Per results from the latest survey of the Mortgage Bankers Association, 13.2% of mortgages on homes with one to four units in the second quarter this year were a minimum month overdue or in foreclosure. This figure is higher than the 12.1% in the first quarter of this year, and 9% this time last year.
Prime loans are at 9% from 5.35% last year, and subprime loans at 39.5% up from 30% last year. Under 300,000 borrowers have been able to refinance, or modify their loans under government sponsored modification programs. Drastically less than what was anticipated. Job loss and declining home values are big factors in why modification is not working and the increasing number of foreclosures.
Where does Arizona rank in all this? Together with California they account for 44% of all foreclosures. Nearly half of all borrowers in Arizona had negative equity
at the end of June.
Please read the article that was my source for this information at the Wall Street Journal written by Nick Timiraos. http://online.wsj.com/article/SB125082120504548471.html
If you are interested in buying or selling your house in Gilbert, Phoenix, Scottsdale, Mesa or another city or town in Maricopa or Pinal counties, contact Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty.Visit us at http://YourGilbertHome.com Thank you!
Showing posts with label real estate. Show all posts
Showing posts with label real estate. Show all posts
Friday, August 21, 2009
Friday, August 14, 2009
REO sales see reduced market share
According to ARMLS sales reports for July, REO sales have seen a reduced market share. The past few months the REO property shares have dropped from a high of 68% in January to 54.4% in July. Traditional resales, and short sales making up the remaining 45.6%.
If you are interested in buying an REO property or selling your home or other real estate in Surprise, Phoenix, Scottsdale, Glendale or another city or town in Maricopa or Pinal counties, contact Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty.Visit us at http://YourGilbertHome.com Thank you!
If you are interested in buying an REO property or selling your home or other real estate in Surprise, Phoenix, Scottsdale, Glendale or another city or town in Maricopa or Pinal counties, contact Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty.Visit us at http://YourGilbertHome.com Thank you!
Monday, August 10, 2009
Investors Listing & Buying Short Sales?
Have you been contacted by an investor that wants to list and buy your short sale? Here are five tips to think about and questions to ask before listing with them. We will cover more on another day.
1). Are they requiring the use of their preferred listing agent or REALTOR? If so who is that listing agent representing. Who is going over the listing agreement with you? Is it the investor who is buying the property or the listing agent who is supposed to represent you?
2). Make sure you receive and fully understand the agency disclosure and election. NO real esate transaction should ever take place without a buyer AND seller acknowledging both sides by signing this!
3). What are the current market comparables to your home? Ask for this and review them. Make sure the homes accurately represent yours.
4). Short sale addendum, make sure there is a short sale addendum included and you thoroughly read and understand it.
5). Look for, Read and Understand the opt out clause. Generally as a seller if you accept a buyer's offer, you must sell your home to them. In the presence of a short sale though, the sale is contingent upon the lender's or "third parties" approval (if a short sale addendum is included).
A bonus tip when you are working with investors, is to make sure all of the forms are drafted from boiler plate Arizona Association of REALTORS forms. These forms are created in the interest of the general public. Please please please if you do not understand any of the forms, consult an attorney to help explain them to you.
If you are approached by an investor looking to purchase your home, please also interview other agents whose primary focus is to sell your home rather than buy it to make a profit. A traditional REALTOR has the same goal as you which is to sell the home. Not to buy it in hopes to make a big profit.
Contact Marie Zubkoff at 480.233.7051 or Andrew Walsh at 602.527.2639 with US Preferred Realty to discuss your Arizona Real Estate needs. If you are a buyer or seller, we can help. visit us at http://YourGilbertHome.com Thank you!
1). Are they requiring the use of their preferred listing agent or REALTOR? If so who is that listing agent representing. Who is going over the listing agreement with you? Is it the investor who is buying the property or the listing agent who is supposed to represent you?
2). Make sure you receive and fully understand the agency disclosure and election. NO real esate transaction should ever take place without a buyer AND seller acknowledging both sides by signing this!
3). What are the current market comparables to your home? Ask for this and review them. Make sure the homes accurately represent yours.
4). Short sale addendum, make sure there is a short sale addendum included and you thoroughly read and understand it.
5). Look for, Read and Understand the opt out clause. Generally as a seller if you accept a buyer's offer, you must sell your home to them. In the presence of a short sale though, the sale is contingent upon the lender's or "third parties" approval (if a short sale addendum is included).
A bonus tip when you are working with investors, is to make sure all of the forms are drafted from boiler plate Arizona Association of REALTORS forms. These forms are created in the interest of the general public. Please please please if you do not understand any of the forms, consult an attorney to help explain them to you.
If you are approached by an investor looking to purchase your home, please also interview other agents whose primary focus is to sell your home rather than buy it to make a profit. A traditional REALTOR has the same goal as you which is to sell the home. Not to buy it in hopes to make a big profit.
Contact Marie Zubkoff at 480.233.7051 or Andrew Walsh at 602.527.2639 with US Preferred Realty to discuss your Arizona Real Estate needs. If you are a buyer or seller, we can help. visit us at http://YourGilbertHome.com Thank you!
Friday, August 7, 2009
Fannie Mae posts $14.8 Billion net loss
In a Wall Street Journal article "Fannie Seeks $10.7 Billion From Treasury After Big Loss" written by Nick Timiraos, he says Fannie posted a $14.8 Billion loss and needs $10.7 Billion for the US Treasury. The loss is due to rising unemployment and more prime borrowers defaulting on their loans. See the story here http://online.wsj.com/article/SB124960826802413197.html
The treasury has already pledged to provide as much as $400 Billion to keep Fanie Mae and Freddie Mac going. We have yet to see how the Obama administration will ultimately determine how the two companies will be run and/or divided or privatized or nationalized. Fannie Mae and Freddie Mac are the two largest buyers of mortgages on the secondary mortgage market.
If you are considering to purchase a home and looking for a lender to purchase real estate in arizona, please contact Marie Zubkoff 480.233.7051 or Andrew Walsh 602.527.2639 for a referral. We can also keep you away from brokers who were relying on the Taylor Bean who has recently ceased operations. Visit and send us a message at http://yourgilberthome.com/
The treasury has already pledged to provide as much as $400 Billion to keep Fanie Mae and Freddie Mac going. We have yet to see how the Obama administration will ultimately determine how the two companies will be run and/or divided or privatized or nationalized. Fannie Mae and Freddie Mac are the two largest buyers of mortgages on the secondary mortgage market.
If you are considering to purchase a home and looking for a lender to purchase real estate in arizona, please contact Marie Zubkoff 480.233.7051 or Andrew Walsh 602.527.2639 for a referral. We can also keep you away from brokers who were relying on the Taylor Bean who has recently ceased operations. Visit and send us a message at http://yourgilberthome.com/
Friday, July 24, 2009
A Call to the Arizona Governor
Apparently the Arizona Association of REALTORS has written a letter to the Arizona Governor Jan Brewer. It is a request to Amend the Call for Special Session to Address Issues Resulting from SB 1271's passage. In a letter dated July 22, 2009, AAR CEO Tom Farley writes a three page letter accompanied by 30+ pages of Case law and practical issues backing up his claim that the recently passed SB 1271 amendement to the anti-deficiency statutes has gone too far and shifts the now balanced power between owners and lenders to the lenders favor. In the form of a fast foreclosure, and a double recovery for the lender. Thereby minimizing the possibility a lender would even consider working with a homeowner in distress since they could foreclose the property quickly for pennies on the dollar and pursue the deficiency from a judgement easily obtained. CHECK BACK FOR MORE!
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