Real Estate News

Arizona will receive $1.6 billion of the $26 billion settlement over bad foreclosure practices that government officials reached with the nation’s biggest lenders today.
Separately, the state will receive $10 million from Bank of America to settle its  lawsuit over alleged mortgage fraud the Arizona Attorney General filed against the lender in December 2010. The settlement of that lawsuit, reached late last night, had to happen for Arizona to participate in the national settlement. BofA is also part of the nationwide settlement.

Metro Phoenix’s median existing home price climbed again in January to $121,500, according to the Information Market.
 The region’s home values ended the year on a high note when the median climbed to $120,000 after falling to $112,000 last August.
The recent increases come after a triple dip for the region’s home values. But many housing market analysts are confident metro Phoenix is past the market’s bottom and should keep slowly improving.
I’ll keep tracking the numbers… …

New data shows the number Phoenix-area homes taken back by lenders fell to its lowest level in January since early 2008.
Last month, there were 2,263 foreclosures, or trustee sales, in the region, according to the Information Market. Pre-foreclosures, also known as notice of trustee sales, fell to 2,932, the lowest level since the summer of 2007.

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The much-anticipated details of a sweeping plan to help nearly 15 million Americans  underwater on their mortgages refinance to lower rates were announced this morning by President Barack Obama during a speech in Falls Church, Virg.
The plan, first mentioned in one of the president’s speech last October, would be broadened to include not only homeowners with Fannie Mae and Freddie Mac mortgagesd, but also 3.5 million homeowners with privately-held home loans.

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Phoenix Arizona Homes - Real Estate news &blogs in the SE valley Phoenix AZ

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.

 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.

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Phoenix Arizona Homes - Real Estate news &blogs in the SE valley Phoenix AZ

Phoenix Real estate experts predict the Valley’s housing glut is reaching its end as early as spring & see a shortage then. Continue reading →

Phoenix Arizona Homes - Real Estate news &blogs in the SE valley Phoenix AZ

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Phoenix Arizona Homes - Real Estate news &blogs in the SE valley Phoenix AZ

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.

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Phoenix Arizona Homes - Real Estate news &blogs in the SE valley Phoenix AZ

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.

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.
 

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.

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Phoenix Arizona Homes - Real Estate news &blogs in the SE valley Phoenix AZ

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

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.

It may be just a statistical blip. But there are indications that the state's housing market may finally have hit bottom. On the surface, the new figures Tuesday from the Federal Housing Finance Agency are not good, showing the value of the average home in the state slid another 1.5 percent in the last quarter. That brings the year-over-year decrease to 12 percent. That means a home valued at $200,000 just a year ago is now worth $24,000 less. Only Nevada fared worse on an annual basis, with a 12.3 percent decline.

Been awhile since my last post, but we are back to keep you up-to-date on the Real Estate Market in Queen Creek.

By Erica Christoffer, Contributing Editor, REALTOR® Magazine

Walls are a key element of home staging. They are the canvas showcasing the greatest attributes of a house. But where do you start when preparing a home for sale? Staging Diva Debra Gould, president of Toronto-based Six Elements Inc., offers up five rules of thumb for handling walls in home staging.

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Amanda Keim, Tribune

December 7, 2009 – 3:53PM , updated: December 8, 2009 – 4:18PM

US Treasury Department Asleep as Borrowers Race Lender Foreclosure Vs Their HAMP Loan Modification