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
Sunday, April 25, 2010
Thursday, April 22, 2010
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
Wednesday, April 21, 2010
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
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
Saturday, April 10, 2010
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
Friday, April 9, 2010
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
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
Wednesday, April 7, 2010
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.
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
Read more at www.KathleenInArizona.com
Latest Real Estate News
Tuesday, April 6, 2010
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
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
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About Kathleen Mazzocco
- Kathleen Mazzocco, Realtor in Anthem, AZ Relocation to Scottsdale, AZ
- Scottsdale, AZ, United States
- Kathleen has worked with a variety of clients and employees from across and outside of the country, and this has given her a firm grasp of all the details that need to be considered when buying a home in Scottsdale, Anthem, or other areas of Phoenix, Arizona. Kathleen is a AZ Corporate Relocation Professional, and Buyer's Agent. She doesn't just help you find the home you want, she also insures that you're settling in well and that you have all the information you need in order to enjoy the highest-quality lifestyle Arizona has to offer. Begin your plan moving to Arizona with Kathleen today. It's a buyer's market right now, so there are great opportunities for you to land the home of your dreams for much less than you ever imagined possible. Acquiring property foreclosures, short sales, and bank owned homes are ways you can save in today's market. As Certified Distressed Professional she can negotiate the best possible price and terms for you. Please browse through Kathleen's website and let Kathleen Mazzocco help you come home to Arizona,search the newest home listings at www.KathleenInAZ.com.