Phil and Terry's Blog

Payment Resets Peaking on Subprime Mortgages

Phil and Terry DePasquale (RE/MAX SEDONA) — Thu, 03 Jul 2008 18:16:56 -0500

The number of homeowners facing an increase in their subprime adjustable-rate mortgage payments will peak this summer, testing the efforts of lenders and others to keep those people out of foreclosure and stabilize the housing market.

The timing reflects the height of subprime lending in the summers of 2005 and 2006, when many borrowers secured loans scheduled to adjust in two or three years (2/28 and 3/27 loan products). For many, an adjustment means their interest rate will go up two to three percentage points, based on the index the loan was tied to.

Nationally, the number of subprime adjustable-rate loans resetting peaked at 7.61 percent of the loans outstanding last month, according to data from CoreLogic. More than 300,000 such loans will adjust this summer. CoreLogic's data covers about 80 percent of the national mortgage market.

Lenders, federal officials and housing counselors have worried that borrowers will not be able to afford the higher payments after the reset and will quickly fall into foreclosure. Declining home prices have made it impossible for many of these homeowners to refinance.

After reaching its peak this summer, the number of subprime adjustable-rate loans facing resets drops off significantly early next year, according to CoreLogic's figures. By January of 2009, only 4.8 percent of subprime loans will face resets, compared with 7.61 percent this month. By next May, that will fall to 1.94 percent

Bye - Bye Countrywide

Phil and Terry DePasquale (RE/MAX SEDONA) — Thu, 03 Jul 2008 18:14:43 -0500

Well, it is official, as of Tuesday July 1^st, Countrywide is no longer. By mid 2009, all business will be done under the Bank of America corporate umbrella. This merger for approximately 2.5 billion dollars, much less than the 30 billion dollar offer B of A was mulling over a year ago. This merger makes B of A the largest mortgage servicer and loan originator in the nation. Job loss estimates for this takeover are estimated at 7,500.

"Declining Market Policy" Eliminated

Phil and Terry DePasquale (RE/MAX SEDONA) — Thu, 03 Jul 2008 18:13:08 -0500

In an effort to help potential home buyers, Fannie and Freddie have eliminated the "declining market policy" that required potential home buyers' to put down more money than traditionally required when purchasing a home in areas that were shown to have a higher than average decline in ˜market' value.

It is anticipated that this also will help ease the current housing inventory that sits at approximately 11.5 months.

Sedona Stats for the first half of 2008

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 30 Jun 2008 12:17:38 -0500

Stats for 2008 There are currently 537 Active Residential Listings in Sedona. 406 Homes are listed under $1M and 131 are $1M or above

There are currently 395 Active Lot Listings in Sedona. 367 Lots are listed under $1M and 28 are $1M or above.

Month of Januray: 13 Residential Home Sales - Average $386,000 4 Vacant Land Sales

Month of February: 14 Residential Home Sales - Average $601,000 3 Vacant Land Sales

Month of March: 33 Residential Home Sales - Average $614,000 6 Vacant Land Sales

Month of April: 24 Residential Home Sales - Average $595,000 9 Vacant Land Sales

Month of May: 37 Residential Homes Sales - Average $507,000 3 Vacant Land Sales

Month of June: 18 Residential Homes Sales - Average $646,000 5 Vacant Land Sales

Like to Remodel...Decorate? 3360 s.f. home on 1 1/2 acres in heart of Sedona

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 30 Jun 2008 10:26:41 -0500

Yavapino Estates Home on approximately 1.5 acres in the heart of Sedona. Endless possibilities for this 3000+ s.f. older, estate home with sweeping views, natural landscaping and pool. New paved roads and sewer with all fees paid. Home on natural gas. Great Room with fireplace embraces the outdoors. Formal Dining with tray ceiling, large Master with full bath and walk-in closet. Guest bedroom has ample closet and private courtyard. Spacious Family Room with fireplace and full bathroom off Kitchen. Large outdoor patio with pool that invites daydreaming, all amidst million dollar homes. Home being sold "As Is" with copy of recent home inspection available. Rear, level property can accomodate guest house....amazing views!!!

Creekfront, Remodeled Home with Pool - Lowered to $719,000

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 30 Jun 2008 10:23:46 -0500

Rare acreage on Oak Creek with remodeled home, swimming pool with new stone decking & Tiki-style pool bar, 25x50 garage/workshop plus a spacious storage building, all on 2+ acres. Extensive landscaping, new creek-side flagstone patio with view of Oak Creek, red-rock columned archways, new pathway to the creek & much more. House is not in the flood plain. 15 minutes from Sedona or Cottonwood, Arizona.

Hike, Swim, Tennis, Fish from this gated 3/2 Home on .50 acre

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 30 Jun 2008 10:15:21 -0500

Home is perfect inside and out. Well loved and maintained, in move-in condition. 3/2 1400+ s.f. home on approx. .50 acre overlooking Oak Creek Valley. High above the community this home has been gently used as family vacation home. Cathedral ceilings and niches, split-floor plan, gas fireplace and inviting fenced back yard with redwood decks for entertaining or relaxing. Back yard plumbed for spa. Walk to creek, fishing, hiking, community pool, tennis courts, billiards and clubhouse. Recent termite inspection and maintenance. Southwest furniture available outside of escrow. Need to store your boat or RV? Storage lot available and billed monthly at $.75 per s.f.

Like to travel?...home under neighborhood watch program so just "lock and go."

$198,000 One Owner - 1997 3/2 Home with manicured yard in Cottonwood, Az.

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 30 Jun 2008 09:51:51 -0500

WOW! Lovely 1997 Home - One Owner, 3/2 Neil Klein Home in Verde Village with well manicured yard, fenced rear-yard with storage shed and 480 s.f. two car garage. 3/2 with Arizona Room and new Spa! Drip irrigation, natural gas, double glazed windows and a/c. Master has walk-in closet and full bath. Red Rock views from the front of property. Offered at only $198,000

Prescott Holds the World's Oldest Rodeo - June 30th - July 5th

Phil and Terry DePasquale (RE/MAX SEDONA) — Fri, 27 Jun 2008 18:03:46 -0500

We go every year. What started out being on the outskirts of town is now "right in the middle of Prescott." Great way to enjoy the 4th! See you there.....

Since 1888 folks have come from miles around to see what the ruckus in Prescott, Arizona was all about.

Every year that ruckus gets bigger, the contestants more daring and bold. When the bulls, the horses, the clowns come to town...well, let's just say you'll want to see what's kicking up all that dust.

Without giving away the show, we can tell you it's about top athletes competing for big dollars. It's about broncos throwing their hooves any which way, bulls that are mad at the world, and leather straps holding cowboys together.

It's about time you came to the Prescott Frontier Days®, Inc. 2008 World's Oldest Rodeo®. We're the world's oldest, and we're happening June 30 - July 5, 2008. Give us a holler or call 1-866-407-6336 soon if you'd like to buy tickets! Rodeo fans will also enjoy information on the Pro Rodeo website too!

Sedona Jazz on the Rocks Tickets Go on Sale!

Phil and Terry DePasquale (RE/MAX SEDONA) — Fri, 27 Jun 2008 17:31:46 -0500

From free concerts to an All-Day JazzFest, the Sedona Jazz on the Rocks Benefit Festival promises to be an event you'll always remember in a place you'll never forget. Now in its 28th season, the festival brings the greatest names in jazz to one of the most beautiful places in America September 23-28, 2008. Tickets are on sale now, so mark your calendars. Click here to purchase your tickets online.

The 2008 festival lineup kicks off with the Sedona Jazz on the Rocks Youth Band and in no particular order presents . . . Giacomo Gates, Tony Monaco, Cinco de Moio & Salome, Jeff Baker, Kenny Werner and the dynamic artist Bobby Hutcherson. Fantastic Jazz events are planned throughout the festival week. For event information, visit www.sedonajazz.com.

102 Fun Things to Do in and around SEDONA

Phil and Terry DePasquale (RE/MAX SEDONA) — Tue, 24 Jun 2008 16:38:09 -0500

102 Things To Do In and Around Sedona, AZ

in Random Order

1. Explore Uptown Sedona by riding the Sedona RoadRunner

2. Visit Out of Africa Wildlife Park

3. Golf at one of Sedona's 18-hole Courses

4. Take a specialty jeep tour

5. Get your aura photographed

6. Receive a spiritual reading

7. Hike to the bottom of Montezuma's Well

8. Visit Montezuma Castle National Monument

9. Visit Tuzigoot National Monument

10. Explore Dead Horse Ranch State Park

11. Visit Red Rock State Park

12. Visit Fort Verde State Park

13. Explore Jerome State Historical Park

14. Attend a Creative Life Center lecture

15. Enjoy dinner and show at Blazin' M Ranch

16. Take the Verde Canyon Train

17. Try Gambling at Cliff Castle Casino

18. Grab a pad and sketch the Red Rocks

19. Spend time bird watching

20. Enjoy a latte at one of Sedona's coffeehouses

21. Enjoy a movie at Harkins Theatre

22. Study about Sedona's vortexes

23. Dine at one of the many restaurants

24. Hike one or more of the 100+ trails in the Coconino National Forest

25. View native American art & jewelry or watch artists create masterpieces at local galleries

26. Have a picnic and spend the day at Slide Rock State Park

27. Enjoy a scenic drive around the Verde Valley

28. Take a guided day trip to the Grand Canyon

29. Try buffalo, rattlesnake and cactus fries at local eateries

30. Visit Tlaquepaque Arts & Crafts Village

31. Enjoy our very own microbrewery - Oak Creek Brewery

32. Visit one of the Chamber of Commerce Visitor Centers

33. Ride the Sedona Trolley

34. Check out Hozho Distinctive Shops & Galleries

35. Relax poolside at one of Sedona's lovely resorts

36. Shop at Hillside Sedona!

37. Save over $1500 on local attractions, restaurants and activities with the Sedona SuperPass

38. Relax and enjoy the views and cool evenings

39. Shop at Oak Creek Factory Outlets

40. Visit the Free Ringing Rocks Foundation Museum

41. Visit the Sedona Art Center

42. Get a tarot card reading

43. Visit local galleries to view western themed art

44. Play a round of tennis

45. Go for a swim at the Sedona community pool

46. Have a picnic at Posse Ground or Sunset Park

47. Ride your skateboard at the Sedona Skate Park

48. Take a self-guided walking tour of Historic Uptown

49. Visit one of the Sedona area wineries and wine shops

50. Visit the Museum of Northern Arizona

51. Hike the Bird Sanctuary in Page Springs

52. Enjoy a prickly pear cactus drink

53. Get a bird's eye view of the Verde Valley in a hot-air balloon

54. Visit the unique Chapel of the Holy Cross

55. Enjoy the Javelinas on Parade public art project - more than 40 sculptures on display

56. Take the free "First Friday Gallery Tour," by the Sedona Gallery Association

57. Savor the many bookstores and book signings

58. Watch the sunset at the airport overlook

59. Purchase ared rock dirt shirt

60. Explore the architecture of the beautiful homes in Sedona

61. Get romantic at one of Sedona's Bed & Breakfasts

62. Shop for antiques in the Verde Valley

63. Get a manicure or pedicure with your own version of a red-rock color

64. Take a yoga class

65. See outdoor art and sculptures

66. Go for a hike on the popluar West Fork Trail in Oak Creek Canyon

67. Take the Grand Canyon Railway from Williams to the Grand Canyon

68. Visit Lowell Observatory in Flagstaff

69. Put on "Wild West" costumes for a Vintage Portrait at Olde Tyme PhotoWorks Uptown

70. Visit the 200-acre botanical garden at the Arboretum in Flagstaff

71. Check out a live performance at local events

72. Visit the Institute for Eco-Tourism for a fun environmental experience

73. Take a journey through a Sedona Labyrinth

74. Soar above the red rocks in a bi-plane

75. Take a vortex lecture at the Institute of Ecotourism

76. Experience an intuitive / psychic reading

77. Nurture your mind and body at a spiritual & wellness retreat

78. Visit the Sedona Public Library and the Sedona
Schnebly statue

79. Go visit and hike in Wupatki and Walnut Canyon.

80. Take a Hummer tour or other specialty ground tour

81. Take a day trip to Jerome

82. Fish and swim in the Verde River

83. Take a day trip to the Hopi Reservation

84. Take an air tour to the Grand Canyon

85. Shop, dine and soak in the view at the Hyatt Pinon Pointe Center

86. Check out Sedona's spiritual bookstores and gift shops

87. Try a vortex veggie sandwich or vortex pizza

88. Drop in for a 2nd Tuesday film with the Sedona International Film Festival

89. Make a bead necklace at one of Sedona's bead shops

90. Rent a Harley and drive the scenic roads of Sedona

91. Indulge in a hot stone massage at one of the many spas

92. Enjoy a refreshing Sedona ice cream treat

93. See Sedona from above on a helicopter ride

94. Take in a Shakespeare Sedona performance at Tlaquepaque

95. Visit Clemenceau Heritage Museum

96. Send a souvenir email postcard from Sedona

97. Catch a trout in Oak Creek

98. Go hiking at Red Rock Crossing and have a picnic at Crescent Moon

99. Enjoy live entertainment at local businesses

100. Play a round of mini-golf

101. Visit the Sedona Heritage Museum, listed on the National Register of Historic Places

102. Or Enjoy star gazing with Sedona's dark skies

Sedona Website offering Deep Discounts on Lodging and Tours.

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 23 Jun 2008 21:07:09 -0500

Summer 2008 "Cool Sedona" Campaign Begins!

The Sedona Lodging Council and Chamber of Commerce, with the help of the City of Sedona, launched the Cool Sedona promotion this week. This advertising campaign, targeted to the Phoenix market, features a robust program that highlights cool temperatures, cool things to do and see in Sedona and value prices. The marketing program includes:

Television advertising on networks and cable
Arizona Republic Newspaper wrap
Postcards
Direct Mail campaign
Website (www.CoolSedona.com)

This Website offers discounts on accomodations, trolley and jeep tours as well as visitor guides and 102 things to do in Sedona.

Sedona in the News....Ranking 3rd among top arts destination

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 23 Jun 2008 21:02:10 -0500

Sedona Ranks Third As Arts Destination

Sedona earned a top spot in the 2008 competition for AmericanStyle's Top 25 Arts Destination. Sedona ranked third among the Top 25 Small Cities and Towns, just behind No. 1 ranked Santa Fe, New Mexico and No. 2 Asheville, North Carolina. The catagory is defined by cities and towns with populations of less than 100,000.

July 4th Picnic at Posse Ground-Sedona, Az ...Fun in the Sun!

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 23 Jun 2008 09:24:48 -0500

Sedona, AZ - June 17, 2008 - On the 4th of July the City of Sedona and the Friends of the Posse Grounds will be sponsoring a fun-filled afternoon/evening Red Dirt Concert up on the Posse Grounds. This birthday celebration of the USA has a deep tradition of patriotic music, and the upcoming Sedona celebration will be no exception.

The legendary Cottonwood Community Band under the direction of Chris Blue,and members from the entire Verde Valley, will take the stage at 5:00 PM at Barbara's Park and play all of our favorites which they once did in earlier days.

Following the Cottonwood Band which sports members ranging from ages 14 to 80 years old, has been alive and well since the 1980s, the stage will come alive with Dixieland toe-tapping "happy music" by the Geritol Hipsters. This group's repertoire ranges from the Dixieland classics of the 20's to the Swing music of the 40's and 50's, interspersed with novelty tunes and comedy numbers. The award-winning Dixieland band from Prescott was formed in 2000 and have been the winners of six gold medals at National Veterans Creative Arts Festivals in 200l, 2002 and 2005.

What's more this special afternoon will not be without color-and it will be the citizens of Sedona that provide it. They are invited to dig out the old umbrella whatever its size, and then decorate it for the festive day and enter a contest. Which will be the most innovative, the Most Patriotic, or the Best of Show? Three umbrellas will be chosen by judges-Mayor Adams, Mai Wei Wong of the Arts and Culture Commission and Susan Henkles of the city's Arts and Public Places Commission. There will be prizes handed out by Barbara's Park President, Madeleine O'Callaghan.

Attendees should bring picnics and portable chairs. City policy forbids alcohol. "This event will provide patriotic family entertainment to celebrate our country's independence," states Andrea Costello, assistant to the City Manager and Parks and Recreation Director.

FHA EXTENDS FINANCING FOR IMMEDIATE PURCHASE OF FORECLOSED HOMES

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 23 Jun 2008 09:16:32 -0500

As reported by H.U.D.:

FHA EXTENDS FINANCING FOR IMMEDIATE PURCHASE OF FORECLOSED HOMES
Measure seen to bring stability to home values and accelerate sale of vacant properties

WASHINGTON - In an effort to stabilize declining home values in certain neighborhoods, the Bush Administration today announced a temporary policy that will extend government-backed mortgage insurance and allow for the immediate sale of vacant foreclosed properties.

For one year, the Federal Housing Administration (FHA) will insure foreclosed properties marketed and sold by property disposition firms on behalf of lenders. The properties, which must purchased by owner-occupants, will no longer be subject to the customary 90-day waiting period.

"A glut of foreclosed and abandoned homes harms neighborhoods, frustrates homebuyers and delays a community's recovery," said Brian D. Montgomery, Assistant Secretary of Housing-Federal Housing Commissioner. "The action we take today will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes in neighborhoods across the country."

FHA's new temporary policy will help stabilize neighborhoods experiencing high rates of foreclosure by reducing the inventory of unsold properties. Many foreclosed properties remain vacant for months, inviting vandalism and reducing values of surrounding homes. To address that sizeable inventory, lenders have hired companies that specialize in the marketing and disposition of foreclosed homes. It's reasonable and appropriate that these firms have the ability to sell the properties to borrowers using FHA financing.

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This prohibition is intended to prevent property "flipping," a predatory practice that strips a home of its equity before being quickly resold at an inflated price to an unsuspecting buyer. FHA's new policy will permit the immediate sale of foreclosed properties to legitimate borrowers wishing to use FHA-insured financing.

WOW $3000 Closing costs Paid - $237,000 5/3 1997 Man. home on 4.61Acres

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 23 Jun 2008 09:13:12 -0500

**Seller offering $3000 towards closing costs with accepted offer** Perfect for FHA Loan or down Payment Assistance Programs. PRIVACY on 4.6 acres with 1997 5/3 Manufactured Home located approx. 20 - 30 minutes from the heart of Sedona, AZ. Large open kitchen, two family rooms, split floor-plan. Front acre fenced and recently cleared and disked for horses/animals. If you are looking for rural seclusion, where you can walk to the creek for a swim or to fish... this home is for you. Hide away in this light, open and spacious home. Property can be split. Visit Website for additional pictures and virtual tour of the home and area. Offered at $237,000 http://www.1015ReayRoad.com Ask us about 100% financing options. RE/MAX Sedona Phil DePasquale - Assoc. Broker 928.399.9902

Sedona among Top 10 Scenic Drives in U.S.

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 16 Jun 2008 13:41:40 -0500

Sedona Among Top 10 Scenic Drives in U.S. As gas prices soar, many travelers are looking for ways to vacation closer to home and we're lucky to have one of the Top 10 Scenic Drives in the U.S. right in our own backyard. State Route 179, a 7.5-mile road designated as the Red Rock Scenic Road, was recently named the 7th most scenic drive by the editors of ShermansTravel.com. This meandering drive serves as an excellent introduction to some of the areas most superb natural splendors and amazing vistas

January 2008 - May 2008 Residential and Land Stats for Sedona

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 16 Jun 2008 13:39:51 -0500

Month of Januray: 13 Residential Home Sales - Average $386,000 4 Vacant Land Sales Month of February: 14 Residential Home Sales - Average $601,000 3 Vacant Land Sales Month of March: 33 Residential Home Sales - Average $614,000 6 Vacant Land Sales Month of April: 24 Residential Home Sales - Average $595,000 9 Vacant Land Sales Month of May: 37 Residential Homes Sales - Average $507,000 3 Vacant Land Sales

Mortgage Recovery linked to Oil Prices?

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 16 Jun 2008 13:30:51 -0500

In his latest column, NMN executive editor Paul Muolo argues that the timing of a recovery in the mortgage business is linked to the price of oil.

All things being equal, contrarians (of which I'm one) might say, this could be a good time to actually enter the mortgage business. But there is an economic problem that continues to plague not only housing/mortgages but the overall economy: rising oil prices. As I write this column oil is coming off a week in which it entered the nosebleed territory: $140 a barrel with investment bankers and others predicting $150 within a few weeks.

High oil prices make consumers feel bad and for good reason: the more they pay at the pump, the less they have to spend on everything: clothing, food, entertainment, going out to eat, utilities, savings, take your pick. The less consumers save, the less money that will be available for a down payment. Some first-time home buyers might look around, thinking the market has bottomed, but when gasoline hits $4.50 a gallon they might reason: "Might as well wait. Home prices could drop even further and I might not have a job." Who can blame them for thinking like this? Not me.

I'm not going to pretend I have answers to the nation's oil crisis, but I'll argue this: if oil were at $80 a barrel, the housing market might be finding a 'floor' after 18 months of declining home prices. Instead, oil is reaching for a new ceiling -- weekly, which means the housing floor keeps sinking. In the U.S. we ship a majority of our goods by trucks, which run on gasoline. (When's the last time you read a news story about a transportation company working on a new rail line?)

Where will the rates be over the next few weeks?

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 16 Jun 2008 13:27:35 -0500

Regardless of "Good" or "Bad" financial market news this week, looks like the 30 year Conforming fixed note will most likely hover higher in the short term between 6.25 to 6.625 percent for the rest of this week and most of next week. The 3/1 Conforming ARM has also risen and should stay in the range of 5.875 to 6.25 percent.

On rumors that the Federal Reserve will be raising the Fund Rate soon, to try and slow down inflation, banks' will be prone to "profit mongering" while they can continue to do so.

FHA and VA 30 year fixed rate notes will most likely increase and be in the margin of 6.375 to 6.625 percent. The 3/1 Government ARM should hover in the range 5.00 to 5.375 percent base note rate.

Bad News Continues for Foreclosures....

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 16 Jun 2008 13:23:45 -0500

Over 700,000 in Foreclosure...

One in every 483 households in the United States was reported to be in the foreclosure process during May as activity increased 48 percent from a year ago, the highest rate since RealtyTrac began issuing its report back in January 2005.

It was the 29th month in a row that foreclosure activity increased on a year-over-year basis, though filings were up just seven percent from April.

More troubling, however, is the fact that bank repossessions (REOs) accounted for 28 percent of all foreclosure activity in May, with REOs up a whopping 35 percent from April and 158 percent from the same month last year.

RealtyTrac said it now has more than 700,000 bank-owned REOs in its database, those that have been foreclosed on and repurchased by the bank or mortgage lender.

Less severe default notices increased just one percent from April and 35 percent from a year ago, while auction notices actually fell three percent from April, but climbed 13 percent from May 2007.

Nevada posted the highest foreclosure rate for the 17th month running with one in every 118 households in some stage of foreclosure, followed by California (1 in every 183 households) and Arizona (1 in every 201 households).

California led the nation in total foreclosures with filings reported on 71,930 properties, followed by Florida with 37,364 ,and Arizona with 12,959.

Stockton continued to be the foreclosure epicenter in the nation, with one of every 75 households in the foreclosure process, followed by Cape Coral-Fort Meyers, FL (1 in every 79 households) and Merced, CA.

The new "Buy and Bail" Problem....

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 16 Jun 2008 13:21:50 -0500

In an e-mail sent out today to business partners, Indymac warned about and provided general guidance regarding the "buy and bail" phenomenon allegedly sweeping the industry.

The Wall Street Journal brought the problem to light recently that explained how underwater borrowers are purchasing nearby homes at a discount and then not making payments on their existing homes resulting in foreclosure.

While it may seem like a complicated endeavor, the article noted that some borrowers were doing it with relative ease, while others received coaching from real estate agents and mortgage brokers.

Indymac is warning business partners to be "extra vigilant" when their borrowers are looking to purchase owner-occupied homes if they already own existing property.

The e-mail said to be especially careful in hard-hit markets of Arizona, California, Florida, and Nevada, noting that lending to borrowers who are about to bail is much the same as lending to a borrower with a recent foreclosure.

The e-mail noted that "buy and bail" is becoming a significant problem, adding that the FHA, Fannie Mae, and Freddie Mac have already instructed underwriters to proceed with such deals cautiously.

Arizona Governor Sets Up 877-Foreclosure Help Phone Line

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 16 Jun 2008 13:19:46 -0500

Governor Janet Napolitano announced today the latest effort in a series of state initiatives to better serve Arizona families facing foreclosure. Homeowners who are either delinquent on their mortgage or face foreclosure now have a new, dedicated 24/7 toll-free help line to reach a local Arizona foreclosure counselor: 1-877-448-1211.

"In response to a problem that is increasingly affecting so many Arizona families we are launching this new toll free number in an effort to urge homeowners to not delay - to call today," said Governor Janet Napolitano. "Troubled Arizona homeowners now have a phone number that will connect them to specialized services right here in Arizona. We urge anyone who may be at risk of foreclosure to call a local foreclosure counselor today."

The Arizona foreclosure help line, made available through a $1.3 million federal grant, will be a vital link between families facing a housing crisis and access to free foreclosure counseling appointments. The Arizona Department of Housing is contracting with Community Information and Referral Services to staff the call center which will connect homeowners to a local, certified foreclosure counselor.

Other state efforts to address the mortgage foreclosure crisis in Arizona include:

Expanding the Arizona Department of Housing's Eviction and Foreclosure Prevention program (from $2.75 million to $4.2 million) and providing an additional $500,000 to support additional outreach in highly-impacted areas
Additional foreclosure counselors being trained across the state
Foreclosure Prevention Workshops for at-risk homeowners throughout Arizona
Leadership in the Arizona Foreclosure Prevention Task Force, which brings together 200 organizations, lenders, community leaders and government representatives to coordinate outreach and education efforts to assist homeowners facing foreclosure

Summer's Hot but it's Cool in Sedona

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 16 Jun 2008 13:01:57 -0500

Summer's Hot but it's Cool in Sedona!

It's not too early to think about escaping the heat of summer. Although Arizona is not usually thought of as a cool weather destination there areas of Arizona that offer a respite from the hot desert climates. Folks in Phoenix, Tucson and Las Vegas visit Sedona for the wonderful cool high-desert nights of summer. Be sure and check out cool summer deals and packages at www.visitsedona.com - Sedona hotels and B & B's are pulling out all the stops to make Sedona THE choice for summer fun.

Indiana Jones "Crystal Skulls" Visit Sedona, Az.

Phil and Terry DePasquale (RE/MAX SEDONA) — Mon, 16 Jun 2008 12:59:34 -0500

The "Journey of the Crystal Skull Guardian" exhibit will visit the Angel Valley Spiritual Retreat Center in Sedona, September 26-28, 2008. This event is for everyone who is interested in Crystal Skulls. Awareness and fascination with Crystal Skulls has been increasing rapidly with the release of the new Indiana Jones movie and the SciFi channel documentary on Crystal Skulls highlighting the role the skulls have in our individual and collective journeys.

A Crystal Skull Guardian is a person who takes care of and has responsibility for a crystal skull, whether small or big, ancient or contemporary. Everyone who has an interest in crystal skulls may become a guardian in the future or may have been a guardian in the past.

During the event, we will honor the pioneer guardians and researchers for the work they did to bring the crystal skulls to us. Two well-known ancient crystal skulls and many contemporary crystal skulls will be present. The ancient skulls are the Mitchell-Hedges Crystal Skull with caretaker Bill Homann and Synergy with caretaker Sherry Whitfield. For more information, visit www.angelvalley.org

For more information about the Journey of the Crystal Skull Guardian click here or call 928-634-1320.