HUD $8,000 first-time home buyer tax credit available now

"First-time homebuyers will now have access to quick cash to help them with their down payments.

On Friday, the U.S. Department of Housing and Urban Development (HUD) announced that first-time homebuyers using FHA-approved lenders can now get an advance on the $8,000 tax credit created by the stimulus package and apply it toward their down payments or closing costs.

'We believe this is a real win for everyone,' said HUD secretary Shaun Donovan in a speech before the National Association of Homebuilders (NAHB). 'Families will now be able to apply their anticipated tax credit toward their home purchase right away. What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.'"

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HUD $8,000 first-time home buyer tax credit available now

Number of Active & Sold Listings in the Phoenix-Metro Area (5/31/2009)

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 - 34,861 (-1009)

Single Family Detached - 26,899 (-770)
Patio homes - 799
Townhouses - 2,817
Apartment Style - 2,586
Gemini/Twin Homes - 300
Manufactured/Mobile Housing - 1,251
Modular/Pre-fab - 30
Loft Style - 179

Total Sold Listings (2009) - 35,363 (+2842)

Single Family Detached - 31,757 (+2555)
Patio homes - 390
Townhouses - 1542
Apartment Style - 1041
Gemini/Twin Homes - 193
Manufactured/Mobile Housing - 386
Modular/Pre-fab - 9
Loft Style - 45

Delinquent mortgages, foreclosures up in Ariz.

"Arizona homeowners remain under severe pressure as foreclosures and delinquencies here and in three other states continue to push up the national averages.

Arizona residential delinquencies rose 0.2 of a percentage point to 9.66 percent at the end of the first quarter from the fourth quarter, excluding loans in foreclosure, according to the Mortgage Bankers Association.

Foreclosures were started on an additional 2.52 percent of Arizona mortgages, bringing to 5.56 percent the proportion of Arizona loans in foreclosure during the quarter. Arizona, California, Florida and Nevada accounted for 46 percent of all foreclosures started last quarter."

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Delinquent mortgages, foreclosures up in Ariz.

Mortgage rates jump

"Home mortgage rates jumped in the most recent week, pulled higher by rising Treasury yields, according to a report released Thursday.

The average 30-year fixed mortgage rate rose to 5.45% in the week ended Wednesday, up from 5.24% last week, according to a weekly national survey from Bankrate.com.

Even as mortgage rates continue to rise, they still remain much lower than last year, when the average 30-year fixed mortgage rate was 6.20%, according to Bankrate.com"

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Mortgage rates jump

Home prices plunge almost 20%

"The home price slide accelerated during the first three months of 2009, according to a report issued Tuesday.

The S&P/Case-Shiller National Home Price index, a bellwether of real-estate market direction, plunged a record 19.1% during the quarter compared with the first three months of 2008. That followed an 18.2% drop last quarter.

The Case-Shiller 20-city index dropped 18.7% year-over-year, also a record. It fell 18.5% during the last three months of 2008. This index has plummeted 32.2% from its July 2006 peak and has fallen 32 straight months."

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Home prices plunge almost 20%

Number of Active & Sold Listings in the Phoenix-Metro Area (5/24/2009)

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 - 35,870 (-926)

Single Family Detached - 27,669 (-832)
Patio homes - 829
Townhouses - 2,915
Apartment Style - 2,650
Gemini/Twin Homes - 318
Manufactured/Mobile Housing - 1,280
Modular/Pre-fab - 32
Loft Style - 177

Total Sold Listings (2009) - 32,521 (+1983)

Single Family Detached - 29,202 (+1767)
Patio homes - 361
Townhouses - 1396
Apartment Style - 971
Gemini/Twin Homes - 174
Manufactured/Mobile Housing - 365
Modular/Pre-fab - 7
Loft Style - 45

Fast $8,000 down-payment assistance for homebuyers

"Home prices are cheap. Affordability is at a record high. And the market is littered with distressed properties looking for a buyer.

But there is one big obstacle for many first-time house hunters looking to take advantage of the market: cash for down payments. The typical first-time buyer has only saved enough to cover 4% of the purchase price, according to the National Association of Realtors.

As part of the stimulus package, Congress created a refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge. But buyers couldn't collect the $8,000 credit until tax time, rather than at closing time - when it's needed."

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Fast $8,000 down-payment assistance for homebuyers

Number of Active & Sold Listings in the Phoenix-Metro Area (5/17/2009)

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 - 36,796 (-1279)

Single Family Detached - 28,501 (-1103)
Patio homes - 837
Townhouses - 2,923
Apartment Style - 2,704
Gemini/Twin Homes - 336
Manufactured/Mobile Housing - 1,281
Modular/Pre-fab - 30
Loft Style - 184

Total Sold Listings (2009) - 30,538 (+2283)

Single Family Detached - 27,435 (+2024)
Patio homes - 333
Townhouses - 1312
Apartment Style - 895
Gemini/Twin Homes - 164
Manufactured/Mobile Housing - 350
Modular/Pre-fab - 6
Loft Style - 43

Treasury is giving cash-for-keys

"When all else fails, the Treasury Department is now willing to cough up cash to get homeowners to move on and to get loan servicers to forgive mortgage debt.

The new initiatives are part of the government's Making Home Affordable program.

Under the original program, unveiled earlier this year, homeowners could be eligible for loan adjustments or refinancings if they meet several criteria: the home must be their primary residence, for example, and the mortgage balance must be no more than $729,750."

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Treasury is giving cash-for-keys

Foreclosures jump in April but repossessions fall

"Foreclosures in April exceeded even March's blistering pace with a record 342,000 homes receiving notices of default, auction notices or undergoing bank repossessions, according to a regular industry report.

One of every 374 U.S. homes received a filing during the month, the highest monthly rate that RealtyTrac, an online marketer of foreclosed properties, has recorded in four-plus years of record keeping.

'April was a shocker,' said Rick Sharga, a spokesman for RealtyTrac. 'I would have bet on a dip because March foreclosures were so high.'"

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Foreclosures jump in April but repossessions fall

55,000 mortgages modified under foreclosure prevention plan

"More than 55,000 troubled homeowners have received loan modification offers under President Obama's foreclosure prevention program, officials said Thursday.

Administration officials also announced it was expanding the program to assist delinquent borrowers who do not qualify for a modification. The government will provide incentives for servicers and borrowers to pursue short sales, where the bank agrees to take the proceeds of a sale as full payment of the mortgage, and deeds-in-lieu of foreclosure, in which the homeowner gives the house to the bank. Both methods avoid foreclosure and lessen the impact on neighbors' property values."

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55,000 mortgages modified under foreclosure prevention plan

The Basics: 2009 First-Time Home Buyer Tax Credit

"As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.Bringing the Dream of Homeownership Within Reach"

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The Basics: 2009 First-Time Home Buyer Tax Credit

Mortgage modifications are happening. Get yours

"Two months ago, Ivan Coleman was struggling, his mortgage payment having ballooned to $1,200 - more than half his income. Starting June 1, his monthly payment will fall to $725.

'My mortgage company was helpful, eager to have me stay in my home,' said Coleman, who first fell behind on his payments after losing his job.

Coleman, who has owned his Maple Heights, Ohio, home for ten years, is among the first wave of homeowners to have their mortgages modified under President Obama's foreclosure-prevention program. As of last week, for example, Chase Mortgage, the servicing side of JP Morgan Chase, had issued more than 15,000 modifications under the plan."

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Mortgage modifications are happening. Get yours

Number of Active & Sold Listings in the Phoenix-Metro Area (5/10/2009)

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 - 38,075 (-1087)

Single Family Detached - 29,604 (-943)
Patio homes - 840
Townhouses - 3,025
Apartment Style - 2,764
Gemini/Twin Homes - 350
Manufactured/Mobile Housing - 1,280
Modular/Pre-fab - 32
Loft Style - 180

Total Sold Listings (2009) - 28,275 (+1680)

Single Family Detached - 25,411 (+1487)
Patio homes - 308
Townhouses - 1201
Apartment Style - 821
Gemini/Twin Homes - 155
Manufactured/Mobile Housing - 330
Modular/Pre-fab - 6
Loft Style - 43

Housing loan help attracts new scams

"Faulty oversight and outright scams helped send the housing market into a tailspin. Efforts to bring the market back are attracting new scams.

Loan modifications to fight foreclosures are the backbone of the federal housing plan announced in February by President Barack Obama during a stop in Mesa. In a loan modification, a lender and homeowner work out a deal to cut interest rates and even principal on mortgages of homes in danger of foreclosure.

Free counselors are available to help homeowners work with lenders. And some firms have emerged that, for a fee, also provide counseling. Scam artists have joined the scene, promising help, taking hefty upfront fees, and then leaving homeowners on their own."

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Housing loan help attracts new scams

Weekend freeway closures and restrictions

"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:"

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Weekend freeway closures and restrictions

Lawsuit alleges builder, lender used rigged house appraisals

"A group of West Valley home buyers says builder KB Home and its exclusive lender Countrywide, now owned by Bank of America, developed a scheme to sell homes at peak market prices even after real-estate values began to decline.

A lawsuit filed Thursday in Maricopa County Superior Court contends the builder and lender engaged in systematic appraisal-rigging to inflate by thousands of dollars the value of new homes sold since 2006. The plaintiffs, seven KB Home customers in Buckeye and Surprise, say the practice has cost customers billions of dollars and contributed to the recent flood of loan defaults and foreclosures.

KB Home and BofA representatives said they had not seen the complaint Thursday and could not comment."

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Lawsuit alleges builder, lender used rigged house appraisals

More homes worth less than mortgage - Zillow report

"More than 20% of American homeowners owe more on their mortgage debt than they can sell their homes for, according to an industry report released Wednesday.

The real estate Web site Zillow.com reported that 21.8% of all U.S. homes, representing more than 20 million residences, were in a 'negative equity' or 'underwater' position after prices dropped more than 14% nationally in the year ended March 31.

'A combination of falling prices and low down payments has left many borrowers underwater,' said Stan Humphries, Zillow's vice president in charge of data and analytics. 'In some markets, more than half of all homes are in negative equity.'"

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More homes worth less than mortgage - Zillow report

March pending home sales in surprise jump

"Is the housing meltdown ending?

Pending home sales rose in March for the second consecutive month and are up year over year. The Pending Home Sales Index from the National Association of Realtors showed a 3.2% gain to 84.6 from February, when it was 82. The index stands 1.6% higher than a year ago.

The consensus forecast of industry experts polled by Briefing.com had predicted no increase in the index."

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March pending home sales in surprise jump

Best fast fixes to get your house sold - Boost curb appeal

"Before you list your place, you'd better make sure it's the best one in its price range. Time for some low-cost projects with big results."

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Best fast fixes to get your house sold - Boost curb appeal

Number of Active & Sold Listings in the Phoenix-Metro Area (5/3/2009)

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 - 39,162 (-1940)

Single Family Detached - 30,547 (-1706)
Patio homes - 863
Townhouses - 3,086
Apartment Style - 2,805
Gemini/Twin Homes - 349
Manufactured/Mobile Housing - 1,297
Modular/Pre-fab - 35
Loft Style - 180

Total Sold Listings (2009) - 26,595 (+2917)

Single Family Detached - 23,924 (+2610)
Patio homes - 281
Townhouses - 1113
Apartment Style - 768
Gemini/Twin Homes - 148
Manufactured/Mobile Housing - 319
Modular/Pre-fab - 5
Loft Style - 37

No bankruptcy help for homeowners

"The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure Thursday, after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages.

The defeat left many housing advocates questioning the effectiveness of the president's loan modification plan. The so-called cramdown provision, which would allow judges to reduce mortgage principal, would have put pressure on servicers to modify loans before borrowers file for bankruptcy.

The financial industry lobbied hard against the bill, arguing that letting judges change mortgage contracts would add instability to the market and raise interest rates. Senate Republicans and some moderate Democrats were concerned about the bill's impact and about the growing resentment among homeowners in good standing."

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No bankruptcy help for homeowners

Foreclosure starts jump in March; repossessions decline

"Lenders continued to rewrite troubled mortgages at a fast clip during March, but the weakening economy still sent foreclosure starts soaring to a record high.

March mortgage workout results announced on Thursday by Hope Now - a coalition of mortgage lenders, servicers, investors and community groups put together to fight the foreclosure plague - were a decidedly mixed bag.

Approximately 134,000 mortgages were rewritten by Hope Now members, which is nearly 20,000 more than the average since September. Another 115,000 at-risk borrowers were granted repayment plans, for a total of nearly a quarter of million troubled mortgages addressed for the month."

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Foreclosure starts jump in March; repossessions decline

New home-appraisal rule stirs opposition

"New regulations designed to reduce home-appraisal fraud could result in lower-quality appraisals and make it more difficult for consumers to shop around for the best mortgage rates, loan officers and appraisers say.

The rule change, effective today, has been criticized for months by local mortgage brokers and appraisers, who say it could have a chilling effect on Valley home sales just as the housing market is beginning to show signs of thawing out.

They said Valley residents in the market for a home loan will immediately notice that the process takes longer and costs more as a result of the changes."

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New home-appraisal rule stirs opposition