Arizona ranks 4th in U.S. for mortgage fraud
A rizona now ranks fourth for mortgage fraud nationally. It’s the first time the state has cracked the top five for the problem, according to data released this week from the Mortgage Asset Research Institute. Florida, New York and California (in that order) rank ahead of Arizona for 2009 mortgage fraud cases. The most prevalent type of home loan fraud is application misrepresentation, which includes borrowers lying about income. Overall, U.S. mortgage fraud climbed 7 percent last year. Jennifer Butts, manager of data processing at the Mortgage Asset Research Institute, said mortgage fraud typically goes undetected until a loan goes into foreclosure. Arizona … read the rest of this...
Arizona legislation to aid renters in foreclosure homes moves forward
L egislation to help with Arizona’s foreclosure problem passed the state Senate today. House Bill 2766, sponsored by Rep. Barbara McGuire, D-Kearny (District 23), requires a landlord to allow a tenant at least 30 days to vacate a foreclosed property. It’s the only piece of legislation form the House Democrats’ Foreclosure Rescue for Arizona package to move forward. “This bill will help Arizona get back on the right track when our state ranked second in the nation for foreclosures,” McGuire said. “It gives families and renters enough time to find a new home at a time of foreclosure through no fault of their own.” McGuire’s bill also requires a landlord to provide … read the rest of this...
Trying to figure out what your Phoenix-area home is worth….
V aluing a home today in metropolitan Phoenix is difficult for many homeowners. Foreclosures and short sales weigh heavily on comparable sales figures, the “comps,” in every neighborhood. How those below market sale prices affect a home’s value varies by neighborhood. To help readers develop their own real-time estimates of a home’s value, I asked a group of area real estate and lending experts for their advice. The worksheet they helped me develop will appear later this week with a story on home market psychology. The experts acknowledge that a specific home’s market value can be hard to pin down. But with … read the rest of this post
Arizona's Housing Wage: do you make enough to afford decent housing?
T he average Arizona family must earn $17 an hour to afford decent housing and utilities in Arizona now. The figure is considered "Arizona’s housing wage" and comes from the report Out of Reach 2010 published by the National Low Income Coalition and the Arizona Housing Alliance this week. Arizona is the 18th most expensive state for housing costs in the nation. The National Housing Wage is $18.44 in 2010. “Again the Out of Reach data demonstrates that it is becoming more difficult for low income families to find decent homes they can afford in Arizona,” said Valerie Iverson, executive director of the Arizona … read the rest of this post
Phoenix apartment rents rising
P hoenix apartment rents are climbing as more units are leased. New data from RealFacts shows the average rental rate in the Phoenix-area climbed 4.5 percent during the first quarter of this year. The region’s new average rent is $725, up from $694 during the last quarter of 2009. The apartment data tracking firm said Phoenix’s recent increase in rental rates made up for losses during the second half of last year. Other cities across the country to post increases in rental rates included, Charlotte, N.C., Denver, Salt Lake City and San Antonio. Phoenix’s apartment occupancy rate climbed 1 percent during the first quarter. There are more … read the rest of this...