If you have had your credit lines cut you are probably or possibly totally in shock.

Keep in mind one thing, you paid for the right to use your money. So you can fight for that right. If you fall into the above situation. Contact your bank. Ask for an approved appraiser that the bank will accept to show them that the equity still exists in your home to support your HELOC.

Finally, if that does not work, there are banks out in the market who will ‘Re-Fi' your home. Call your mortgage broker today!

Don't get me wrong. Things are not perfect.

However, what makes our country so great, is that when things are not perfect, citizens voice there concerns and the powers that be listen. The results are not always to the satisfaction of everyone. However, complaints are heard and efforts are made.

None more evident in response to our national crisis in housing and the sub-prime mortgage market., are the efforts by the Federal Reserve System to lower interest rates 2%+ points in the last several months, the House of Representatives passed the American Housing Rescue Act and just a few days ago Fannie Mae's Keys to Recovery initiative to stimulate the mortgage market and put the Sub-Prime debacle behind us.

Love it or hate it. Agree or disagree. That is why this is the best place in the world to live.

This is a new year and there is a great many reason to be optimistic and proud to be in the United States

Fortune Magazine on CNNmoney.com recently published a story about the Top 6 Real Estate Bargains as a result of the housing downturn.

Phoenix and the cities that make up Maricopa County was recognized by Forbes as a Best Real market that with prices in many of the planned communities around Phoenix dropping at least 20% and some home buying opportunites more than 30% from the 2005 peak.  

Jay Butler, director of realty studies at Arizona State University is quoted. Mr. Butler says, "look to the planned communities that surround Phoenix, which are magnets for retirees and are dropping more to the tune of 20% to 30%. A $1 million home at the market's apex might go for the mid-700,000's now".

What is important to recognize from the report is that these sharp housing correction may be offering home buyers the opportunity you had hoped for , but never expected.

It may be the time to buy a home in Phoenix \ Scottsdale.

one must also take into consideration that if the experts are correct and interest rates do continue to rise trough summer and into the end of 2009, then, ...

No matter how you cut it, even if home price remain level or even decline slightly, the actual cost of the home is rising. (Please see Home Prices down Price you pay is Up)

Again, how you finance your home can be as important as the price you pay.

The price of money is steadily rising. If we have hit a bottom in real estate prices, then the cost of your home is going up. Period!

If you are in the market to buy and believe that the market has neared a bottom in Phoenix or Scottsdale or Fountain Hills or any town in your area;

If you find a home that is a good value for you and your family that offers you a place to live, favorable tax treatment and you can lock in an affordable 30-year or 15 year fixed monthly mortgage payment , then consider making an offer on that home you have been watching.

5 Home Buying Rules to live by to help you decided whether now is the right time for you.

1. Do you want to own a home. - there is no reason to buy just because everyone else says you should. Home ownership can be expensive, can tie up your money and can be filled with upkeep headaches.
2. Do you love the home. - Make sure you will be happy in your home for a long time. There is no reason to work hard to pay a mortgage on a home you do not enjoy.
3. Do not buy until you have at least 10%; however, I recommend 20%. - you will get the best fixed mortgage rates available and have no PMI (private mortgage insurance)
4. Buy a home you can afford - just because a lender will give you a mortgage does not mean you can afford the home. Make sure that there is extra money for utilities, bills and unforeseen events (job loss, health and medical bills, clothing, school, etc..) - you will not enjoy or last in a home if you take on additional debt just to pay your mortgage
5. Pay off debt, improve credit score, obtain best mortgage - the cost of money (your mortgage) can be as important as the price you pay. - take a little extra time to improve your health to obtain the cheapest mortgage

If you are planning to buy a home in Phoenix, Scottsdale , Paradise Valley, Peoria or any of the towns in Maricopa County, ...

The Land ‘Gold-rush' in Phoenix of the last 10 years saw the unfortunate proliferation of many unscrupulous brokers , appraisers, mortgage brokers, buyers and sellers who participated in cash-back schemes which hurt the honest majority and contributed to the large amount of foreclosures in metro Phoenix and many of the surrounding towns including Scottsdale, Tempe, Peoria, Gilbert, etc...

If you are approached with such a cash back deal or know of participants email: px_cashback@ic.fbi.giv

Thanks for helping the 99% who are contributing to your housing market and national economy.

Is Zero Percent interest rate policy (ZIRP) on the way for real estate and mortgages ?? Rates are practically there!!

Today, in an unprecendented move General Motors Corp. says it is offering financing as low as zero percent over the next week for several 2008 and 2009 models in a big year-end sales push.

The news comes after its financing arm agreed to take a $5 billion bailout package from the Treasury Department.

I bring this to your attention and ask if this is a sign of things to come for the mortgage market ??

Would it help stop a slide in real estate prices ???

Would it help re-finance ??

or

Are we just starting another bubble ??

Today's Phoenix and Scottsdale area new home buyers offer more reasons to buy direct from a New home builder than ever before.

A wide variety of communities, location, location, location, modern floor plans, an practically unlimited choices of features, colors, fixtures and finishing's, lot selection, modern safety and energy efficient standards, and invaluable

Builder warranty offering an extended commitment to reliability, unique value opportunities and generally better profit in long-term appreciation,

it is difficult to look past a new home for your American Dream.

a case of the Glass Half-Full v. Half Empty. Here's why ....

1) It's a Buyer's market -

2) Lenders easing credit -

3) Lower interest rates -  many many years, thus lower monthly payments for the same house 3-4 years ago.

4) Reduction in inventory -

5) Consumer confidence -

Yes, if you are a seller, times are tough.

However, be patient. Prices are starting to correct enough to stimulate buying. Lower prices, means more buying, more buying means less inventory (supply) .

Less Supply, in simple economics, means more demand. Prices then go up. It's almost that simple

Building Industry is the main opponent of the bill claim who argue this draft of the AZ Homeowners Bill of Rights is overreaching are not happy that the Bill

• Prohibits two parties from agreeing to resolve their disputes without going to court
• Forbids defendants from recovering attorney's fees even if case was frivolous
• Allows PROSPECTIVE buyers to file suit so you don't even have to own a home to file suit
• Assures that all disputes, either large or small, go to court raising costs for everyone
• Mandates that home builders pay homeowners for repairs with no requirement that they prove that the defect exists or is even the builders fault.

I am a big supporter of Buyer rights, consumer protection and seller responsibility. I agree with buyers, there needs to be better mechanisms in place to protect from bad business practice.

However, I am not a supporter of the Bill in this form.

The sustainability of the building business is critical to the Arizona economy. The Phoenix real estate market is hampered and needs better pricing.

Today is not the time to ask builders to increase the cost of home production which this bill does by definition