Another record plunge for home prices in S&P measure

"Housing prices in 20 major cities fell at record monthly and annual levels in January, according to a private report issued Tuesday, with prices down 2.8% from December and 19% from a year earlier.

The S&P Case-Shiller Home Price Index, a comparison of price changes recorded when homes are resold, is considered to be one of the most accurate gauges of market trends available. Its 20-city index has been down for 30 straight months.

Month-over-month home prices fell in all 20 markets during January and are now at late 2003 levels."

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Another record plunge for home prices in S&P measure

Foreclosure fixes keep climbing - repossessions too

"Lenders have helped an increasing number of mortgage borrowers to get current on payments and stay in their homes, but the tide of foreclosures is still rising.

In February, nearly 250,000 homeowners received either mortgage modifications or repayment plans from their lenders, according to Hope Now, the coalition of lenders, investors and community advocacy groups put together to combat the foreclosure plague.

About 134,000 of the workouts completed were mortgage modifications, which typically lower the interest rate on loans, lengthen mortgage terms or reduce principal owed to make loans more affordable. Modifications are considered more comprehensive and effective than repayment plans, which simply tack the late payments on to the end of the loan but don't reduce payments."

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Foreclosure fixes keep climbing - repossessions too

Home mortgage rates at 52 year lows

"Home mortgage rates dropped to a 52-year low this week, according to a report released Thursday, in the wake of the government's announcement that it will buy more than $1 trillion in debt.

The average 30-year fixed mortgage rate fell to 5.19% this week, down from 5.29% in the week prior, according to Bankrate.com's weekly national survey.

The previous low was 5.28%, hit this January and in June 2003; the last time rates dipped lower than 5.19% was in 1956, according to Bankrate.com."

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Home mortgage rates at 52 year lows

Number of Active & Sold Listings in the Phoenix-Metro Area (3/29/2009)

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 - 47,431 (-1224)

Single Family Detached - 37,933 (-1121)
Patio homes - 957
Townhouses - 3,513
Apartment Style - 3,001
Gemini/Twin Homes - 414
Manufactured/Mobile Housing - 1,389
Modular/Pre-fab - 34
Loft Style - 190

Total Sold Listings (2009) - 16,477 (+1877)

Single Family Detached - 14,852 (+1695)
Patio homes - 167
Townhouses - 652
Apartment Style - 471
Gemini/Twin Homes - 94
Manufactured/Mobile Housing - 209
Modular/Pre-fab - 5
Loft Style - 27

Getting the right foreclosure prevention help

"When mortgage borrowers fall behind on payments and run the risk of losing their homes, they sometimes grab the first lifeline tossed their direction. Often that lifeline is a TV or Internet advertisement making grand promises - and has more than one string attached.

'The challenge used to be to encourage people to reach out for help,' said Marietta Rodriguez, director of National Home Ownership Programs for the community organizer NeighborWorks America. 'That's not the message anymore. Now it's borrower beware.'

She's worried because many of the companies advertising their services charge or take up-front fees and then do little or nothing for their clients."

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Getting the right foreclosure prevention help

HOPE for Homeowners - not dead yet

"If HOPE for Homeowners, the foreclosure-prevention plan passed last summer, was a soft drink, it would be New Coke. If it was an automobile, it would be an Edsel. A movie? Howard the Duck.

In the five months since it has been in effect, HOPE has helped exactly one homeowner to avoid foreclosure. This despite Congress having made $300 billion available to back these loans and estimating that the program would benefit as many as 400,000 families.

'As it stands now, we've only gotten 752 applications,' said Federal Housing Authority spokesman Brian Sullivan. 'And only insured one loan. Needless to say, the program isn't working terribly well.'"

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HOPE for Homeowners - not dead yet

Mortgage applications surge 30%

"U.S. mortgage applications jumped last week as record low interest rates spurred a surge in demand for home refinancing loans, data from an industry group showed on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, increased 32.2% to 1,159.4 for the week ended March 20. Refinancing accounted for 78.5% of all applications."

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Mortgage applications surge 30%

Western home prices fell 6.3% in Jan.

"U.S. home prices fell 6.3 percent in January from a year earlier, the smallest decline in five months, as lower mortgage rates began to spur demand.

The decline was led by a 21 percent drop in the region that includes California, the biggest U.S. state, the Federal Housing Finance Agency in Washington said today. The monthly house price index is down 9.6 percent from its peak in April 2007.

The pace of home-price declines is slowing as cheaper financing lured buyers and helped offset foreclosure sales. A wave of refinancing is likely to boost home-loan originations by $800 billion to $2.78 trillion, the Mortgage Bankers Association said today. Refinancing will total $1.96 trillion in 2009 and purchase originations will increase to $821 billion, the group said, as the Federal Reserve buys mortgage-backed securities."

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Western home prices fell 6.3% in Jan.

Number of Active & Sold Listings in the Phoenix-Metro Area (3/22/2009)

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 - 48,655 (-380)

Single Family Detached - 39,054 (-363)
Patio homes - 983
Townhouses - 3,576
Apartment Style - 3,014
Gemini/Twin Homes - 407
Manufactured/Mobile Housing - 1,391
Modular/Pre-fab - 35
Loft Style - 194

Total Sold Listings (2009) - 14,600 (+1780)

Single Family Detached - 13,157 (+1603)
Patio homes - 144
Townhouses - 584
Apartment Style - 415
Gemini/Twin Homes - 85
Manufactured/Mobile Housing - 186
Modular/Pre-fab - 5
Loft Style - 24

Banks still not ready for Obama foreclosure fix

"As loan servicers scramble to implement President Obama's foreclosure prevention plan, the administration on Thursday unveiled a Web site to assist homeowners in determining whether they are eligible for help.

Obama rolled out his $75 billion foreclosure prevention program on Feb. 18, saying it would begin two weeks later when financial institutions received the guidelines.

The two-part Obama plan calls for servicers to reduce monthly payments to no more than 31% of eligible borrowers' pre-tax income or to refinance eligible mortgages even if the homeowner has little or no equity. It also provides thousands of dollars in incentives for servicers and borrowers to participate."

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Banks still not ready for Obama foreclosure fix

Home-building boom likely a blip

"U.S. housing construction showed unexpected gains in February, but economists warn that the battered sector may suffer more before hitting bottom.

The Commerce Department said Tuesday that construction of new homes and apartments jumped 22.2% in February compared with January, pushing activity to a seasonally adjusted annual rate of 583,000 units.

The positive report contributed to a stock market rally that pushed the Dow Jones industrial average up 179 points, or 2.5%, to 7396."

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Home-building boom likely a blip

Mortgage rates sink, likely to keep falling

"Rates on 30-year mortgages plunged this week to the lowest level since January, and are poised to fall further after the Federal Reserve launched a new effort to prop up the flailing housing market.

Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.98% this week."

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Mortgage rates sink, likely to keep falling

Mortgage fraud at an all time high in 2008

"The number of reported incidents of mortgage fraud has reached an all-time high even as the number of home loans being issued has shrunk, according to a report released Monday.

Cases of reported fraud surged 26% from 2007 to 2008, according to the Mortgage Asset Research Institute (MARI), a LexisNexis Service, which compiled the report for the Mortgage Banker's Association.

'With fewer loan originations today, the data suggests that the economic downturn may have created more desperation, causing more people than ever before to try to commit mortgage fraud,' Denise James, LexisNexis Risk and Information Analytics Group director of Residential Mortgage Solutions, said in a written statement."


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Mortgage fraud at an all time high in 2008

Number of Active & Sold Listings in the Phoenix-Metro Area (3/15/2009)

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 - 49,035 (-250)

Single Family Detached - 39,417 (-294)
Patio homes - 989
Townhouses - 3,573
Apartment Style - 3,042
Gemini/Twin Homes - 404
Manufactured/Mobile Housing - 1,371
Modular/Pre-fab - 32
Loft Style - 207

Total Sold Listings (2009) - 12,820 (+1390)

Single Family Detached - 11,554 (+1257)
Patio homes - 118
Townhouses - 523
Apartment Style - 366
Gemini/Twin Homes - 69
Manufactured/Mobile Housing - 166
Modular/Pre-fab - 4
Loft Style - 20

New foreclosure jump reported in February

"The foreclosure picture suddenly darkened again in February.

More than 74,000 homes were lost to bank repossessions during the month, up from 67,000 in January, according to a regular monthly report from RealtyTrac, the online marketer of foreclosed properties. Nearly 1.2 million have been lost since the foreclosure crisis hit in August 2007.

The number of foreclosure filings rose 6% during the month after falling 10% in January. Worse, filings leaped nearly 30% compared with February 2008. And the results confounded expectations: A downtrend had been expected due to the numerous foreclosure moratoriums in effect during the month."

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New foreclosure jump reported in February

Glendale will host 2011 BCS championship game

"College football's championship game - and its huge economic windfall - is coming back to Glendale in 2011, when the Valley will host three college football games in just 11 days, Fiesta Bowl President John Junker told The Arizona Republic.

Junker said the Bowl Championship Series had given the Fiesta Bowl the first title game as part of a new broadcasting deal with ESPN, which last fall won the rights to broadcast three BCS games from 2011-2014. However, it wasn’t announced until Wednesday when the Fiesta Bowl would get the championship game.

'It's a great compliment to the Valley, the state of Arizona and (Fiesta Bowl) volunteers,' Junker said.
'What excites us is it really has Arizona as the real home to college football championships.'"

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Glendale will host 2011 BCS championship game

Federal mortgage-relief aid too little, too late for homeowners

"The Obama administration's $75 billion mortgage-relief effort is projected to help as many as 9 million overextended borrowers, including thousands in Arizona.

If recent history is a guide, though, financial relief for some could be short-lived.

More than half of the past-due loans modified in the first half of 2008 were back in default six months later, according to a recent report by federal bank-oversight officials."

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Federal mortgage-relief aid too little, too late for homeowners

Number of Active & Sold Listings in the Phoenix-Metro Area (3/8/2009)

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 - 49,285 (-256)

Single Family Detached - 39,711 (-346)
Patio homes - 983
Townhouses - 3,545
Apartment Style - 3,035
Gemini/Twin Homes - 407
Manufactured/Mobile Housing - 1,364
Modular/Pre-fab - 33
Loft Style - 207

Total Sold Listings (2009) - 11,430 (+1308)

Single Family Detached - 10,297 (+1189)
Patio homes - 107
Townhouses - 461
Apartment Style - 331
Gemini/Twin Homes - 58
Manufactured/Mobile Housing - 154
Modular/Pre-fab - 3
Loft Style - 19

House OKs bankruptcy court modification of mortgages

"Bankruptcy judges could cut the mortgage debt of homeowners in bankruptcy court as a last resort to avert foreclosure, under a bill approved by a 234-191 vote Thursday in the U.S. House of Representatives.

Seen by Democratic supporters as vital to stabilizing the crumbling U.S. real estate market, the so-called 'cramdown' bill has been opposed by bankers, despite amendments to limit its scope, including one restricting it to existing mortgages.

The Senate was expected to consider its own version of the House bill soon, but chances of passage are uncertain."

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House OKs bankruptcy court modification of mortgages

1 in 5 mortgages "underwater"

"The dramatic decline in the housing market has hit Americans hard: 20% of people with mortgages owe more than their home is worth, according to a report released Wednesday.

More than 8.3 million U.S. mortgages were 'underwater' as of December, said research firm First American CoreLogic. Three months earlier, 18% were underwater.

The phenomenon is exploding beyond bubble markets such as California, Florida, Arizona and Nevada, according to Sam Khater, senior economist for CoreLogic."

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1 in 5 mortgages "underwater"

Mortgage delinquencies hit new high

"More than 11% of all mortgages are either delinquent or in foreclosure, according to an industry report released Thursday.

The percentage of borrowers at least one month behind in their mortgage payments - but not in foreclosure - rose to nearly 8% during the fourth quarter of 2008, according to the National Delinquency Report from the Mortgage Bankers Association (MBA). This is the highest rate of delinquency ever recorded by the survey, which began in 1972, and reflects a record 13% jump compared to the third quarter."

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Mortgage delinquencies hit new high

Mortgage Help: Do you qualify?

"President Obama's eagerly anticipated foreclosure prevention program went into effect on Wednesday. It targets 9 million borrowers for help - are you one of them?

The $75 billion effort, dubbed the Homeowner Affordability and Stability Plan, boils down to two basic solutions:

First, the government is aiming to help more homeowners refinance into new low interest rates.

Second, it provides incentives to lenders and servicers to restructure your mortgage to more affordable levels."

Mortgage Help: Do you qualify?

Citi offers unemployed a mortgage break

"Unemployed homeowners whose houses are financed by CitiMortgage may be eligible to have their mortgages temporarily reduced to $500 a month, the company announced Tuesday.

'We're planning to help recently unemployed homeowners by giving them the ability to pay as little as $500 a month on their mortgage, which is effectively less than the price of an average one-bedroom rental nationally,' Sanjiv Das, CitiMortgage's president and CEO, told CNN Radio.

Borrowers are covered by the program for 90 days when they submit documents proving they are recent recipients of state unemployment benefits, Das said. Some homeowners may be able to get extensions after the 90 days expire, depending on their situation."

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Citi offers unemployed a mortgage break

Pending home sales for January plummet to record low

"Pending home sales sank to a record low in January, according to a report released Tuesday by the National Association of Realtors.

The Pending Home Sales Index, which measures the number of sales contracts signed each month, fell 7.7% to 80.4 from a downwardly revised reading of 87.1 in December. That's the lowest level since tracking began in 2001.

A consensus estimate of analysts polled by Briefing.com predicted a decline of 3.5% to 84.2."

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Pending home sales for January plummet to record low

Should homeowners get a bailout?

"Ledeen Halloran and Harry Snegg live a few houses apart on Claiborne Drive in Long Beach. They both have good jobs, they both voted for John McCain - and they both have seen their home values fall more than 40 percent.

But when it comes to their views on mortgage relief, these two neighbors are on different sides of the street.

Halloran, 50, is a fan of President Barack Obama's new plan to stave off foreclosures and thinks it could provide the cushion she needs to stay in her home."

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Should homeowners get a bailout?

Homeowner's liability after foreclosure

"Question: I am a real-estate agent in the West Valley trying to help homeowners avoid foreclosures on their homes. Some of the lenders refuse to discuss a 'short sale,' and notify the homeowner that even after the foreclosure, the homeowner will be liable for any deficiency on the loan amount. If a lender will not agree to a 'short sale' by reducing the loan, and the lender forecloses, will the homeowner be liable after the foreclosure? If not, will the homeowner's credit be affected?

Answer: Under the Arizona anti-deficiency laws, a lender generally has no recourse against a homeowner because the homeowner has no personal liability on a loan used to purchase the home. Unfortunately, many out-of-state lenders incorrectly believe that the homeowner has liability for any deficiency on the loan amount after the foreclosure sale. In regard to the homeowner's credit, by the time of the foreclosure, there are already several 'dings' on the homeowner's credit report."

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Homeowner's liability after foreclosure

Record highs start the work week

"Another Valley heat wave is bringing sunny skies and high temperatures not seen since the 1920s.

Monday will be sunny with a high of 89 degrees and light 5 mph winds.

'There haven't been too many years when the temperatures have been this high,' said Paul Iniguez of the National Weather Service. A 90-degree high on this date has only happened twice, Iniguez said, once in 1910 and once in 1921. The Valley hasn't reached the next highest temperature, 86 degrees, since 1925."

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Record highs start the work week

Experts: housing aid may not help many Arizonans

"Housing Secretary Shaun Donovan has revealed more details of the Obama administration's $75 billion foreclosure-prevention plan, raising early doubts about the program's ability to help homeowners in Arizona.

Most struggling Arizona borrowers are too far upside-down on loans to qualify for refinancing at a reduced loan amount under the program, local real-estate professionals said after learning about provisions discussed by Donovan before Congress on Thursday.

Some called it a step in the right direction, but it would help a limited number of homeowners in Arizona unless the guidelines continue to be modified."

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Experts: housing aid may not help many Arizonans

JPMorgan warns of more housing weakness

"JPMorgan Chase warned of more housing weakness across its mortgage portfolio this year and also said it would cut more jobs related to its purchase of failed savings and loan Washington Mutual than originally planned.

During presentations at the company's investor day in New York Thursday, executives noted that home-equity loan losses could climb as high as $1.4 billion per quarter this year.

The New York City-based bank said 'non-credit impaired' loans would suffer in 2009 due in large part to the ongoing decline in home prices across the country, as well as the weaker economic climate."

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JPMorgan warns of more housing weakness

Key foreclosure fix provision runs into trouble

"President Obama is in danger of losing the biggest stick in his foreclosure prevention arsenal.

The administration's plan to stem the housing crisis depends on Congress amending the bankruptcy laws to allow judges to modify mortgages, in particular by reducing principal to make monthly payments more affordable.

The so-called cramdown provision could put pressure on loan servicers to modify mortgages before borrowers file for bankruptcy."

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Key foreclosure fix provision runs into trouble

Mortgage deductions: Wealthy on the losing end

"The Obama administration hopes to tap the rich to help pay for its ambitious programs. Specifically, that would include slashing mortgage interest deductions for high-income taxpayers.

The proposal would cap at 28% the tax break for itemized deductions.

That would leave people in higher marginal tax brackets of 33% and 35% - the wealthiest Americans - with a smaller benefit from the deduction of mortgage interest, state and local taxes and other items such as charitable contributions."

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Mortgage deductions: Wealthy on the losing end

Number of Active & Sold Listings in the Phoenix-Metro Area (3/1/2009)

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 - 49,541 (-916)

Single Family Detached - 40,057 (-843)
Patio homes - 963
Townhouses - 3,515
Apartment Style - 2,992
Gemini/Twin Homes - 403
Manufactured/Mobile Housing - 1,378
Modular/Pre-fab - 33
Loft Style - 200

Total Sold Listings (2009) - 10,122 (+2183)

Single Family Detached - 9,108 (+1967)
Patio homes - 90
Townhouses - 408
Apartment Style - 303
Gemini/Twin Homes - 52
Manufactured/Mobile Housing - 140
Modular/Pre-fab - 2
Loft Style - 19