Friday, September 30, 2011

Assistnace for short sale assistance

Arizona trying new ways to assist homeowners - Of the $268 million allotted to the state since 2010, only about $4 million has been spent as of this week. Last week, officials launched a program to use the funds to help borrowers complete short sales. The state agency is now offering homeowners $4,500, plus money to pay closing costs such as the real-estate agent's fee, if they work with their lender to complete a short sale. It started taking applications for its short-sale assistance last week, and several real-estate agents already have made inquiries. Read article:

Wednesday, September 28, 2011

Positive sign for housing

Shadow Inventory Drops: ‘Positive Sign for Housing’ - The nation's residential shadow inventory as of July declined slightly to 1.6 million units, representing a supply of five months, according to CoreLogic. That's down from 1.9 million units, a supply of six months, from a year ago, and follows a decline from April when shadow inventory stood at 1.7 million units. "The steady improvement in the shadow inventory is a positive development for the housing market," said Mark Fleming, chief economist for CoreLogic. Read article:

Tuesday, September 27, 2011

New requirements for landlords

New Requirements for Landlords Who Deny on the Basis of Credit Score - Landlords and their agents need to be aware of how they may be affected by new requirements imposed upon them by the Fair Credit Reporting Act (FCRA). Landlords who take “adverse action” regarding a tenant application will have to provide specified information if that adverse action is based upon the applicant’s credit score. What might adverse action be? At least one of the following: 1) Denying the lease/rental application; 2) Requiring a co-signer; 3) Requiring a higher security deposit; and 4) Requiring an increased rent amount. Read article:

Friday, September 23, 2011

lower rates again

Fed’s Latest Move May Send Rates Lower - The Federal Reserve announced this week that it will invest $400 billion in long-term Treasury securities over the next nine months, which is expected to send interest rates on mortgages even lower. The Fed’s move is yet another attempt to try to stimulate economic growth. Economists predict that interest rates could drop by a few tenths of a percentage point. Read article:

Tuesday, September 20, 2011

9/20/11 lots of changes

Phoenix new home sales up 26 percent in August - New-home sales improved in August, according to the Phoenix Housing Market Letter produced by RL Brown Reports. There were 632 new closings in August, compared with 500 in August 2010. Building permits were up from 504 in August 2010 to 692 in August 2011. RL Brown also tracks resales, including homes not listed on the MLS. Resales were up for both the month and the year to date. There were 8,605 resales in August and 67,804 for the year to date, compared with 6,623 last August and 61,730 for the first eight months of 2010. Read article:

Top 5 States Where Home Prices Will Rise in the Next 6 Months - Real estate professionals in Arizona are the most optimistic about home values rising in their market in the next six months. Read article:

Don't Misjudge a Property by Its Street Face - For real estate buyers, the process of purchasing a home can be overwhelming. Many purchasers, particularly first-time or first-time-in-a-long-time buyers, are relieved that at least part of the process is easy—viewing properties. That's where they make a big mistake. It seems easy:
• Look at a house from the street, and you either like it or you don't.
• Walk through a house or condominium in 30 minutes or less, and you either love it or hate it.
Without specific construction knowledge and an eye for interior design—and in less time than typically spent picking out new clothes—buyers decide whether or not to buy. Read article:

Tuesday, September 13, 2011

mistakes investors make

Six Mistakes Housing Investors Make - Investing in real estate right now can be surprisingly profitable, if everything goes well. Investors will want to avoid falling into one of these common traps:
* Mistake 1: Confusing a cheap deal for a good deal.
Homes in deserted subdivisions aren't any more appealing to renters than they are to buyers. The same is true for less-attractive properties or those in less-desirable school districts.
* Mistake 2: Overlooking key costs.
Factor in closing costs of 3% to 6%, the costs to fix up the place and maintain it, and your holding costs.
* Mistake 3: Forgetting that time is money.
You lose money when your property is empty, whether you are painting it or between tenants.
Read article:

Additional articles that you may find of interest:

Monday, September 12, 2011

want to pay off your mortgage early?

4 ways to pay off your mortgage earlier - Paying off the mortgage early is in. Refinancing to take money out of our homes is out. Living through the foreclosure crisis, more people want the security and the psychological benefit of owning their home free and clear. If you want to see magic, start playing with mortgage calculators and see how adding a little payment to your principal here and there can shorten the length of your loan. Another option is to refinance into a mortgage for 10, 15 or 20 years, but 15-year mortgages are the most common. Your payments will be higher on a 15-year loan, but perhaps not as high as you think. Read article:

Wednesday, September 7, 2011

Septmeber 7 update

Housing indicators hit reverse - It could be the heat or the economy, but August wasn't a great month for metro Phoenix's housing market. After a few months of record sales, small price increases and drops in foreclosures, many of those key market indicators reversed their course last month. There were 5,105 notices of trustee sales filed in Maricopa County last month, compared with 4,015 in July, according to the Information Market. An early tally put the region's median at $113,000, lower than the $115,000 it has hovered around for most of this year. Read article:

A Sweet Spot in Real Estate - The rental market is continuing to heat up and can offer the potential for big returns for buyers willing to jump into the landlord role. For investors looking to take advantage of low record-reaching mortgage rates and big discounts on home prices, the opportunities are plenty. Rents are rising and demand is up too, partially due to the 4 million former home owners who’ve faced a foreclosure and are now renters. Read article: