Vinnys House of Real Estate

People are going to keep losing homes throughout 2009 and into 2010.
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NEW YORK — The rate at which people are falling behind on their mortgage payments went up for the ninth straight quarter in the first three months of 2009, and is expected to keep rising through the end of the year, according to credit [...]

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They are trying to find a better way, they are going to pay companies that accept short sales. The catch is that is has to be listed with a realtor, but it doesn’t say if the realtor has to do the short sale, so a 3rd party can..
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WASHINGTON – The Obama administration unveiled new programs [...]

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On March 4, 2009, guidelines were released under President Barack Obama’s Making Home Affordable initiative, which is designed to help up to 9 million homeowners stay in their homes through refinanced mortgages or loan modifications.
To qualify, you must:

Owe between 80-105% of your mortgage. An analysis of Zillow Q4 Real Estate Market Reports shows [...]

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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 prices down [...]

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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, encourage [...]

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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 following its own [...]

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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?” said Central [...]

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Mortgage fraud doesn’t pay!
n the following press release Diane J. Humetewa, U.S. Attorney for the District of Arizona announced that Marcus Dozzell, 34, of Henderson, Nevada was sentenced today to 45 months in prison for his conviction in April 2008 for leading a mortgage fraud scheme in Phoenix, Arizona, San Diego, California and Las Vegas, [...]

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He’s coming to Phoenix to try to work on foreclosures!
“WASHINGTON (AFP) — US President Barack Obama next week heads west to tout a new strategy to prevent home foreclosures after his first big win in Congress with the approval of his 787-billion-dollar economic stimulus plan.
Before traveling to Phoenix, Arizona to promote his efforts to stem [...]

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Looks like part of the bailout money is going to work on stemming foreclosures. Realtytrac estimates another 1million to 2million homes will be foreclosed this year which is staggering.
Fed takes major step toward stalling foreclosures

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