The Monday Morning Quarterback

2 Nov

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Wishing you a very Happy and Prosperous Diwali.

26 Oct

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Phoenix Event Calender

13 Oct

Weather is beautiful and there is a free or inexpensive event for all age groups and for everybody to enjoy in various parts of Phoenix. Hope this calendar helps you or your families have a good time.

The Mortgage Forgiveness Debt Relief act Expires December 31 2012

13 Oct

How will this affect you?
Contact me at 602-361-9292 or via email at:  azdesertliving@hotmail.com to see if starting a SHORT SALE NOW….could be the best OPTION for you!

Important Notice: Property Tax Valuation

30 Sep

Are you living in a primary residence? If so, WATCH for your
Property Notice of Valuation that you will receive for 2012. It will
not be a postcard this year, but will be in the form of a legal size
letter. NOTE: There will be an affidavit enclosed with the valuation.
Jobs Bill HB2001 signed by Governor Brewer on February 17,
2011 is intended to help businesses. BUT buried in the 214 page
bill is a way to shift cost to homeowners. Under new legislation
there is a new clause where in you must sign and send back the
affidavit to receive The State General Fund Credit.
The affidavit must be completed and returned to the
County Assessor within 60 days or the residential
property will be reclassified as Class Four (rental) and
your Property Taxes will go up as much as $600.00
depending on the homes value.
Don’t let this happen to you! Advise your friends and family

How Soon Can You Buy Your Next Home?

28 Sep

Timelines for FHA, VA and Conventional Loans after Short Sale and Foreclosure

Federal Housing Administration (FHA)
• Foreclosure is 3 years
• Deed-in-Lieu is 3 years
• Short Sale is 3 years (NOTE: No seasoning if no late
pays in previous 12 months, proceeds serve as payment
in full and not buying a similar or superior property
within reasonable commuting distance)
• Bankruptcy (Chapter 7) is 2 years
(Chapter 13) is 1 year

Conventional Conforming (FNMA/FHLMC)
• Foreclosure is 7 years
• Deed-in-Lieu is 2 years (80% max LTV, 4 years
if 90% LTV or 7 years if max allowable LTV)
• Short Sale is 2 years (80% max LTV, 4 years if
90% LTV or 7 years if max allowable LTV)
• Bankruptcy (Chapter 7) is 4 years
(Chapter 13) is 2 years

Veterans Administration (VA)
• Foreclosure is 2 years
• Deed-in-Lieu is 2 years
• Short Sale is 2 years
• Bankruptcy (Chapter 7) is 2 years
(Chapter 13) is 1 year

Conventional Non-Conforming (JUMBO)
• Foreclosure is 7 years
• Deed-in-Lieu is 7 years
• Short Sale is 7 years
• Bankruptcy is 7 years

The Mortgage Forgiveness Debt Relief act Expires December 31 2012

How will this affect you?

Contact TODAY at 602-361-9292 or azdesertliving@hotmail.com to see if starting a SHORT SALE NOW….could be the best OPTION for you!

REO Active properties in 2009 Versus 2011

21 Sep

The number of lender owned homes for sale in many of these areas is a tiny fraction of the peak level of the winter of 2008/2009. In fact a comparison of REO single family home inventory in January 2009 and September 2011 is very revealing:

City REOs Active Now REOs Active Jan 2009 Change
El Mirage 22 295 -93%
Avondale 41 518 -92%
Maricopa 36 437 -92%
Youngtown 4 49 -92%
Tolleson 26 247 -89%
Tonopah 3 27 -89%
Anthem 9 66 -86%
Carefree 1 7 -86%
Wittmann 6 42 -86%
Queen Creek 87 569 -85%
Buckeye 83 498 -83%
Phoenix 765 4544 -83%
Apache Junction 30 152 -80%
Glendale 175 882 -80%
Coolidge 15 76 -80%
Goodyear 66 311 -79%
Litchfield Park 26 120 -78%
Peoria 109 474 -77%
Casa Grande 34 147 -77%
Surprise 135 541 -75%
Mesa 255 946 -73%
Arizona City 20 74 -73%
Eloy 6 22 -73%
Laveen 59 199 -70%
Florence 26 81 -68%
Fountain Hills 15 46 -67%
Gilbert 144 393 -63%
New River 14 36 -61%
Chandler 130 329 -60%
Scottsdale 120 284 -58%
Gold Canyon 16 37 -57%
Cave Creek 22 50 -56%
Waddell 17 33 -49%
Tempe 45 70 -36%
Paradise Valley 8 12 -33%
Sun City 48 50 -4%
Sun City West 19 16 +19%
Wickenburg 15 8 +87%
Rio Verde 6 3 +100%
Sun Lakes 6 3 +100%

 

Please go ahead and show this table to those who still talk of a “huge glut of foreclosed homes for sale”. Note that the areas most affected by the foreclosure tsunami are also the ones that have had the biggest declines in lender owned inventory between 2009 and now. El Mirage used to have more REOs than the much larger city of Scottsdale. Now it has only 18% of Scottsdale’s inventory.