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real estate news: Foreclosure-Prevention Scammers: How To Not Become A Victim - 09/21/09 03:56 PM
The most common foreclosure-prevention scams works like this: The despaired home owner gets a letter that says something like, "We know you're having a hard time. We have a pipeline to your lender and can help you save your home. Call this toll-free number now."The poor home owners call the number and agree to pay an outrageous amount of up to $1,500 upfront for help with their mortgage. Then, nothing happens. Finally, the home goes into foreclosure and the home owner has no one to fall back on.Harold Kirtz, a lawyer for the Federal Trade Commission who is prosecuting these scammers, says … (2 comments)
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real estate news: 7 Valuable Tips For First-Time Home Buyers - 09/21/09 02:58 PM
The housing market has taken a drastic turn since the foreclosure crisis in 2008. Here are seven pieces of wisdom from economists and financial planners for anyone considering a home purchase today:
The smartest way to purchase a home is to put 20 percent down on a fixed-rate, 30-year (or less) mortgage. Do not depend on income growth. Even though buyers in their 20s and 30s will likely see their incomes increase more quickly than previous generations, it is important to always act sensibly when borrowing. Any family that is considering adding children to their family should calculate whether they could live on one … (0 comments)
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real estate news: New Refinance Guidelines - 07/07/09 02:56 PM
The federal government's new eligibility requirements for its home-loan refinancing program should allow more Arizonans to reduce their monthly mortgage payments.
However, the program still doesn't solve the biggest problem for so many borrowers: owing much more than their homes are worth.
This week, the U.S. Department of Housing and Urban Development extended the Home Affordable Refinance Program to borrowers who are up to twenty-five percent upside-down on mortgages guaranteed by Fannie Mae and Freddie Mac.
The previous origin was 105 percent, or owing 5 percent more than the value of the home.
"As long as (the refinance loan) is at … (0 comments)
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real estate news: Foreclosures Ahead - 07/07/09 01:53 PM
Economic observers are forecasting another surge of foreclosures later this summer or in the fall. Those lenders that held off on foreclosures as part of President Obama's plan will now proceed vigorously to clear the backlog of troubled mortgages, causing the large amount of foreclosures.
Home values will depreciate with the foreclosures rising, says Mark Zandi of Moody's Economy.com, who calculates that 15.4 million homeowners, one in five of those with first mortgages, will be underwater.Seth Wheeler, a senior adviser to Treasury Secretary Timothy Geithner, has said that the government is "unlikely to implement another moratorium."However, Wheeler also said the government … (0 comments)
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real estate news: When Should Homeowners Walk Away? - 06/24/09 01:13 PM
In a complicated market like todays, it is hard to know whether you should keep your home or walk away from it. Many homeowners have watched their property values drop over 25 percent, sometimes more. Some say the market hasn't even hit the bottom yet.
Some homeowners are beginning to wonder if staying in their home is even worth it anymore. Some wonder, "If I owe more on the mortgage than the house is worth, why throw good money after bad?" When homeowners are thinking of walking away, they need to remind themselves of why they purchased the home, when they … (1 comments)
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real estate news: Foreclosure Crisis Now Spreading To Prime Mortgages - 06/09/09 06:15 PM
The prime borrowers are rapidly going into foreclosure, especially in those states of mass unemployment or decreasing property values, all which saw a huge run-up during the housing boom.
It's a marked shift from earlier this year, when foreclosures were driven by defaults on subprime loans. It has major implications - ravaging the credit scores of those borrowers who once had impeccable records and dragging down property values in the more wealthy neighborhoods.
It also threatens to weaken the housing recovery.
"It's definitely a concern," says Brian Bethune at IHS Global Insight. "(Unemployment) is a major driver of foreclosures, and it will frustrate … (1 comments)
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real estate news: Housing Rebound Is On The Rise - 06/09/09 05:58 PM
Sales are the uproar for the economic housing situation this week.
Residential sales and pending sales are adequately increasing and a rebounding real estate market could soon start stimulating the economy.
Even Federal Reserve Chairman Ben Bernanke told Congress last week that essentially the worst is over, the housing market is stabilizing, and we're heading out of recession in the second half of the year.
Pending home sales heightened by 6.7 percent in April. April made the third consecutive month of significant increases. April was the highest pending sale total for any month in the last seven years.
In the Northeast region, pending sales rocketed upwards during April by an astounding … (0 comments)
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real estate news: Median Home Prices Up In May - 06/08/09 03:08 PM
Phoenix-area median priced homes sold increased slightly in May from the previous month despite an increase also in home foreclosures, according to the latest data from the Information Market and Cromford Report, local analysis firms.
In May, the number of homes sold increased to over 8,600. In April, the homes sold were just under 8,160. The median sales price for both new and resale homes was $130,000, which is an increase of about 3 percent. This information is based on data from the Maricopa County Recorder's Office.
In May, the median new-home sale prices rose to $216,000 from $205,000 in April. … (0 comments)
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real estate news: Obama Signs Anti-Foreclosure Bill - 05/20/09 07:37 PM
President Obama signed a new legislation that entices the banks to help save homeowners facing foreclosure on Wednesday. President Obama states that it protects the homeowners and cracks down on lenders who try to take advantage of their situation.
The law expands on an existing program that entices the lenders to adjust the mortgage rate if the homeowner pays an insurance premium. The bill also extends a deposit insurance increase by the FDIC from $100,000 to $250,000 until 2013.
The House voted 367-54 to pass the Helping Families Save Their Homes Act on Tuesday, where it progresse to the Senate who had voted 91-5 in favor of the bill and approved the final … (0 comments)
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real estate news: Perfect Time To Steal A Deal On Vacation Property - 05/05/09 02:31 PM
Although the market is at a record lows, right now is a fantastic time to purchase a second home in a vacation paradise at a great price, if you can afford it.
Since there are a significantly small amount of people that have the ability to spend money on this kind of luxury, sales as well as prices are down in many prime locations. Buyers with the desire and the funds can pick up a steal of a deal.BusinessWeek and Zillow.com took a look at the second-home markets where prices have decreased between the fourth quarter of 2007 and fourth quarter of 2008.Here is … (0 comments)
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real estate news: U.S. Has Offered Incentives To Modify Second Mortgages - 05/05/09 02:20 PM
The Obama administration announced on Tuesday, April 28 that they are offering incentives for mortgage servicers to modify second mortgages, including home equity loans.
The way the incentive works is like this: When the first mortgage has been modified, the second mortgage servicers must agree to modify their mortgage. The term of the second mortgage must be extended and the rate used will match the first mortgage rate. The government will then share the cost with the servicer of cutting the rate to 1 percent for amortizing loans and 2 percent for interest-only loans. Under the program, the government will pay mortgage servicers … (0 comments)
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real estate news: The $8,000 Tax Credit - 04/10/09 06:27 PM
I'm sure you have heard about the $8,000 tax credit for those first time homebuyers. Are you eligible? How do you claim it? Here are a few tips to see if this tax credit is for you.
According to the National Association of Home Builders, you must have purchased a home from January 1 to December 1 of 2009. In order to be considered a first time homebuyer, you only need to have not owned a home in the last three years. The buyer must also "have a modified adjusted gross income (MAGI) less than $95,000 for single tax payers or $170,000 for married filers."
… (0 comments)
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real estate news: Fed Plans Spark Drop In 30 Year Rates - 04/03/09 06:40 PM
Freddie Mac has reported that the average interest on a 30-year mortgage fell from 4.98 percent to 4.85 percent in less than a week. This drop in interest rates resulted in a 38-year low. This decrease has made housing incredibly affordable. The average price of a home is $172,000, making the mortgage payment only $878.38 for a principal and interest loan.
This diminishing rate came shortly after the Feredal Reserve announced their plan to make another purchase of $750 billion in mortgage-backed securities. They plan to purchase $300 million in Treasuries as well. President Obama claims that refinancing is now possible for 40 percent of mortgages and encourages home … (0 comments)
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real estate news: Survey Says "Now Is A Good Time To Buy" - 03/30/09 05:15 PM
Despite the current concern of the economy, 78% of potential first-time home buyers say that now is a great time to buy a home.In early March, Century 21 hosted a survey for potential first-time home buyers. Of the 1,000 prospective U.S. first-time home buyers surveyed, 68% think now is a better time to buy rather than 6 months ago.Record breaking low prices are the driving motivation for first-time home buyers with more than 80% first-time home buyers (85 percent) saying they consider current home prices affordable and 73% citing that taking advantage of current prices is an extensive factor in their decision to purchase. Interestingly enough, potential … (1 comments)
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real estate news: Islands Home In Gilbert, AZ For Sale - 03/25/09 12:51 PM
Beautifully Upgraded & Updated in 2006! This Full Basement Home Was Completely Remodeled & Is Gorgeous. Features Include Granite In Kitchen & Baths, Hickory Cabinets, Tile Floors, Wood Blinds, Neutral Carpet, Real Wood Burning Fireplace In Family Room Plus Pool & Spa. Islands Community Features Lake & Clubhouse Amenities.
Call Gina McKinley, ABR, CRS, CDPE at 480-355-8645 In Order To Schedule An Appointment To View This Home.
For More Pictures And A Property Brochure, Please Visit My Web Page at http://www.LocateArizonaHomes.com/814SanMateo.
… (0 comments)
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real estate news: Trilogy At Power Ranch Home In Gilbert, AZ For Sale - 03/24/09 03:33 PM
This Beautiful Home Is Located In The Golf Course Subdivision of Trilogy In Gilbert. This Gated Community & Guarded Entry Home Is Situated In A Cul-De-Sac Lot With Desert Front & Back Landscaping. Carpet & Tile Throughout. Master Bedroom Features Walkin Closet. Master Bathroom Features Double Sinks. Kitchen Features White Appliances-Range/Oven, Dishwasher, Microwave and Refrigerator. Breakfast Nook & Formal Dining Room. Don't Miss Out! Age Restrictions Apply.
Call Gina McKinley, ABR, CRS, CDPE at 480-355-8645 In Order To Schedule An Appointment To View This Home.
For More Pictures And A Property Brochure, Please Visit My Web Page at http://www.LocateArizonaHomes.com/4664Peartree.
… (0 comments)
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real estate news: Decreased 30-year rate at 4.89% Increases Mortgage Application Submissions - 03/20/09 01:29 PM
The submission of mortgage applications increased last week when interest rates decreased, fueling refinancing activity.
The average rate for traditional, 30-year fixed-rate mortgages dropped from 4.96% to 4.89% in only a week, according to the MBA report.
The average rate for 15-year fixed-rate mortgages dipped from 4.54% to 4.52% in a week. One-year adjustable-rate mortgages fell to 6.20% from 6.21%.
In an effort to save the housing market, the Federal Reserve said in November that it would buy up to $500 billion in mortgage-backed securities. Since then, interest rates have plummeted.
The Mortgage Bankers Association said Wednesday its weekly application index climbed 21.2% for … (1 comments)
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real estate news: Short Sales & Obama's Foreclosure Prevention Plan - 02/21/09 05:06 PM
My first thought was Hooray!!! Obama is coming to Mesa, AZ to make a great announcement and roll out a new foreclosure prevention plan and help stem the tide of foreclosures in Arizona and across the country. Short Sales will go away because people will finally be able to refinance their home and stay in the house, foreclosure rates will slow.
Unfortunately, it seems that this is not the case. When, the Obama administration released its long-awaited plan to stem foreclosures, it turns out that the plan still falls far short of saving many people here in Arizona where our prices have depreciated as … (3 comments)
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real estate news: Why To Buy A Home Now - 02/19/09 02:13 PM
If you are currently renting and debating if you should buy a home, you should consider what best selling author, David Bach, says, "The average homeowner is worth 35 times more than the average renter."
David Bach suggests that renters start saving part of their paycheck every month to help accumulate a down payment. He also believes that renters should borrow 10-20 percent less than what the bank is willing to lend; that way they're only buying as much home as they can afford.
The longer you rent, the longer it can take you to eventually own your own home. Most renters might be nervous to purchase a home … (0 comments)
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real estate news: Shop Carefully for Home Warranties - 01/27/09 05:48 PM
Home warranties are supposed to calm buyers nerves and usually do. However, what if ultimately the buyer feels cheated by the insurer? The policy could be more trouble than it is worth.The most important point to consumer satisfaction, in regards to a home warranty, is picking a reputable insurer and reading the fine print. Although there will always be complaints, it is important for all parties involved to understand these home warranty contracts are limited. Home owners who are thinking of purchasing a home warranty contract should consider the following issues.
Get an opinion from the state insurance commission. They are usually aware of companies that … (0 comments)
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Gina McKinley, ABR, CIAS, CDPE, CRS, SFR ~ Chandler, Gilbert, Mesa, & Scottsdale
Chandler,
AZ
More about me…
RE/MAX Masters
Address: 2390 W. Ray Rd, Suite 3, Chandler, AZ, 85224
Office Phone: (480) 821-5700
Cell Phone: (480) 600-1129
Email Me
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