foreclosures

More money for foreclosure help in Arizona

Additional help for Arizona homeowners facing foreclosure is on the way. About $1.3 million from a consumer fraud settlement with Countrywide Home Loans is now being distributed to 12 housing non-profits across the state.
The money will go towards hiring more counselors to help homeowners facing foreclosures.
“It is our hope that these settlement funds will have a positive impact on families throughout the state who are in great need of counseling assistance to help them stay in their homes,” said Arizona Attorney General Terry Goddard.“ The problem is so acute that additional staff can make a big difference."
The multi-state consumer fraud …

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Posted by CatherineReagor’s Blog

Pre-foreclosures fall in metro Phoenix

January’s significant drop in pre-foreclosures is the indicator many metropolitan Phoenix housing-market watchers have been anxiously looking for during the past several months.
For the first time since November 2008, the monthly tally of Valley homeowners to fall behind on their mortgages and face foreclosure is below 7,000. Actual foreclosures dropped as well, although their decline wasn’t as dramatic.
Last month, there were 6,762 pre-foreclosures, or notice-of-trustee-sale filings, against Phoenix-area homeowners, according to the real-estate data firm Information Market. That is a 14 percent drop from the 7,879 pre-foreclosures filed by lenders in December 2009. Pre-foreclosures hit a record 10,689 last in …

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Posted by CatherineReagor’s Blog

Ariz. legislation to limit risky mortgages

Legislation has been introduced to prohibit excessive fees on mortgages and the issuance of certain types of high-cost,home loans in Arizona.
S.B. 1288,introduced by Sen. John Nelson, R-, of Glendale, calls for limiting negative-amortization mortgages as well as balloon payments and pre-payment penalties on most other mortgages.
The Arizona Attorney General backs the legislation, which is aimed at preventing another foreclosure crisis in the state.
A growing number of foreclosures in the Phoenix area are on "negative am" mortgages, which allow borrowers to pay less than what they owe in principal each month. But then those homeowners have to make up what they …

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Posted by CatherineReagor’s Blog

Arizona to share $1.5 billion in new federal foreclosure aid

Arizona is one of five states that will split $1.5 billion from a new federal program aimed at helping regions hardest hit by home foreclosures.
President Barack Obama announced the new funds Friday in Las Vegas as part of a government push to reduce the number of homes falling into foreclosure by assisting unemployed homeowners and other struggling borrowers.
Because foreclosures damage home values and have been a critical factor in the collapse of the housing market, any recovery will have to be preceded by a slowdown in repossessed homes.
Almost a year ago in Mesa, Obama announced the $75 billion Home …

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Posted by CatherineReagor’s Blog

Arizona's share of new federal foreclosure funds

The Arizona Housing Department is waiting to hear how much of the $1.5 billion in additional foreclosure aid, announced by President Barack Obama in Las Vegas a few weeks ago, the state will receive.
The U.S. Treasury Department is supposed to announce this Friday (tomorrow) what share of the money each of the five states, including Arizona, hardest hit by foreclosures will get.
The Treasury Dept. is also expected to give the five states guidelines on how the money can be spent to help homeowners facing foreclosure. One way the Arizona Housing Dept. would like to spend the money is to continue to …

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Posted by CatherineReagor’s Blog

Pre-foreclosures on the rise again in Phoenix

Pre-foreclosures in the metropolitan Phoenix climbed in February, dashing hopes that the housing market is starting to recover from the crash.
In January, pre-foreclosures, known as notice of trustee sales, fell to their lowest level since late 2008. The significant drop had some housing market watchers hopeful more lenders were working with borrowers on loan modifications early on and more borrowers could afford their monthly mortgage payments.
But in February, there were 7,604 pre-foreclosure notices filed by lenders in metropolitan Phoenix, up from the 6,762 in January, reports the Information Market.
Foreclosures did fall last month to 4,271, from 4,452 in January. But …

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Posted by CatherineReagor’s Blog

Phoenix foreclosures flat in October

Phoenix-area foreclosures climbed in October but pre-foreclosures were almost flat.
Last month, 4,826 homes were foreclosed on, compared to 3,759 in September, according to the Information Market. The monthly foreclosure, or trustee sale, rate hit a record in July when 5,316 houses taken back by lenders. Pre-foreclosures totaled 7,841 in October, compared to 7,857 in September. The record for Valley notice of trustee sales was 10,689 in March.
“With the Federal government firmly planted in the banking system, monthly numbers tend to jump up and down quite a bit, especially during the onset or conclusion of fiscal quarters,” said Tom Ruff, Information …

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Posted by CatherineReagor’s Blog

2102 S ESTRELLA CIRCLE, MESA, AZ — 3bed/2bath — $189,900

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How many investors are buying Phoenix foreclosures?

There’s lots of speculation about how many speculators are snatching up foreclosure homes in the Valley. However, tracking investors is tricky.
Here’s what we know for sure about the area’s foreclosure home buyers, according to real estate analyst Mike Orr, publisher of the Cromford Report.
About 19 percent of metro Phoenix foreclosure homes to sell in the past month were purchased by buyers who checked the box “intends to rent the property to a third party” on property records. Those buyers are definitely investors.
About 34 percent of all Valley foreclosures were purchased by all-cash buyers. Most of those buyers are …

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Posted by CatherineReagor’s Blog

Foreclosure home resales fall in Phoenix. Are lenders holding onto the homes?

Foreclosure home resales made up a smaller portion of all metropolitan Phoenix home sales in July, according to data released this morning from Arizona State University’s Realty Studies group.
Last month, foreclosure homes being resold by lenders accounted for 37 percent of all deals. That’s down from a 2009 high of 51 percent in February, reports ASU.
Unfortunately, the decline doesn’t signal a big drop in foreclosures. The supply of foreclosure homes for sale in the Valley is down, but foreclosures are up. So what are lenders doing? If the home has already been foreclosed on, they aren’t working on loan modifications.
Some market watchers …

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Posted by CatherineReagor’s Blog

More money for foreclosure help in Arizona

Pre-foreclosures fall in metro Phoenix

Ariz. legislation to limit risky mortgages

Arizona to share $1.5 billion in new federal foreclosure aid

Arizona's share of new federal foreclosure funds

Pre-foreclosures on the rise again in Phoenix

Phoenix foreclosures flat in October

2102 S ESTRELLA CIRCLE, MESA, AZ — 3bed/2bath — $189,900

How many investors are buying Phoenix foreclosures?

Foreclosure home resales fall in Phoenix. Are lenders holding onto the homes?

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