forward this email to him or her.

BTW – Sandwiches and beverages will be served.
 
Sincerely,                                                                          

Avi Urban