-
Get The Latest Market Updates by Email 
-
-
Host Gator
Bank of America Short Sale Relocation Assistance Program $2,500 to $30,000 in relocation assistance
|
Have an active preapproved price short sale? Don't worry. Bank of America is reviewing all current, in-process preapproved price short sale agreements to determine who is eligible for this limited-time offer. Eligible homeowners actively participating in a preapproved price short sale program (such as HAFA or Bank of America's proprietary program) will receive a letter if they qualify for the additional relocation assistance. The relocation assistance will be paid at closing. Frequently Asked Questions:
Questions? Homeowners and agents may call 1.866.880.1232 to speak to a Bank of America short sale specialist about this exciting limited-time preapproved price short sale program offering.
*The relocation assistance payment is calculated based on the appraised value of the homeowner's property. The total amount will be no less than $2,500, but no more than $30,000. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which includes but are not limited to the following: a full walk-through appraisal must be completed and the homeowner must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). The short sale must close by September 26, 2013. If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, they will not receive the relocation assistance payment. The amount of any deficiency and relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or their tax preparer to determine if they have any tax liability. |
 |
Thank you! Sylvia Howard | Your Friend In Real Estate Tel: 602-432-9246 | Fax: 888-651-7897
Realty ONE Group SEARCH MLS LIKE A REALTOR! |
A Reassuring Look at the Housing Market
Article From HouseLogic.com
By: Meghan Smith
Published: April 27, 2012
Well-priced listings, short sales move faster; Congress urged to move renewal of flood insurance program.
As home inventories shrink in some markets and new-home sales exceed projections for the month of March, some buyers are taking advantage of what seems to be a light at the end of the housing crisis tunnel. Lower mortgage rates and new rules for short sales are just some of the developments helping to turn around the market. These stories and more in our weekly housing news round-up. The Seattle Times: Housing Market No Longer Yours for a Steal (http://seattletimes.nwsource.com/html/realestate/2017996700_harney22.html) In local markets where inventories are tight and competition for homes rising, realty agents say that buyers looking to steal houses by lowballing their offers are ending up at the back of the line – their contracts either rejected out of hand or countered close to the original asking price. It's not something that economists routinely track, but it provides a rough sense of what's happening in local real estate markets. Call it the lowball index. Bloomberg Business Week: Sales of New U.S. Homes Exceeded Estimates in March: Economy (http://www.businessweek.com/news/2012-04-24/purchases-of-new-homes-exceed-forecasts) Demand for new U.S. homes was stronger than projected in March, showing more jobs and cheaper borrowing costs are helping stabilize the market. Washington Post: Housing Downturn Spurs a Boom in Foreclosure-to-Rental Conversions With home prices at historic lows and rental rates on the rise, a growing number of investors with cash to spare are seeking lucrative returns by gobbling up foreclosures in distressed markets across the country and turning them into rentals. "The investors are seeing bargain opportunities," said Lawrence Yun, chief economist for the NATIONAL ASSOCIATION OF REALTORS®. The Hill: FEMA Warns Congress Clock is Ticking on Flood insurance Program The Federal Emergency Management Agency on Wednesday stepped up pressure on Congress to reauthorize the National Flood Insurance Program. The program is set to expire at the end of May, and FEMA warned that after that time NFIP won't be able to issue new policies. The program is seen as key for limiting the costs of natural disasters. The House and Senate were unable to agree on a NFIP reauthorization last year, and extended the program without changes until May 31. HouseLogic: It's Time to Make Short Sales Shorter (http://www.houselogic.com/blog/stopping-the-foreclosure-crisis/make-short-sales-shorter/) New Fannie Mae and Freddie Mac rules plus two bipartisan bills aim to hasten the bureaucratic and drawn-out short-sale process to prevent more home owners from slipping into foreclosure.
| |
Thank you! Sylvia Howard | Your Friend In Real Estate Tel: 602-432-9246 | Fax: 888-651-7897
Realty ONE Group SEARCH MLS LIKE A REALTOR! |
April news: February Existing-Home Sales Slip But Up Strongly From a Year Ago
Washington, March 21, 2012
February existing-home sales declined from an upwardly revised January pace but are well above a year ago, while the median price posted a slight gain, according to the National Association of Realtors®. Sales were up in the Midwest and South, offset by declines in the Northeast and West.
Total existing-home sales1, which are completed transactions that include single-family homes, town homes, condominiums and co-ops, slipped 0.9 percent to a seasonally adjusted annual rate of 4.59 million in February from an upwardly revised 4.63 million in January, but are 8.8 percent higher than the 4.22 million-unit level in February 2011.
Lawrence Yun, NAR chief economist, said underlying factors are much better compared to one year ago. “The market is trending up unevenly, with record high consumer buying power and sustained job gains giving buyers the confidence they need to get into the market,” he said. “Although relatively unusual, there will be rising demand for both rental space and homeownership this year. The great suppression in household formation during the past four years was unsustainable, and a pent-up demand could burst forth from the improving economy.”
The bottom line is investors and first-time buyers are competing for bargain-priced properties in much of the country, with home prices showing signs of stabilizing in many areas,” Veissi said. “People realize that homeownership is an investment in their future. Given an apparent over-correction in most areas, over the long term home prices have nowhere to go but up.”
Total housing inventory at the end of February rose 4.3 percent to 2.43 million existing homes available for sale, which represents a 6.4-month supply4 at the current sales pace, up from a 6.0-month supply in January. Even so, unsold listed inventory has trended down from a record 4.04 million in July 2007, and is 19.3 percent below a year ago.
All-cash sales rose to 33 percent of transactions in February from 31 percent in January; they were 33 percent in February 2011. Investors account for the bulk of cash transactions.
Investors purchased 23 percent of homes in February, unchanged from January; they were 20 percent in February 2011. First-time buyers accounted for 32 percent of transactions in February, down from 33 percent in January and 34 percent in February 2011.
Single-family home sales declined 1.0 percent to a seasonally adjusted annual rate of 4.06 million in February from 4.10 million in January, but are 9.4 percent higher than the 3.71 million-unit level a year ago. The median existing single-family home price was $157,100 in February, which is 0.1 percent above February 2011.
Existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 530,000 in February and are 3.9 percent above the 510,000-unit pace in February 2011. The median existing condo price was $153,000 in February, up 1.6 percent from a year ago.
In the South, existing-home sales increased 0.6 percent to an annual level of 1.77 million in February and are 9.3 percent higher than a year ago. The median price in the South was $138,100, up 1.8 percent from February 2011.
Existing-home sales in the West declined 3.2 percent to an annual pace of 1.22 million in February but are 6.1 percent above February 2011. The median price in the West was $195,300, up 3.1 percent from a year ago.
Some really useful ideas!
Homeowner’s Rebate Affidavit – Update
|
|
|||
|
|||
|
|
| |
Thank you! Sylvia Howard | Your Friend In Real Estate Tel: 602-432-9246 | Fax: 888-651-7897
Realty ONE Group SEARCH MLS LIKE A REALTOR! |
My profiles: 
Do you Know how to spot Gaps In the chain of Title?
It came to my attention yesterday ( Thanks Jim, our Broker who keeps us in line!) that there is another little detail that we must all be aware of when purchasing a Foreclosure or Short Sale
Let me start with some basic loan information about traditional Real Estate mortgages, a mortgage is a loan secured by Real Estate. Once the loan is created , the information about the debt is recorded in local property records. When the debt is sold the name of the new owner must be recorded, if the loan isn't paid and the property must be foreclosed the identity of the lender can be found in the local property records. This system is still in place , but another system was created to further the sales of Mortgage Backed Securities ( MBS).To create an MBS Wall Street firms buy local mortgages. Title to these mortgages is then often recorded by a third party called Mortgage Electronic Registration System or MERS
With MERS as the mortgage holder, the loan can be bundled with thousands of other loans to create an MBS. Since the title remains in the name of MERS, there are no additional state recordation fees to be paid each time the loan is bought or sold, a savings of better than $1 billion dollars for what lenders claim are unnecessary costs.
Changing loan owners under MERS without the need to record each transfer of ownership has been largely unchallenged until recently. Now, at least seven state supreme courts have ruled against the MERS concept.
The issue of loan ownership leads directly to foreclosures. A lender can't foreclose unless it has “standing” and to have standing it must own the note.
So how does this affect you? Well the bottom line is check your preliminary title report, look at the exceptions. (Yes you really have to READ it!)
If you see an exception regarding the foreclosure of the property , look into it further. Ask your Realtor and Your title company to do a more thorough search. And buy extra title insurance that will cover gaps in the chain of title. The Gaps caused by MBS and MERS.
If a homeowner wants to file an illegal foreclosure suit and go to court and you don't have the extra coverage you could lose the property. So go out there and get a GREAT deal on a foreclosure… just be careful and watch your back, dot your i's cross your t's
It pays to be informed. Do you have an experience you can share with me? I'd love to hear of any challenges and how you overcame them.
HAPPY HOME HUNTING!
| |
Thank you! Sylvia Howard | Your Friend In Real Estate Tel: 602-432-9246 | Fax: 888-651-7897
Keller Williams Integrity First Realty SEARCH Phoenix Properties! |
Do you Know how to spot Gaps In the chain of Title?
It came to my attention yesterday ( Thanks Jim, our Broker who keeps us in line!) that there is another little detail that we must all be aware of when purchasing a Foreclosure or Short Sale
Let me start with some basic loan information about traditional Real Estate mortgages, a mortgage is a loan secured by Real Estate. Once the loan is created , the information about the debt is recorded in local property records. When the debt is sold the name of the new owner must be recorded, if the loan isn't paid and the property must be foreclosed the identity of the lender can be found in the local property records. This system is still in place , but another system was created to further the sales of Mortgage Backed Securities ( MBS).To create an MBS Wall Street firms buy local mortgages. Title to these mortgages is then often recorded by a third party called Mortgage Electronic Registration System or MERS
With MERS as the mortgage holder, the loan can be bundled with thousands of other loans to create an MBS. Since the title remains in the name of MERS, there are no additional state recordation fees to be paid each time the loan is bought or sold, a savings of better than $1 billion dollars for what lenders claim are unnecessary costs.
Changing loan owners under MERS without the need to record each transfer of ownership has been largely unchallenged until recently. Now, at least seven state supreme courts have ruled against the MERS concept.
The issue of loan ownership leads directly to foreclosures. A lender can't foreclose unless it has “standing” and to have standing it must own the note.
So how does this affect you? Well the bottom line is check your preliminary title report, look at the exceptions. (Yes you really have to READ it!)
If you see an exception regarding the foreclosure of the property , look into it further. Ask your Realtor and Your title company to do a more thorough search. And buy extra title insurance that will cover gaps in the chain of title. The Gaps caused by MBS and MERS.
If a homeowner wants to file an illegal foreclosure suit and go to court and you don't have the extra coverage you could lose the property. So go out there and get a GREAT deal on a foreclosure… just be careful and watch your back, dot your i's cross your t's
It pays to be informed. Do you have an experience you can share with me? I'd love to hear of any challenges and how you overcame them.
HAPPY HOME HUNTING!
| |
Thank you! Sylvia Howard | Your Friend In Real Estate Tel: 602-432-9246 | Fax: 888-651-7897
Keller Williams Integrity First Realty SEARCH Phoenix Properties! |
Pork chops ??
PORK CHOPS
In a zoo in California , a mother tiger gave birth
to a rare set of triplet tiger cubs.
Unfortunately,
Due to complications in the pregnancy,
the cubs were born prematurely
and due to their tiny size,
they died shortly after birth. The mother tiger after recovering from the delivery,
suddenly started to decline in health,
Although physically she was fine.
The veterinarians felt that the loss of her litter
had caused the tigress to fall into a depression.
The doctors decided
that if the tigress could surrogate
another mother's cubs,
perhaps she would improve. After checking with many other zoos across the country, the depressing news was that there were no tiger cubs
of the right age to introduce to the mourning mother..
The veterinarians decided to try something
that had never been tried in a zoo environment.
Sometimes a mother of one species
will take on the care of a different species.
The only orphans' that could be found quickly,
were a litter of weanling pigs.
The zoo keepers and vets
wrapped the piglets in tiger skin
and placed the babies around the mother tiger…
Would they become cubs or pork chops? Take a look…you won't believe your eyes
Now, please tell me one more time ….
Why can't the rest of the world get along?
I am sending this to all that love animals………….It is just too great not to pass along.
–
| |
Thank you! Sylvia Howard | Your Friend In Real Estate Tel: 602-432-9246 | Fax: 888-651-7897
Keller Williams Integrity First Realty SEARCH Phoenix Properties! |
Market Update – Sept. 2011
Total sales in September were 8,050 which were comprised of 2,884 normal transactions which represent 36% of the market. Short Sales were 2,127 which represent 26% of the market and REO sales were 3,041 which comprised 38% of the market.
In total, distressed properties continue to dominate the market with over 64%. Inventory is at 19,519 which is made up of 2,857 REO listings which is only 15% and 3,457 Short Sale listings which is only 18% and 13,210 normal listings which is 68%. See Graph below:
| |
Thank you! Sylvia Howard | Your Friend In Real Estate Tel: 602-432-9246 | Fax: 888-651-7897
Keller Williams Integrity First Realty SEARCH Phoenix Properties! |
Agency encourages short sales by offering money
Agency encourages short sales by offering money
by Catherine Reagor, columnist – Sept. 21, 2011 12:00 AM
The Arizona Republic
Money to help struggling homeowners complete short sales is the latest way the Arizona Department of Housing is trying to spend its $269 million in federal foreclosure-prevention funds.
The state agency is offering homeowners $4,500 and to pay their 3 percent closing costs if they work with their lender to complete a short sale instead of losing their home to foreclosure. But, of course, like the principal-reduction loan modifications the Housing Department has been trying to use the money for, it's all up to the lenders whether the deals go through.
The Arizona Housing Department's annual 2011 housing forum starts today at the Talking Stick Resort in Scottsdale. The conference draws housing advocates, counselors, builders, lenders and government officials from not only Arizona but other states and Washington, D.C. The purpose of the meeting is to discuss the tough issues facing housing. Of course, now there are many, including a growing number of homeless people in Arizona.
Housing Director Michael Trailor said the state agency will start taking applications for the short-sale program today. Go to housingaz.com to apply. It's the same site that is taking applications for the principal-reduction loan-modification program and unemployment mortgage aid, both of which also are being funded by federal money from the Hardest Hit Housing program.
The Arizona housing agency has been able to persuade lenders only to match their principal reductions to modify six loans, so far. The program was launched a year ago, and Trailor said as many as 30,000 Arizona homeowners should qualify.
He said the miserable results, because of lender's reluctance to cut principal and Fannie Mae and Freddie Mac's policy not to reduce loan amounts, have been a frustrating and time-wasting effort for his agency during the past year.
So, to try to spend some of the money to help homeowners, the agency received approval from the U.S. Treasury Department to start the short-sale program.
The Housing Department is also expanding its program to cover mortgage payments for more unemployed and underemployed homeowners who are eligible.
"We want to spend this money to help homeowners, but we need lenders' help," Trailor said. "Anyone who thinks they are eligible should immediately apply at our website."
Statewide MLS?
An agreement for the Arizona Association of Realtors and its member groups to buy the Arizona Regional Multiple Listing Service, or ARMLS, is on hold. The deal would have given Arizona the largest statewide MLS in the country. But after a year of research and surveys to members to see how it could work, the Southeast Valley Realtors Association voted against it.
ARMLS CEO Bob Bemis said that a similar plan was voted down before but that there are many supporters of a statewide MLS in Arizona, so discussions continue about creating one.
Share your thoughts..