Anthony Boydston | Arizona East Valley Real Estate

Number of Phoenix rentals in foreclosure climbs

admin — Thu, 29 Jul 2010 03:52:05 +0000

More 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.
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Phoenix home prices down

admin — Sun, 25 Jul 2010 22:48:04 +0000

Home 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 …

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Phoenix apartment rents slip

admin — Thu, 22 Jul 2010 17:45:00 +0000

Apartment 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.
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The Foreclosure Process

admin — Thu, 15 Jul 2010 22:24:39 +0000

It 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 the lender’s foreclosure department. The lender will usually give the borrower another 90 days to settle the payments and reinstate the loan.

If the loan has not been brought up to date within the allotted time, a notice of trustee’s sale will be recorded and the lender will publish a notice in the local newspaper, announcing that the property will be publicly auctioned. The notice will include the owners’ names, a description of the property, the address and when and where the sale will occur.

At the auction, the home will be awarded to the highest bidder. The opening bid is generally based on the value of the outstanding loan, costs associated with the sale and any liens or unpaid taxes. Once the sale is completed and the highest bidder meets all necessary requirements, a “trustee’s deed upon sale” will be given to the winning bidder. The house is then immediately in the possession of the purchaser.

If the home cannot be sold at auction, the lender becomes the owner and will try to sell the property through a broker. Usually these are referred to as “bank-owned” properties. Sometimes the lender may remove some of the liens to help sell the property faster.

Once the home is sold, either at auction or through a broker, the borrower will be evicted. Sometimes they may be allowed several days to remove any personal belongings, but if they have not left the premises, the local authorities will be notified to evict the borrower and remove their belongings.

Many homeowners believe that once they miss a couple of mortgage payments, talking to their lender won’t help. However, many lenders want to make arrangements for the borrower to get caught up on the loan rather than go through a foreclosure. If you have lost your job or suffered a health crisis and run the risk of foreclosure, speak with your lender immediately. However, if a foreclosure is unavoidable, knowing what to expect throughout the process can help better prepare you.

If you are interested in purchasing a foreclosed home, or other Arizona Real Estate, please give me a call at 602-904-1496 for all of your real estate needs.

Housing indicators mixed for metro Phoenix

admin — Fri, 09 Jul 2010 21:27:39 +0000

The 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 …

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12 more indicted in Phoenix mortgage fraud scams

admin — Fri, 09 Jul 2010 21:27:39 +0000

A dozen more former Phoenix real estate agents and loan officers have been indicted by the U.S. Attorney’s Office for mortgage fraud schemes.
In two separate cases, loan officers, escrow and real estate agents and an appraiser have been charged with conspiracy, bank and wire fraud and money laundering.

Thomas Gregory Alexander, Paul Patrick Alexander and Bobbie Jo Johnson, Kara Elizabeth Shumway, Michael S. Mason, Sandra M. Stevens and Michael Joseph Harris have made initial appearances in court on charges of conspiracy, wire fraud, money laundering and false statements.
According to the U.S. Attorney’s indictment, Thomas Alexander was a loan originator for American …

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Former Phoenix loan officers part of latest mortgage fraud indictments

admin — Sat, 03 Jul 2010 11:15:22 +0000

Nationally, the U.S. Attorney’s office recently announced results of its mortgage fraud crackdown called Operation Stolen Dreams. The most recent indictments for the crackdown in metropolitan Phoenix inlcuded former loan officers involved in cash-back schemes that artificially inflated the area’s home values and led to the housing market’s crash.
On June 1st, a federal grand jury in Phoenix returned a 30-count indictment against Jamie Lee Lawler, a former Countrywide loan officer and Phoenix real estate investor, and Brett Matheson of
Scottsdale, for wire fraud, conspiracy, money laundering for roles in a $38 million "mortgage fraud scheme."
The indictment alleges between 2005 and 2007, Lawler and Matheson conspired …

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Arizona foreclosure scam video

admin — Thu, 10 Jun 2010 23:02:35 +0000

A new video to help stop foreclosure scams has been released by the Arizona Attorney General.
The video can be seen at www.azag.gov or http://www.youtube.com/user/AZAttorneyGeneral.
Money from the state’s settlement with Countrywide Financial Corp. last year funded the video.
“Many families in neighborhoods all across our state are in crisis. Thousands are at risk of losing their homes to foreclosure. And the problem is made worse by some unscrupulous companies and individuals who claim they can help consumers keep their homes, when what they are really doing is stealing money and making the situation even worse,” said Arizona Attorney General Terry Goddard.
Arizona homeowners facing foreclosure …

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Phoenix foreclosures fall, again

admin — Thu, 10 Jun 2010 23:02:35 +0000

The number of new foreclosure filings against Phoenix-area homeowners fell in May to the lowest level since July 2008.
Last month, there were 6,471 pre-foreclosures, or notice of trustee sales, filed in the Valley, according to the Information Market. Foreclosures also dropped last month to 4,090, their lowest since November 2009.
Phoenix-based R.O.I. Properties, led by Beth Jo Zeitzer, attributes the drop in foreclosures to federal loan modification programs, successful short sales and more investor purchases at trustee sale auctions.
The U.S. Treasury Department, which manages the federal housing plan to slow foreclosures, reported increases in both trial and permanent loan modifications in …

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Attorney General files suit against Scottsdale loan mod firms

admin — Mon, 07 Jun 2010 18:01:43 +0000

A lawsuit has been filed against a Scottsdale-based Discount Mortgage Relief and Mortgage Relief LLC by the Arizona Attorney General.
The lawsuit alleges the company engaged in deceptive loan modification services. Attorney General Terry Goddard’s office obtained a temporary restraining order against the firms that prevents them from charging or receiving money for loan modifications.
A new Arizona law that prohibits loan modification consultants from collecting upfront fees from homeowners goes into effect on July 29th.
The Attorney General’s office says there could be thousands of victims, according to court documents.
"I am committed to fighting deceptive practices targeted at
homeowners who are struggling to make …

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