By Michael Rueb, Elliott Bay Mortgage

Are you among those who have been waiting patiently for real estate prices to hit bottom. Are you telling yourself that when prices finally do hit bottom you will seize the opportunity snatching up the bargain of the century? Have you seized your opportunity or are you now manufacturing excuses about why it’s not the best time?

Housing prices will continue to fluctuate and may or may not be at their rock bottom. Regardless if prices have reached the bottom or are near the bottom, your opportunity is now. Besides housing prices being the lowest they’ve been in centuries, current housing inventory is at an all time high offering a multiplicity of choices.

Our current economic situation is certainly a precarious situation for many. For buyers seeking to purchase a new home or add an investment property to their portfolio our current economic situation presents a plethora of opportunities. Our country is saturated with real estate opportunities each ready to provide positive cash flow even before the ink on the loans dry.

Is every opportunity the bargain you are looking for? No, of course not.

Is every seller desperate and willing to give their property away for a fraction of its value? No.

Do expert Realtors know how to locate properties with positive cash flow? Yes, absolutely.

There are countless real estate opportunities available today. If you haven’t already plunged into the investment market than ask yourself why not. Do you need help?

Before you buy do your homework. Make an appointment with your Loan Officer to determine what you can afford. Discuss with your Loan Officer any changes that can be made to improve your cash flow and debt structure. Next, make an appointment with your Realtor to discuss what you’re looking for. Be sure to talk to your Realtor about your budget for expenses like upkeep and repairs, remember even the best properties will have repairs from time to time.

You already know that now is the best time to buy, now take action. How many times have you heard someone say, "About 10 years ago, I got this amazing deal when prices were depressed, and I'm still making money from that deal each and every day." Is there any reason that can't be you?

This week the U.S. Department of Treasury released its report detailing the progress of the Making Home Affordable (MHA) loan modification program. Particulars of the report reveal a vast fluctuation between the top and bottom of class. Among the top performers of the 38 loan servicers participating in the MHA Program were JP Morgan Chase and GMAC Mortgage, with both initiating trial loan modifications for 20 percent of eligible borrowers over 60 days delinquent on their mortgages. Of the major lenders, at only 4 percent of eligible borrowers, Bank of America had one of the lowest rates of trial loan modifications, followed closely by Wells Fargo at 6 percent. Included in the Bank of America loan portfolio are loans formerly serviced by Countrywide, which Bank of America acquired at the end of 2008. With the above top three lenders only accounting for 24% of overall loan modifications the remaining 76% has been initiated by much smaller lenders. Ostensibly smaller lenders have greater flexibility to change and implement systems more quickly. Only 9 percent modified To date, the trial loan modification process has been initiated by 235,000 at risk homeowners nationwide, or approximately 9 percent of the 2.7 million mortgages that are seriously past due and serviced by the 38 participating lenders. The loan modification program’s trial stage is over after a three month period, provided the homeowner has made each of the three-monthly mortgage payments as scheduled. The Obama Administration has requested that loan servicers commit to initiating an additional 500,000 trial loan modifications by November 1st, more than double the progress of the plan from the first five months. The report explains that participating lenders have extended more than 400,000 loan modification offers, (15 percent of eligible homeowners) but does not identify the reason for such a large disparity between eligible homeowners and participating homeowners. On target for plan The loan modification program has been under much scrutiny since many consider current progress to fall short of expectation. The administration stated that recent numbers reveal the plan is on target to accomplish its goal of 3 to 4 million loan modifications over three years. Approximately 85 percent of all U.S. mortgages are serviced by the 38 mortgage servicers participating in the loan modification program. The report does not provide information regarding dates participating lenders initiated the program internally or explain why some lenders are not participating in the program and if those lenders will eventually. The official press release and link to the report are available on the U.S. Treasury website.