Arizona Real Estate Notebook
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Arizona Mortgage Rates & News - February 5, 2010
***Smart Financial Weekly Mortgage & Business Update February 5, 2010*** Fannie Mae HomePath Update: On January 28th Fannie Mae announced 3.5% seller assistance to cover closing costs on Fannie Mae?s HomePath properties. The program is good for HomePath purchases that close by May 1, 2010. For more information go to www.homepath.com. Jobs Report Headlines: The jobs report [...]
Getting a mortgage after a bankruptcy, foreclosure or short sale
I just stole this from a newsletter I receive. Waiting Periods for BK/FC/SSale A common question from borrowers and homeowners these days is how long they will need to wait to buy again if a negative item appears on their credit report. Different loan programs have different disqualification periods for Bankruptcy/Foreclosure/Short Sale. Once [...]
Want to buy a home with little downside risk?
PMI, the private mortgage insurance company, comes out with a list every quarter of areas they think have the lowest possibility of having lower home prices in the next quarter. Areas Least Likely to See Lower Home Prices Fargo ND Grand Forks ND Cedar Rapids IA Killeen TX Ames IA Morgantown WV Iowa City IA Fayetteville NC Little Rock AR Bismarck ND There you have it. [...]
10 ?Must Haves? for new homes
My guess is that new homes in the United States will be smaller, with fewer walls (think of the openness of lofts) and in general, cheaper to build. Below is an excerpt from this article; Paul Cardis, CEO of AVID Ratings Co., which conducts an annual survey of home-buyer preferences, said there are 10 “must” features [...]
Only 23% of normal Scottsdale listings sold in 2009
Do you ever see all those “For Sale” signs in front of other people’s houses and wonder, “Why the heck am I having so much trouble selling my home?” Here’s your answer. In Scottsdale in 2009, only about 1 in 4 homes listed for sale by individuals actually sold. So if you saw 4 [...]
UofA law professor says ?walking away? not immoral
This is interesting, exploring legal and moral justifications for “walking away.” “If you stop making payments, you’re not breaching the contract, because default and foreclosure are valid means of fulfilling the contract” RECOMMENDED: Related NPR interview with a Phoenix real estate attorney Mary Kinsley regarding “strategic defaults” and “walking away.” She used to get callers [...]
Effect of foreclosures on Arizona home prices
This real estate bust will be the worst time in many people’s lives, “Remember, when we lost the house in 2008 and almost got divorced?” But for real estate geeks, the economic shock is exposing the inner workings of housing economics. The video below compares how the real estate bust effected the median home price per square [...]
Phoenix home prices flat in December
All 124 zip code real estate charts available in the right-hand column have now been updated through DECEMBER 2009 with the number of home sales, the median home price and the median home price per square foot. Video Comments - Phoenix median home prices by zip code through December 2009 Phoenix home PRICE trends - [...]
Arizona Mortgage Rates & News - January 29, 2010
***Smart Financial Weekly Mortgage & Business Update January 29, 2010*** SHORT SALE/FORECLOSURE WARNING! ? If you have done a short sale or foreclosure, are thinking about it or know someone who is consider the following. Banks have become increasingly aggressive in collection efforts against borrowers who do a short sale or foreclosure where a balance remains. [...]
Mortgage rates and Fed purchases of mortgage backed securities
Although mortgage interest rates haven’t really increased since the Fed started to reduce it’s purchases of mortgage backed securities, we’ll likely see more upward potential on mortgage rates after the Fed ends the program in the coming months. Fed purchases are running about half of what they were at the peak last spring. The [...]
