2010 looks to be a good year for Foreclosure Buyers
Today there’s been lots of positive news in the media for people looking to buy foreclosure properties in Arizona. While this is hopefully good news for the economy all around, it does mean that 2010 looks to be a good year for foreclosure purchases. You can read more details below, but in brief: the state attorney general is working to provide more money for homeowners (and home buyers), TARP is being extended by the federal government, and the total volume of foreclosures available in Arizona increased in November.
- “Arizona Attorney General Terry Goddard will be in Washington on Thursday to meet with executives from some of the nation's largest banks. They will discuss ways to minimize the next wave of foreclosures facing homeowners and commercial mortgage borrowers”
More Here.
- “The Obama administration said today it will boost spending on foreclosure prevention as it exercises its authority to extend the $700 billion Troubled Asset Relief Program (TARP) to October ... [Treasury Secretary Timothy] Geithner said new commitments for TARP expenditures in 2010 will be limited to three areas: foreclosure mitigation, providing capital to small and community banks, and a potential increase in commitments to the Term Asset-Backed Securities Loan Facility (TALF) -- the TALF is aimed at reviving securitization markets that facilitate commercial mortgage lending and consumer and small business loans.”
More Here.
- After three straight months of declines, Arizona foreclosures increased nearly 8 percent in November. Arizona claimed the nation’s fourth highest foreclosure rate with one in every 186 housing units moving into foreclosure.
More Here.
Any other positive news you’ve read out there?
- Brian
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