the wizardsof waz: Weekend Housing News Update - 06/06/11 03:05 AM
This "Morning Cup of Coffee" is brought to you every week by Housing Wire. Among the intersting topics:
Analysts lowered their estimates and home prices going forward and Altos Research analysts said "the housing market will enter a period of historically supported volatility." DUH!! I wish I could be paid triple figures to churn out a bunch of reports based on guesswork!!! Florida's "rocket docket", which was designed to eliminate the backlog of foreclosures in the court system, has reportedly had tremndous success. That being said, the funding for this program will end in June and it will be eliminated. OF … (0 comments)

the wizardsof waz: Servicer to Connect Lenders With HOAs Using the Web - 06/02/11 01:36 AM
In an article publisher by Housing Wire, "Matt Martin Real Estate Management, an asset management firm Arlington, Va., is launching an affiliate company to connect homeowner associations with mortgage servicers to reconcile unpaid HOA dues."
It goes on to outline that, in mnay cases, the liquidation of distressed proprties has been delayed due to problems with contacting the proper agency that is handling these delinquent fees. Since many HOAs transfer delinquent accounts to collection companies or attormeys, it can often be difficult to receive contact information and outstanding balances.
In my book, ANYTHING that can speed up this process is welcome. … (0 comments)

the wizardsof waz: Maricopa Arizona Homes for Sale - Market Report 9MAY - 05/12/11 03:24 AM
Every week I post an update on the Maricopa AZ homes for sale market on my website blog ( Inventory of subdivision homes in Maricopa continues to decline while buying activity remains strong.
You can read the full report by clicking on this link

the wizardsof waz: Principal Reduction Still a Possibility? - 05/12/11 03:20 AM
This is a perfect example of media hype. Though the headline in this article reads "Principle Reduction Still a Possibilty ...." the article itself seems to conter this. Apparently the deal bewteen the lenders and the Attorney Generals of various states is beginning to be finalized. It should be noted however that any prinicipal reductiion for affected homeowners has been dropped from the term sheet.
Although it is stated that some families "could still receive this type of assisitance", I wouldn't hold your breath if I was a homeowner!

the wizardsof waz: Bank of America's Performance Downgraded - 05/04/11 02:24 AM
Moody's Investors Service downgraded Bank of America ratings on collections and loss mitigation services citing a "deterioration".
Bank of America was among several major lenders that signed consent orders with the Department of the Treasury after an investigation into their loss mitigation practices. B of A plans to fully implemet these orders within 3 - 6 months and stated that they were not surprised at the downgraded rating.
This further explains why lenders are holding onto their "shadow" inventory. They are afraid of class action suits and further action by the DOT until they "get their sh.. together". The president of … (1 comments)

the wizardsof waz: Maricopa Arizona Homes For Sale - Weekly Market Report 12APR - 04/13/11 02:59 AM
Here is the update to my weekly report. I got it out a little late this week as I have been swamped!!
Inventory of homes for sale in the subdivisions of Maricopa Arizona continues to decline, albeit at a slower rate. Buying activity is still strong but has lessened slightly due to the annual migration of our "snowbirds". Foreclosures continue to trickle in and I have no idea why the lenders are hanging onto their shadow inventory.
Read the full report here

the wizardsof waz: Wells Fargo Considering Prinicpal Reductions for Distressed Homeowners - 04/07/11 09:12 AM
Wells Fargo is in discussions with the Arizona Department of Housing about joing a program that would provide a principal reduction on delinquent mortgages. The Treasury Department allocated $7.6 billion to the Hardest Hit Fund and Arizona received $268 million of this. Of course, it uses taxpayer money!
I am not in favor of the government using my tax dollars to bail all these homeowners out but, considering the trillions of dollars they are throwing away on other things, I can live with it. At least it is a step in the right direction towards a return to normalcy in the … (0 comments)

the wizardsof waz: Senator McCain Introdices Bill to Reform Fannie and Freddie - 04/05/11 01:39 AM
Senator John McCain (R - AZ) recently introduced a bill that aims to end the taxpayer bailout of Fannie Mae and Freddie Mac and move towrds getting the government out of the housing business in the next two years.
I haven't looked into all of the details yet but the aim of the bill is to "relinquish the agencies' affordable housing goals, shrink the size of agency portfolios to $250 billion over five years, reduce the conforming loan limit to pre-crisis levels and increase guarantee fees."
I am not necessarily the biggest fan of my home state Senator and am always … (1 comments)

the wizardsof waz: House Votes to End Hamp - 03/30/11 01:53 AM
What the headline doesn't tell you is that the Senate is unlikely to pass this bill and it will be vetoed by Obama regardless. Instead of wasting all this time on a bill that will go nowhere I wish they would just sit down and fix this thing. The Obama administartion is in denial and still feel that this is a good program even though only $1.2 billion of $30 billion has been used over halfway through the program.
This issue is obviously being used as for political leverage. The Dems want to point out how badly the Obama administaration is performing … (1 comments)

the wizardsof waz: Maricopa Arizona Homes For Sale - Weekly Market Report 28MAR - 03/29/11 01:58 AM
Inventory of homes for sale in Maricopa AZ continues to decline. Single level homes in particular are becoming scarce. Heavy seasonal buying activity continues and is expected to last for at least another month.
You can read more about the Maricopa Arizona housing market in my weekly market update at

the wizardsof waz: Bank of America Prepares to Write Off Principal on Mortgages - 03/29/11 01:16 AM
Bank of America announced that they will begin a pilot program that will allow some California homeowners to receive a principal writedown on their mortgages. The funds, totaling almost $700,000 were received from the Treasury's Hardest Hit Fund lasy year. They also mention that they have solicited a number of homeowners in Arizona. They join Ally Financial who agreed last week to participate in a similar program in Michigan.
I'll believe it when I see it but this sounds like the real thing.

the wizardsof waz: Mortgage Servicers Under Pressure to Cut Principle on Delinquent Loans - 03/28/11 02:46 AM
This article mentions that a number of State attorney generals that are continuing to put pressure on lenders to reduce the principle on "underwater" loans. In the articlke, the lenders cite moral reasons and state that "the costs could be enormous if widespread principal reductions are triggered by a settlement". The article also cites a study that shows that loan mofications are more likely to fail than principal reductions. DUHHH!
I don't claim to know a whole lot about how the financial institutions function but I've alwayd wondered about something. If the lenders are willing to sell a property to a complete stranger … (1 comments)

the wizardsof waz: Flawed Market Data May be Understating Housing Market Problems - 03/26/11 01:16 AM
I've attached an interesting article that questions that data that is used by the National Association of Realtors (NAR) to track the housing market. The Mortgage Bankers Association claims that the way that NAR accumulates their data may, in fact, not offer a true picture of the state of the housing market. NAR data incates that there is an 8.6 month suply of inventory homes based on the current sales pace while the Mortgage Bankers Association feels that this number is closer to 17 months! Some difference!!

the wizardsof waz: S & P Estimates Shadow Inventory is at $450 Billion Dollars - 03/25/11 07:40 AM
Standard and Poors estimates that this is the principle balance of residential properties in foreclosure but not yet on the market. They categorize the shadow inventory as containing loans at least 90-days delinquent or somewhere in the foreclosure process, and properties taken into REO.
At the current pace of home sales, they predict it would take 49 months to clear this inventory.It should be noted that this is a national average and definitely needs to be adjusted for local markets. For example, they claim that, given the current rates in the Phonix market, we only have 30 months of this inventory and that … (1 comments)

the wizardsof waz: Maricopa Arizona Housing Market Report - updated 21MAR - 03/22/11 01:45 AM
My weekly report has been updated and the trends of the past few months continue. The inventory of available subdivision homes in Maricopa AZ continues to decrease. This is mainly driven by strong seasonal buying activity and the continued reluctance of lenders to release their shadow inventory of foreclosures. Single level homes in particular are beginning to become scarce and values are being driven up.
 Read the full report at

the wizardsof waz: Nevada Seeking to Crack Down on Distressed Homeowners That Damage Homes - 03/22/11 01:37 AM
The Nevada State Assembly introduced a bill that would allow authorities to charge a borrower with a felony if they willfully damage a home during the foreclosure process.
This is the first state that I know of that has taken such a stance. I'm sure that you all have had the experience of listing and/or showing homes that have been in various states of disrepair. It is one thing for a homeowner to remove appliances that did not originally come with the home. But many homeowners feel the need to take out their frustrations and attempt to aid their financial situation by … (1 comments)

the wizardsof waz: 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

the wizardsof waz: 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)

the wizardsof waz: 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?

the wizardsof waz: 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)

Bill "Waz" Wasowicz (Wizards of Waz Real Estate)

Bill "Waz" Wasowicz

Maricopa, AZ

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Wizards of Waz Real Estate

Address: 21621 N. Backus Drive, Maricopa, AZ, 85138

Office: (520) 840-0185

Mobile: (480) 390-5043

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We live, work, play and know the Maricopa area. We specialize in Short Sales and Foreclosures and love to help any buyer find the right investment or any seller conduct their sale properly and in the right time. Contact us anytime for updates in listings and the latest in short sales and foreclosures in Maricopa AZ homes.



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