“Homes that fall into foreclosure in Phoenix are sold at a public auction. The highest bidder becomes the new owner. The former owner then has to move out.

Departing owners have five days under Arizona law to vacate the property. But in the overheated foreclosure market that has come in the wake of the metropolitan Phoenix housing crash, some people are being told to get out the same day their house is sold at auction.

In some cases, people aren’t allowed back into their house to collect their belongings. In others, people leave the house for a few hours, and the new owner changes the locks.

Facing aggressive foreclosure buyers who want to resell homes quickly, struggling homeowners often don’t know their rights…”

Read the full article: http://www.azcentral.com/arizonarepublic/news/articles/2010/03/07/20100307evictions0307.html

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“Tuesday’s latest home-price reading shows that momentum slowed at the end of 2009 for the housing market, adding to the confusion about where prices are headed from here.

The S&P/Case-Shiller 20-city composite index in December fell 0.2% from November, but after adjusting for seasonal factors, home prices were up 0.3%. That was the same change that the index showed in November.

Fifteen of 20 markets tracked by the index showed monthly declines, though the battered Southwest fared well. Las Vegas had its first monthly gain in more than three years (and today’s story helps to explain why conditions there have improved), while Los Angeles led the nation with a 1% monthly increase…”

Read the full article: http://blogs.wsj.com/developments/2010/02/23/case-shiller-adds-to-confusion-on-housing-market/

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 ”While 2009 saw local declines in the number of homes sold and in the average sales price, some builders and developers are bucking that downturn.

In 2009, 733 homes were sold locally, down from 781 in 2008, according to the Green Valley/Sahuarita Association of Realtors. The numbers cover southern Tucson to Tubac.

The average selling price last year was $175,000, a decline from $199,493 in 2008. Homes spent an average of 167 days, about five and a half months, on the market in 2009, compared to 160 days the year before.

Cathy York, president of the association, said 2009 was a pretty stable year for the local real estate market considering the rest of the U.S. economy…”

Read the full article: http://gvnews.com/articles/2010/02/11/news/74realestate.txt

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“Close to half of the existing home sales in the Phoenix metro area last month were foreclosed properties exhibiting continued struggles in the housing market, according to an Arizona University report released Thursday.

The report also said that two out of three home sales in the Valley in January were either foreclosures or re-sales of foreclosed homes…”

Read the full article: http://phoenix.bizjournals.com/phoenix/stories/2010/02/08/daily62.html

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“For the 12th straight quarter, home values declined year-over-year, according to property search and valuation site Zillow. The site released its fourth-quarter 2009 real estate market report Wednesday.

Home values declined 5 percent between fourth-quarter 2008 and fourth-quarter 2009, and 0.5 percent from the third quarter of 2009 to the fourth, to a median valuation of $186,200. More than 1 in 5 mortgaged single-family homes, 21 percent, were “underwater,” meaning the owners owed more on the house that it was worth. That negative equity rate remained virtually unchanged quarter-over-quarter.

In a sign of an impending “double dip” in the housing market, 20 percent (29 out of 143) of metropolitan areas Zillow studied had flat or decreasing home values after at least five straight months of increases during 2009. Zillow defined a market experiencing a double dip as one that saw decreasing monthly home values of at least 1 percent for at least five consecutive months, followed by a similar increase in monthly home values, followed by a similar decrease…”

Read the full article: http://www.inman.com/news/2010/02/10/zillow-signs-a-double-dip?page=0%2C0

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“The share of borrowers who are falling seriously behind on loans backed by the Federal Housing Administration jumped by more than a third in the past year, foreshadowing a crush of foreclosures that could further buffet an agency vital to the housing market’s recovery.

About 9.1 percent of FHA borrowers had missed at least three payments as of December, up from 6.5 percent a year ago, the agency’s figures show.

Although the FHA’s default rate has been climbing for months and eating into the agency’s cash, the latest figures show that the FHA’s woes are getting worse even as the housing market shows signs of improvement. The problems are rooted in FHA mortgages made in 2007 and 2008. Those loans are now maturing into their worst years because failures most often occur two to three years after a mortgage is made.

If the trend continues and the FHA’s cash reserves are exhausted, the federal government would automatically use taxpayer money to cover the losses — a first for the agency, which has always used the fees it charges borrowers to pay for its losses…”

Read the full article: http://www.washingtonpost.com/wp-dyn/content/article/2010/02/01/AR2010020103527_pf.html

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“A new survey reveals that savvy consumers cashing in on the new and improved homebuyer tax credit are helping fuel economic recovery.

The vast majority of current homeowners say they would spend the expanded version of the homebuyer tax credit on repaying existing debts, home improvements, savings and investments and household expenses, according to a Coldwell Banker survey of 1,000 homeowners…”

Read the full article: http://realtytimes.com/rtpages/20100128_taxcred.htm

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“The Obama administration is trying to simplify the paperwork for people seeking lower home-mortgage payments in an effort to avert more foreclosures.

The Treasury outlined new guidelines Thursday aimed at streamlining requirements for mortgage relief under the administration’s Home Affordable Modification Program launched a year ago.

The guidelines specify that borrowers must provide three items to loan servicers, the companies that collect mortgage payments: a form requesting a loan modification, authorization for the servicer to seek tax information from the Internal Revenue Service and evidence of income, such as two recent pay stubs. Previously, some servicers have asked borrowers to fax in copies of their tax returns. Borrowers sometimes couldn’t find the needed tax forms or complained that servicers repeatedly lost material faxed to them…”

Read the full article: http://online.wsj.com/article/SB10001424052748704878904575031321628902414.html

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“For more than a year, the government pulled out the stops to revive home buying by driving down mortgage rates.

Now, whether the housing market is ready or not, the government is pulling out.

The wind-down of federal support for mortgage rates, set to end in two months, is a momentous test of whether the Obama administration and the Federal Reserve have succeeded in jump-starting the housing market and ensuring it can hold its own. The stakes for the economy are massive: If the market again falls into a tailspin, homeowners could face another wave of trouble, and it would deal a body blow to President Obama’s efforts to get the economy on track…”

Read the full article: http://www.washingtonpost.com/wp-dyn/content/article/2010/01/24/AR2010012402996.html

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“Chandler is preparing to spend millions of dollars trying to shore up one of its most sickly economic indicators, the home foreclosure rate, which surged by 95 percent over the last year.

In the coming weeks, the City Council is expected to consider expanding an eight-month-old program to buy up bank-owned properties and renovate them for sale as affordable housing. The council this month also passed a resolution declaring the entire city an “economic recovery zone,” making it eligible to issue $8 million in bonds to pay for infrastructure projects like roads and drainage, meant to create jobs and stimulate the local economy.

Dennis Strachota, the city’s management services director, said Chandler’s home foreclosure rate rose 95 percent from the third quarter of 2008 to the fourth quarter of 2009. Similarly, unemployment increased from 4.3 percent in October 2008 to 6.6 percent last October, and Chandler’s poverty rate now stands at 7.3 percent, he said…”

Read the full article: http://www.eastvalleytribune.com/story/149953

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“Jim Cramer, a retired mechanical engineer, was looking for a new home in Glendale.

What he got was a Spanish Colonial compound that stretches over two lots and includes guest quarters, a pool and a garage that fits 10 cars.

‘It’s like I’m running a mini-hotel now,’ Cramer said, referring to the family and friends who now visit.

Cramer was the first to take advantage of the double-lot option being promoted at The Reserve at Eagle Heights, which is near 75th Avenue and Loop 101. The developer, Western Pacific Properties, has begun offering lots side-by-side or back-to-back, giving space for amenities such as those that Cramer wanted.

That demand for larger lots is being seen at The Reserve, where new homes start around $568,000, and at developments with more moderate price points.

‘Nobody wants a tiny lot. You buy a tiny lot because that’s all you can afford,’ said RL Brown, a Valley economist specializing in the housing market.

While larger yards may be more desirable today than at the height of the real-estate boom, many developers are finding that buyers overall are more frugal about the size of their homes…”

Read the full article: http://www.azcentral.com/community/glendale/articles/2010/01/15/20100115gl-reserve0115-ON.html

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“Just as regulators, lawmakers and all forms of financial oversight boards are talking about new regulations to guard against mortgage fraud and another mortgage meltdown, there appears to be yet a new mortgage fraud out there today, allegedly perpetuated by agents of, yes, the big banks.

I was first alerted to this by Jeremy Brandt, the CEO of several companies that bring short sale agents, investors and sellers together.

His companies include 1800CashOffer, HomeFlux.com and FastHomeOffer.com. Brandt has a huge network of short sale real estate agents, and over the past several months he’s been receiving all kinds of questions and complaints about trouble with second lien holders…”

Read the full article: http://www.cnbc.com/id/34877347

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“Four years after the collapse of the U.S. housing bubble, flipping homes is back in fashion.

Jon Mirmelli, a Phoenix real-estate investor, learned late in the morning of Sept. 28 that a never-occupied custom house on the northern fringes of this Phoenix suburb was going up for auction around noon the same day. The six-bedroom home, built on a three-acre desert plot, has a kitchen with two dishwashers, four ovens, “antibacterial” copper sinks, and a master “spa” bathroom with space for a flat-screen TV visible from the tub.

The minimum bid, as set by a unit of Citigroup Inc., which had a $1.3 million mortgage on the home, was $379,900. After several minutes of bidding among investors and their representatives, some wearing shorts and flip-flops, Mr. Mirmelli won the home for $486,300. A week later, he agreed to sell it for $690,000 to a woman who moved in this month.

During the housing boom, millions of Americans tried to make money by buying and then quickly reselling new houses and condominiums. That kind of flipping stopped several years ago as home sales stalled amid a surge in foreclosures and curtailed lending.

Now, a different breed of flipper is proliferating: one who seeks bargains at foreclosure auctions. Unlike the boom-time flippers, the latest generation needs cold cash, lots of local-market knowledge and strong nerves…”

Read the full article: http://online.wsj.com/article/SB126022588878780861.html?mod=wsj_share_twitter

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“The U.S. Federal Housing Administration said on Tuesday it will raise the minimum down payment required to secure an FHA-backed mortgage for less creditworthy borrowers as part of a series of steps to shore up the agency’s finances.

The FHA said borrowers with credit rating scores below 580 would be required to make a down payment of at least 10 percent, while the rate for higher-ranked borrowers would stay at 3.5 percent.

It also said it would increase the up-front mortgage insurance premium, which is paid by the borrower when the loan is made, to 2.25 percent from 1.75 percent.

The moves will raise the cost of mortgages at a time the housing sector is trying to find its feet, but the agency said it was a prudent step to ensure its financial health and carry on its mission of supporting home ownership…”

Read the full article: http://www.reuters.com/article/idUSN1910413620100120

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 ”A 3.5-mile crevice in the Greene Wash area, about six miles south of Arizona City, is one of several newly confirmed earth fissures identified on a map recently released by the Arizona Geological Survey.

The new map identifies confirmed and unconfirmed earth fissures throughout Pinal County as well as Cochise, Maricopa and Pima counties.

In addition to the 3.5 miles of identifiable and continuous and discontinuous earth fissures in the Greene Wash area, researchers also discovered 5.5 miles of unconfirmed fissures. Some of the unconfirmed fissures are in active farmlands where seasonal plowing can obliterate the surface of the crevice, according to AZGS…”

Read the full article: http://www.trivalleycentral.com/articles/2010/01/06/arizona_city_independent/top_stories/doc4b3a484d68365816567616.txt

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“Most troubled homeowners view President Obama’s foreclosure rescue plan as a way out of their financial troubles.

But many don’t realize that entering a trial mortgage modification can actually hurt their credit.

CNNMoney recently received a flood of e-mails from readers complaining about the impact of trial modifications on their credit reports.

To be sure, many people who apply for the president’s plan are already delinquent in their mortgage payments, which wrecks their credit backgrounds. And obtaining a trial modification should affect borrowers’ scores because it shows they cannot meet their original obligation, experts said…”

Read the full article: http://money.cnn.com/2009/12/28/news/economy/loan_modifications_credit_history/index.htm

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“Is 2010 the year to buy a house? It certainly looks that way: After a steep run-up in prices during the first half of the decade, home values have plummeted back to 2003 levels. Fixed mortgage rates are sitting near record lows. And the foreclosure epidemic—while painful for many home owners—has created some wonderful opportunities for bargain hunters. If that’s not enough, Uncle Sam is handing out thousands of dollars in tax credits to nearly all first-time buyers and the bulk of existing home owners who close a purchase by June.

But while the 2010 outlook appears inviting, there’s one key catch. ‘You need to have a stable job,’ says Mark Zandi, the chief economist of Moody’s Economy.com. The economy is showing signs of life, but the unemployment rate is already at 10 percent and expected to go higher. And while those mortgage rates are attractive, buying a house makes sense only if you can bank on your income stream. So before you consider purchasing a home, take a hard look at your job, your company, and your industry.

That said, here are 10 things to know about real estate in 2010…”

Read the full article: http://www.usnews.com/money/articles/2009/12/21/10-things-to-know-about-real-estate-in-2010.html

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“AAR asked market watchers in four regions (Maricopa County, White Mountain, Tucson Metro Area, Flagstaff) around the state to review recent housing data and provide forecasts for the year to come. Each region—and each neighborhood—is moving through the cycle of lower sales prices, higher inventory and distressed property supply at its own rate. But all are feeling the effects of the recession…”

Read the full article: http://www.aaronline.com/AZR/Dec/09Market2010.aspx

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“Existing-home sales rose again in November as first-time buyers rushed to close sales before the original Nov. 30 deadline for the recently extended and expanded tax credit, according to the NATIONAL ASSOCIATION OF REALTORS®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million.

Lawrence Yun, NAR chief economist, said the rise was expected. ‘This clearly is a rush of first-time buyers not wanting to miss out on the tax credit, but there are many more potential buyers who can enter the market in the months ahead,’ he said. ‘We expect a temporary sales drop while buying activity ramps up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. In all, 4.4 million households are expected to claim the tax credit before it expires and balance should be restored to the housing sector with inventories continuing to decline…’”

Read the full article: http://www.realtor.org/RMODaily.nsf/pages/News2009122201?OpenDocument

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“Home appraisers are expected - and trusted - to provide honest and accurate reports on a property’s value for the buyer, seller and lender. Appraisals are the first link in the chain of decisions and agreements that result in a mortgage and the stated value of a home.

When the housing market crashed, inflated appraisals were a factor, especially in connection to mortgage-fraud schemes that artificially inflated home prices and made the fall in values all that much steeper. Appraisers were often among the culprits. Inexperienced appraisers who write up inaccurate valuations are also a problem, but allegations of fraud are behind most complaints.

In the third in an occasional series on real-estate and lending regulatory reforms, The Arizona Republic looks at the role appraisals played in bringing down the market and new efforts to regulate the people who are at the heart of establishing home values..”

Read the full article: http://www.azcentral.com/arizonarepublic/news/articles/2009/12/13/20091213reg-appraiser1213.html

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