maricopa arizona foreclosures: Investor-Driven Housing Recovery Poses Danger
- 02/28/13 11:40 PM
This is an excellent article that underscores a few of the points I made in my last post "Distressed Sales Make Up 43% of Home Sales in 2012". In the homes for sale market in Maricopa Arizona, the increase in values is being fueled by just such a thing however it is mostly drive by local investors instead odf Wall Street. The "feeding frenzy" giot so bad in the 3rd and 4th quarters of 2012 that I all but stopped bidding on Trustee Sale homes as agents/investors were pushing the envelope way past my comfort level. Turns out that now many of the … (2 comments)
maricopa arizona foreclosures: Servicers Decease Loans in Shadow Inventory????
- 01/22/13 10:04 PM
There is another recent report from DSNews that quotes Moody's Investor Services as stating that lenders are beginning to decrease the shadow inventory in Q3. I am not sure what is happening nationwide but I can state as fact that this is not the case in the Maricopa Arizona homes for sale market. There continue to be numerous homes that are foreclosed on but remain vacant, many of them for over a year. In addition, lenders continue to postpone sales at the daily Trustee auction for no apparent reason. As a result, the inventory of lender owned homes in Maricopa AZ has been … (0 comments)
maricopa arizona foreclosures: Bank of America Rolls Out It's Principal Reduction Program
- 05/08/12 11:37 PM
Bank of America began mailing out more than 200,000 letters this week targeting borrowers thought to be eligible for principal-reducing modifications under terms of the recent settlement the company and four other servicers reached with the federal government and 49 state attorneys general. To qualify, the homeowner must owe more on the property than it is worth today (DUH!!) and must have been at least 60 days behind on payments on January 31, 2012. In addition, the monthly housing costs must be greater than 25%. Whether these principal reductions actually happen, and how quickly, remains to be seen. I find it … (2 comments)
maricopa arizona foreclosures: Maricopa Arizona Homes for Sale - Market Update 28APR12
- 04/27/12 09:28 PM
Inventory of Maricopa Arizona subdivision homes for sale moved up ever so slightly this week. It is interesting to note that in spite of this small increase, available short sales and foreclosures edged downward which continues to show a movement towards investor owned resales along with a sprinkling of traditional sales. Most pricing remains above appraised values making it very difficult for financed buyers unless they are able to contribute additional cash at close of escrow. Cash is still king! On another note, Maricopa AZ homes available at the daily Trustee Sale have slowed down quite a bit. The "pickings" are … (0 comments)
maricopa arizona foreclosures: Flood of Foreclosures on the Way?
- 04/13/12 12:29 AM
This article fron CNN news talks about the wave of foreclosures that is expected to hit now that the litigation between the AGs and the major lenders has been settled. As I mnetioned in previous posts, there has been a large number of vacant homes in Maricopa Arizona that have been foreclosed on but not yet put on the market. The infamous "shadow inventory". I had surmised that this was mostly due to the lenders' reluctance to proceed with their disposal until the litigation was over. It is yet to be seen just how quickly these homes will be placed on … (4 comments)
maricopa arizona foreclosures: Mortgage Delinquenicies on the Rise
- 02/15/12 12:45 AM
For those of you who have been believing all the media hype regarding a "housing market rebound", you may want to read the attached article, brought to you by DSNews. In spite of prices rebounding a bit and inventory being at an all time low in my community of Maricopa Arizona, there are still a LOT of vacant homes that have been foreclosed on (shadow inventory) and over 300 homeowners delinquent on their mortgagae, an increase from 6 months ago. We are just seeing a little "bump" due to the influx of seasonal buyers and the lenders' unwillingness to release their … (1 comments)
maricopa arizona foreclosures: Principle Reductions on Distressed Mortgages May be on the Way
- 01/19/12 01:20 AM
Relief may be on the way for distressed homeowners in Maricopa Arizona. But don't hold your breath! In a recent article posted by DSNews.com, the negotiation talks between the state attorneys general and the nation’s five largest servicers are entering their second year but may be getting close to reaching a deal. The settlement currently on the table would assist about 1 million homeowners in obtaining principal reductions and would provide “direct compensation” to others, according to Reuters. That being said, a number of Attorney Generals have "left the table" so it remains to be seen if there will be a … (1 comments)
maricopa arizona foreclosures: Two Companies to Convert Foreclosures Into Rentals
- 01/19/12 01:13 AM
This article from DSNwes.com mentions that Carrington Holding Company LLC will fund the purchase of up to $450M of distressed single family homes across the country. Carrington currently manages over 3,000 single-family rental homes under Fannie Mae’s Tenant-in-Place and Deed-for-Lease programs. The Federal Housing Finance Agency (FHFA) has said it is pursuing potential ideas for REO-to-rental pilot programs “with a sense of urgency,” but two California firms don’t plan to wait on the government’s involvement to get a large-scale REO rental venture off the ground. On the surface, this seems to be a good way to lighten the backlog of foreclosed properties … (0 comments)
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This is an excellent article that underscores a few of the points I made in my last post "Distressed Sales Make Up 43% of Home Sales in 2012". In the homes for sale market in Maricopa Arizona, the increase in values is being fueled by just such a thing however it is mostly drive by local investors instead odf Wall Street. The "feeding frenzy" giot so bad in the 3rd and 4th quarters of 2012 that I all but stopped bidding on Trustee Sale homes as agents/investors were pushing the envelope way past my comfort level. Turns out that now many of the … (2 comments)
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