Anthony Boydston | Arizona East Valley Real Estate

Arizona's share of new federal foreclosure funds

admin — Sat, 06 Mar 2010 10:19:38 +0000

The Arizona Housing Department is waiting to hear how much of the $1.5 billion in additional foreclosure aid, announced by President Barack Obama in Las Vegas a few weeks ago, the state will receive.
The U.S. Treasury Department is supposed to announce this Friday (tomorrow) what share of the money each of the five states, including Arizona, hardest hit by foreclosures will get.
The Treasury Dept. is also expected to give the five states guidelines on how the money can be spent to help homeowners facing foreclosure. One way the Arizona Housing Dept. would like to spend the money is to continue to …

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Arizona share of new federal foreclosure aid – $125 million

admin — Sat, 06 Mar 2010 10:19:38 +0000

Of the $1.5 billion allotted by the federal government to help states hardest hit by housing bubbles that burst, Arizona will receive $125 million.
Arizona is one of five states to receive the money, all states where home prices have dropped more than 20 percent. The money was divided among the states based on drops in home values, unemployment rates and foreclosure figures. The four other states and the funds they will receive: California, $670 million; Florida, $418 million; Michigan $155 million; and Nevada, $103 million.
This money will supplement the $75 billion Home Affordable Modification Program, announced by Obama …

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Federal refinancing aid extended

admin — Wed, 03 Mar 2010 04:19:08 +0000

The federal government has added a year to the Home Affordable Refinance Program, known as HARP.
Part of the $75 billion housing aid package, HARP allows homeowners who are underwater, meaning they owe more than their house is worth due to falling home values, to refinance to a lower interest rate.
Now, homeowners who owe up to 125 percent of what their home is worth have until June 2011 to try to refinance under the plan.
About 190,000 homeowners have been able to use the program to refinance so far.
The original limit was 105 percent, which helped very few Arizona homeowners. …

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Phoenix home building slows as tax credit expiration looms

admin — Sat, 27 Feb 2010 22:18:59 +0000

The 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 …

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Arizona foreclosure help legislation

admin — Sat, 27 Feb 2010 22:18:59 +0000

Arizona 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 …

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Phoenix-area home prices up in latest Case-Shiller index

admin — Wed, 24 Feb 2010 16:04:23 +0000

Metro 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 …

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Arizona to share $1.5 billion in new federal foreclosure aid

admin — Wed, 24 Feb 2010 16:04:22 +0000

Arizona 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 …

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Who has received a loan modification?

admin — Sun, 21 Feb 2010 09:54:11 +0000

The 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
…

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New Ariz. housing study outlines need for autistic adults

admin — Thu, 18 Feb 2010 03:28:08 +0000

Several of Arizona’s leading real estate groups have tackled a growing national housing problem in a new report: Opening Doors: A Discussion of Residential Options for Adults Living with Autism and Related disorders,
During the next 15 years, more than 500,000 children with autism disorders will become adults. Now, most adults with autism live with their aging parents, who won’t outlive their children. Autistic adults currenlty have few options for housing away from their families.
“The potential crisis in housing and services for this population is an issue not only for families and local communities, but for society as a whole,” said …

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Pre-foreclosures fall in metro Phoenix

admin — Sun, 14 Feb 2010 21:12:31 +0000

January’s significant drop in pre-foreclosures is the indicator many metropolitan Phoenix housing-market watchers have been anxiously looking for during the past several months.
For the first time since November 2008, the monthly tally of Valley homeowners to fall behind on their mortgages and face foreclosure is below 7,000. Actual foreclosures dropped as well, although their decline wasn’t as dramatic.
Last month, there were 6,762 pre-foreclosures, or notice-of-trustee-sale filings, against Phoenix-area homeowners, according to the real-estate data firm Information Market. That is a 14 percent drop from the 7,879 pre-foreclosures filed by lenders in December 2009. Pre-foreclosures hit a record 10,689 last in …

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