Here are what is PUBLISHED for Mountain House, the reason I state this is due to the number of new homes that are for sale with incredible incentives from Builders that are not published on the MLS.  If you are a buyer, talk to an agent before you go visit a new home community.  Have an agent escort you, otherwise you don't have anyone representing YOU.Active Listings  76Pending Sale     4Sold in the past 30 days:  1 - ONE!  Wow that is scary.  The one home that sold was a brand new construction home.What this means, if you are a buyer, and you plan on holding on to your property for 5 - 8 years Mountain House might have some incredible deals ready for you. 10/15/2007

In a surprise move, The Fed lowered their Discount Rate by a half percent this morning. The Discount Rate is the rate at which the Fed lends money directly to commercial banks, credit unions and large lenders. It is different than the Fed Funds Rate, which is the rate at which banks lend money to other banks. Although the cut provides some liquidity relief for lenders it does not directly affect mortgage rates. This cut, along with the extension of the borrowing period from overnight to 30 days, could allow time for the credit markets to settle a bit and help some large financial institutions better weather the storm. I am advising floating for now, but don't blink because things can change fast. Shelley Puentes, C.M.P.SPacific Mortgage ConsultantsMountain House, Tracy, Livermore, CA510... 08/17/2007

Lenders have been modifing the ARM notes of borrowers who have adjusted into higher interest rates from my experience. The existing lenders have not required new appraisals or fee to modify the notes. Which has been a God sent to the borrowers since they are completely upside down on their homes at the moment.I am waiting to hear if another lender has agreeed to modifiy their note. They were going to let the borrower know what their decision was this past Friday so I will keep you posted. Otherwise, the borrower's probably will  be looking at foreclosure and/or BK but hopefully not.   Shelley Puentes, Certified Mortgage Planner Specialist Pacific Mortgage ConsultantsShelley@JustYourFavorite.com925-215-0850 office   08/12/2007