Real Estate News

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.

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

Sunstreet Mortgage, LLC opens Phoenix/Mesa Office:

There is a new player in town! Today Sunstreet Mortgage, LLC has officially a new branch office to service the Greater Phoenix Metropolitan Area. Yes, while other mortgage companies are folding Sunstreet Mortgage, LLC is carefully and strategically expanding into the Phoenix Market.

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.

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.

STEP 1 – DEFINE NEEDS
Write down all the reasons for selling your home. Ask yourself, „Why do I want to sell and what do I expect to accomplish with the sale?“

When a mortgage company-Lender- forecloses upon a house, more than likely, it will turn around and sell the house to recover any money owed by the previous homeowner. This amount includes the prior mortgage balance, lawyer’s fees, late payment fees and administrative expense acquired during the foreclosure process. In many cases, in today’s real estate market situation, a lender is able to sell the property at a portion of the cost. The consequence is that the lender losses money on the transaction.

Tessera Solar received final approval from the Phoenix City Council to build a solar plant estimated at $1 billion on a city landfill in Buckeye.

The Houston company will build a 150- to 200-megawatt system at the landfill on the west side of State Route 85. The project will be built on about 1,200 acres, and Phoenix officials said it will generate about 300 construction jobs.

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
  …

Megan Izdebska & Hanna Manoufar - Arizona Real Estate Agents are pleased to announce the launch of our new website - www.SoldWithMegan.com - to help residents buy and sell homes in the Phoenix area (Chandler | Scottsdale | Gilbert | Tempe | Quenn Creek, Apache Juncion, Maricopa).

$100 Down payment HUD Home Financing in Phoenix – The 2,000.00 Mistake

You probably all know what a HUD Home is and the existence of one very special HUD Home Buying Program, the infamous “100 Down Financing” Program.