Posted in Foreclosure, Real Estate on Mar 31st, 2009
Talk about an over-correction! Now is the time to invest, these low prices won’t be around forever. Housing prices in 20 major cities fell at record monthly and annual levels in January, and Phoenix has the dubious distinction of leading the declines, according to the Case-Shiller Home Price Index. The private report released Tuesday shows [...]
Posted in Mortgages on Mar 25th, 2009
If you’re confused by the new $75 billion mortgage loan modification program Congress just passed and that was signed by President Obama, you’re not alone. Do you qualify? What do you need to do to find out? The new initiative is called Making Home Affordable. There are two separate programs within it, the Home Affordable [...]
Posted in Foreclosure on Mar 25th, 2009
This is a current resolution they are working on, the ban all foreclosures. This would be very interesting, not sure how it helps anyone. Resolved, That it is the sense of the House of Representatives that– (1) the President of the United States should declare a national residential mortgage foreclosure emergency and, through such declaration, [...]
Posted in Foreclosure, Real Estate on Mar 23rd, 2009
Great article on three zip codes in the area and how they are faring the storm: When will the housing market hit bottom, and how long will it take to get there? The answer is clear: It depends on where you live. The Valley’s housing slump is really a collection of highly localized downturns, each [...]
Posted in Real Estate on Mar 17th, 2009
This article is more proof that Arizona is a great market to invest in! ***************************** SCOTTSDALE, AZ-Laguna Pacific Cos. has secured an international investment partner for a fund to acquire distressed single-family and multi-family land projects. The Southwest Land Opportunity Fund’s primary target is Arizona, but it will also consider select areas in California and [...]
Posted in Foreclosure, Real Estate on Mar 16th, 2009
The City of Phoenix will begin offering homebuyers thousands of dollars towards the purchase of a foreclosed home. The new program will award homebuyers $15,000 dollars if they buy a foreclosed single family home, townhouse or condominium within Phoenix city limits. “We have a lot of foreclosures. If it (prompts) people to buy, why not?” [...]
Posted in Real Estate on Mar 15th, 2009
Some Valley realtors are seeing what they consider to be a surprising trend in this tough market. All cash sales. “It is amazing,” said Brett Barry of Realty Executives in Cave Creek. “There are some investors but we’re also seeing regular buyers looking to buy a first or second home.” Barry says of the fifteen [...]
Posted in Everyday Stuff on Mar 14th, 2009
SCOTTSDALE – Scottsdale’s median home price in February dropped 23 percent compared to a year earlier as a surge in foreclosures hurt the market, according to the latest report from Arizona State University Realty Studies. The median price of an existing home was $395,000, down from $513,300 in February 2008. Foreclosures accounted for 40 percent [...]
Posted in Mortgages on Mar 14th, 2009
The average rate for a 30-year mortgage declined by 0.12 percentage points as the jobs market weakened, according to Freddie Mac (FRE: 0.402, 0.007, 1.77%). “Mortgage rates had room to ease this week following news of a weaker jobs market, which may slow consumer spending and keep inflation at bay,” said Freddie Mac Chief Economist [...]
Posted in Mortgages on Mar 5th, 2009
This is the first article I have seen that talks about a real problem people are going to face. Many of the mortgages are owned by investors, they are not going to like the fact that their “paper” is going to be re-negotiated without their consent.. “The program does nothing to address what has been [...]