Number of Phoenix rentals in foreclosure climbs
M ore renters in the Phoenix area are finding notices of foreclosure auctions on their front doors. The number of rental homes in the region falling into foreclosure is climbing. There are now about 6,025 houses – classified as rentals on real estate documents – in foreclosure, reports Netvaluecentral Inc. The figure has climbed by more than 200 in two months. Netvalue has a site open to the public that allows the region’s renters to see if the home they’re leasing is in foreclosures: www.aznvc.com. … read the rest of this post
Phoenix home prices down
H ome prices in metropolitan Phoenix have been slipping during the past month, prompting concern about a double dip in the region’s housing values. So far, Phoenix-area home prices are still well above the low they hit in March 2009. The average price-per-square-foot of metro Phoenix home sales fell to $89.38 this week, according to Mike Orr’s Cromford Report that analyzes daily sales data from the Arizona Regional Multiple Listing Service and public records. Current sale prices are down about 4 percent from a month ago when the average square foot sale price was $92.90. The low for the region’s home prices during this … read the rest of this post
Phoenix apartment rents slip
A partment owners must compete with the landlords of the growing number of former foreclosure homes for rent in metropolitan Phoenix now. The average apartment rent dipped to $721 during the second quarter, reports national multi-family research firm RealFacts. The region’s average apartment rent was $725 during the first quarter, and $766 last summer. Most metro areas tracked by RealFacts posted increases in rental rates in the latest survey. The firm puts the national average rent at $950, up $7 from the first quarter. Metro Phoenix’s apartment occupancy recently rate climbed half a percentage point to 88.6 percent. … read the rest of this post
The Foreclosure Process
I t is estimated that 1 out of every 200 homes will be foreclosed upon and that 250,000 families enter into foreclosure every 3 months. In Arizona, the foreclosure rate is among the nations’ highest. If you or someone you know is facing foreclosure, it’s important you know what the process entails. When a homeowner (borrower) has missed a mortgage payment, the lender will send a notice indicating that they have not received that month’s payment. After two payments are missed, the lender will usually send a “demand letter” and the homeowner would need to remit the late payments within 30 days of receiving the letter. If after 90 days, the lender has not received missed payments, a notice of default will be issued, and the loan will be handed over to...
Housing indicators mixed for metro Phoenix
T he Phoenix-area housing market continues to settle. The impact of the federal homebuyer tax credit on sales and the loan-modification program on foreclosures is still difficult to fully determine. Indicators from the region’s housing market are mixed. The number of foreclosures climbed, but the number of foreclosure homes resold by lenders didn’t. New-home sales sagged, but the median price of all home sales ticked up above expectations. Here are the latest key housing numbers for the Phoenix area: Foreclosures climbed about 20 percent, to 4,894, last month, according to the Information Market. But pre-foreclosures, or notice of trustee sales, fell 5 percent, to … read the rest of this...