Almost 10 million homeowners are 'underwater' or just above

"At least 7.5 million Americans owe more on their mortgages than their homes are currently worth, according to a real estate research firm's report released Friday.

In other words: If they sold their homes today, they'd have to bring a check to the closing. Ouch.

Another 2.1 million people stand right on the brink, according to the report by First American CoreLogic. Their homes are worth less than 5% more than the mortgages they're paying on them."

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Almost 10 million homeowners are 'underwater' or just above

JPMorgan to revise loans, avoid foreclosures

"JPMorgan Chase & Co. said Friday it is expanding its program to modify mortgages in an effort to avoid foreclosures on up to $70 billion in loans.

The enhanced program will include the opening of 24 regional counseling centers, the hiring of 300 additional loan counselors, new financing alternatives, reaching out to borrowers with pre-qualified modification terms and a new process to independently review each loan before it is moved into foreclosure.

Chase said the changes are expected to be implemented in the next 90 days, and until those changes can be made, it will not put any loans into foreclosure."

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JPMorgan to revise loans, avoid foreclosures

Freeway closures and restrictions this weekend

"Freeway-improvement projects will require closures or lane restrictions this weekend. Most of the restrictions will occur overnight. The Arizona Department of Transportation recommends drivers consider alternate routes or give themselves extra travel time while the following restrictions are in place:"

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Freeway closures and restrictions this weekend

Potential foreclosure plan still being debated

"The government is expected to announce soon that it will devote up to $50 billion to directly address the source of the financial crisis: bad mortgages and millions of homeowners at risk of foreclosure.

White House spokesman Tony Fratto said on Thursday that 'no decisions' have been made on 'a number of housing proposals' that the administration has been reviewing 'for some time.'"

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Potential foreclosure plan still being debated

Your house: The risk your home policy won't cover

"As if it weren't bad enough that home prices are going down (way down), the cost of homeowners insurance is also moving in the wrong direction: up (in some areas, way up).

And the worst increases aren't confined to the hurricane-ravaged Gulf region. Just ask Paula Aschettino, who lives on Cape Cod, Mass., which hasn't seen a major storm since 1991. Yet in the past two years, her premium has jumped 50% to $4,800 a year."

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Your house: The risk your home policy won't cover

Mortgage applications jumped last week

"Borrowers streamed back into the mortgage market last week as loan applications jumped nearly 17%, according to a regular survey from the Mortgage Bankers Association.

'Rates were going down last week,' said Keith Gumbinger of HSH Associates, a publisher of mortgage information. 'There were people, especially homeowners wanting to refinance, waiting to pull the trigger. And as soon as the number went down, they did.'"

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Mortgage applications jumped last week

Phoenix leads nation in home price drop

Phoenix leads nation in home price drop: "Metropolitan Phoenix now leads the nation for home price declines, according to the S&P/Case-Shiller Home Price index released this morning. The Valley’s existing home price fell 30.7 percent between August 2007 and August 2008.

The Valley just beat out Las Vegas for the top spot for the biggest drop in home prices. The Nevada city’s resale home price has fallen 30.6 percent based on the index.

Miami, Los Angeles, San Francisco and San Diego were all right behind with home price declines of more than 25 percent."

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Phoenix leads nation in home price drop

Case-Shiller: Another record plunge in home prices

"Home prices fell in August for the 25th consecutive month and prices in 10 major markets plunged a record 17.7% year over year, according to a key index of real estate values released Tuesday.

The S&P Case-Shiller Home Price 10-city index dropped 1.1% for the month. The 20-city index recorded a record year-over-year decline of 16.6% with a 1% fall in August.

The indexes compare the sale prices of the same homes each year to determine price trends and are considered one of the most accurate home price gauges."

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Case-Shiller: Another record plunge in home prices

Number of Active & Sold Listings in the Phoenix-Metro Area (10/26/2008)

I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:

Total Active Listings - 54,051 (+133)

Single Family Detached - 44,500 (+156)
Patio homes - 881
Townhouses - 3,479
Apartment Style - 3,046
Gemini/Twin Homes - 355
Manufactured/Mobile Housing - 1,487
Modular/Pre-fab - 38
Loft Style - 265

Total Sold Listings (2008) - 47,866 (+974)

Single Family Detached - 41,768 (+866)
Patio homes - 741
Townhouses - 2,462
Apartment Style - 1,798
Gemini/Twin Homes - 275
Manufactured/Mobile Housing - 736
Modular/Pre-fab - 13
Loft Style - 76

Foreclosure filings spike 71% in 3rd quarter

"The housing crisis still has a choke hold on America: In September, 81,312 homes were lost to foreclosure, according to a report released Thursday.

RealtyTrac, an online marketer of foreclosed properties, said that 851,000 homes have been repossessed by lenders since August 2007.

In September, 265,968 troubled borrowers received foreclosure filings - such as default notices, auction sale notices and bank repossessions. That's a decline of 12% from the record high number of filings in August, but 21% more than in September 2007."

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Foreclosure filings spike 71% in 3rd quarter

BofA to slash mortgage payments for Countrywide borrowers

"A plan announced today by Bank of America will be the most aggressive foreclosure prevention effort ever undertaken by a U.S. bank.

The program, scheduled to start in December, will be open to distressed borrowers who signed up with Countrywide Financial between January 1, 2004 and December 31, 2007. Countrywide was acquired by Bank of America (BAC, Fortune 500) in July.

It came in a legal settlement that the company entered into with the attorney general offices of 11 states, who had sued Countrywide over predatory lending practices, but the company stated that borrowers in all 50 states will be eligible to participate in the program."

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BofA to slash mortgage payments for Countrywide borrowers

Signs of a record fall

"The Valley's housing market plummeted past another milestone in July, tying a record 17 consecutive months of declining home values.

The mark was set in the early 1990s after the savings-and-loan industry implosion.

The latest Arizona State University Repeat Sales Index, released Monday, reported an average one-year decline in home values of 24 percent from July 2007 to July 2008."

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Signs of a record fall

Incentives for household solar systems better

"Congress passed new and extended tax credits with the financial bailout package that are expected to prompt thousands of people to add solar- and wind-energy systems to their homes.

But the incentives for some systems are so much better than existing tax credits that many people also are delaying their home improvements until next year when the new credits kick in.

The new incentives will slash an additional $7,000 or more off the cost of a solar-energy system compared with today's credits, and $4,000 more off household wind turbines."

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Incentives for household solar systems better

Housing market index falls to a record low

"The business outlook among homebuilders plunged to an all-time low this month, as the U.S. financial crisis further sapped their confidence in a near-term housing market recovery, an industry trade association said Thursday.

The National Association of Home Builders/Wells Fargo housing market index, started in January 1985, tumbled three points to 14 in October. The index stood at 17 in September after registering a one-point increase in August.

Index readings higher than 50 indicate positive sentiment about the market. But the index has drifted below 50 since May 2006 and below 20 since April."

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Housing market index falls to a record low

Home construction falls sharply in Sept.

"Construction of new homes plunged by a bigger-than-expected amount in September as builders slashed production to the slowest pace since early 1991, when the country was in a deep recession.

A barometer of future building also dropped to the weakest level in more than 25 years.

The building industry is on pace to construct the fewest new homes and apartments this year since the end of World War II."

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Home construction falls sharply in Sept.

Number of Active & Sold Listings in the Phoenix-Metro Area (10/19/2008)

I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:

Total Active Listings - 53,918 (+536)

Single Family Detached - 44,344 (+461)
Patio homes - 880
Townhouses - 3,513
Apartment Style - 3,025
Gemini/Twin Homes - 355
Manufactured/Mobile Housing - 1,498
Modular/Pre-fab - 38
Loft Style - 265

Total Sold Listings (2008) - 46,895 (+1,054)

Single Family Detached - 40,902 (+958)
Patio homes - 728
Townhouses - 2,421
Apartment Style - 1,768
Gemini/Twin Homes - 266
Manufactured/Mobile Housing - 723
Modular/Pre-fab - 12
Loft Style - 75

Mortgage fraud: New and improved

"The housing bust has not ended mortgage fraud - hucksters are just finding new ways to make dishonest bucks.

The number of fraudulent loans issued during the second quarter this year increased 45%, compared with the same period in 2007, according to the Mortgage Asset Research Institute (MARI), a service of LexisNexis.

The group counts as fraud any misrepresentation intended to get a better deal on a mortgage or a home sale."

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Mortgage fraud: New and improved

Man accused of selling appliances from foreclosed homes

"Chandler Police are searching for victims of a fraud scheme reportedly conducted by a former Fannie Mae employee.

Police say the suspect took advantage of his position to sell appliances from several Chandler foreclosed houses.

Former Fannie Mae contractor Jamie Pantastico, 39, was arrested Sept. 25 on suspicion of second degree burglary and trafficking stolen property."

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Man accused of selling appliances from foreclosed homes

Housing market index falls to a record low

"The business outlook among homebuilders plunged to an all-time low this month, as the U.S. financial crisis further sapped their confidence in a near-term housing market recovery, an industry trade association said Thursday.

The National Association of Home Builders/Wells Fargo housing market index, started in January 1985, tumbled three points to 14 in October. The index stood at 17 in September after registering a one-point increase in August.

Index readings higher than 50 indicate positive sentiment about the market. But the index has drifted below 50 since May 2006 and below 20 since April."

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Housing market index falls to a record low

Housing starts hit another 17-year low

"Initial construction of U.S. homes fell to a fresh 17-year low in September, according to a government report released Friday.

Privately owned housing starts fell to a seasonally adjusted annual rate of 817,000 in September, according to the Commerce Department. The rate was down 6.3% from August's revised reading of 872,000 and 31.1% lower than September 2007.

Economists were expecting housing starts to decline to 870,000, according to consensus estimates compiled by Briefing.com."

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Housing starts hit another 17-year low

Mortgage rate increases: only temporary

"Low mortgage rates have been the one bright spot in an otherwise devastated housing market, but now they're on the rise.

Historically rates are still very low, but experts say they could continue to creep up.

The average interest rate on a 30-year, fixed rate mortgage jumped to 6.6% late Tuesday from 6.06% the Tuesday before, according to Keith Gumbinger of HSH Associates, a publisher of mortgage information."

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Mortgage rate increases: only temporary

Home prices may plummet, but property taxes won't

"Housing prices have plummeted, but property tax bills probably won't budge.

This January, local tax authorities will begin to send out property assessments for 2009, telling homeowners what their property is valued at, and how much their tax bill is.

But many assessments won't reflect any of the steep home price declines that have been making headlines for the last year or so."

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Home prices may plummet, but property taxes won't

Number of Active & Sold Listings in the Phoenix-Metro Area (10/12/2008)

I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:

Total Active Listings - 53,382 (+649)

Single Family Detached - 43,883 (+552)
Patio homes - 866
Townhouses - 3,472
Apartment Style - 2,979
Gemini/Twin Homes - 353
Manufactured/Mobile Housing - 1,512
Modular/Pre-fab - 43
Loft Style - 274

Total Sold Listings (2008) - 45,841 (+900)

Single Family Detached - 39,944 (+799)
Patio homes - 710
Townhouses - 2,378
Apartment Style - 1,742
Gemini/Twin Homes - 263
Manufactured/Mobile Housing - 718
Modular/Pre-fab - 12
Loft Style - 74

Anthem's plumbing sparks lawsuit

"A group of Anthem residents wants developer Del Webb to swallow the cost of their rising water bills, claiming they were never told about a future obligation to pay for the community's plumbing infrastructure.

Four homeowners are suing Pulte Homes and the Communities of Del Webb and seeking class-action status.

They say Del Webb, which opened the 10,000-home master-planned community north of Phoenix in 1999 and later merged with Pulte, had a public duty to tell prospective home buyers that the water system's cost wasn't included in the sale price."

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Anthem's plumbing sparks lawsuit

Freeway closures and restrictions this weekend

"Freeway improvement projects will require lane restrictions this weekend. The restrictions will occur overnight. The Arizona Department of Transportation recommends drivers consider alternate routes or give themselves extra travel time while the following restrictions are in place:"

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Freeway closures and restrictions this weekend

Mortgage rates slip for first time in three weeks

"Rates on 30-year mortgages fell from last week, while loan applications grew slightly in the face of turbulence in the banking and finance sectors.

Mortgage finance firm Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 5.94% this week. That's down from 6.10% last week and well below 6.40%, where the rate stood a year ago.

'Longer-term mortgage rates fell for the first time in three weeks, roughly following bond market yields,' said Frank Nothaft, Freddie Mac vice president and chief economist.

Meanwhile, mortgage applications for home purchases and refinancing grew slightly over the week ending Oct. 3, reversing a two-week decline, according to data from the Mortgage Bankers Association."

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Mortgage rates slip for first time in three weeks

Pending home sales jump 7.4%

"The National Association of Realtors says pending home rose 7.4% from July to August, an unexpected piece of positive news for the battered U.S. housing market.

The group said Wednesday its seasonally adjusted index of pending sales for existing homes rose to 93.4 from an upwardly revised July reading of 87. The reading was the highest since June 2007."

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Pending home sales jump 7.4%

Home-remodeling activity declines

"Contractors are bending over backward - even for small jobs like bathroom renovations and cabinetry - as the housing slump infects the remodeling industry and gives homeowners the upper hand in price negotiations.

While not taking the hit that the for-sale market is, home remodeling has slowed as pessimism about home values sets in. Activity remained sluggish in the second quarter, according to an industry index from the National Association of Home Builders, and expectations for future activity were nearly flat.

Total money spent on home improvements and maintenance is expected to dip this year by more than 4 percent to $216.3 billion from $226.4 billion in 2007, the association estimates. The group doesn't expect spending to reach 2007 levels again until 2010."

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Home-remodeling activity declines

SRP approves 5.9% rate increase

"Salt River Project customers will begin paying $5 to $8 more for their monthly bills in November - the 11th increase at the utility since 2002.

After considering an adjustment of as much as 7 percent, the utility's directors approved a 5.9 percent rate increase Monday to help recover natural gas and electricity expenses.

The increase is tied to the amount of electricity customers use, and on a percentage basis is larger in winter than summer, when demand is higher."

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SRP approves 5.9% rate increase

Week of foreclosure notices sets record

"One dreary week in September set a new record for foreclosure notices in Maricopa County, with 2,210 notices outpacing sales in a three-county region, according to a Mesa data company.

'It was a record buster,' said analyst Zach Bowers of Ion Data in Mesa, which tracks the notices.

'We've been averaging 1,700 to 1,800, and that (week) just kind of caught us off guard,' he said."

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Week of foreclosure notices sets record

Arizona pool sales plunging

"The credit crisis, which has made loans more difficult to obtain, has had a dramatic effect on the sale of pools in the Valley, putting companies out of business and leaving others scrambling to diversify.

Pool builders were feeling the pinch as home sales slowed during the past two years, but the unwillingness of lenders to approve credit has accelerated the decline.

The number of permits issued in 2008 to build pools in Maricopa County could end up at roughly half the number issued in 2007, and at less than 30 percent of the number issued for 2005, according to data from Rider Permit Service, a data collector for the pool industry."

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Arizona pool sales plunging

Number of Active & Sold Listings in the Phoenix-Metro Area (10/5/2008)

I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:

Total Active Listings - 52,733 (+8)

Single Family Detached - 43,331 (+78)
Patio homes - 873
Townhouses - 3,461
Apartment Style - 2,934
Gemini/Twin Homes - 341
Manufactured/Mobile Housing - 1,478
Modular/Pre-fab - 41
Loft Style - 275

Total Sold Listings (2008) - 44,941 (+1,837)

Single Family Detached - 39,145 (+1,660)
Patio homes - 699
Townhouses - 2,337
Apartment Style - 1,711
Gemini/Twin Homes - 258
Manufactured/Mobile Housing - 709
Modular/Pre-fab - 12
Loft Style - 70

President Bush signs historic financial rescue plan into law

"After two weeks of contentious and often emotional debate, the federal government's far-reaching and historic plan to bail out the nation's financial system was signed into law by President Bush on Friday afternoon.

'By coming together on this legislation, we have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country,' Bush said less than an hour after the House voted 263 to 171 to pass the bill."

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President Bush signs historic financial rescue plan into law

FHA foreclosure fix now in lenders' hands

"Amidst all the chaos surrounding the $700 billion Wall Street bailout plan, the federal government's other housing rescue program quietly opened for business Wednesday.

But will any mortgage servicers come knocking?

The Federal Housing Administration unveiled its $300 billion Hope for Homeowners program, which allows struggling borrowers to refinance into more affordable mortgages backed by the federal government. The legislation, which was signed into law in late July, was hotly debated for months on Capitol Hill with Democrats supporting it and Republicans opposed."

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FHA foreclosure fix now in lenders' hands

Hope Now housing relief efforts stalled

"Fewer troubled borrowers got help with their mortgages in August than in July, according to figures released Thursday.

Hope Now, the alliance of mortgage servicers, counselors, and investors assembled to combat foreclosures, said it helped 189,000 homeowners avert foreclosure in August, down 1.7% from the number of people helped in July.

'It's difficult to look at any one month and see a trend,' said Faith Schwartz, executive director of Hope Now. 'We're still outpacing the second quarter in total workouts.'"

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Hope Now housing relief efforts stalled

Housing woes stressing couples

"Did you and your spouse buy a home in recent years using an adjustable-rate mortgage that started with an affordable 'teaser rate'? Are you now facing a whopping increase in your monthly payments due to an upward adjustment in your ARM? Are you even fearful of foreclosure?

If so, this financial crisis, coupled with the overall economic downturn, could be exerting tremendous stress on your marriage. However, there are many ways to shield your relationship from harm, says Robert Scuka, a therapist and executive director of the National Institute of Relationship Enhancement."

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Housing woes stressing couples

Freddie, Fannie cut back mortgage fees

"Mortgage finance companies Fannie Mae and Freddie Mac, seized by the federal government last month, are rolling back fee increases imposed as they struggled to shore up their finances over the past year.

Freddie Mac said Friday it would not impose a fee increase scheduled to go into effect next month. The announcement followed a similar reversal by Fannie Mae Thursday night.

Freddie Mac, however, will raise fees next year for riskier loan products, including mortgages that allow interest-only payments for the first few years. Freddie also will require higher credit scores for 'piggyback' loans that allow borrowers to make smaller down payments by taking out two mortgages."

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Freddie, Fannie cut back mortgage fees

Mortgage applications plunge 23%: Mortgage Bankers Assoc.

"In yet another sign of the economic crisis, the Mortgage Bankers Association said Wednesday that mortgage applications plunged 23% last week.

The MBA said its seasonally adjusted index of mortgage application activity dropped to 455.4 in the week ended Sept. 26, down from 591.4 the prior week.

Turmoil in the banking and finance industries has resulted in a credit freeze, making it difficult for prospective homeowners to take out loans. The market is also experiencing a glut of foreclosures."

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Mortgage applications plunge 23%: Mortgage Bankers Assoc.