Anthem Family featured on TV show DOWNSIZED on WETV on Saturdays

Be sure to watch "DOWNSIZED" on WETV on Saturday nights.

A reality show featuring this courageous Anthem, AZ family working together as they face financial challenges and work through it together! This blended family - Todd with his two children, and Laura with her five children, married during the financial good times and now are downsizing due to the loss of Todd's business and their home. They do manage to work together one day at a time towards rebuilding what they lost financially, while keeping the family together happily.

"I find this show really hits close to home and is hard to watch sometimes because our family is having to make the same sacrifices too" --Neighbor in Anthem

Meet the Cast - Todd & Laura Bruce and their seven children

http://kathleeninarizona.com/downsized-f21117.html

Episodes

Call Me Dad
When Whitney decides she wants to call Todd "Dad," she encounters a surprising amount of resistance. Bailey dreams of attending a four-year college, but Laura doesn’t believe it’s possible financially. Will Laura encourage her daughter to follow her dream anyway?

Cruel Cruel Summer
After an eye-opening meeting with a financial planner, the Bruce family begins to make serious lifestyle changes. The kids agree to give up their favorite activities, and Laura sacrifices her vice. Don't miss this episode!

Down But Not Out
The Bruce family struggles to come up with all of the rent money. Fearing eviction, they spring into action. Tune in to see how what each of them are doing to contribute.

Kansas City Blues
Just as the Bruce-Rumsey family is starting to regain a normal family life, they face their most agonizing choice yet. Todd is offered a high paying job – but one with one giant drawback. Tune in to see what it is!

Love Don't Cost a Thing
After having issues on a hike, Laura worries about an upcoming MRI to make sure her Multiple Sclerosis isn’t progressing. Plus, Rex has a crush on Whitney’s friend. Tune in to see what happens on his doube date!

The Outlets At Anthem's annual tree lighting ceremony hits it's 9th year and the tree, along with the festivities, get bigger and better every year.

This year boasts the tallest, fresh cut tree in the United States, and with Santa leading the lighting countdown, and prizes and concerts to enjoy throughout the whole weekend, looks like a good time for the whole family.

For all of the details, click here: http://kathleeninarizona.com/archive_details.php?arch=976

Anthem HOA fees will NOT be raised in 2011

ANTHEM HOA HAS SOLID CASH RESERVES AND NO DEBT
The new budget begins January 1, 2011

"The Anthem Community Council is in a stronger position than many other organizations dealing with the impact of the economic recession" said Jenna Kollings, Anthem's Community Council's executive director.

The council recently approved an $8.6 million budget for 2011 down from $8.7 million for the year 2010. Over $750,000 in savings is realized in the 2011 budget which is good news for the residents of Anthem in recognition of the current economic climate.

To find out what Anthem residents pay in HOA fees goto
http://www.kathleeninarizona.com/anthem-hoa---utility-info-c15577.html

Ecotality To Install Electric-Car Chargers in Public Places Soon

If you live or work near the downtown areas of Phoenix, Scottsdale, Glendale or other neighboring cities, you'll likely see electric-car chargers in public places within the next

year.

Ecotality Inc., which has operations in Phoenix, revealed maps Tuesday that show the most likely regions where it will install the chargers using $114.8 million in stimulus-act "We want to make it possible for somebody with a plug-in electric vehicle to use that vehicle without fear of running out of electricity," said Litchfield Park Mayor Thomas Schoaf, who serves as chairman of the Maricopa Association of Governments, a stimulus project.

Beginning this year, Ecotality will use the stimulus money to provide free chargers for 5,700 Nissan Leaf buyers, 2,600 Chevrolet Volt buyers, and installing additional chargers in public places where those buyers live.

Read the full article here: http://kathleeninarizona.com/archive_details.php?arch=947

Bank of America stops foreclsoures in Arizona

Bank of America, Arizona's largest home mortgage lender, said Friday that it has extended a 23-state moratorium on bank owned home sales to all 50 states while bank officials review the way they process foreclosures.

BofA and other big mortgage lenders are facing mounting pressure over how they handle foreclosure-related documents, with growing attention to reports of incomplete or inaccurate documents that aren't subject to rigorous verification before bank officials sign off on them. The moratorium gives the bank time to review and address concerns about whether foreclosures have been completed properly.

Some Phoenix-area homeowners, lawyers and real-estate professionals said the Charlotte, N.C.-based Bank of America Corp.'s 60-word statement about the moratorium was confusing, vague and potentially hurtful to the battered local housing market.

"Bank of America has extended our review of foreclosure documents to all 50 states," the BofA statement said. "We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for our past foreclosure decisions is accurate. . . . Providing solutions for distressed homeowners remains our primary focus."

After BofA's announcement, U.S. Senate Majority Leader Harry Reid, D-Nev., called on major lenders to halt foreclosures nationwide. He joins a long list of homeowner advocates, lawmakers and state attorneys general who have called for greater scrutiny of the foreclosure process.

In Maricopa County, there are currently 39,042 single-family residences or condos with an active notice of trustee's sale, according to Information Market's analysis, of those, 12,198 pending foreclosures, or 31.2 percent, show Bank of America offices as the beneficiary and ReconTrust as the trustee.

Information Market determined that 4,551 of the 20,850 bank- and government-owned homes currently in its database were BofA foreclosures, which is about 22 percent.
Analysts believe that Bank of America will temporarily suspend foreclosures to prevent a backlog of bank-owned homes from accumulating. This could unintentionally help borrowers who have stopped making payments yet are still living in their homes. For many of these individuals, the payment free periods could extend even longer.

Mesa attorney James Portman Webster said he believes the moratoriums are primarily aimed at helping Bank of America and other lenders rather than homeowners
"It's going to push back foreclosure dates," Webster said. "It's going to put everything on pause temporarily." He said he has a few delinquent clients who have been living in their homes as long as three years while waiting for banks to seize their properties.

The bottom line is, another major delay for the housing market to rebound.
Read more: http://kathleeninarizona.com/archive_details.php?arch=931

Foreclosures due to come onto the market most likely will be delayed due to Flawed Foreclosure Documents

Many of us drive through our neighborhoods passing many vacant homes scheduled to be foreclosed on by the homeowner's lender soon. As a neighbor nearby, you are hopeful to have a new family move into the property soon to care for it and call it "Home".

Well, these properties may just stay empty a bit longer, some experts say as long as 12 months. Due to the volume of paperwork which had been rushed by the desks of the lenders foreclosure departments to help expedite the process to get these vacant homes on the market, has caused a slow down for any rebound in the near future for the housing market. Homes due to go through foreclosure or be purchased, are now being held in a "freeze" in order for a review of "flawed foreclosure documents".

If the homeowner was not paying their mortgage and moved out of the property and their paperwork was not processed correctly were they wrongly foreclosed on?

If they were, can they afford to move back in and catch up on past due payments?
Do they want the property back? What percentage of these foreclosures have homeowners wanting back the property?

If this delay helps those that were paying their mortgages on time and forced out of their homes because of a paperwork mistake, that is great. But I don't think that this is what this is about. It is just another headline to blame lenders for all their wrongdoings and try to hurt them more.

Unfortunately, it is hurting the Buyers purchasing these lender owned homes right now.

Read more: http://kathleeninarizona.com/archive_details.php?arch=930

Recession To Blame For Drop In Homeownership As Well As Marriage Rates

The recession seems to be socking Americans in the heart as well as the wallet: Marriages have hit an all-time low while pleas for food stamps have reached a record high and the gap between rich and poor has grown to its widest ever.

The economic "indicators say we're in recovery, but the impact on families and
children will linger on for years," he said. For example, in America, marriages fell to a record low in 2009, with just 52 percent of adults 18 and older saying they were joined in wedlock, compared with 57 percent in 2000.

Marriages have been declining for years because of rising divorce rates, more unmarried couples living together and increased job prospects for women. But sociologists say younger people are also now increasingly choosing to delay marriage as they struggle to find work and resist making long-term commitments.

Besides marriage, homeownership declined for the third year in a row, to 65.9 percent, after hitting a peakof 67.3 percent in 2006. Residents in crowded housing held steady at 1 percent, the highest since 2004, a sign that people continued to double up to save money.

Read the complete article on these and other effects of the recession here: http://bit.ly/bL8FaE

Short Sales Complicated by HAFA -another failing Federal Program

HAMP
Home Affordable Modification Program - not a long term solution, not working for most homewoners

HARP
Home Affordable Refinance Program - too many homeowners own more than 125% of the home's current value -not working

HAFA
Home Affordable Foreclosure Alternatives - Provides incentives for homeowners and lenders to complete a short sale - process is becoming more complicated

HAMP, HARP, HAFA, they all sound more like "Don't HAFTA pay the mortgage payment".

Read entire article:
http://kathleeninarizona.com/archive_details.php?arch=889

Pioneer Village saving a place of Arizona History

Phoenix to bid $3.2 million on Thursday

Pioneer Village a living monument to the faith, foresight, and fortitude of Arizona's Pioneers.

Mr. and Mrs. Robert Lockett donated a state land lease to the museum. The Locketts were members of a sheep ranching family that had been established in northern Arizona since the early 1880's.

The history of Arizona is represented in all its diversity, from the time of the Spanish Conquistadores to the achievement of Statehood in 1912.

If you haven't had a chance to visit this wonderful place of history, take a day to take a trip back into time. It is amazing to see how the Pioneers lived in the heat of the summer !
For hours and directions:
http://pioneeraz.org/about.html

Read entire article about the purchase of the Pioneer Village
http://kathleeninarizona.com/archive_details.php?arch=888

Phoenix July4th local and statewide events to enjoy this weekend

Scottsdale

Grand Ol' Fashioned Picnic: 5-7:30 p.m. July 4. Celebrate with old-fashioned games, patriotic arts and crafts, and watermelon, chili and pie-eating contests. Bring your homemade chili to be judged. Scottsdale Stadium, 7408 E. Osborn Road, Scottsdale. Free. 480-312-2771. www.scottsdaleaz.gov/events.asp. Map it

July Fourth Celebration: 5-8 p.m. July 4. Tug-of-war, live music and crafts, watermelon eating contest and more. No fireworks. Eldorado Park, 2311 N. Miller Road, Scottsdale. Free. 480-312-2771. Map it

Independance Day Bounce: 9-11 a.m. July 4. Flags, balloons and bouncing to celebrate the Fourth of July. BounceU, 8970 E. Bahia Drive, Suite 104, Scottsdale. $6.95 for first child; $5.95 for each sibling. 480-502-0210. http://www.bounceu.com/. Map it


More area links and maps:
http://kathleeninarizona.com/archive_details.php?arch=885

Anthem Arizona semi-annual Home Sales 2010

TRADITIONAL Sales by homeowners are netting much higher sales!

As the number of Short Sale listings increase, the home values for these type of transactions are decreasing area home values. It is great to see the number of traditional sales by property owners netting sales above market value, but those are mainly due to cash buyers.

The record number of foreclosures in the last few months will become a lot of the inventory the second half of this year. Lender owned sales have been steady selling at market value. No huge dips up or down yet. Unlike the downward trend we can see in the short sale transactions compared to 2009.

FREE Sales Comparison Chart to view the current Home Sales Market Trend in the Anthem Country Club, Anthem Parkside Westside, Anthem Parkside Eastside. Kindly send an email request by clicking onto the link below:

http://kathleeninarizona.com/contact_me_-p1271.html

Mortgage Rates lowest on record!

Mortgage rates fell this week to the lowest level on record, giving consumers added incentive to lock in low payments on home purchases and refinancings.

Mortgage rates have fallen over the past two months. Investors wary of the European debt crisis and the turbulent stock market have shifted money into the safety of Treasury bonds, driving down yields. Mortgage rates tend to track the yields on long-term Treasury debt.

Mortgage company Freddie Mac said Thursday that the average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week.
That's the lowest since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December. Rates for 15-year and five-year mortgages also hit lows.

Rates on 15-year, fixed-rate mortgages fell to an average of 4.13 percent, the lowest on records dating to September 1991 and down from 4.2 percent a week earlier.

READ more:
http://www.kathleeninarizona.com/archive_details.php?arch=876

Phoenix economy slowly recovering

The Phoenix economy is slowly recovering, according to reports.

The Brookings' Mountain Monitor report, found recently the Valley's real estate-based economy is struggling to rebound. The Monitor identifies a number of economic success indicators and compares data for the region's major metropolitan areas.

There are many reasons for the slow recovery in employment, according to the Monitor. With the Valley's economy based largely on growth and real estate, there were few other major industries to support the region after the housing bust and the financial meltdown. Real-estate and construction jobs disappeared, followed by jobs at businesses that fed off the industry, the report said.

According to the U.S. Labor Department, Arizona had a 9.1 percent unemployment rate in 2009, up 6 percent the previous year.

Anthem Foreclosures on the Rise

The number of foreclosures in Anthem quadrupled during the first five months of this year, according to numbers provided by a national firm that tracks the data. Arizona Regional Multiple Listing Services, IMAPP Inc company based in Tampa, Fla., collects property and tax information from counties such as Maricopa County. The numbers for the Anthem community show that foreclosures rose over the past three years:

• 2010: 288 houses were foreclosed on, January through May.
• 2009: 69 houses were foreclosed on, January through June; 148 houses July through December.
• 2008: Two homes were foreclosed on, January through June; 15 houses July through December.

The Anthem Community Council wrote off $433,608.19 of uncollectable debt from fees that council had assessed homeowners. These accounts were 999 days past due (3 yrs) and most of the people had moved out of state and there is no way to collect according to spokesperson, Karen Angelo.

Based on this current information, we can expect more lender owned property inventory to continue entering the market for quite some time.

Does Arizona have a redemption period for homeowners after foreclosure?

Does Arizona Law Allow for a Redemption Period After a Foreclosure?

I have had many buyers that are purchasing bank owned properties ask me this question:

Can the homeowner that has been foreclosed on have a redemption period to get their property back?

Does Arizona Law Allow for a Redemption Period After a Foreclosure?

Arizona law does allow the borrower a set amount of time after the foreclosure sale to redeem the property if the property foreclosure occurred through the judicial system and the property was not abandoned prior to the foreclosure. If those two criteria are met then the borrower has six months from the date of the foreclosure sale to pay all outstanding loan amounts, fees and costs and to redeem the property. However, if the foreclosure occurs out of court, a so called non judicial foreclosure, then the borrower does not have the right to redeem the property.

Keep in mind, most of our Foreclosures are by Trustee Sales which are non-judical.

Arizona Monsoon Season begins June 15th

For decades, the Weather Service marked the monsoon with a technical measurement. The monsoon began when the average daily dew point was 55 degrees or greater for three consecutive days. The season began on the first of those days.
Typically, that meant the first week of July.

But in 2008, the Weather Service decided to keep things simple. The Arizona monsoon season, it says, starts June 15 and ends Sept. 30.

The idea was that people were getting too hung up on figuring out when the season started and were not paying attention to the storms. Those can be quite dangerous, with high winds, lightning and some flash flooding. So, the Weather Service put an end to all that and gave dates to the season. "It's basically summer plus a week or two on either side," said Doug Green of the Weather Service.

Monsoon facts

Recent start dates

2000: June 17

2001: June 21

2002: July 9

2003: July 18

2004: July 12

2005: July 18

2006: July 2

2007: July 19

2008: July 3*

2009: June 30*

Average rainfall by month

June: .09 inch

July: .99 inch

Aug.: .94 inch

Sept.: .75 inch

*Unofficial.

Source: National Weather Service

Adult Communities seem to be maintaining their value

Age-restricted communities have weathered the housing crash and the down economy better than other developments. Read more:
http://www.kathleeninarizona.com/archive_details.php?arch=861

PebbleCreek in Goodyear is a gated, Active Adult Golf Community offering two championship golf courses, indoor and outdoor pools, whirlpools, saunas, tennis, state of the art fitness centers, bocce and pickleball courts, creative arts center, performance/movie theatre, aerobics, yoga, dance, and social clubs are available to keep residents active and enjoying the beautiful sunny weather here in Phoenix, AZ.

Whether it is a place to call home all year round or a second home to escape the cold winter months, enjoy resort style living at its best! If you are moving from out of state, consider a furnished home, priced under $200k.

More info and photos: http://homeinpebblecreek.com/

Helpful website links to help keep your home cooler

Several websites offer cost-saving energy tips to help keep your home cooler this summer.

Alliance to Save Energy - offers money-saving energy practices and improvements for the summer months. www.ase.org/content/article/detail/1078

U.S. Dept. of Energy - offers a variety of home-related topics and discusses summer energy savings. www.energysavers.gov/seasonal/

More Resource links:

http://kathleeninarizona.com/archive_details.php?arch=859

Tax Credits helped sales but did not help increase home values

Falling home prices have economists fearing a new bottom. Phoenix is ranked no. 10 out of 20 indexed cities by the Standard & Poor's/Case-Shiller. Six straight months of declines indicates that the housing market is going in reverse.

The numbers are especially disturbing because they show that improved sales due to the tax credits didn't translate into higher prices, said David M. Blitzer, chairman of the S&P index committee.

Read more:
http://kathleeninarizona.com/archive_details.php?arch=857

Short Sale process can be painful for Sellers

The Short sale process can be painful for Sellers. The decision to pursue a short sale does not come easily. Big mortgage lenders such as Wells Fargo and Bank of America are working at helping to make the short sale transaction smoother. The banks never imagined they would have to create assembly lines to churn out short sale approvals. Bank of American approved only 12 short sales in November of 2007 compared to 18,000 short sales approved last April. WOW! The numbers continue to grow. Over 50,000 short sale applications were received last month by BOFA. The average day for an approval is starting to improve from 90 days to 50 days. Some areas of the valley show more property listings for short sales than foreclosures and traditional sales. Unfortunately, Short Sales have become a mass market product.

Read more:
http://www.kathleeninarizona.com/archive_details.php?arch=856

SaveMyHomeAZ.gov Coming Soon to help Phoenix Homeowners

Arizona will receive, $92 million to go to loan modifications. The state's plan calls for using the money to pay down borrowers' principal by as much as $50,000 if lenders will match that amount. The Arizona program could help as many as 2,000 homeowners who haven't been able to work out a loan modification with their lender.

Only 2,000 homeowners, that is it!!?? Who is going help the other thousands of homeowners who have negative equity?

Another government plan that only applies to a very small number.

Link to read more details: http://kathleeninarizona.com/archive_details.php?arch=849

Strategic Defaults - Watch 60 Minutes Special

60 Minutes interviews several families from the Phoenix, AZ area that are considering or doing strategic defaults, just walking away from their mortgages.

View Show:
http://www.cbsnews.com/video/watch/?id=6470184n

Anthem, AZ annual Music in the Park begins in May

FREE CONCERTS AT THE ANTHEM PARK IN THE MONTH OF MAY

The annual Music starts May 7th at 7:00 p.m. at the Anthem Amphitheater.

This is the fifth time concertgoers will come to the community park at 41703 N. Gavilan Peak Parkway. Anthem officials expect approximately 600 to 900 people each night for the free entertainment scheduled every Friday this month.

"This concert series is designed to appeal to a broad range of musical tastes," said Michele DeMichele, Anthem Community Council's special events manager. "All attendees need to do is sit back, relax and enjoy the music of the night."


read more about this event: http://kathleeninarizona.com/archive_details.php?arch=841

Anthem Water Rates - company wants to consolidate with 8 districts to keep rates the same

Public Hearing Scheduled to combine 8 districts to keep water rates the same

The Arizona Corporation Commission scheduled a meeting May 17 to hear from residents about a proposal from Arizona American Water Co., to consolidate water rates in eight districts, including Anthem.

The company is asking the commission to combine the water rates of Anthem, Paradise Valley, Sun City, Sun City West, Agua Fria, Havasu, Mohave and Tubac. The meeting will be at 6 p.m. at Sundial Recreation Center Auditorium, 14801 N. 103rd Ave.

read more: http://kathleeninarizona.com/archive_details.php?arch=840

Arizona Federal Aid could help 4,350 homeowners from Foreclosure

The number of Phoenix-area homeowners losing houses to foreclosure fell 20 percent in April, a drop that could signal more successful or at least temporary loan modifications.
There still are many people facing foreclosure, even though pre-foreclosures dropped as well. Last month, lenders started foreclosure proceedings on 7,064 Valley homes, down 12 percent from March. The foreclosure tally for April was 4,446.

Arizona's plan to spend $125.1 million in federal foreclosure funds could help as many as 4,350 of the state's struggling homeowners this year. The Arizona Housing Department finalized its plan and sent it to the Treasury Department a few weeks ago. The state agency has a conference call with federal officials to discuss the plan Thursday. If approved, the money could be available in June.

Read key points for this plan:
http://www.kathleeninarizona.com/archive_details.php?arch=838

Phoenix Housing Market - A look at the boom and the bust

Today's Phoenix home sales are running near record levels, but the dynamics are a bit different than other areas of the country. Investors represent about 50% of current home sales, the dollar amounts may be lower due to low-cost foreclosures, but speculative buyers dominate the market right now. We are seeing some homes being fixed and flipped. Investors who purchased foreclosures in the last 18 months may want to flip quickly, but forecasts say they will have to hold on to these properties for a few years to make a profit.

The psychology of the metro Phoenix housing market will be a critical piece to the future.
The return of a more dominant long-term mind-set buyer that sees houses as HOMES could help anchor a new economic model, a plan that looks beyond the next growth boom. A continued short-term speculative view could maintain the boom-and-bust cycles that have characterized Phoenix's economy for the past 50 years.

As many as 40% of all metro Phoenix homeowners are currently underwater, meaning they owe more on their mortgage than their house is worth. Will they stay for the long-term or walk away?


Read more:
http://www.kathleeninarizona.com/archive_details.php?arch=832

Phoenix Green Rail Corridor receives grant to GO GREEN

Happy Earth Day! The US Energy Department awarded the city of Phoenix a $25 million economic-stimulus grant to creating 2700 jobs to help make buildings and homes greener along the 10-mile stretch of the light rail. The goal is to elimate carbon emissions by 50,000 metric tons over the next six years. Homes and Office Buildings will receive energy-efficient windows and lighting. Workers to install insulation, replace air-conditioning units, water heaters and providing residents with APS smart meters to help them learn about and reduce their energy consumption.

Phoenix is headed toward being the Greenest City in the Nation!


Read more: http://kathleeninarizona.com/archive_details.php?arch=830

Ways to help assess the value of your home

Valuing a home today in metropolitan Phoenix is difficult for many homeowners.
Foreclosures and short sales weigh heavily on comparable-sales figures, the "comps," in every neighborhood. How those below market sale prices affect a home's value varies by neighborhood.
• Mike Orr, publisher of the Cromford Report that tracks ARMLS data, says to use a number of methods, including the assessor Web site, obtaining a competitive market analysis from an agent and paying for an appraisal to obtain the best overall estimate of a home's value. "The reason people think it's difficult ( to value a Phoenix home) is because they usually have a hard time accepting the answer they get," Orr said. "It makes them nauseous."

For a FREE Market Analysis of your property email your request to value@yourhomeinaz.com


Read more: http://www.kathleeninarizona.com/archive_details.php?arch=828

RESTORE in Anthem, AZ Opens Saturday 9-1

RESTORE comes to ANTHEM, AZ
Grand Opening Saturday from 9:00 a.m. - 1:00 p.m.

This will be Habitat for Humanity's fourth RESTORE to open.
Consumers can give their home a new look without breaking the bank. They can purchase things at 40% - 70% off. The merchandise is donated by business clearance and closeouts. Everything from light fixtures to hardware. Valley homebuilders donate from model homes. Other donations are received from Lowes, Home Depot, and Barnes & Nobles, and individuals. Some items may be gently used.
For more info: http://kathleeninarizona.com/habitat-for-humanity-f10464.html

Arizona Foreclosure Aid meeting highlights

Arizona Aid for Foreclosure meeting highlights:

A public meeting hosted Wednesday by the Arizona Housing Department to share and receive feedback on how it plans to spend $125 million in new federal funds to fight the foreclosure crisis.

Only homeowners living in "modest" primary residences would be eligible, not investors.
And anyone who applied for help would have to demonstrate their risk of foreclosure was due to reduced income from unemployment, a medical condition, divorce or death.

"We can't be all things to everyone," said Housing Department Director Michael Trailor . "This $125 million might seem like a lot of money. But when facing Arizona's foreclosure problem, it's not."


Read more: http://kathleeninarizona.com/archive_details.php?arch=825

Phoenix Foreclosures hit a record at 5,556 in the month of March

In March, a record number of homes were foreclosed on in metropolitan Phoenix.
Lenders foreclosed on 5,556 properties. Also, an increse of 30% in pre-foreclosures was also reported as the number rose to 8,045 in March.

Six of seven bills that made up the proposed Foreclosure Rescue for Arizona Act were never heard in the Legislature. Would this have helped those homeowners that were struggling to stay in their homes?

Some legislation that may help homeowners facing foreclosure are House Bills 2626 and 2309, and Senate Bill 1130.

Read latest news and articles at www.KathleenInArizona.com for more information.

Vacant Land owners can face judgment after foreclosure

Arizona's anti-deficiency statues protect HOMEOWNERS from pesonal liability after foreclosure sale on loans used to PURCHSE a home, but they do not protect owners of vacant land.

Read more at www.KathleenInArizona.com

Latest Real Estate News

New HAFA Short Sale Program begins

Home Affordable Foreclosure Alternatives Program: Overview

The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures. HAFA alternatives are available to all HAMP-eligible borrowers who: 1) do not qualify for a Trial Period Plan; 2) do not successfully complete a Trial Period Plan; 3) miss at least two consecutive payment during a HAMP modification; or, 4) request a short sale or deed-in-lieu.

In a short sale, the servicer allows the borrower to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage. Generally, if the borrower makes a good faith effort to sell the property but is not successful, a servicer may consider a DIL. With a DIL, the borrower voluntarily transfers ownership of the property to the servicer - provided title is free and clear of mortgages, liens and encumbrances. With either the HAFA short sale or DIL, the servicer may not require a cash contribution or promissory note from the borrower and must forfeit the ability to pursue a deficiency judgment against the borrower.

HAFA simplifies and streamlines the short sale and DIL process by providing a standard process flow, minimum performance timeframes and standard documentation.

For more information goto:
http://www.makinghomeaffordable.com/contact_servicer.html

Federal Aid for Arizona Foreclosures

• Arizona is receiving more federal aid due to its foreclosure crisis. It's one of five states divvying up $1.5 billion in additional federal funds to slow foreclosures. Arizona's share is $125 million, and the state is charged with creating its own plan to spend the money.
The Arizona Department of Housing is holding a public meeting next Wednesday to discuss its proposed program for spending the money to help the many residents facing foreclosure.
The meeting will be held at 1 p.m. at Phoenix's Carnegie Library. Seating is limited, so anyone who wants to attend should contact the Housing Department to reserve a spot.

• Arizona is also receiving additional funds to help fight mortgage fraud, which has led to many foreclosures. U.S. Attorney General Eric Holder was in Phoenix on Thursday and pledged $1.7 million to help fight mortgage fraud in Arizona.


Read more:
http://kathleeninarizona.com/archive_details.php?arch=818

Bank of America to lower principal balances - Read Carefully

This program will not help those that have a 30 year fixed mortgage. It is aimed at those that owe 120% of the current market value, and customers with certain adjustable rate and high interest rate mortgages (majority of which seem to be the mortgages that BOFA inherited from Countrywide).

Less than 1 percent of the country's estimated 11.3 million underwater mortgage borrowers are eligible for the program, announced Wednesday, but it could spark other lenders to do likewise, one Arizona State University finance professor said A decision by Bank of America's home loan subsidiary to begin systematically lowering the principal balance on an estimated 45,000 customers' onerous mortgage loans has left some wondering if it's the start of a broader trend.

Still, that doesn't mean Arizona homeowners should wait by the phone for their lender to call with the good news, said Tanya Wheeless, president and CEO of the Arizona Bankers Association.

"The Bank of America program is not going to help everyone, nor is it a program that is likely to be replicated," Wheeless said. "There is no groundswell."

In many cases, the bank servicing a mortgage lacks the authority to lower its principal balance, Wheeless said, because the loan itself is backed by a private investor or another bank.
But more than anything, she said, lowering a past-due borrower's loan principal just doesn't feel right to most lenders.
"It's not something that would be accepted wholesale by the lending industry," she said.
Kaufman said he would not be surprised if the mounting political pressure to help struggling homeowners forced banks out of that comfort zone.
"There is clearly a political gain to be gotten from implementing a program like this," he said.

Read more:
http://kathleeninarizona.com/archive_details.php?arch=813

How to grown vegetables in Arizona - know your seasons

There is a secret to growing veggies in Arizona - knowing your seasons. Spring in Wisconsin is much like autumn in Arizona. Planting tomatoes in May can lead to heartache in July. The Midwest's planing cycle is turned on its head in the desert.

The desert has two growing seasons - Spring and Fall.

Jim Dennis, master garderner, has 10 great tips for gardening in the desert.

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Chapter 13 helping Homeowners underwater to modify a home equity line

Today's Wallstreet Journal - When it's okay to walk away from your home.

Here is an interesting fact for homeowners who make too much money for Chapter 7:

Understand how a Chapter 13 might help you after all. Chapter 13 is "bankruptcy lite," for those whose income is too high to qualify for a Chapter 7. It involves a debt repayment plan (it's something like the Chapter 11 bankruptcy process used by corporations, though not as generous). In Chapter 13, the courts work out how much of your unsecured debts you can reasonably repay and set up a schedule to repay it.
Chapter 13 will not reduce the value of your primary mortgage. But make sure your counsel understands a little-known gap in the law that can help distressed homeowners who either have two mortgages, or one mortgage and a home equity line on top. If the property value has fallen so far that the primary mortgage is now under water, the courts can rule that the second mortgage is now an unsecured loan. And that, miraculously, means they can modify it. An example: You take out a $200,000 first mortgage and $50,000 second mortgage to buy a home for $250,000. The home then falls in value to $180,000. As that's not even enough to cover the first mortgage completely, the second mortgage now has no collateral against it at all. The court, in most jurisdictions, can now modify that second mortgage the way they could other unsecured debt, such as a credit card payment.That could include reducing it to zero.

Read the entire article:

http://online.wsj.com/article/SB10001424052748703795004575087843144657512.html

Changes HAFA will offer to the Short Sale process

Will the changes in the Short Sale process really change? Critics are waiting to see how the first transaction goes.

HAFA begins April 5th and will offer tighter timelines for both homeowners and banks so that the short sale process does not drag on for months. But, there is no serious punishment for banks who don't comply only small financial incentives to particiapate if a transaction is successful. The lender receives $1,000 and the homeowner receives $1,500. Unfortunately, the strict homeowner eligibility requirements linked to HAMP (loan modification program) has not changed for HAFA. Second lien holders may reject the deals. HAFA offers them no more than $3,000 in sale proceeds, no matter the size of the loan.

The good news is that under HAFA the Lenders must notify borrowers up front what the minimum buyer offer they will accept. Yeah! No more price guessing games.

AAR offers a new Short Sale Advisory for Sellers
goto: http://kathleeninarizona.com/seller-advisory-f9783.html

Mortgage delinquencies update

We are still seeing record high mortgage delinquencies. Unfortunately, new delinquencies are outpacing loss mitigation efforts. The loans are still not being modified quick enough to keep loans from going bad. The number of new delinquencies since January 1, 2009, still exceeds the trial loan modificaitons number by 25 percent.

The Mortgage Monitor report today from the Lender Processing Services revealed that the numbers are really staggering.


Loans delinquent/in foreclosure process: 7.5 million
REO/Post-sale foreclosure: 1 million
Loans that were current 1/1/09 and 60+ days delinquent 1/1/10: 2.5 million

I find this to be the most interesting fact:

More than 31 percent of loans that have been delinquent for six months are not yet in foreclosure, while 22.8 percent of loans delinquent for 12 months have not been moved to foreclosure status (up from 9.0 percent in 2008).

Vaction in Arizona - take advantage of low resort rates

Want to enjoy some leisure time in the sun? Take advantage of low resort rates and freebies. The all-suite Pointe Hilton Resorts in Phoenix, AZ (popular with families), added breakfast for two to its $149 - $179 a night Triple Play package. It requires a 3 night minimum stay, 30 day advance purchase and payment in advance.

Live local? YOU deserve a long weekend to relax , life is too short!

read more: http://www.kathleeninarizona.com/archive_details.php?arch=802

I found a great weekend getaway to Tucson, AZ at the Westin for only $116/per night
http://www.hotwire.com/

HAFA program begins April 5th to help homeowners that don't succeed with HAMP

Home Affordable Foreclosure Alternatives Program (HAFA) effective April 5th
On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA. A list of servicers participating in HAMP is available at MakingHomeAffordable.gov.


Read more:
http://kathleeninarizona.com/archive_details.php?arch=794

116,000 loan modifications successful so far, thousands more to go:
http://kathleeninarizona.com/archive_details.php?arch=793

Airzona Foreclosure Bills to help protect homeowners

Arizona Foreclosure bills to protect homeowners
Arizona Democrats have introduced legislation to tackle the state's foreclosure crisis and to protect homeowners.
• HB 2715 would give homeowners facing foreclosure another 60 days to work out a loan modification.
• HB 2740 calls for allowing renters in homes that are in foreclosure to stay in the house and continue to pay affordable rents, and for 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.
• HB 2321 requires homes be maintained during foreclosure.
• HB 2739 creates a mandatory mediation program for those facing foreclosure that would be supervised by the Arizona Supreme Court.

Tenants renting a property in Foreclosure can stay

Under federal law, a tenant is generally entitled to stay in the rented premises after a foreclosure sale until the term of the lease expires. The lender or third-party buyer at the foreclosure sale, however, has no obligation to refund the security deposit when lease expires.

Tenants ask an attorney:
http://kathleeninarizona.com/archive_details.php?arch=790

Professor says it is not immoral for underwater homeowners to walk away

Arizona law professor Brent White says the only thing standing between many "underwater" homeowners and a better financial future is a misguided sense that walking away from a loan commitment is morally wrong.
White, an associate professor at University of Arizona's James E. Rogers College of Law, has spent the past few months presenting his argument to other lawyers, real-estate professionals and the national media.
It started with a 50-page discussion paper he published in October, in which White argues that underwater homeowners, those whose unpaid loan balance exceeds the value of their home, are being manipulated into picking up the tab for a real-estate crash that borrowers and lenders created equally.
"I'm all for a society where people must take personal responsibility, but that should also apply to the banks and financial institutions" he said.

Article in the Arizona Republic
http://kathleeninarizona.com/archive_details.php?arch=789

"Risky Loans" but not Fannie or Freddie have short sale guidelines yet

HOME AFFORDABLE FORECLOSURE ALTERNATIVE PROGRAM - HAFA

The new HAFA program applies to the large volume of so-called "risky" loans that were issued outside of Fannie Mae and Freddie Mac guidelines during the housing boom, such as zero-down loans, option ARMs, and Alt-A mortgages that didn’t require extensive income documentation (see below, "Which Loans Are Eligible?"). As of this writing, Fannie and Freddie were developing their own, similar guidance for loans they’ve backed.

Read more:
http://kathleeninarizona.com/archive_details.php?arch=786

Which Loans Are Eligible?
The Home Affordable Foreclosure Alternative Program provides short sales guidelines for loans not owned or guaranteed by Fannie Mae or Freddie Mac (those agencies are expected to release their own, similar guidance). The following conditions also must be met:

The property is the borrower’s principal residence.
The mortgage loan is a first lien mortgage originated on or before Jan. 1, 2009.
The mortgage is delinquent or default is reasonably foreseeable.
The current unpaid principal balance is equal to or less than $729,750.
The borrower’s total monthly mortgage payment exceeds 31 percent of the borrower’s gross income.

Maricopa County Tax Lien Auction

Tax-lien timeline
Year 1
January: A lien for taxes is attached to the property even though the amount of taxes due will not be determined until the following fall. The county assessor notifies each property owner of the property's assessed value.
August-September: The county Board of Supervisors approves the property-tax rate, and residents receive their annual property-tax bill.
October: The first half of the property-tax bill is due.
Year 2
April: The second half of the Year 1 property tax is due.
December: The county treasurer compiles a list of all parcels with delinquent property taxes for publication.
Year 3
January: The Treasurer's Office publishes the list in a newspaper and on the Internet.
February: An online auction is held to sell the tax liens to investors. Bidders compete for the best annual interest rate, bidding down from 16 percent in whole-digit increments (1 percent, 2 percent, etc.) Any liens not sold to investors are "struck" to the state but can be purchased later for 16 percent interest.
Year 6
February: A lien investor can seek a judgment for foreclosure of the tax-delinquent parcel in court if the investor still has not been repaid with interest.
Year 13
February: If no foreclosure action has been initiated 10 years after the date of purchase, the lien is extinguished.
Source: "Arizona Property Tax Lien Primer" by attorney Mark Manoil.

Read article to see how to invest:
http://kathleeninarizona.com/archive_details.php?arch=784

Arizona Housing Recovery pushed back to 2014

Arizona has lost more than 210,000 jobs in the past 24 months, according to Elliott Pollack, a Scottsdale-based economist.
"It will be 2014 before we get back to 2007's employment level in the state," Pollack told the crowd at the Arizona Biltmore Resort.
He said that he expects metro Phoenix's housing market to start improving near the end of 2012 but that it won't be until 2014 when the area's supply of available houses and demand for those homes are back in balance.

Read entire article:
http://kathleeninarizona.com/archive_details.php?arch=783

Obama Admin. needs to do more to Prevent Foreclosure

USNEWS By Luke Mullins , On Tuesday January 19, 2010

Nearly a year after the Obama administration unveiled its ambitious housing rescue program, foreclosure tallies continue to break records. Foreclosure filings were reported on more than 2.8 million properties in 2009, up 21 percent from the previous year and 120 percent from 2007, according to RealtyTrac. With nearly 10 percent of mortgages now delinquent--which is also a new record--even more homeowners appear headed for foreclosure this year. "A massive supply of delinquent loans continues to loom over the housing market," RealtyTrac CEO James J. Saccacio said in a statement. "Many of those delinquencies will end up in the foreclosure process in 2010 and beyond."

The number of so called "strategic defaults" more than doubled, to 588,000, from 2007 to 2008, according to a study by Experian and Oliver Wyman. A separate 2009 survey found that more than a quarter of all existing defaults were strategic. Meanwhile, a growing number of academics are touting the financial benefits of walking away. "Homeowners should be walking away in droves," Brent T. White, a University of Arizona law school professor, said in a recent paper. "The financial costs of foreclosure, while not insignificant, are minimal compared to the financial benefit of strategic default."

The case for strategically defaulting is linked to negative equity, or owing more on your home than it is worth. With home prices at the national level having dropped roughly 30 percent from their 2006 peaks--and a great deal more in certain bubble markets--a considerable chunk of property owners are now in this fix. Nearly 1 in 4 borrowers currently have negative equity, according to First American CoreLogic. And rather than continuing to make payments on an investment that's now worth significantly less than what they paid for it, many borrowers are throwing in the towel.

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http://kathleeninarizona.com/archive_details.php?arch=782

Mortgage News - FHA Making Changes

The FHA will raise the up-front Mortgage Insurance Premium, paid by borrowers, from 1.75 percent to 2.25 percent as well as request legislative authority to increase the maximum annual MIP that the FHA can charge. This is the second time in two years that it has raised the premium.

In addition, in order for new borrowers to qualify for the 3.5 percent down payment program, they will now be required to have a minimum FICO score of 580. Borrowers with a lower score will be required to put down at least 10 percent.

The FHA will also reduce allowable seller concessions, or how much the seller can help the buyer, from 6 percent to 3 percent. The change will give borrowers a greater financial stake in their home purchases, as well as brings the FHA into conformity with industry standards on seller concessions.


Read entire article
http://kathleeninarizona.com/archive_details.php?arch=781

Scottsdale Golf Clubs lower memberships

A lingering recession has caused some tough conditions for area golf courses throughout the valley financially, primarily due to the loss of golf members. Scottsdale country clubs have cut membership costs and opened their courses to non-resident players. Golfers are trading down luxury golf to more affordable courses.
Read more: http://kathleeninarizona.com/archive_details.php?arch=779

What Happens after Foreclosure?

What Happens After Foreclosure?
January 11, 2010 by Ilyce R. Glink

Summary: What happens to your credit after foreclosure? Millions of Americans have already gone through foreclosure or are facing foreclosure proceedings. How do you recover from foreclosure Your credit score will definitely take a substantial hit, and that will take a long time to recover from. It may be several years before your credit recovers and you can get financing for a new mortgage. While you are waiting, take the time to rebuild your credit score after foreclosure.

Read entire article:
http://kathleeninarizona.com/archive_details.php?arch=774

Short Sale Fraud - Second lien holders asking to be paid off the HUD settlement statement

In order for a short sale with two loans to happen, the second lien holder has to drop the lien.
If they don't, and there's no short sale, the home goes to foreclosure and the first lien holder gets the house because second liens are subordinated debt to the primary loan.
In short, the second lien holder gets nothing. In order to get the second lien holder to drop the lien, the first lien holder generally negotiates some partial payment to the second lien holder. The second lien holder doesn't have to agree, but more and more are doing so.
That's all legal.
But here's what's not legal and what's apparently happening quite often recently. Since many second lien holders are getting very little, they are now allegedly requesting money on the side from either real estate agents or the buyers in the short sale. When I say "on the side," I mean in cash, off the HUD settlement statements, so the first lien holder doesn't see it.
"They are pretty clear and pretty upfront about the fact that if the first lender knows they are getting paid, the first lender will kill the short sale," says Brandt. "So these second lenders are asking for the payments off the closing documents, off the HUD statement, usually in a cashiers check prior to closing. Once they receive that payment, they will allow the short sale to go through, which according to RESPA laws and the lawyers that we have spoken to on the topic is not legal."

Read the entire story by Diana Olick:
http://kathleeninarizona.com/archive_details.php?arch=771

Highest Foreclosure Rates by State

Foreclosure Rates
Foreclosure filings, defined as a default notice, bank repossession or auction sale notice, were up almost 14 percent in December 2009 from the previous month, and showed an 15-percent increase from a year ago, according to Realty Trac's U.S. Foreclosure Market Report. In December 2009, one in every 366 households in the country had received a foreclosure filing.
1. Nevada
Rate: One in every 94 households
2. Arizona
Rate: One in every 132 households
3. Florida
Rate: One in every 158 households
4. Idaho
Rate: One in every 159 households
5. California
Rate: One in every 165
6. Utah
Rate: One in every 200 households
7. Michigan
Rate: One in every 225 households
8. Illinois
Rate: One in every 294 households
9. Georgia
Rate: 1 in every
10. Hawaii
Rate: 1 in every 330 households