Phoenix home building slows as tax credit expiration looms
T he federal tax credit for homebuyers boosted new home sales in metropolitan Phoenix last year. But now the expiration of the credit looms, and new home sales and building have slowed down again. In January, new home closings in the Phoenix area fell to 479, the lowest level in decades, reports the Phoenix Housing Market Letter. Last November, Valley new home sales surged to 1,3124 as builders offered deals to rival foreclosure prices, and buyers rushed to take advantage of the tax credit. In December 2009, there were 956 new home sales. Home building also slowed in January. There were 678 permits … read the rest of this post
Arizona foreclosure help legislation
A rizona Democrats have introduced a package of legislation to help tackle the state’s foreclosure crisis, and protect homeowners. HB 2715 would give homeowners facing foreclosure another 60 days to work out a loan modification. HB 27404 calls for allowing renters in foreclosure homes to stay in the house and continue to pay affordable rents, and homeowners who lose homes to foreclosure to remain as renters; HB 2766 requires a landlord to give a renter at least 30 days notice if they have to move out of a foreclosure home HB 2321 requires homes to be maintained during the foreclosure process. HB 2739 creates a mandatory … read the rest of this post
Phoenix-area home prices up in latest Case-Shiller index
M etro Phoenix home values inched up in the latest S&P/Case-Shiller 20-city home-price index. Between November and December of 2009, home prices ticked up 1.2 percent in the Valley, on a seasonally adjusted basis. Overall, the 20-city index climbed 0.3 percent for the period. Phoenix was one of only five cities to post an increase in home prices. Los Angeles posted the largest increase, 1.4 percent. Year-over-year, the Valley saw home values drop 9.2 percent on the index. While the data lags due to the time it takes to research home prices across the country, Case-Shiller is considered the best national index tracking … read the rest of this post
Arizona to share $1.5 billion in new federal foreclosure aid
A rizona is one of five states that will split $1.5 billion from a new federal program aimed at helping regions hardest hit by home foreclosures. President Barack Obama announced the new funds Friday in Las Vegas as part of a government push to reduce the number of homes falling into foreclosure by assisting unemployed homeowners and other struggling borrowers. Because foreclosures damage home values and have been a critical factor in the collapse of the housing market, any recovery will have to be preceded by a slowdown in repossessed homes. Almost a year ago in Mesa, Obama announced the $75 billion Home … read the rest of this post
Who has received a loan modification?
T he federal foreclosure prevention program has aided about 12 percent of the U.S. homeowners who have applied, according to the latest statistics. At least one million borrowers have applied. Another 76,000 homeowners have been approved and should have loan modification soon, according to the U.S. Treasury Department. Another 830,500 borrowers are in "trial modifcation" periods. Have you received a successful loan modification? Please tell me about it at catherine.reagor@arizonarepublic.com … read the rest of this post