DSNwes reports that Bank of America, Chase, Citigroup and Wells Fargo have agrred to participate in the new HARP program. This program, expected to be rolled out in FEB or MARCH will allow homeowners with Freddie Mac or Fannie Nae backed mortagges to refinance. The good news about this program is
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12/30/2011
In this article by DSnews, Bank of America id considering writing off some of the principal on mortgages where the owner can prove a financial hardship. Apparently the settlement talks with the State Attorney Generals have stalled and they are bringing this to the table to in hopes to finally rea
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12/30/2011
In what could be good news fro some homeowners in Maricopa Arizona and beyond, the attached article from DSNews.com outlines how Fannie Mae is no longer going to remove the "borrower ability to pay clause" from it's HARP program. Fannie cited that this was too vague of a requirement and that unde
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12/23/2011
Inventory declined slightly this past week and remains at an all time low. Most of the other numbers stayed within the range of prior weeks although an increase in the number of Pending sales increased to levels not seen since early OCT. This is most likely due to seasonal buyers and I expect thi
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12/22/2011
Here is an interesting article recently posted by DSNews.com. As I have mentioned previuosly, the homes for sale market in Maricopa Arizona hinges on distressed properties. At last count, there were over 300 homeowners that are delinquent on their mortage payments. Most, I'm sure, will decide to
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12/20/2011
The number of distressed homes for sale in Maricopa Arizona may be on the rise over the next 3 - 6 months. According to a first look report from Lender Processing Services, the number of delinquent mortgages in November rose to 8.15% from 7.93% the prior month. That delinquency rate as a percenta
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12/19/2011
According to the GSE’s nationwide market study, the 30-year fixed-rate mortgage averaged 3.94 percent (0.8 point) for the week ending December 15th, matching its all-time record low previously set on October 6, 2011. The 30-year rate slipped 5 basis points from last week’s average of 3.99 percen
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12/16/2011
Not a lot of change this week as the market has stabilized a bit. Although home buyers continue to enter the marketpalce, they are doing so at a slow pace most likely due to the upcoming Holidays. Of particular note is the fact that short sale continue to enter the market. It would appear that ma
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12/15/2011
It appears that the lawsuit against the five major lenders' foreclosure practices may have a settlement before Christmas. The settlement is expected to be in the range of $25 billion. Also of not is that it will require principal reductions for underwater homeowners. This could be great news for
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12/15/2011
Although foreclosures declined 14% from a year ago, RealtyTrac reports that this information could be misleading as states such as California and Arizona actually posted increases. It was also noted that scheduled foreclosure auctions hit a nine month high. The number of distressed homeowners con
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12/15/2011
