September 2009

City Heights is going through the approval process to be able to sell homes to homeowners who only want to put 3.5 percent as a down payment. It is getting approved for FHA financing. Since City Heights is the only downtown high rise to be more than 50 percent sold, it was able to apply for this. While the market is showing signs of recovery, prices and interest rates this low can't last. And now that City Heights can do FHA financing, these homes will sell fast. Stop in today to see how you can own one of these beautiful homes.

City Heights residents (more than half the building is occupied) are enjoying downtown living with fantastic views at a great value. No other high rise in downtown San Jose offers as much for as little as City Heights.

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    San Jose homebuyers that are contemplating purchasing a condominium should review a long list of documents and other property information to make sure that the property being considerd is a solid buy in this challenging market.

    The following information is a the top of the must-consider list:

• Budget. Examine the current budget, a year-to-date statement of income and expenses, and a couple of previous years’ budgets to see how they’ve changed.

• Reserve study. Understand the plan for maintenance and how it will be paid for.

• Special assessments. Ask if there have been any and whether more are planned.

• Delinquencies. How many owners are behind in their payments? Many lenders say no more than 15

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RATE/MARKET UPDATE

Rates on conforming loans up to $417k and super-conforming loans up to $729k end this week down another .125% following two weeks of already-low rates. Rates for jumbo loans above $729k aren’t down as much because those rates don’t trade all day every day like conforming loan rates do. The mortgage bonds that rates are tied rallied 9 straight trading sessions (on tame inflation data and stock weakness) before giving up ground today (on news of “only” 216k jobs lost in August). All year, mortgage bonds have traded up for about two to three sessions before correcting, so this past two weeks may put bonds an overbought position and rates will rise next week as bonds sell off.

It’s a light economic calendar following the holiday

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By GORDON DICKSONgdickson@star-telegram.comFORT WORTH — Relief is on the way for Dallas Cowboys fans who don’t want to pay up to $75 for parking near the team’s new stadium in Arlington.The Fort Worth Transportation Authority will provide shuttle buses from downtown Fort Worth to Cowboys Stadium for each regular season game, beginning with the Sept. 20 home opener against the New York Giants.The new Cowboy Coaches service will cost just $5 per person, plus an optional $5-per-vehicle fee for those who wish to park at the T&P Station lot, where the buses will depart."We should get you out to the game in plenty time to see the stadium, have a hot dog or whatever, before kickoff," said T president Dick Ruddell, who plans…

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