maricopa real estate: Maricopa Arizona Home Report - 14MAR Weekly Housing Report
- 03/17/11 04:58 AM
Inventory continued to decline amid intense buying from seasonal visitors (snowbirds). Coupled with the fact that lenders are still holding back on the release of their foreclosure inventory, single level homes in the more desirable subdivisions are becoming scarce. Because of this, offers are ranging up to 30% over market value.
Read the full report at http://bit.ly/f1a1x6
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maricopa real estate: Double Dip Looming for Homes in the West
- 03/10/11 12:16 AM
In this article, Clear Capital's Home Data Index Marketing Report the "prices in the West dropped 4.5% between December and February while prices in other parts of the nation leveled out. In addition, Clear Capital reported that eight of the 15 lowest performing markets are in the West." Actually, prices have hel fairly steady in the Maricopa Arizona home market mostly due to the strong buying presence of seasonal buyers (snowbirds). Unforunately, the lenders have been slow to release their backlogged (shadow) inventory and, until last week, the inventory of subdivision homes in Maricopa AZ has been dropping steadily since SEP … (0 comments)
maricopa real estate: Why Loan Modifications Don't Work
- 03/09/11 12:29 AM
This is a great article that dives into the issues surrounding loan modifications nad wht they are not getting done. The media continues to offer homeowners hope that lenders really want to work to find solutions but, if that were the case, why do I only know of one person in Maricopa AZ in three years to receive a modification that makes sense? http://bit.ly/h1iKwb
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maricopa real estate: Maricopa Arizona Home Report - 7MAR Weekly Housing Report
- 03/08/11 12:15 AM
Here is my weekly update on the market for Maricopa Arizona homes. For the first time in six months, the inventory has not declined, it remained stable at 559 subdivision homes for sale. Buying activity from seasonal buyers and investors remain strong. It will be interesting to see if the inventory begins to rise as lenders begin their release of shadow inventory. Unfortunately, if they start their release at this time of year, they will have missed their window of opportunity with "snowbird" buyers as they will begin to "migrate" back home in May. That could mena that values will plummet … (0 comments)
maricopa real estate: Fannie May Wants More Money From Treasury
- 02/25/11 01:38 AM
Read, Taxpayers instead of Treasury. Although I'm "excited" that Fannie has narrowed it's quarterly losses to a little over $2 billion, I'm not for giving them any more money. Between the GSEs, HAFA and HAMP, the government has done a miserable job trying to manage the housing crisis. They need to get out of the housing business now and let the cards fall where they may. http://bit.ly/ew9ZbN
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maricopa real estate: Maricopa Arizona Housing Market Update
- 02/22/11 11:21 PM
Every week, I post a review of the housing market for Maricopa Arizona subdivision homes. This past week, inventory levels continue to drop amid strong seasonal buying activity and the lack of new inventory release from the lenders' backlog of foreclosures As a result, values have remained steady and, in the case of single level homes in the desirable subdivisions, values have actually increased a bit. Read the whole report at http://bit.ly/gvTf6K
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maricopa real estate: HUD Targeted for More Than $1 Billion in Cuts
- 02/15/11 03:02 AM
This article outlines a few of the proposed budget cuts to HUD. In particular it mentions cuts to the Development Block Grant program and Neighbor Works. The Development Block Grant program cuts are minor and I, for one, am glad to see that. In our small community of Maricopa n, these grants are vital to our local non profits and the money has been put to good use. The Neighbor Works program, which provides housing counseling, is proposed to be cut by more then half. As far as I am concerned, this is a good move and it can be eliminated … (2 comments)
maricopa real estate: GSE Reforms to Squeeze Out Small Banks??
- 02/14/11 02:31 AM
I found this article pretty interesting as it came from a point of view I hadn't thought of. Obviously GSE reform has many ramifications no matter how it is accomplished but I hadn't thought about the fact that it might do exactly what the author mentions: shift all lending to a few mega-lenders with very few options. Being very wary of the government, Wall Street and lenders in general, it makes me wonder if there is an alterior motive in all this. http://bit.ly/heXeMm
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maricopa real estate: Monday's Cup Of Coffee - Weekend News 14FEB
- 02/13/11 11:36 PM
This week's post by Housing Wire that reviews the weekend news. As expected, the mortgage finance industry is beginning to weigh in on the Obama plan to phase out Fannie and Freddie. As I had posted earlier, Amherst Securties Group commented that there are not enough details behind the three options that were proposed to make much of a difference. Also, another four banks closed. http://bit.ly/f4QQOE
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maricopa real estate: First Salvos Fired at the Obama Overhaul Plan
- 02/12/11 02:01 AM
A good article that outlines how everyone is lining up in response to the Obama plan to phase out Fannie and Freddie. The major concern seems to be that it will affect the affordability of home ownership. Given the housing mess and everthing that caused it, is that such a bad thing? First of all, if the cost of home ownership goes up, it might eliminate some of the people that maybe shouldn't be considering buying a home in the first place. Sorry to sound heartless but too many people have gotten into trouble "pushing the envelope" for a home mortagage. I'm all … (2 comments)
maricopa real estate: Monday's Cup Of Coffee - Weekend News 7FEB
- 02/07/11 12:19 AM
A summary of the new that hit HousingWires desk over the weekend. One of the more intersting tidbits this week is a list of commercial and multi family loan servicers by volume in 2010. Wells Fargo easily leads the way with $451.1 billion. They were followed by PNC/Midland ($337.4 billion), Berkadia ($194.9 billion) and Bank of America ($126.6 billion). http://bit.ly/hQvp7S
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maricopa real estate: HOA Document Fee Bill Introduced in Arizona Congress
- 02/06/11 04:07 AM
SB 1149 (HOA; condo; document fees- sponsored by Senator Andy Biggs), which as amended by the committee limited the fees that a condominium or planned community could charge for the preparation of required documents, as well as prohibited a condominium or planned community from charging a fee for the use or placement of a for sale sign. I'm not sure what all of your Rainmakers are experiencing in your markets, but in Maricopa Arizona we have seen a major "money grab" by the HOAs occuring that continues to escalate. Some "fees" are over $1,000 when only a couple of years ago they … (1 comments)
maricopa real estate: HAMP Elgible Borrowers Cut in Half
- 02/01/11 01:37 AM
Surprise! Surpirise. I'm not sure why it has taken so long for the government to acknowledge this but now at least they know what we have known for quite some time. This atricle does not paint a very good picture for the program and once again points out that the lenders are not all that eager to use HAMP. It makes me wonder that if the government cannot even get cooperation form the lenders for their "pet" project, how in the world are they going to begin to address any issues with Freddie and Fannie? http://bit.ly/f9p1jD
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maricopa real estate: Maricopa Arizona Weekly Housing Market Update - 31JAN
- 02/01/11 12:32 AM
The latest numbers show that inventory continues to decline due to strong buyer activity coupled with the lack of the expected surge in short sales and foreclosures. As a result, values are holding fairly steady for the time being. The big question is: What are the lenders going to do with their backlog of foreclosures caused by self imposed and Holiday moratoriums? Read the full story on my website blog. … (0 comments)
maricopa real estate: Bill Introduced to Eliminate HAMP
- 01/28/11 08:19 AM
Reps. Jim Jordan (R-Ohio), Darrell Issa (R-Calif.) and Patrick McHenry (R-N.C.) introduced a bill to eliminate the HAMP program citing that "HAMP is a colossal failure". This comes on the heals of another bill that was introduced to elimante funding to HUD. It would appear to me that this is just "party politics" to keep the pressure on the Obama administration to do something about the government's involvement in the housing market. As we all know, a report is expected out soon on Obama's plan for Freddie and Fannie. Apparently, the State of the Union address asking for party unity is … (2 comments)
maricopa real estate: Freddie and Fannie - What to Do??
- 01/28/11 12:33 AM
This is a very complex issue to be sure so I read (and forward) any interesting article about the impending decision on the future of Freddie and Fannie. This particular article has some easy to understand explanations of the problem and offers at least one possible solution. It appears that lenders would be unwilling to make loans if they aren't insured cheaply by the government backed entities. Okay, I can understand that. But since it appears that the major lenders seem to be thriving in the current housing market, why not charge them more this this insurance? Definitely food for thought. … (0 comments)
maricopa real estate: Bank of America Foreclosure Blocked by Court
- 01/28/11 12:23 AM
This short article does not offer a lot of details but it is interesting to note that this is occuring in a non judicial state. The courts ruled against a similar injunction in the state of Utah in 2010 but it makes me wonder if this is the start of a wave of lawsuits against lenders. I don't begin to understand the legal basis of lawsuits like this and whether or not it is just an attempted "money grab" by attorneys. But any pressure that can be kept on the lenders and their servicers is welcome by me. http://bit.ly/eMn7bj
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maricopa real estate: HUD Extends FHA Anti Flip Rule
- 01/27/11 12:45 AM
This article announced that HUD has extended the suspension of the FHA Anti Flip rule. This rule prohibited the FHA from insuring a mortgage on homes that were owned by the seller for less than 90 days. It was passed in efforts to speed to sale of foreclosed homes. The suspension has been extended until 2012. This is good news for investors as it is estimated that 30% to 50% of home loans are FHA insured as buyers are drawn to these loans due to the lower down paymnets required. There are a number of restrictions, the most troubling being that homes … (3 comments)
maricopa real estate: Maricopa Arizona Home Report - 17JAN Weekly Housing Report
- 01/21/11 02:26 PM
Maricopa Arizona Home Report - 17JAN Weekly Housing Report Here are the new numbers and my take on them. ACTIVE: 784, down from prior week of 796. The wait for the release of pent up lender inventory continues. With the number of new listings remaining relatively steady,very strong buyer activity has caused this number to continue to decline. I've said it before and I'll say it again, this trend will not continue regardless of buyer activity. Expect the release of excess inventory to begin soon and the number of actibe listings to return to mid-2010 levels. It's just a matter of time. … (2 comments)
maricopa real estate: Rep. Waters calls mortgage servicing an industry in crisis
- 01/17/11 12:37 PM
Now they have done it! It bad enough that the lenders and servicers don't care about the average citizen but now they are picking on our military families??!! What a mess! As much as I am against government involvement in most anything, it appears that it's time for them to step in. The lenders have had a number of years to get this all figured out and they appear to be either too ignorant or reluctant to "take care of biz". I'm sure that their are a lot of lobbyist and special interest groups trying to keep this business as usual, … (0 comments)
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Inventory continued to decline amid intense buying from seasonal visitors (snowbirds). Coupled with the fact that lenders are still holding back on the release of their foreclosure inventory, single level homes in the more desirable subdivisions are becoming scarce. Because of this, offers are ranging up to 30% over market value.
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