Some investors eligible for HARP 2 refinancing
& nbsp;Fannie Mae and Freddie Mac are changing the rules in a way doing something that could make metro Phoenix’s many home investors very happy. The new program that allows homeowners with mortgages held by those government-owned mortgage giants to refinance, no matter how underwater they are, now will include investors. When the expanded Home Affordable Refinancing Program, or HARP, was announced in October, investors weren’t going to be to be included. But then federal officials realized that many people who don’t live in a home they own are accidental investors. They can’t sell because they owe much more on their mortgage than their house is … read the rest of this...
December best month of 2011 for new home sales in Phoenix
N ew-home sales across the Phoenix area in 2011 hit their highest level at the end of the year, according to the “Phoenix Housing Market Letter.” In December 855, new homes sold. That’s nearly double the monthly rate in Phoenix for most of 2011. It could be that the supply of foreclosure- and resale homes is at a seven-year low, or the near-record low interest rates. RL Brown and Greg Burger, publishers of the report, are presenting their 2012 forecast at a web conference on Wednesday Jan. 25. Recent new-home sales numbers and the big drop in foreclosure homes for sale could mean a … read the rest of this post
Commercial market dealing with foreclosure issues
P roblems similar to those that played out lenders, servicers and borrowers in housing market during its foreclosure crisis, are now issues for the commercial real estate market. Earlier this week at a Arizona Commercial Mortgage Lenders Association meeting, much of the discussion was about difficulties of buying office buildings, hotels, warehouses, apartments and shopping centers in foreclosure. Like homeowners have experienced with lenders, investors and commercial real estate brokers are dealing problems finding the right person to negotiate a deal with or even the right servicing firm to find out information on the property. During the past few years, many metro Phoenix homeowners … read the rest of this...
Gilbert man indicted for housing investment scheme
A rizona prosecutors have cracked down on another scheme that takes advantage of homeowners facing foreclosure. Gerald Lee Kelly, 47, of Gilbert has been indicted by a federal grand jury in Phoenix for wire and mail fraud, money laundering and structuring financial transactions to avoid federal bank requirements. The indictment alleges that in 2006 and 2007, Kelly operated a business called Cornerstone Financial Holdings, LLC (“Cornerstone”), and through that entity defrauded investors by promising an 18-25% return on their investment. The indictment charges that Kelly told victims that their investments would fund short-term, high-interest loans to distressed homeowners and that they would be … read the rest of this...
New real estate expert at ASU
A rizona State University has a new real estate analyst, but he’s no newcomer to metro Phoenix’s housing market. Mike Orr, publisher of The Cromford Report, the daily online real-estate market analysis for metro Phoenix, has joined the W.P. Carey School of Business. The Oxford University-educated mathematician from England will provide real estate analysis for the university and continue his own real estate report. His new ASU title is director of the Center for Real Estate Theory and Practice. Jay Butler, ASU’s longtime real estate analyst, retired last summer. Orr moved to metro Phoenix from Silicon Valley during the housing boom after a 30-year … read the rest of this...
When will expanded federal refinancing program be launched……
T his week, more questions and concerns about metro Phoenix’s housing market. Question: Concerning HARP. Last I read, it was on hold awaiting more information. Have you heard anything lately about when final details will be release to the public? – AZBoomer1947 Answer: There’s still no word on the federal government’s expanded HARP, Housing Affordable Refinancing ProgramI have received dozens more emails since I last wrote about the program, which is supposed to let many of the state’s homeowners refinance, no matter how underwater they are on their mortgages. In November, U.S. Department of Housing and Urban Development Secretary Shaun Donovan said the expanded … read the rest of this...
Phoenix pet foundation for animals left in foreclosure homes
A few years ago, Phoenix mortgage broker Jodi Polanski began hearing heart wrenching stories from real estate agents about pets abandoned in foreclosure homes. The agents would call the lender or property management firm taking care of the house, but little was being done to help save the cats and dogs left behind. Some agents couldn’t even get in the properties if they heard a pet barking or meowing because they didn’t have keys if the house hadn’t yet been listed for sale. Polanski, who already did some volunteer work with pet rescue groups, took action. She formed the non-profit Lost … read the rest of this post