There's good news and bad news for the Valley's housing market.
The good news is it's getting a little easier to sell your house because there are a lot fewer foreclosures to compete against.
"You may find quite a bit of interest, but the real problem is getting them qualified for the lending," said Dr. Jay Butler, director or realty studies at ASU.
He said the bottom may be in sight, but the market could stay there for a while. "It's going to be difficult to recover and it's really going to vary tremendously from area to area."
Butler said programs to help people keep their homes are helping lower the number of foreclosures on the market, but he's concerned that the Phoenix housing market is not yet reflecting the current job market.
"Without jobs you don't have income and without income you don't buy homes," Butler said.
Foreclosures made up about 51 percent of home resales in March. In April, that number dropped to 27 percent, yet the total number of resales climbed.
"Unfortunately we're sort of entering this period of the classic foreclosure which is where people lost jobs or income and now simply really cannot afford the home they're in," said Butler.
Arizona is one of only six states where home sales didn't drop the first quarter of this year.
"Well, I think we've probably got the bottom in sight largely because in some areas you'd really find it hard to go any lower," said Butler.
Realty Trac's Darren Blomquist said, while the news is encouraging, he doubts the crisis is over.
"Believe it or not, there's still a lot of homeowners out there in Arizona and other markets who are very susceptible to foreclosures, still," he said.
He agreed with Butler that the jobs market -- the high unemployment rate -- will force more foreclosures.
"From the previous year, Arizona's still trending upward in terms of foreclosure activity," he said.
"There's very high numbers of properties that are just starting the foreclosure process. So we'd expect that down the road in a few months those same properties will end up in the final stage of foreclosure, which we call reo, so that will continue to keep the numbers high for most of the rest of this year."
Wednesday, May 13, 2009
Friday, May 8, 2009
Warnings about loan modification scams
There should not be a fee to get information from either your lender or a HUD-Approved housing counselor. Governor Jan Brewer is warning homeowners about unlicensed mortgage loan modification companies.
They promise to keep homeowners behind on payments from losing their homes to foreclosure, but end up scamming consumers.
Gov. Brewer urges consumers to beware of any person or organization that asks for a fee in exchange for housing counseling services or loan modification. There should not be a fee to get information from either your lender or a HUD-Approved housing counselor.
Free assistance is available by calling 1-877-448-1211. More information can be found on the web sites for the Arizona Department of Housing, the Arizona Department of Financial Institutions
Saturday, May 2, 2009
Avondale, Arizona 3 bedroom, 2 bath home with a den for rent! - $300 off 1st months rent promo!
Contact Tanya Olafson at 623-826-8264, licensed REALTOR with Century 21. 3 bedroom, 2 bath home with a den in Avondale, Arizona. New to the market with rent only $995 per month with a promotional offer of $300 off 1st months rent! (limited time only) Move in ready open and inviting 3 bedroom, 2 bath home with a den. This is a 1642 sq. ft. home. Refrigerator, washer and dryer are included. Close to I10 freeway as well as shopping centers. Cross streets are McDowell and Rancho Santa Fe. Please call Tanya Olafson at 623-826-8264 to schedule a private showing or for more information. Have a great day!
Friday, May 1, 2009
Kailash Bhatt, a Real Estate agent accused of foreclosure theft
A valley real estate agent was busted for allegedly scamming the system. Kailash Bhatt is accused of trying to sell several fixtures from an Anthem home that was in foreclosure.
The Deed of Trust showed the fixtures weren't supposed to be removed. Bhatt was arrested after accepting part of the money for the fixtures.
He also works for the state Department of Environmental Quality and teaches for the University of Phoenix.
Online scam that is aimed at possible renters
If you're looking for a house to rent or maybe you're thinking of renting out your own home, there's a new scam you need to know about.
The victims are people who are trying to rent a home and there are a lot of you out there. But whatever you do, don't let this happen to you.
Frank has rental property, so when he needs a tenant he usually advertises on popular Web sites, which has always been successful for him.
"So far, so good," he said. "I've been pretty lucky. I haven't had any kind of nightmares. I've had a lot of good people."
His latest ad describes his house, features photos and indicates how much rent is, which is $1,200.
But things turned a little weird one day when he says a woman showed up out of the blue to look at his home and he was there.
"We came into the house and she said, 'Wow, I can't believe you're renting this for only $800,'". "I said, 'What? I'm not renting this for $800.'"
It turns out that a conman took Franks ad complete with all the photos, duplicated it and re-posted it in a cheaper section saying rent was only $800.
Now when prospective renters e-mail the scammer, he replies saying, "God bless you for your interest in my house. I am renting it to a responsible and neat person who has the fear of God and will take care of my home."
He goes on to say, "Drive by the house and if you like it, we'll get together on a price."
When people see what a nice house they're getting for $800, they get excited and immediately e-mail the conman, who is in the United Kingdom, and wire him money.
It's the perfect scam. He says he knows of one guy who even gave the conman his credit card and other personal information just so he could get the house.
He says he feels horrible. He just wants to rent his home.
He doesn't want his house to be used as bait to rip people off.
"The lesson learned is basically what you've been telling everyone for years and that is don't give your information to someone you don't know and know what you're getting into,".
Brown had to hire a real estate agent to help rent out his home and to keep people from getting ripped off any further.
In the meantime, just remember, always meet face to face with the person you'll be renting from.
Dealing with someone out of the country or out of state is probably a red flag you're getting scammed.
-----------------------------------------------------
Alway work with a known company and call the agent directly to find out information regarding the home your looking to rent or buy. Find out about all the fee's and charges, refundable or not, and know how to submit their contract/applicatioon as most companies have their own way of doing this.
It is my opinion to always work with a licensed REALTOR® and this way avoid these type of scams.
The victims are people who are trying to rent a home and there are a lot of you out there. But whatever you do, don't let this happen to you.
Frank has rental property, so when he needs a tenant he usually advertises on popular Web sites, which has always been successful for him.
"So far, so good," he said. "I've been pretty lucky. I haven't had any kind of nightmares. I've had a lot of good people."
His latest ad describes his house, features photos and indicates how much rent is, which is $1,200.
But things turned a little weird one day when he says a woman showed up out of the blue to look at his home and he was there.
"We came into the house and she said, 'Wow, I can't believe you're renting this for only $800,'". "I said, 'What? I'm not renting this for $800.'"
It turns out that a conman took Franks ad complete with all the photos, duplicated it and re-posted it in a cheaper section saying rent was only $800.
Now when prospective renters e-mail the scammer, he replies saying, "God bless you for your interest in my house. I am renting it to a responsible and neat person who has the fear of God and will take care of my home."
He goes on to say, "Drive by the house and if you like it, we'll get together on a price."
When people see what a nice house they're getting for $800, they get excited and immediately e-mail the conman, who is in the United Kingdom, and wire him money.
It's the perfect scam. He says he knows of one guy who even gave the conman his credit card and other personal information just so he could get the house.
He says he feels horrible. He just wants to rent his home.
He doesn't want his house to be used as bait to rip people off.
"The lesson learned is basically what you've been telling everyone for years and that is don't give your information to someone you don't know and know what you're getting into,".
Brown had to hire a real estate agent to help rent out his home and to keep people from getting ripped off any further.
In the meantime, just remember, always meet face to face with the person you'll be renting from.
Dealing with someone out of the country or out of state is probably a red flag you're getting scammed.
-----------------------------------------------------
Alway work with a known company and call the agent directly to find out information regarding the home your looking to rent or buy. Find out about all the fee's and charges, refundable or not, and know how to submit their contract/applicatioon as most companies have their own way of doing this.
It is my opinion to always work with a licensed REALTOR® and this way avoid these type of scams.
Arizona man warns other homebuyers about short sales
When it comes to stimulating the economy, are banks being stingy with their federal bailout money?
This is a hot button for a lot of viewers out there and that hot button has to do with short sales, which give a homeowner permission to sell a home for less than what that homeowner owes.
But, look what happened to Valley man when he tried to buy a short sale home.
When it comes to homes on the market, Jason Fritch says he's looked at a lot. In fact, 25 to be exact.
"There's always something wrong with it," Fritch said. "Either it has no appliances or the plumbing is ripped out."
But when Fritch's real estate agent showed him a home in central Phoenix, he said it was perfect.
"It was completely covered with trees and it had a big backyard for my three dogs and it had been kept up pretty well," Fritch said.
The good news is the home was a short sale and it was on the market for $160,000.
According to paperwork, Fritch offered the full asking price then waited for a response.
"I got a call from my Realtor saying, 'You got it! They accepted it. So go ahead and write your check out for escrow,'" Fritch said.
Fritch wrote a check for his down payment.
However, he claims when his appraisal came back showing the house was worth a lot more than what he was paying, the deal suddenly fell through and subsequently the house he was going to buy went back on the market for $210,000.
"Well, everyone wants these houses but to get them, it's difficult," said Dean Wegner, a real estate agent and mortgage broker.
Wegner said what happened to Fritch is common because he says banks try to mitigate their losses as much as possible.
As a result, people like Fritch get tangled up in the process and the glut of homes that are on the market remain on the market until the bank gets the best deal.
"If they can get a couple extra thousand dollars times thousands of homes, that helps their bottom line," Wegner said. "It's math."
As for Fritch, he's so disgusted he has stopped looking at homes and has a warning if you're thinking of buying a short sale or even a foreclosed home.
"They are willing to wait, they are greedy, they will wait for the market to come back around to hold on to these homes," Fritch said. I talked to the mortgage company who owns the mortgage and they say they are not to blame in any way for a couple of reasons.
One, they never approved the home to be sold for $160,000 to begin with because they always knew the home was worth more.
And, two, they claim they never accepted a bid of $160,000 and any confusion must be between Fritch and the Realtors in this case.
Regardless, just know that getting involved in a short sale or foreclosed home is always going to be more complicated than a regular real estate transaction.
This is a hot button for a lot of viewers out there and that hot button has to do with short sales, which give a homeowner permission to sell a home for less than what that homeowner owes.
But, look what happened to Valley man when he tried to buy a short sale home.
When it comes to homes on the market, Jason Fritch says he's looked at a lot. In fact, 25 to be exact.
"There's always something wrong with it," Fritch said. "Either it has no appliances or the plumbing is ripped out."
But when Fritch's real estate agent showed him a home in central Phoenix, he said it was perfect.
"It was completely covered with trees and it had a big backyard for my three dogs and it had been kept up pretty well," Fritch said.
The good news is the home was a short sale and it was on the market for $160,000.
According to paperwork, Fritch offered the full asking price then waited for a response.
"I got a call from my Realtor saying, 'You got it! They accepted it. So go ahead and write your check out for escrow,'" Fritch said.
Fritch wrote a check for his down payment.
However, he claims when his appraisal came back showing the house was worth a lot more than what he was paying, the deal suddenly fell through and subsequently the house he was going to buy went back on the market for $210,000.
"Well, everyone wants these houses but to get them, it's difficult," said Dean Wegner, a real estate agent and mortgage broker.
Wegner said what happened to Fritch is common because he says banks try to mitigate their losses as much as possible.
As a result, people like Fritch get tangled up in the process and the glut of homes that are on the market remain on the market until the bank gets the best deal.
"If they can get a couple extra thousand dollars times thousands of homes, that helps their bottom line," Wegner said. "It's math."
As for Fritch, he's so disgusted he has stopped looking at homes and has a warning if you're thinking of buying a short sale or even a foreclosed home.
"They are willing to wait, they are greedy, they will wait for the market to come back around to hold on to these homes," Fritch said. I talked to the mortgage company who owns the mortgage and they say they are not to blame in any way for a couple of reasons.
One, they never approved the home to be sold for $160,000 to begin with because they always knew the home was worth more.
And, two, they claim they never accepted a bid of $160,000 and any confusion must be between Fritch and the Realtors in this case.
Regardless, just know that getting involved in a short sale or foreclosed home is always going to be more complicated than a regular real estate transaction.
Buckeye, Arizona home for rent
I found this short video showing a nice home for rent in Buckeye, Arizona:
Subscribe to:
Posts (Atom)
