Phoenix home price forecast
H ome prices in the Phoenix area could hold steady and even tick up slightly during September, according to the latest research from the Arizona Regional Multiple Listing Service. The group’s pending-price index shows the region’s median home-sales price this month will be $120,000, compared with $119,000 in August. Then, prices could tick up to $126,000 in October, only to fall back to $120,000 in November and then drop to $110,000 in December. But ARMLS pending-sales price predictions for November and December are the most likely to change because of new sales expected to close during those months that haven’t been … read the rest of this post
AZ Housing Dept. taking applications for new foreclosure aid
A rizona homeowners 60 days behind on their mortgages can see if they qualify for a loan modification under a plan funded by the federal "Help for the Hardest Hit Housing Markets" program. 1. Homeowners need to go to azhousing.gov and answer 13 questions. Anyone without Internet access can call 877-448-1211 to work with a housing counselor. Borrowers need all documentation, including mortgage bills, tax returns and W-2 income statements. 2. The Housing Department will examine applications and mortgage information to see if homeowners are eligible. 3. If it appears a homeowner is eligible, the department will hand the application over to a housing … read the rest of this...
Arizona homeowners facing foreclosure can start applying for state aid Sept. 23rd
L ater this week, struggling Arizona homeowners will be able to apply for a piece of the $125 million in federal funds that the state Housing Department is administering. Most of the money is intended to help borrowers reduce their mortgage principal and stave off foreclosure. With stringent rules on who gets aid and a small pot of money to spend, officials don’t expect the program to fix the state’s foreclosure crisis. The Housing Department plans to help 3,500 to 4,000 homeowners. Homeowners need to go to azhousing.gov and answer 13 questions to see if they are eligible. Anyone without Internet access can call … read the rest of this post
New Arizona law prevents homebuyer resale fee
N ew homebuyers in Arizona will be happy to know they won’t be assessed a fee when they resell their homes. Buyers in several other states are already seeing “resale fees” written into their purchase contracts. To raise cash in this tough housing market, some developers and property firms have been including resale fees in sales agreements. Also known as private transfer or recovery fees, the contract clause require new home buyers to pay the developer or builder a certain percentage of what they resell the home for later on. The typical resale fee is 1 percent. So if a formerly new home … read the rest of this post
A tune for Phoenix homeowners: "Short-Sale Foreclosure Blues"
T he housing market has prompted many laments. Realty Executives Chairman Rich Rector put the woes of many homeowners to music. He sang the song “Short-Sale Foreclosure Blues” at one of his brokerage’s recent meetings. ”Bought at the top in 2005. Life was great, beginning to thrive. Then, whoa, things took a major dive. Got those short sale, foreclosure, repo blues. Behind on my payments, Market done tanked. Prices have fallen, zilch in the bank. Went to my lender and drew a blank. Got those short sale, foreclosure, repo blues. If I could have, I would have paid. If I could have, I would have stayed. I’ve been Fannie’d and Freddie’d … read the rest of this...