Wednesday, June 22, 2011

6/22/11 freshest brew

Experts offer varied housing outlooks - Housing-market watchers are searching for signs Phoenix's five-year housing downturn is near an end. Several reports show the market improving, and prices inching up this year. Data from Phoenix groups the Cromford Report and the Information Market:
- Home sales were up 3.5% in May over April.
- Pending sales are almost flat in May from April, signaling June could be another good month.
- Listings continue to fall and are down almost 10% from May.
Read article:

More Lawmakers Fight 20% Down Payment - A proposed 20% down payment rule for qualified residential mortgages is too high, argues a growing group of lawmakers in the House of Representatives. Late last week, about 240 lawmakers in the House sent a second letter to federal regulators urging them to lower the down payment rule on QRMs. Last month, about 150 lawmakers had signed a letter urging the same. Read article:

Tuesday, June 14, 2011

Fresh brew week of 6/11/11

How the self-employed get mortgages - "There are two main problems that self-employed borrowers face when qualifying for a mortgage," says Cory Martilla, corporate sales manager of Supreme Lending in Dallas. "First, they need to prove their income with tax returns rather than using a 'stated income' loan. Second, the recession has caused declining income for many self-employed people. Even if their income has stabilized, the loan will be based on the average of two years of tax returns, which could show reduced income." Read article:

Phoenix police warn about foreclosure rental scam - Phoenix police are investigating a scam that has people pay a deposit on a rental home that turns out to be in foreclosure and not available for renting, according to Phoenix police. The scammers are targeting people throughout the Valley. The scam works like this: After breaking into foreclosed homes and switching the locks on the doors, scammers use the Internet to target potential home renters. They place ads on websites such as Craigslist and mostly involve month-to-month rentals with no credit checks. These scams also target people who have recently had homes foreclosed. Read article: