Arizona Real Estate » Arizona Real Estate

Can Obama's plan to help homeowners with private mortgages work?

admin — Sun, 29 Jan 2012 00:46:53 +0000

In President Barack Obama’s State of the Union last night, he vowed to keep the “American dream” alive.
His plan includes legislation that would extend the expanded HARP refinancing program to homeowners with private loans.
Currently only underwater homeowners with mortgages backed by government-owned Fannie and Freddie Mac are eligible. To qualify, it doesn’t matter how much homeowners are underwater, but they can’t have missed more than one payment.
In Arizona, where nearly 50 percent of homeowners are underwater, I have received calls and emails from several people with private mortgages upset they don’t qualify for the government’s refinancing plan.
The federal government …

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Some investors eligible for HARP 2 refinancing

admin — Wed, 25 Jan 2012 18:46:45 +0000

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 …

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December best month of 2011 for new home sales in Phoenix

admin — Sun, 22 Jan 2012 12:34:14 +0000

New-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 …

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Commercial market dealing with foreclosure issues

admin — Thu, 19 Jan 2012 06:14:11 +0000

Problems 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 …

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Gilbert man indicted for housing investment scheme

admin — Mon, 16 Jan 2012 00:14:05 +0000

Arizona 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 …

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New real estate expert at ASU

admin — Mon, 09 Jan 2012 12:02:56 +0000

Arizona 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 …

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When will expanded federal refinancing program be launched……

admin — Sat, 24 Dec 2011 04:34:54 +0000

This 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 …

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Phoenix pet foundation for animals left in foreclosure homes

admin — Tue, 20 Dec 2011 22:21:39 +0000

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 …

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Phoenix housing analyst disagree's with Forbes Magazine's market report

admin — Sat, 17 Dec 2011 16:20:56 +0000

From Phoenix housing analyst Mike Orr of the Cromford Report: " Another media article with a very misleading view about Phoenix home prices can be found here: Cities with Dangerously Falling Home Prices. Sourced from Forbes Magazine, It claims that the home price drop for the Phoenix/Mesa/Scottsdale MSA from October 2010 to September 2011 was -13% and that prices will change by another -3.3% through 2012. It quotes the average price as $152,000. Well the monthly average price for all areas & types in ARMLS at the end October 2010 was $162,904 and at the end of September 2011 it was …

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Phoenix still in top 10 for home building

admin — Sun, 11 Dec 2011 03:48:23 +0000

Recently a national real estate analyst said metro Phoenix remains in the top 10 U.S. cities for home building. This despite only 5,800 single-family permits issued across the region through October, according to the latest Phoenix Housing Market Letter.
Home builders and new home buyers current pace put the market on track for about 7,000 new houses in the Phoenix-area this year. Atlanta and Dallas are experiencing similar home building production. Houston leads the nation with at with more than 20,000 new homes going up there this year. No one is quite sure what’s going on in Houston.
Home builders in metro …

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