Mortgage applications fall

"U.S. home loan applications fell last week to the lowest level since mid-March, driven by a big drop in refinancing demand even as mortgage rates clung to record lows, according to the Mortgage Bankers Association on Wednesday.

A two-month low in requests for loans to purchase homes was especially disappointing, coming in the midst of the important spring sales season when potential buyers usually emerge from winter hiatus, economists said.

Homeowners already in the game have a 'great defensive move' in refinancing to shave expenses, 'but the problem is that we don't have any offense,' said Chuck Dannis, president of Crosson Dannis Inc., a real estate appraisal and consulting firm in Dallas, Texas."

Click below to read more...

Mortgage applications fall

U.S. to payoff mortgage investors

"The U.S. Treasury Department will Tuesday tap a $50 billion housing rescue fund to pay off mortgage investors and reduce monthly payments for millions of borrowers, said a senior administration official.

Mortgage servicers that own a small stake in costly loans will receive a cash payment to either erase the debt or agree to accept a reduced return on their investment.

'It will be a shared effort with lenders, investors, borrowers and the government to ease or extinguish second-lien mortgage payments,' a senior administration official told Reuters."

Click below to read more...

U.S. to payoff mortgage investors

Foreclosure leaders focused on 4 states in new metro list

"The 26 cities with the highest foreclosure rate in the nation are all located in four hard-hit states, with Las Vegas topping the list, according to a report released Wednesday.

Metro areas in California, Florida, Nevada and Arizona topped the foreclosure filing list for the first quarter of 2009 in a report from RealtyTrac, an online marketer of foreclosed properties. A foreclosure filing includes default papers, auction sale notices and repossessions.

Las Vegas had the highest rate of foreclosures of any city, with one in every 22 homes subject to a foreclosure filing in the first three months of the year. The rate of foreclosure filings was 4.5%, seven times the national average."

Click below to read more...

Foreclosure leaders focused on 4 states in new metro list

Number of Active & Sold Listings in the Phoenix-Metro Area (4/27/2009)

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 - 41,102 (-1432)

Single Family Detached - 32,253 (-1274)
Patio homes - 905
Townhouses - 3,174
Apartment Style - 2,847
Gemini/Twin Homes - 374
Manufactured/Mobile Housing - 1,334
Modular/Pre-fab - 33
Loft Style - 182

Total Sold Listings (2009) - 23,678 (+1904)

Single Family Detached - 21,314 (+1695)
Patio homes - 249
Townhouses - 980
Apartment Style - 670
Gemini/Twin Homes - 136
Manufactured/Mobile Housing - 290
Modular/Pre-fab - 5
Loft Style - 34

Caught in a mortgage mess? Contact your lender

"Hiding in plain sight is one of the worst actions a homeowner who is facing foreclosure can take.

You won't save your house - or credit - by barricading the door and ignoring phone calls from bill collectors.

It is completely understandable that you want to isolate yourself. An unbelievable amount of shame, fear and guilt can wash over someone who is behind on payments or who is about to lose a home."

Click below to read more...

Caught in a mortgage mess? Contact your lender

Existing home sales fall in March

"Sales of existing homes fell in March, according to an industry report released Thursday, but analysts say the housing market is showing signs of stabilization.

The National Association of Realtors said that existing home sales fell last month to a seasonally adjusted annual rate of 4.57 million units, 3% lower than the downwardly revised rate of 4.71 million in February.

March sales were down 7.1% year over year, and came in weaker than the 4.65 million rate forecast by analysts surveyed by Briefing.com."

Click below to read more...

Existing home sales fall in March

Arizona lands $1 billion solar plant

"The Arizona Department of Commerce and Albiasa Solar of Spain will announce Monday a $1 billion solar-thermal power plant will be built near Kingman next year, generating enough power for 50,000 homes at once when it opens in 2013.

It's the third large Arizona solar plant announced in less than 18 months, although one of the first two has been scrapped and the other won't be running until 2011.

The Kingman plant will create 2,000 construction jobs and 100 permanent jobs, according to the Commerce Department."

Click below to read more...

Arizona lands $1 billion solar plant

Number of Active & Sold Listings in the Phoenix-Metro Area (4/20/2009)

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 - 42,534 (-1503)

Single Family Detached - 33,527 (-1382)
Patio homes - 943
Townhouses - 3,259
Apartment Style - 2,851
Gemini/Twin Homes - 391
Manufactured/Mobile Housing - 1,350
Modular/Pre-fab - 32
Loft Style - 181

Total Sold Listings (2009) - 21,774 (+1809)

Single Family Detached - 19,619 (+1628)
Patio homes - 225
Townhouses - 885
Apartment Style - 612
Gemini/Twin Homes - 124
Manufactured/Mobile Housing - 272
Modular/Pre-fab - 5
Loft Style - 32

Freeway closures and restrictions this weekend

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

Click below to read more...

Freeway closures and restrictions this weekend

Obama launches mortgage modification program - Apr. 15, 2009

"The Obama administration's loan modification program is finally underway.

The Treasury Department announced Wednesday the first six participants to sign up for President Obama's plan. They include three of the nation's largest banks: JPMorgan Chase (JPM, Fortune 500), which will get up to $3.6 billion in subsidy and incentive payments; Wells Fargo (WFC, Fortune 500), $2.9 billion; and Citigroup (C, Fortune 500), $2 billion. The others are GMAC Mortgage, $633 million; Saxon Mortgage Services, $407 million; and Select Portfolio Servicing, $376 million.

Additional loan servicers will be added to the list over time, a Treasury spokesman said."

Click below to read more...

Obama launches mortgage modification program

Foreclosure filings jump 24% in first quarter over last year

"Foreclosure activity skyrocketed in March and the first quarter of 2009 to their highest levels on record as banks lifted moratoria on filings.

Total foreclosure filings - which include default papers, auction sale notices and repossessions - reached 803,489 in the first quarter, according to a report released Thursday by RealtyTrac, on online marketer of foreclosed properties. That is a 24% jump over a year earlier and a 9% increase compared to the previous quarter.

Of those filings, 341,180 happened in March - a 17% increase from February and a 46% jump from March 2008."

Click below to read more...

Foreclosure filings jump 24% in first quarter over last year

Mortgage rates increase to 5.2%

"Home mortgage rates were slightly higher this week, snapping a 4-week streak of declines, said a report released Thursday.

The average 30-year fixed mortgage rate jumped to 5.2% up from 5.13% this week week, according to Bankrate.com's weekly national survey.

'Homeowners and buyers are benefiting from the initiatives of the Federal Reserve to purchase mortgage debt and government securities in an effort to reduce borrowing costs and jumpstart the economy,' the report said."

Click below to read more...

Mortgage rates increase to 5.2%

Number of Active & Sold Listings in the Phoenix-Metro Area (4/12/2009)

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 - 44,037 (-1490)

Single Family Detached - 34,909 (-1397)
Patio homes - 962
Townhouses - 3,321
Apartment Style - 2,890
Gemini/Twin Homes - 395
Manufactured/Mobile Housing - 1,343
Modular/Pre-fab - 33
Loft Style - 184

Total Sold Listings (2009) - 19,965 (+1429)

Single Family Detached - 17,991 (+1285)
Patio homes - 206
Townhouses - 803
Apartment Style - 562
Gemini/Twin Homes - 114
Manufactured/Mobile Housing - 252
Modular/Pre-fab - 5
Loft Style - 32

Number of Active & Sold Listings in the Phoenix-Metro Area (4/5/2009)

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 - 45,527 (-1904)

Single Family Detached - 36,306 (-1627)
Patio homes - 953
Townhouses - 3,371
Apartment Style - 2,911
Gemini/Twin Homes - 404
Manufactured/Mobile Housing - 1,358
Modular/Pre-fab - 37
Loft Style - 187

Total Sold Listings (2009) - 18,536 (+2059)

Single Family Detached - 16,706 (+1854)
Patio homes - 190
Townhouses - 735
Apartment Style - 533
Gemini/Twin Homes - 106
Manufactured/Mobile Housing - 231
Modular/Pre-fab - 5
Loft Style - 30

Valley homeowners starting to see mortgage relief from plan

"There are signs that the $75 billion federal housing program announced in February is beginning to help some Valley homeowners.

During the past week, housing counselors and mortgage brokers have started to see lenders adjust the interest rates and even principal on loans so borrowers can afford their payments. Foreclosures fell across metro Phoenix in March to their lowest level in a year. At the same time, more than 3,000 pending foreclosures were canceled.

President Barack Obama announced the Homeowner Affordability and Stability Plan in mid-February, when he spoke in Mesa. The initial enthusiastic response gave way to questions and confusion, and few lenders were following the plan's guidelines for either refinancing or modifying mortgages."

Click below to read more...

Valley homeowners starting to see mortgage relief from plan

Freeway closures and restrictions this weekend

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

Click below to read more...

Freeway closures and restrictions this weekend

What makes loan modifications work

"Mortgages modified with affordability in mind redefault at half the rate of other adjusted loans, a government report has found.

Only 23% of borrowers had fallen behind in their payments within six months if their modifications lowered monthly payments by more than 10%, according to a quarterly mortgage report released Friday by the Office of the Comptroller of the Currency and the Office of Thrift Supervision.

This compares with 46% of borrowers whose payments rose by more than 10% and 51% whose payments were unchanged."

Click below to read more...

What makes loan modifications work

Mortgage rates in U.S. decline to record low of 4.78 percent

"Fixed mortgage rates in the U.S. fell to a record low for the second consecutive week, signaling that Federal Reserve Chairman Ben Bernanke's effort to spur the housing market is gaining traction.

The 30-year rate dropped to 4.78 percent from 4.85 percent a week earlier, Freddie Mac said today in a statement. The rate is the lowest in Freddie Macs records dating to 1971.

Rates are falling to historic lows after the Federal Reserve said on March 18 it planned to boost purchases of mortgage-backed bonds to support home lending. Mortgage applications in the U.S. rose for a fourth consecutive week as a decline in borrowing costs prompted more refinancing."

Click below to read more...

Mortgage rates in U.S. decline to record low of 4.78 percent

Valley pre-foreclosure notices set record in March

"Lenders signaled their intention in March to foreclose on more than 10,000 Valley homes and other properties, the highest single-month total on record.

The 10,635 notices of trustee sale issued through March 30 represent a 25 percent increase from February and a 100 percent increase over March 2008, according to Mesa real-estate-research firm Ion Data.

Data for March 31 was not yet available. A notice of trustee sale informs borrowers who have not made a mortgage payment for at least 90 days that the house, office, apartment building, patch of land or other property will be put up for sale unless they catch up on their payments in the next 90 days."

Click below to read more...

Valley pre-foreclosure notices set record in March

Housing market picked up a tick in February

"The number of existing homes put under contract ticked up in February after hitting historic lows the previous month.

The National Association of Realtors reported that its monthly Pending Home Sales Index rose 2.1% to 82.1 from 80.4 in January.

The Midwest saw the largest gain of any regions, with pending home sales jumping 14.5%. The Northeast also recorded double-digit growth at 10.6%. The South inched up 4.4%, and the West dropped 13.5%."

Click below to read more...

Housing market picked up a tick in February