Casa Grande Real Estate Blog

Community Foreclosure Awareness Workshop

Mon, 30 Jan 2012 16:14:00 GMT

Know your options - Community Foreclosure Awareness Workshop - February 21st, 7-9 pm in Casa Grande

Are you, or someone you know unable to afford the payments on a home that’s worth less than the mortgage balance? There are options to foreclosure—better options now than ever before, including $78 million in federal funds available to Arizona residents for foreclosure prevention. We’ve assembled a panel of experts who will explain your options at a community workshop on Feb 21st from 7 - 9 pm. For more information visit www.foreclosure-avoidance.com.

Canadian Financing Is Back

Tue, 17 Jan 2012 01:00:00 GMT

Canadian financing is now becoming more readily available for our neighbors to the north. We can refer you to lenders that originate the loan and have it underwritten by their lending partner that specializes in Canadian transactions. The paperwork needed is minimal and far less than needed on your standard Conventional Loan applications. Here is a brief overview of what the loan entails and please give us a call with any questions and we would be happy to assist.

a).The loan payments are based on 15-year amortization with 7-year balloon

b).Interest rates remain in the higher 4% range

c).50% down payment required

(Lines of Credit are also available for refinances)

Paperwork:

a). Last 3 years of Federal Tax Returns with all schedules

b).1003 application as standard with Conventional Financing.

Help is coming in March for underwater homeowners

Mon, 16 Jan 2012 09:02:00 GMT

A long-awaited federal program will soon allow more Phoenix-area homeowners to refinance their mortgages and lower their payments in spite of owing far more than their homes are now worth.

The expansion of the Home Affordable Refinancing Plan will allow for new home loans in March, according to new details from the U.S. Department of Housing and Urban Development, and homeowners are already lining up to apply.

Phoenix Foreclosure Rates Continue To Fall

Mon, 09 Jan 2012 13:00:00 GMT

Foreclosure rates in the Phoenix area continue to move lower, according to new data from CoreLogic, a national real estate research firm.

http://www.bizjournals.com/phoenix/news/2012/01/05/phoenix-foreclosure-rate-continues-to.html

Save Our Home Arizona Program

Thu, 10 Nov 2011 01:00:00 GMT

Arizona has $267 million dollars to assist AZ homeowners in distress with short sales and foreclosure prevention financial assistance!

Reginald Givens, Foreclosure Assistance Administrator with the Arizona Department of Housing, commented at a meeting of key housing industry leaders in Phoenix last week. He explained that money is available for homeowners who are unemployed, under-employed or considering a short sale. For those considering a short sale, relocation funds of up to $4500 is available, second mortgage settlement and assistance with buyers closing costs is possible for those who meet the income and hardship requirements and for those whose loans are owned by Freddie Mac or Fannie Mae. Some of the other short sale specific requirements include a requirement that the home is the primary residence, and the loan must have been the original mortgage used to purchase the home or a no cash-out refinance, and those with HELOC's (Home equity line of credit) are ineligible.

In addition, up to $50,000 can be available for those who are seeking a principal reduction or permanent mortgage modification, or for those who need assistance in bringing their loan current.

For more information on Save Our Home Arizona programs, visit www.azhousing.gov.

http://www.azhousing.gov/azcms/uploads/FRONT PAGE/Save Our Home Program Fact Sheet 091611.pdf

My crystal ball was accurate!

Tue, 08 Nov 2011 01:00:00 GMT

My CRYSTAL BALL was accurate! I've been telling people for the last few months that the market had shifted and that prices were slowly increasing! The statistics support my prediction! The graph shows an increase of 5.4% in the median price for residential closed sales over the past six months in Casa Grande.

How Appraisals Are Derailing Home Sales

Mon, 07 Nov 2011 13:53:00 GMT

How Appraisals Are Derailing Home Sales

New requirements are resulting in more cancelled or delayed contracts.

http://www.smartmoney.com/spend/real-estate/how-appraisals-are-derailing-home-sales-1320357466034/

Major New Development in Casa Grande offers potential for 3000 jobs

Thu, 20 Oct 2011 15:48:00 GMT

According to Mayor Bob Jackson, the Phoenix Mart project will bring new jobs for our area and the potential for thousands of wholesale buyers visiting the center year round. See the full story here:

http://econdev.casagrandeaz.gov/index.php/in-the-news/110-phoenix-mart-announcement

Why so optimistic in this housing market?

Wed, 07 Sep 2011 14:05:00 GMT

Short sales surged in second quarter: RealtyTrac

Thu, 25 Aug 2011 00:00:00 GMT

Second-quarter pre-foreclosure sales jumped 19% from the previous quarter, suggesting more banks and distressed borrowers are searching for efficient ways to offload properties near foreclosure, RealtyTrac said.

Third parties acquired 102,407 pre-foreclosures in the second quarter, while 162,680 bank-owned homes were sold in the same period.

Pre-foreclosure sales are generally short sales and properties sold within the foreclosure process.

“The jump in pre-foreclosure sales volume coupled with bigger discounts on pre-foreclosures and a shorter average time to sell pre-foreclosures all point to a housing market that is starting to focus on more efficiently clearing distressed inventory through more streamlined short sales — at least in some areas,” said James Sacchio, CEO of RealtyTrac.

As for who is nabbing up distressed and bank-owned properties, RealtyTrac said third parties acquired 265,087 homes classified as in foreclosure or bank-owned in the second quarter. That is up 6% from the revised first quarter figure and down 11% from the second quarter of last year.

The average sales price for foreclosures or bank-owned properties hit $164,217 in the second quarter, down less than 1% from the first quarter and 5% lower than a year earlier.

The sales price for distressed real estate was 32% below the average sales price of homes not in foreclosure.

States with the largest quarterly increase in pre-foreclosure home sales included Nevada, which experienced a 43% increase; Washington (39%), California (38%); and Texas (34%).

The states with the highest number of foreclosure sales included Nevada, Arizona and California.

http://www.housingwire.com/2011/08/24/short-sales-surged-in-quarter-two-realytrac

Pending Home Sales Turn Around In May

Fri, 01 Jul 2011 15:50:00 GMT

Pending home sales rose strongly in May with all regions experiencing gains from a year ago, pointing to higher housing activity in the second half of the year, according to the National Association of REALTORS®.

http://www.realtor.org/rmodaily.nsf/pages/News2011062901

Phoenix-area housing showing stability

Fri, 03 Jun 2011 14:05:00 GMT

Phoenix-area housing market shows signs of price stability

In the latest S&P/Case-Shiller report, the Phoenix area was one of the best performers with regard to the most recent month-over-month price change measured by the Case-Shiller study, from February to March. The Valley's median home-resale price decreased 0.5% during that one-month period, making it the fifth-best metro area in terms of price retention. The Phoenix area's recent performance boost in home-value retention reflects that prices have essentially stabilized since January, local analysts said.

http://www.azcentral.com/business/realestate/articles/2011/06/01/20110601phoenix-housing-market-price-stability.html

Metro Phoenix new home market is on the mend

Fri, 20 May 2011 08:21:00 GMT

Metro Phoenix's homebuilding market is on the second step of a five-phase recovery process, according to one of the nation's top housing analysts.

During a Wednesday Urban Land Institute panel discussion on the future of homebuilding, California-based real-estate consultant John Burns laid out the five stages the current market must go through to rebound: job growth, reduced housing vacancies, a market in which demand exceeds supply, increases in rents and home prices, and then, finally, new construction.

Arizona foreclosure update

Wed, 18 May 2011 12:27:00 GMT

According to ForeclosureRadar.com, Notice of Trustee Sale filings were down 27.9 percent in April 2011 from the prior month, falling to the lowest point we've seen since we began tracking Arizona in August 2009, and down 41.5 percent from the same time last year. There was a similar dip in foreclosure sales, with a 22.2 percent drop in sales Back to Bank and a 15.4 percent decline in Sales to 3rd Parties month-over-month. Cancellations rose 18.8 percent month-over-month, which together with the drop in filings led to 10.6 percent fewer properties Scheduled for Sale.

http://www.foreclosureradar.com/arizona-foreclosures

Foreclosure Activitiy at 40 Month Low

Thu, 12 May 2011 00:00:00 GMT

Foreclosure activity in the US has fallen to it lowest level in 40 months, according to RealtyTrac. The company's foreclosure market report for April shows that filings-including default notices, scheduled auctions, and bank repossessions-were reported on 219,258 properties last month.

http://www.dsnews.com/articles/foreclosure-activity-at-40-month-low-realtytrac-2011-05-11

The Casa Grande Market Is Changing Again!

Fri, 08 Apr 2011 00:00:00 GMT

Statistics for the end of the first quarter of 2011 show some dynamic improvement in supply and demand. Compared to just six months ago (Sept 2010) a whopping 46% more homes closed escrow in Casa Grande, 74.7% more have a pending sale and there are 12.5% less homes for sale! We've known the market is improving, despite the media's continued insistence that there is more "shadow inventory" to come on the market. That is partially true, in our opinion, although we see more emphasis by the banks on keeping people in their homes, and definite improvement in the short sale approval process. With this added emphasis on foreclosure being a last resort, we believe the potential for shadow inventory (many more foreclosures) may actually be less than predicted. We've seen a dramatic improvement in the time and procedures for short sale approval, and we can attribute that to both the banks getting more efficient and our experience and improved systems for short sale approval. We also were surprised to see the average price per square foot increase almost $5 for closed sales from February to March 2011.

If you are buying a home, these statistics may indicate that you have less inventory to choose from than in previous months, and you are competing with more buyers for the same home. There may not be as much negotiating room as in recent months.

If you are selling a home, these statistics mean there may be more potential buyers who will consider purchasing your home. While we wish we could say this means rising prices, there hasn't yet been enough of a pattern for us to say that prices are rising. Statistics are important and we are definitely watching them with interest!

More good news! March home sales in Phoenix area the most in 66 months.

http://www.bizjournals.com/phoenix/news/2011/04/07/march-home-sales-in-phoenix-area-the.html

What in the World is HAFA? - An Animated HAFA Story.

Tue, 20 Apr 2010 00:00:00 GMT

3 Reasons to Act NOW on Home Ownership

Tue, 02 Mar 2010 11:58:00 GMT

I found an interesting video regarding three very important reasons to act now in purchasing a new home in the current real estate market. Click Here to view the video.

Please don't abandon your home!

Tue, 19 Jan 2010 20:29:00 GMT

It happened again today. I spoke to another person who abandoned a home because they thought they would lose it to foreclosure. I understand the hopes and dreams they had as new homeowners are dashed by the economic challenges of this market, and they may feel as though they have no other options. In reality, it may take months for the home to actually be acquired by their bank and in the meantime neighborhood home values will be negatively impacted as landscaping dies, the pool turns green and weeds grow in the yard of this abandoned home.

If a homeowner is struggling financially or feels desperate because their mortgage balance exceeds current market value, abandoning their home is actually the last thing they should do. Contrary to popular belief as well as the folks who answer the phone at the mortgage company, lenders do not want to foreclose on their property. I know of homeowners who haven’t made a mortgage payment in over a year who are still in their homes.

Many people erroneously believe that if they miss a mortgage payment the bank will foreclose and this means that they and their belongings will be thrown out into the street. Arizona law protects homeowners by giving them a minimum of 90 days legal notice before the actual trustee’s sale takes place. And that notice of foreclosure (which starts the 90-day time period) usually won’t begin for months after the first monthly payment is missed.

As in every natural and manmade disaster, there are those individuals and companies who find a way to prosper in the face of others’ distress. I’ve spoken with countless homeowners who have paid companies thousands of dollars to help them modify their loans, seek short sale approval or induce them to sign over their property with the ability to rent the property until some future date when they can purchase it again. The federal government has laid out guidelines and provided financial incentives to mortgage companies to assist borrowers with loan modifications and foreclosure alternatives, such as short sales, at no cost to the homeowner. I repeat: There is no need to pay anyone money to participate in the HAMP loan modification and HAFA foreclosure (short sale) programs and the federal government actually pays the lender money for successful assistance to homeowners under these programs. The truth is that participating in these programs requires unending patience, a lot of financial disclosure and paperwork, and can take months to complete.

Some lenders have actually taken a proactive approach to the challenging real estate market and have streamlined their short sale procedures to the point where approval can be obtained in as little as 10 days! More lenders are watching these pilot programs, with the goal of adopting similar procedures in the coming months.

Rather than moving out of their home while wading through the paperwork and procedures involved and taking on another housing expense in the form of rent and moving costs, financially distressed homeowners are far better to remain in their homes, even if they are unable to make their scheduled mortgage payments.

The real estate market has changed from the skyrocketing appreciation Arizona experienced in the 2002-2005 years, and it will probably never return to those crazy days. The only way for the market to stabilize is to stop foreclosures and the further value declines they create in our neighborhoods.

There are many Realtors who have been extensively trained in dealing with the banks and negotiating short sales, which is convincing the bank to accept a loan payoff which is “short” of the full balance owed. If you or someone you know is having difficulty making their payments or finds their loan balance is so much larger than their home’s current market value, interview Realtors to find someone who has been extensively trained and certified in this specialty, doesn’t charge a fee up front, and who has a track record of successfully closing short sales. Short sales have been called “the brain surgery of real estate” and while I would seek a family doctor for treatment of the flu, I would seek out a skilled brain surgeon with a successful track record if I needed that type of treatment. We have created a Web site full of helpful information for distressed homeowners at www.CasaGrandeShortSales.com.

If you or someone you know is in trouble with your mortgage or property value, please don’t abandon your home. It doesn’t help you, your lender or your neighbor’s home values.

Short Sales may be getting easier!!!

Thu, 19 Nov 2009 01:00:00 GMT

Its true! Short sales can be frustrating, difficult, require mounds of paper and followup, and take months for approval. However, we've seen a definate trend with lenders understanding the problem of reduced property values, and making strides to streamline the process. In fact, some lenders have begun pilot programs where the main requirement for approval is that your property value is less than the current mortgage balance(s). We have recently become aware of a few lenders who will approve a short sale in just a few weeks, not require mountains of paper and will approve the short sale based only on the mortgage balance/market value difference. Lenders processes are changing all the time with an effort toward streamlining their systems, and that is great news for those of us in Western Pinal County in Arizona. Call or email us today to find out if YOUR lender is one of the forward thinking ones who are approving short sales faster and without the hardship or payment delinquency requirements.

Unfortunately, most short sales can take 3 to 4 months for lender approval, which means it is even more important to get your home on the market now so that the potential buyer has enough to time close escrow before the expanded first time homebuyer and repeat homebuyer tax credit deadlines become an issue. There is a great misconception that listing your home during the holiday months of Nov and Dec is a waste of time. Nothing could be further from the truth, especially with the expanded home buyer tax credit!

The new laws require a signed purchase contract before the end of April 2010 with closing occurring before the end of June 1020. If you think that you may be a good candidate for a short sale, get your home on the market with a broker who is highly experienced with successful short sales as soon as possible! As CDPE's (Certified Distressed Property Experts) we understand the process needed to stop the foreclosure action by your lender. Wouldn't be nice to know your family could enjoy the holidays without worrying about a possible foreclosure?

For more information about the short sale process, visit our website at www.CasaGrandeShortSales.com