Administration plans new efforts on foreclosures

"With the foreclosure crisis showing no signs of relenting, the Obama administration plans to expand a program aimed at helping people remain in their homes.

The goal of the announcement, expected Monday, is to increase the rate at which troubled home loans are converted into new loans with lower monthly payments, Treasury spokeswoman Meg Reilly said over the weekend.

Industry officials said the new effort would include increased pressure on mortgage companies to accelerate loan modifications by highlighting firms that are lagging in that area."

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Administration plans new efforts on foreclosures

Number of Active & Sold Listings in the Phoenix-Metro Area (11/29/2009)

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 - 33,690 (-7)

Single Family Detached - 26,150 (+11)
Patio homes - 716
Townhouses - 2,510
Apartment Style - 2,586
Gemini/Twin Homes - 319
Manufactured/Mobile Housing - 1,243
Modular/Pre-fab - 35
Loft Style - 131

Total Sold Listings (2009) - 83,731 (+1699)

Single Family Detached - 74,054 (+1460)
Patio homes - 942
Townhouses - 4234
Apartment Style - 3012
Gemini/Twin Homes - 449
Manufactured/Mobile Housing - 900
Modular/Pre-fab - 24
Loft Style - 116

Underwater mortgages: 1 in 4 in negative equity

"In a sign that more foreclosures could be on the horizon, 23% of people with mortgages owe more than their home is worth, according to a report released Tuesday.

Almost 10.7 million U.S. mortgages were "underwater" as of September, said research firm First American CoreLogic.

Another 2.3 million homeowners are within 5% of negative territory, the report said. The two figures combined comprise almost 28% of all residential properties with mortgages."

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Underwater mortgages: 1 in 4 in negative equity

Number of Active & Sold Listings in the Phoenix-Metro Area (11/22/2009)

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 - 33,697 (+275)

Single Family Detached - 26,139 (+196)
Patio homes - 708
Townhouses - 2,512
Apartment Style - 2,604
Gemini/Twin Homes - 317
Manufactured/Mobile Housing - 1,248
Modular/Pre-fab - 38
Loft Style - 131

Total Sold Listings (2009) - 82,062 (+2199)

Single Family Detached - 72,594 (+1874)
Patio homes - 922
Townhouses - 4015
Apartment Style - 2941
Gemini/Twin Homes - 442
Manufactured/Mobile Housing - 876
Modular/Pre-fab - 24
Loft Style - 113

Repeal pending on home liability

"Opponents of a controversial Arizona law that could make some homeowners liable for tens of thousands of dollars on homes that go into foreclosure aren't giving up.

Real-estate groups, including the Arizona Association of Realtors, are trying to have Senate Bill 1271 repealed again in the current special legislative session.

SB 1271 was repealed in the Arizona's special budget legislative session a few months ago."

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Repeal pending on home liability

Home construction at lowest level in 6 months

"Home builders initiated construction of far fewer new homes in October than the month before, a big and unexpected drop for the struggling industry, according to a government report issued Wednesday.

Homebuilders began construction at an annual rate of 529,000 new homes during the month, 10.6% below the revised September rate of 592,000 and 30.7% below the 763,000 rate during October 2008. It was the lowest level of housing starts since April, when the annual rate was 479,000.

A panel of industry observers compiled by Briefing.com had forecast housing starts of 600,000 during the month. It was the second month in a row of dashed housing start expectations."

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Home construction at lowest level in 6 months

Number of Active & Sold Listings in the Phoenix-Metro Area (11/15/2009)

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 - 33,422 (+242)

Single Family Detached - 25,943 (+232)
Patio homes - 701
Townhouses - 2,487
Apartment Style - 2,600
Gemini/Twin Homes - 311
Manufactured/Mobile Housing - 1,219
Modular/Pre-fab - 36
Loft Style - 125

Total Sold Listings (2009) - 79,863 (+1118)

Single Family Detached - 70,720 (+952)
Patio homes - 883
Townhouses - 4015
Apartment Style - 2835
Gemini/Twin Homes - 433
Manufactured/Mobile Housing - 845
Modular/Pre-fab - 24
Loft Style - 108

Investor Daily: 3 signs of the next real estate apocalypse

"When the FDIC closed Chicago's Corus Bank last month, it may have signaled the beginning of the next shock to the banking system: commercial real estate defaults.

Corus, whose balance sheet was larded with bad construction loans, is just one of many banks that have a slew of this debt on their books. Refinancing the $2 trillion in commercial mortgages will be tough, as property values decline. And in this new age of cautious lending, few banks are willing to refinance loans."

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Investor Daily: 3 signs of the next real estate apocalypse

Avoid foreclosure by renting your own home

"Giving troubled borrowers yet another way to avoid foreclosure, Fannie Mae said on Thursday it would allow eligible homeowners to rent their own homes.

The Deed for Lease program lets homeowners transfer the deed back to their lender and then sign a lease to remain in the home. The effort is aimed at borrowers with mortgages owned or guaranteed by Fannie Mae who do not qualify for or cannot sustain a loan modification. Borrowers must live in the home as their primary residence and must be released from any subordinate liens.

The program aims to reduce the number of foreclosed properties being abandoned because they often fall into disrepair and hurt the surrounding homes' values. Also, it keeps a roof over troubled borrowers' heads and a steady stream of income coming from the property. Tenants of homeowners may also be eligible for leases."

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Avoid foreclosure by renting your own home

Housing market still faces a big glut

"The lights are on in the housing market. But at more and more places, nobody's home.

House prices have risen in recent months after a long plunge, according to the National Association of Realtors and the S&P Case-Shiller national index. Fewer Americans owe more than their property is worth, according to a report this week from Zillow.com.

But a full-fledged housing recovery will remain elusive until the market can absorb all the houses and apartments that were built during the housing boom. And on that front, progress has been slow."

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Housing market still faces a big glut

Appeals of property valuations soar

"The Maricopa County Assessor's Office is working its way through the largest wave of property-valuation appeals in nearly two decades as real-estate values continue to decline and owners try to save money in the lagging economy.

Appeals have been growing for the past five years, but they have leaped by nearly 50 percent in the past two years alone.

Maricopa County Assessor Keith Russell said his office saw 13,251 appeals in 2007 for residential, commercial and vacant land. As property values began to fall, the number of appeals rose to 17,213 last year and to 19,801 this year. The biggest spike over those three years was for commercial appeals, followed by residential."

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Appeals of property valuations soar

Number of Active & Sold Listings in the Phoenix-Metro Area (11/8/2009)

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 - 33,180 (+794)

Single Family Detached - 25,711 (+715)
Patio homes - 702
Townhouses - 2,510
Apartment Style - 2,583
Gemini/Twin Homes - 291
Manufactured/Mobile Housing - 1,221
Modular/Pre-fab - 39
Loft Style - 123

Total Sold Listings (2009) - 78,745 (+1323)

Single Family Detached - 69,768 (+1133)
Patio homes - 865
Townhouses - 3956
Apartment Style - 2779
Gemini/Twin Homes - 427
Manufactured/Mobile Housing - 818
Modular/Pre-fab - 24
Loft Style - 106

Number of Active & Sold Listings in the Phoenix-Metro Area (11/1/2009)

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 - 32,386 (+151)

Single Family Detached - 24,996 (+112)
Patio homes - 703
Townhouses - 2,484
Apartment Style - 2,556
Gemini/Twin Homes - 284
Manufactured/Mobile Housing - 1,197
Modular/Pre-fab - 41
Loft Style - 125

Total Sold Listings (2009) - 77,422 (+2836)

Single Family Detached - 68,635 (+2452)
Patio homes - 850
Townhouses - 3866
Apartment Style - 2722
Gemini/Twin Homes - 419
Manufactured/Mobile Housing - 802
Modular/Pre-fab - 24
Loft Style - 104