Anthem Arizona is certainly showing some signs of rising home values due to cash home buyers purchasing properties above market value. At the same time, we are seeing an increase of investors purchasing properties located in Anthem, AZ at the trustee sales. Within days of the purchase, investors are putting dollars into making minor repairs, adding upgrades, and selling for a profit the newly upgraded home shortly after the original trustee sale.
Buyers are willing to pay more for homes that are move-in-ready. New carpet, paint, minor repairs fixed, filling pools with fresh water, are just some of the work that investors have done to bring up the property values for homes that have gone into foreclosure.
First quarter of 2011 Anthem Parkside had 111 homes sold, 42 were traditional or investor owned homes selling at an average price of about 16% above lender owned properties.
Contact me if you would like more information about the first quarter of 2011 home sales in Anthem, AZ. Send an email to: anthem@kathleeninaz.com or call 623.776.6217 today.
Anthem AZ Community Highlights and Homes for Sale in Anthem, AZ
http://anthemazhome.com/.
Saturday, April 16, 2011
Sunday, March 20, 2011
Roosevelt Dam celebrates 100 years
Visitors celebrating the centennial of the Theodore Roosevelt Dam were able to walk across the crest of the structure for one day only, on March 19th. The dam was built by farmers in 1911 to fill the need for a 100 yrs supply of water. Arizona pioneered large-scale water banking, storing unused Colorado River water by pouring it into recharge basins to percolate into the ground for later use. So far, the state has banked about 1.6 trillion gallons. The philosphy behind the groundwater management laws are to use surface water and save the groundwater for a drought or other unexpected events. Experts are stating that at the pace that Phoenix is going, it has another 30 years to run without using non-renewable groundwater supplies
Read more:
http://www.kathleeninarizona.com/archive_details.php?arch=1069
Read more:
http://www.kathleeninarizona.com/archive_details.php?arch=1069
CantaMia in Estrella Living Certified Green! Grand Opening celebration
Contact me for additional information. Home prices range from about $140k to $355k.
Read more:
http://www.kathleeninarizona.com/archive_details.php?arch=1068
Monday, February 21, 2011
Taxpayers will ultimately pay back losses of nearly $400 billion due to foreclosures
"Fannie and Freddie losses are passed onto taxpayers," said Anthony Sanders, a former professor of real estate and finance at Arizona State University, now with Virginia's George Mason University.
Most foreclosures now are on loans that were issued by banks but backed by Fannie Mae and Freddie Mac. Created to boost U.S. homeownership, the Federal National Mortgage Association and the Federal Home Mortgage Corp. buy from banks and now own half of all mortgages.
"I understand why some people want to walk away, but we should all understand who ultimately pays the bill for foreclosures," said Amy Swaney, former president of the Arizona Mortgage Lenders Association and Arizona manager of Citywide Home Loans. "Most foreclosures end up costing us all."
Those federal entities' losses are expected to near $400 billion before the foreclosure crisis ends, many of those losses could end up hitting taxpayers. Big investors included government pension funds and other public agencies.
"If the federal government begins bailing out pension funds," Sanders said, "then the taxpayer pays for that, too."
Read more:http://www.kathleeninarizona.com/archive_details.php?arch=1049
Most foreclosures now are on loans that were issued by banks but backed by Fannie Mae and Freddie Mac. Created to boost U.S. homeownership, the Federal National Mortgage Association and the Federal Home Mortgage Corp. buy from banks and now own half of all mortgages.
"I understand why some people want to walk away, but we should all understand who ultimately pays the bill for foreclosures," said Amy Swaney, former president of the Arizona Mortgage Lenders Association and Arizona manager of Citywide Home Loans. "Most foreclosures end up costing us all."
Those federal entities' losses are expected to near $400 billion before the foreclosure crisis ends, many of those losses could end up hitting taxpayers. Big investors included government pension funds and other public agencies.
"If the federal government begins bailing out pension funds," Sanders said, "then the taxpayer pays for that, too."
Read more:http://www.kathleeninarizona.com/archive_details.php?arch=1049
Friday, February 4, 2011
Tune into HGTV House Hunters TODAY! Watch as I help a Maryland couple relocate to Anthem, AZ
Show Highlights:
http://www.kathleeninarizona.com/hgtv-c11568.html
"A Couple Relocates to Phoenix for a New Mid-Life AdventureJohn and Kim Bojonny are making a mid-life change and are relocating to Phoenix.
They are looking for a home with an open floor plan, three bedrooms, two bathrooms, large closets and lots of extra space. With a $350,000 budget, Kathleen Mazzocco, their realtor, is determined to find them exactly what they want".
http://www.kathleeninarizona.com/hgtv-c11568.html
"A Couple Relocates to Phoenix for a New Mid-Life AdventureJohn and Kim Bojonny are making a mid-life change and are relocating to Phoenix.
They are looking for a home with an open floor plan, three bedrooms, two bathrooms, large closets and lots of extra space. With a $350,000 budget, Kathleen Mazzocco, their realtor, is determined to find them exactly what they want".
Sunday, January 30, 2011
Brent White's seminar for homeowners underwater last Thursday sold out
I attended the sold-out webinar on January 27th. Brent White is a professor at the University of Arizona, attorney, and author of the "Underwater Home". Known as a controversial figure for his academic writings, and lectures on the topic of STRATEGIC DEFAULT. He does not advocate walking away, but does insists it is not a moral issue but rather a business decision. I am seeing this shift in the Luxury home market (whereas the negative equity is over $100k) and baby boomers whom are not too far away from retirement and don't have the years to invest in waiting for the market to recover. Rather they prefer to take their losses now and wait a few years to rebuild their credit to invest in real estate again. Most economists and market analysis predict it will be years before the Phoenix area housing future comes into full view. Zipcodes like 85009 which have had an 81% drop in market value may never recover. Even if homes were to double in value twice, it still would not be worth half as much as they used to be. High unemployment rates, increase in bankruptcies, economic hardships, and more home buyers becoming renters all impact the recovery process. Brent White demonstrated many different scenarios and formulas to help homeowners attending the seminar determine whether it is worth putting themselves, and their family through the stressful process of strategic default, in some cases it is just not worth it. One concern he pointed out was supplying lenders with current financial information that could be used against them later if a loan modification does not work out.There is a lot of emotional feelings (ups and downs like a roller coaster) when a homeowner considers "walking away". This book walks homeowners through all the parts involved in the process of considering a STRATEGIC DEFAULT. Is it a moral obligation or a business decision? Obligations to society and to your neighbors (ch.1) Brent has some great analogies to convince homeowners to stay put (ch. 3 & 4) or do you need to move because of a job transfer? He covers a wide range of topics and questions most homeowners have on their minds like: tax consequences, fear of being pursued by their lender (ch.2), buying and bailing (ch.4).
I highly recommend reading this book today if some of these concerns and questions lay heavy on your heart and mind.
Read more:
http://kathleeninarizona.com/archive.php?dfilter_id=73
Wednesday, January 26, 2011
HAFA Changes may begin Feb 1st - Will the revisions help Short Sales?
Short Sale vs Foreclosure is still on the minds of many homeowners in 2011.
The revisions to the HAFA guidelines are in the right direction, but the revisions to HAFA do not apply to first lien mortgages that are owned or guaranteed by Fannie Mae, Freddie Mac, or insured by a federal agency such as the Federal Housing Administration. Moreover, servicers are not required to implement the new rules to any loans retroactively. It is important to find out who services your loan and get the advice from a HUD counselor for FREE.
Servicers are only required to implement these changes on new files effective February 1, 2011. So, if you have a HAFA short sale at one of the lending institutions right now, it is being reviewed under the old rules. Servicers are not required to implement the new rules to any short sales retroactively.
An example of a common short sale delay is in cases whereas a second lienholder is NOT accepting the amount offered by the first lienholder, below is the direction recommended to servicers:
Release of Subordinate Liens Subordinate mortgage/lien holders will continue to be paid in order of priority as set forth in Section 6.2.4.2 of Chapter IV of the Handbook. However, servicers are no longer limited by the six percent cap with respect to payments to each subordinate mortgage/lien holder. The servicer, on behalf of the investor, shall determine the amount or percentage of the unpaid principal balance of the lien that will be paid to each subordinate mortgage/lien holder until the $6,000 aggregate cap is reached. Each servicer must include in its HAFA Policy how subordinate mortgage/lien holders will be paid. Investors continue to be eligible for incentive reimbursement for up to one-third of the cost to extinguish subordinate liens as described in Section 12.3 of Chapter IV of the Handbook.
Mortgage servicers and investors write their own guidelines under the Federal requirements to determine how to implement the program. For more information about your options, you should contact your mortgage servicer.
If you have questions about the program, or want guidance about how these options may impact your personal situation:
Contact your mortgage servicer
http://www.makinghomeaffordable.gov/contact_servicer.html
Speak to a HUD-approved housing counselor for free.
http://www.makinghomeaffordable.gov/counselor.html
Who services your loan? (easy to use links to find out quickly below)
Does Fannie Mae service your loan?:
http://www.fanniemae.com/loanlookup/
Does Freddi Mac service your loan?:
https://ww3.freddiemac.com/corporate/
Consider all your options and consult an attorney.
HAFA proposed revisions: http://kathleeninarizona.com/archive_details.php?arch=1040
The revisions to the HAFA guidelines are in the right direction, but the revisions to HAFA do not apply to first lien mortgages that are owned or guaranteed by Fannie Mae, Freddie Mac, or insured by a federal agency such as the Federal Housing Administration. Moreover, servicers are not required to implement the new rules to any loans retroactively. It is important to find out who services your loan and get the advice from a HUD counselor for FREE.
Servicers are only required to implement these changes on new files effective February 1, 2011. So, if you have a HAFA short sale at one of the lending institutions right now, it is being reviewed under the old rules. Servicers are not required to implement the new rules to any short sales retroactively.
An example of a common short sale delay is in cases whereas a second lienholder is NOT accepting the amount offered by the first lienholder, below is the direction recommended to servicers:
Release of Subordinate Liens Subordinate mortgage/lien holders will continue to be paid in order of priority as set forth in Section 6.2.4.2 of Chapter IV of the Handbook. However, servicers are no longer limited by the six percent cap with respect to payments to each subordinate mortgage/lien holder. The servicer, on behalf of the investor, shall determine the amount or percentage of the unpaid principal balance of the lien that will be paid to each subordinate mortgage/lien holder until the $6,000 aggregate cap is reached. Each servicer must include in its HAFA Policy how subordinate mortgage/lien holders will be paid. Investors continue to be eligible for incentive reimbursement for up to one-third of the cost to extinguish subordinate liens as described in Section 12.3 of Chapter IV of the Handbook.
Mortgage servicers and investors write their own guidelines under the Federal requirements to determine how to implement the program. For more information about your options, you should contact your mortgage servicer.
If you have questions about the program, or want guidance about how these options may impact your personal situation:
Contact your mortgage servicer
http://www.makinghomeaffordable.gov/contact_servicer.html
Speak to a HUD-approved housing counselor for free.
http://www.makinghomeaffordable.gov/counselor.html
Who services your loan? (easy to use links to find out quickly below)
Does Fannie Mae service your loan?:
http://www.fanniemae.com/loanlookup/
Does Freddi Mac service your loan?:
https://ww3.freddiemac.com/corporate/
Consider all your options and consult an attorney.
HAFA proposed revisions: http://kathleeninarizona.com/archive_details.php?arch=1040
Tuesday, January 25, 2011
Bank of America to Halt foreclosure notices in AZ AGAIN - 1st time Judicial States/2nd time Non-Judicial States - AZ is BOTH! GETS HIT TWICE!
The first round of foreclosures halted by Bank of America were in the Judicial States, now the Non-Judicial States are being halted due to the Robo-Signing crisis. Arizona is both! (a judicial and non-judicial state). Not good, Arizona has 3 of the 4 rising foreclosure rates amoung others like California & Nevada. The halt in October caused delays in inventory coming to the market (which BOFA holds about 23% of the share of lender owned property here).
"The prolonged curtailment in NOD (notices of default) volume will lead to fewer foreclosure completions in 2011 than forecast," notes mortgage consultant Mark Hanson. "After four months of total uncertainty over the entire foreclosure process nationwide, it will have consequences on the mortgage, housing, and related sectors."
Hanson says distressed loan pipelines are "poised to get out of control beginning in Q1"
Understanding the difference
Simply stated, the non-judicial foreclosure process starts with a Notice of Trustee Sale recorded with the county. The foreclosure process is done outside of the judicial system and the home is sold at a Trustee Sale 91 days after the notice is recorded. Unless, the homeowner is able to come to terms (reinstate) with the mortgage lender prior to the trustee sale, the home will be sold. The judicial foreclosure process is a civil lawsuit filed in the court system by the mortgage holder against the borrower. Once the mortgage holder obtains a judgment, the court will direct the mortgaged property to be sold to satisfy the judgment. The property will be sold by the County Sheriff by conducting an auction. There is no right of redemption once a Trustee Sale occurs, but there is a redemption period prior to a Sheriff Sale. The borrower can pay the entire balance of the mortgage and may even have certain statutory rights of redemption after the Sheriff sale.
(A.R.S. 33-807, 33-808, 33-809 and A.R.S. 33-721, 33-752, and 33-725)
Read more:
http://kathleeninarizona.com/archive_details.php?arch=1035
"The prolonged curtailment in NOD (notices of default) volume will lead to fewer foreclosure completions in 2011 than forecast," notes mortgage consultant Mark Hanson. "After four months of total uncertainty over the entire foreclosure process nationwide, it will have consequences on the mortgage, housing, and related sectors."
Hanson says distressed loan pipelines are "poised to get out of control beginning in Q1"
Understanding the difference
Simply stated, the non-judicial foreclosure process starts with a Notice of Trustee Sale recorded with the county. The foreclosure process is done outside of the judicial system and the home is sold at a Trustee Sale 91 days after the notice is recorded. Unless, the homeowner is able to come to terms (reinstate) with the mortgage lender prior to the trustee sale, the home will be sold. The judicial foreclosure process is a civil lawsuit filed in the court system by the mortgage holder against the borrower. Once the mortgage holder obtains a judgment, the court will direct the mortgaged property to be sold to satisfy the judgment. The property will be sold by the County Sheriff by conducting an auction. There is no right of redemption once a Trustee Sale occurs, but there is a redemption period prior to a Sheriff Sale. The borrower can pay the entire balance of the mortgage and may even have certain statutory rights of redemption after the Sheriff sale.
(A.R.S. 33-807, 33-808, 33-809 and A.R.S. 33-721, 33-752, and 33-725)
Read more:
http://kathleeninarizona.com/archive_details.php?arch=1035
Canadians will have tougher mortgage rules begining March 18th
TORONTO - Canada is tightening mortgage rules over concerns that Canadians are taking on too much debt, the country's finance minister announced Monday.
Finance Minister Jim Flaherty said the maximum amortization period for government-insured mortgages will be shortened to 30 years from 35 years.
Ottawa is also lowering the limit on how much money Canadians can borrow using their homes as equity to 85 percent of the value, from 90.
The new rules go into effect March 18.
read more: http://kathleeninarizona.com/archive_details.php?arch=1032
Finance Minister Jim Flaherty said the maximum amortization period for government-insured mortgages will be shortened to 30 years from 35 years.
Ottawa is also lowering the limit on how much money Canadians can borrow using their homes as equity to 85 percent of the value, from 90.
The new rules go into effect March 18.
read more: http://kathleeninarizona.com/archive_details.php?arch=1032
Saturday, November 13, 2010
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
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!
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!
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!
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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.