Wednesday, August 31, 2011

New info on help for refinancing

Obama may unveil mortgage plan next week - The Obama administration is considering unveiling new plans next week to revive the ailing housing market and reduce foreclosures, including an effort to help troubled borrowers refinance their mortgages. The refinancing initiative would allow certain borrowers to refinance loans that are backed by government-owned Fannie Mae and Freddie Mac or the Federal Housing Administration. A broad-based effort to automatically refinance millions of mortgages is not in the works, yet the administration is looking to take targeted changes to an existing program that would allow more borrowers to take advantage of low mortgage rates, including allowing borrowers to refinance even if they owe a significant amount above their property's current value. Read article:

Tuesday, August 30, 2011

County homeowner tax cut

Most county homeowners to get tax cut - For the first time since the downturn of metro Phoenix home values, most of the region's homeowners can expect a noticeable drop in their property taxes. Maricopa County property-tax bills are being mailed this week, and the average homeowner bill is expected to decline more than $60 from last year's bill. Most of those districts raised tax rates this year, but the overall amount of taxes those districts plan to collect is down almost 6 percent. Read article:

Thursday, August 25, 2011

news this week 8/25/11

Reagor: Feds want foreclosures sold in bulk to be rentals - The federal government would like to sell some of its huge portfolio of foreclosure homes to investors who will rent them out. Last week, the U.S. Treasury Department and U.S. Department of Housing and Urban Development requested proposals from groups to buy the homes and turn them into rentals. Arizona is one of several states that received federal money last year to help homeowners modify their loans and keep their houses. Part of the deal with the $268 million Arizona received is that lenders have to match principal reductions for a loan modification to work. Read article:

Investors Bank on Rentals and Abandon Flipping - Investors are renting out about half of the homes they purchase instead of renovating or flipping the properties. A recent survey estimated that investors will rent out nearly 50% of the properties they acquired in July. In July 2010, investors would have rented out only 28% of their properties. The survey also found that first-time home buyers increased to 36.9% in July compared to 35.4% the prior month. Read article:

Tuesday, August 23, 2011

foreclosures slowing down 8/23/11

Foreclosures, mortgage delinquencies slowing in Arizona - Mortgage delinquencies and foreclosure starts both declined in Arizona during the second quarter. The delinquency rate for mortgage loans on residential properties was 8.10% at the end of the second quarter, down from 8.22% in the first quarter. Foreclosure starts in the second quarter fell from 1.82% of loans in Arizona to 1.6%. Foreclosures in process fell from 4.84% to 4.2% of loans. Read article:

Monday, August 22, 2011

8/22/11 updates

Arizona retail sales swell 7.5% - Arizona retail sales grew 7.5% in June compared with a year earlier, with growth strongest among motor-vehicle dealers, the Arizona Department of Revenue reported. Overall sales rose to $3.8 billion, with growth reported across a variety of categories. Wholesalers reported a 14% increase in sales. Arizona State University economist Dennis Hoffman said the June numbers capped a solid spring for retailers in the state and was notable because so many sectors reported growth. Read article:

5 iPhone Apps to Help Manage Documents - This article reveals the top iPhone apps for managing documents, which can help you better access, edit, and share documents while on-the-go. Here are a couple of the apps that made the list:
- Scanner Pro: Scan multipage documents; upload to Dropbox and Evernote - $6.99
- Documents Free (Mobile Office Suite): Edit and manage spreadsheet and text files, online and offline; use it to open files on your PC or Mac - Free
Read article:

Wednesday, August 17, 2011

$$$$$$ for buying a condo.... anyone want to go shopping?

Freddie Offers Cash Incentives for Buying Condos - Freddie Mac’s HomeSteps unit is offering cash to buyers willing to purchase one of its foreclosed condos. HomeSteps is hoping to unload some of its high inventory of foreclosed condos through the incentive program, known as HomeSteps Condo Cash. Through the “Condo Cash” program, condo buyers of HomeSteps properties can get up to $1,500 to help pay for standard home owner association dues. Read article:

Friday, August 12, 2011

Valley foreclosure rate under 30%

Valley foreclosure rate under 30%, a 1st since 2009 - The metro Phoenix foreclosure rate has not only fallen for the past five months but in July it dipped below 30% transactions for the first time since the spring of 2009, ASU reported. There were about 2,500 single-family foreclosures in July, compared with 3,300 in June and more than 3,800 in July 2010. The rate, which shows the percentage of single-family home transactions that include a foreclosure, dipped to 29% in July. It peaked at 46% last September before the moratorium. Read article:

Tuesday, August 9, 2011

Sales still increasing 8/09/11

Existing-home sales increase slightly in 2nd quarter - Sales of existing homes in Maricopa County increased slightly in the second quarter compared with a year earlier, but home prices tumbled much lower, according to The Arizona Republic's latest quarterly housing snapshot. The quarterly housing snapshot is based on numbers from the realty-studies program at Arizona State University and Mesa-based research firm Ion Data. Existing-home sales increased by about 1% in the second quarter, from 20,080 sales in 2010 to 20,290 sales. Read article: