DOES renting a home

DOES renting a home in phoenix, scottsdale , arizona make sense?DOES renting a home in phoenix, scottsdale, arizona ,make sense? There are alot of pros and cons on renting a home vs the home ownership advantages,, and the case could not be more apparent than in the phoenix, scottsdale , arizona housing market. When you are able to rent a small cottage to a huge luxury home for pennies on the dollar vs the cost to buy, mortgage, insure a home , many families are opting to rent for a while until the market clears up. You have to ask yourself, why buy a house, pay the monthly mortgage, watch your home’s value grow, and eventually sell it and fund your retirement dreams. It seemed to be the natural order of things until the bubble burst. For older homeowners, the new order of things is to either sell your home at a huge loss or stay put and hope things will get better before you’re too old and frail to have any retirement dreams left. For recent homeowners, there is no dream. But there is a nightmare: Buy a house at an inflated value, pay a teaser mortgage until you can’t afford it, watch your home’s value fall like a rock, and then sink with that rock as you either default, renegotiate your loan, or sink further underwater each month. Renting never looked so good. So as you consult your clients on some of there options, consider what may be in there best interest for the short term future .I went on craigslist , just for research , and punched in 3 bedroom, 2 bath homes in phoenix , and came up with a whopping 347 homes from $500 to $1500 , so that shows you that there is a home for every budget and you can find them . Good agents turn renters into future buyers , what a goldmine of future business for all of us Realtors.

HO HO HO WHAT DOES I

HO HO HO WHAT DOES IT TAKE TO GET A HOME SOLD IN TODAYS MARKET? Well we all have a special plan to get a home sold in todays market, so this caveman 911 emergency realtor will offer up some useful tips. Start with getting into the 21st century with a social media network plan,i know how apprehensive i was a couple of months ago starting a TWITTER, FACEBOOK, YOU TUBE, ACTIVE RAIN , BLOGGER .COM, HELLOTXT, AND HOMES.COM ACCT, and if i can do it, so can you. Look up my www.creativeazfinancing.com website ,all done in less than 2 weeks, then i went to www.propertynut.com for the real deal of maximizing my listings. How did this all come about, my broker told me to either get INTO BUSINESS, OR GET OUT OF BUSINESS ,THE OLD WAY. so i jumped in , and updated myself , a major facelift, anew altitude , and i am ready for new business. I hope my reo ,and lender owned listings keep coming my way , and i feel i have set myself up for whatever social media can find me , and if you read this article , i hope you get off your duff , and take a personal challenge from me ,that you can do this , hell your a realtor.

NO REALLY , CREDIT C

NO REALLY , CREDIT CARD RATES SHOOT TO 79.9% WHAT WILL YOUR MORTGAGE RATE GO TO ??I have seen rates climb and drop for years now on mortgages and the ever present credit card rates, and this current depression has all but wiped out the normal way we all have used credit cards. If you have had you home equity loan balances frozen, and your credit card balances and open to buy limits frozen , you may understand . SO now we see what is in store for many families who may need credit cards to rent a car , secure a hotel reservation, or buy food. You may not believe this story but the bank that is offering credit cards at 79.9% interest is for real. Wait til the owner carry , seller financing, creative financing , no qualifying market picks up on these rates? According to First Premier's Web site, the credit cards are serviced by its sister organization Premier Bankcard. The company, based in Sioux Falls, S.D., says Premier Bankcard is the 10th largest issuer of MasterCard and Visa cards in the country, with more than 3.5 million customers. In a mailing sent to prospective customers in October with the revamped terms, First Premier writes "...you might have less-than-perfect credit and we're OK with that." The letter notes that an online application or phone call is still required, but guarantees a 60-second status confirmation. The letter also states there are no hidden fees that aren't disclosed in the attached form. That's where the 79.9 percent interest rate and $75 annual fee are listed. There's also $29 penalty if you pay late or go over your $300 credit limit. Even if First Premier doesn't stick with the 79.9 APR, it will likely hike rates considerably from the current 9.9 percent to offset the lower fees, said Shahani of Synovate. The revamped terms may not be the only changes; First Premier also appears to be moving away from the riskiest borrowers. The bank typically mails offers to sub prime households, meaning those with credit scores below 700 fico, can you believe this ? i personally have found solace in debit card transaction with my credit cards as only, i say again only, a use as needed extra bonus. SO from your 911 emergency realtor in scottsdale ,arizona , PUT THE PLASTIC AWAY?

scrooge takes a brea

scrooge takes a break on foreclosing and evictions in phoenix,Arizona Yes you heard it here, scrooge takes a break from kicking good normal homeowners out of there homes for a month ,to allow the Christmas cheer to ring in. So what about the hangover, come jan15th 2010 , when citigroup bank restarts the kick em out fastrak again , think of it, they said they only have done 270 modifications, out of 100,000 applications, are these clowns on a Hawaiian cruise? are they at the race track?, are they smoking some good s@#$. We need good, fair and reliable teams at these banks, and servicing centers,who can get there jobs done with some skill, if i ever hear another story of WE DO NOT HAVE YOUR DOCUMENTS AND APPLICATIONS< AGAIN , after refaxing 11 times????????? who is running there businesses? HOWDY DOODIE/ Citigroup Inc. will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers during the holiday season. The New York-based bank said Thursday the suspension will run from Friday through Jan. 17. It applies only to borrowers whose loans are owned by Citi. Borrowers who make payments to Citi but whose loans are owned by other investors are out of luck. “We want our borrowers to have a much less stressful time, to spend their time with their families during the holidays as opposed to worrying about their homes,” Sanjiv Das, head of the company’s mortgage division, said in an interview. The suspension means Citi will halt foreclosure sales and stop evicting homeowners from properties it has already seized. The company projects it will help 2,000 homeowners with scheduled foreclosure sales and another 2,000 that were due to receive foreclosure notices. Das also said the company is working on “some long-term fundamental alternatives” to foreclosure, but declined to be specific. “We know that moratoriums are not permanent solutions,” he said.

i have the GOLDEN LI

i have the GOLDEN LIST OF UNDERMARKET HOMES FOR SALE IN PHOENIX, ARIZONA Its true , i do have the golden list of undervalued homes for sale in phoenix,scottsdale, glendale, and mesa , arizona. I comprised them of several of the various home resalers , or wholesalers that operate in the phoenix arizona marketplace. What is this golden list about? It is foreclosures, bank reo s , trustee sale sale , and plain old hard work in the mls listing service here locally. I spend almost 4 hours of the work day sifting thru all the emails, ebulletins, seminars, and fluff stuff that comes across a realtors desk everyday. Yes some is valuable, while most is just junk mail, hype, and other annoying spam. I personally work the information, probably as hard as you work on your daily job, while mine is constantly changing due to job losses , more foreclosures, bad loans, bad public confidence . So when you may feel like its the right time to get back into the real estate market, you will know the signs again. Remember when your friends would boast of the great buy there realtor hooked them up with at dinner , or at the cocktail party?, Well when you hear good things again , you will know its time to get out the checkbook, not when your still hearing that bloods still running in the streets, from the caveman realtor , your emergency 911 local realtor ROBERT HIGHSMITH WEST USA REALTY SCOTTSDALE ARIZONA.

I have many friends

I have many friends and clients who continue to tell me the horror stories of trying to work with there lender or servicer, on trying to get there loan modification , accepted. H ave you ever heard how much paper work they are requiring ,over and above say your original loan application? One client said they not only wanted the standard hardship letter, proof of income , [proof of car insurance , proof , of road hazard insurance ,proof of his signed 8th grade SAT test , and proof of his last scorecard at the golfcourse . this guys have set us up for failure , they reap billions out of not completing the modification , in order to keep from having to book the losses and face being shut down by the banking committee s, there are 375,000 HAMP trials that are scheduled to convert to permanent modifications by the end of the year, and their upcoming progress report will show just how close participating servicers are to reaching that number. Last week, the administration announced a new push to coerce servicers into moving more trial mods to "permanent" status, threatening to impose fines, withhold incentive payments, and resort to public humiliation of those companies that don't pick up the pace. But servicers say the problem is not how swiftly they can process the conversions, but getting borrowers to submit the additional documentation required. Molly Sheehan, SVP of housing policy for JPMorgan Chase's home lending division, told the House committee that 29 percent of its borrowers in trial periods do not make their required payments, making them ineligible for a permanent modification. Another 51 percent who've successfully made their trial payments do not submit all the required documentation or turn in paperwork with errors. That leaves only 20 percent who correctly submit all the necessary documents and are eligible for permanent status. "The focus of our immediate attention is finding ways to assist the 51 borrowers out of 100 that are missing some or all of the documentation required under HAMP or where the documents are incomplete, not current enough, or otherwise not acceptable under the HAMP rules," Sheehan said. Bank of America's credit loss mitigation strategies executive, Jack Shakett, told lawmakers that approximately 65,000 homeowners BofA has extended HAMP trials to have made their restructured payments on time and have modifications that are set to expire by the end of the year. Of those, about 50,000 have either failed to submit all the documentation or have submitted paperwork with discrepancies, he said. "For the 15,000 customers who have provided all required information, we are experiencing a high conversion rate, with denials predominantly resulting from either income differences from what was stated by the borrower at the time of trial modification or discovery that the property is no longer owner-occupied," Shakett testified. Herb Allison, assistant Treasury secretary for financial stability, validated the lenders' positions. In testimony before the House committee later that day, he said so far, less than one in three borrowers in the trial modification phase have turned in their paperwork to qualify for a permanent loan modification so far. Representatives from both sides of the aisle stood unified in their dissatisfaction with HAMP's progress. One Republican called the program outright, "an abject failure." "All of these banks have got to do better," said Rep. Al Green (D-Texas). "If you don't do better at some point, you're going to force Congress to take drastic action," he warned the bankers testifying. "We have a great frustration at the failure of the combined efforts of the federal government to make a substantial impact on the foreclosure issue," said House Financial Services Committee Chairman Barney Frank, (D-Massachusetts). "No one can think we have done a satisfactory job." House Democrats are even considering more legislation to provide additional assistance to struggling homeowners. Frank says he plans to revive one of his earlier proposals that would create a federal lending program to subsidize unemployed homeowners' mortgage payments until they get back on their feet. He wants to tack it on to the broader financial reform package currently under consideration by the House. The controversial bankruptcy cramdown has surfaced again as well, which would let judges restructure mortgages with or without concurrence from the lender. The cramdown measure stalled in Congress earlier this year, but John Conyers (D-Michigan) is reportedly readying a bankruptcy cramdown amendment, which Frank has said he'll support including in the larger reform legislation.

Judge Wipes Out Half-Million Dollar Mortgage Debt on Home in Foreclosure

Judge Wipes Out Half-Million Dollar Mortgage Debt on Home in Foreclosure What a great way to start my day , seeing some judge has had enough of the bulls@#$ of all these lenders jacking homeowners around,in loan modifications, short sales and other carny pitchman antics. H e just cancelled the whole $525,000. mortgage on behalf of the homeowners, as after months of trial and negotiations, it was evident the bank had no intention of really working with this homeowner. Would it not be fine to see heads roll, executive bonuses cut, car salesman bankers fired and have to look for real work? W e have seen a faint hope of justice here and pray it continues

Scary job losses in phoenix,scottsdale, mesa ,glendale, arizona continues foreclosures

I think a bad job market will keep foreclosures rising in phoenix arizona areas
I think that because of a bad job market here in the phoenix,scottsdale, mesa , glendale , arizona areas that foreclosures in the housing market will continue, i hate to see it as there are signs that homes might be a great investment again. I say this as several of my friends with normal, stable family lives , are now upside down in the homes value, out of work, and ready to throw the keys back to there lender. The growing consensus within the mortgage industry is that unemployment is now the primary driver pushing delinquency numbers higher, so the upbeat November labor report is likely a hopeful sign that the pace of loan deterioration could subside sooner rather than later. But analysts at Amherst Securities Group say their research tells a different story.

The firm is a holding company for financial firms working with institutional investors of mortgage-related assets, and a study from its head of residential debt, Laurie Goodman, says borrowers who have been hit hard by falling home prices and owe more than their home is worth are more likely to fall behind on their mortgage payments than homeowners who lose their job.

According to Goodman, borrowers who are underwater with combined loan-to-value (LTV) ratios greater than 120 percent pose a higher delinquency risk. This “combined” LTV includes first mortgages on the home, as well as secondary home equity lines of credit taken out before the bust by a large number of homeowners who thought property values could only go up. Some estimates put second lien debt at over a trillion dollars.

According to Goodman, the default trigger is critical because policy will be shaped around the answer: is the rise in delinquencies stemming from negative equity or unemployment?

Goodman points to the plain and simple correlation of default and unemployment increases – mortgages defaults began to tick upward when home prices started plummeting, she says, long before the job market began to decline.

In a much more complex analysis, Goodman compared default rates with unemployment and negative equity in various loan categories. She found that unemployment only became a factor when the homeowner’s outstanding mortgage was 20 percent more than the home’s value, an LTV ratio of 120 percent or more. For those homeowners who had positive equity in their home but lost their job, they still found a way to keep their payments current.

A November report from First American CoreLogic, said that nearly 10.7 million, or 1 in 4 residential mortgage holders have negative equity in their home. And that number is expected to go higher still.

The findings of Goodman’s team could soon be put to the test – while home prices in some markets have begun to inch upward, most market analysts say there’s still farther to go before prices hit bottom.

The Amherst report demonstrates that improvement in the housing market may not be as tightly linked to unemployment as some might think, and others say the likely sequence of events for an overall upturn puts housing out in front. According to a contributed report on StockTradersDaily.com, until there is a housing recovery, there will not be an American economic recovery. The story points to the boom that ended in mid-2007 as an example, where one of every six jobs was created in the housing sector.

Scary job losses in

Scary job losses in phoenix,Scottsdale, mesa ,Glendale, Arizona to continue foreclosures

homeowners falling behind on mortgages getting worse in scottsdale ,phoenix arizona

Even as i see the phoenix,scottsdale,mesa,glendale arizona markets tumbling , this next year is going to offer a huge supply of foreclosure homes coming onto the market again. This is not good for anyone as the pent up supply of homes not yet on the market will continue to drive home prices lower as more families struggle to keep up with the mortgage payments. Unemployment is the terrible wildcard here , as more people lose a job, equates to more people losing there homes. The nationwide loan deterioration ratio is higher than three to one, according to the latest mortgage market report from Lender Processing Services, Inc. (LPS). What this LPS indicator means is that for every one loan improved, three more loans are deteriorating. Even as i see the phoenix,scottsdale,mesa,glendale arizona markets tumbling , this next year is going to offer a huge supply of foreclosure homes coming onto the market again. This is not good for anyone as the pent up supply of homes not yet on the market will continue to drive home prices lower as more families struggle to keep up with the mortgage payments. Unemployment is the terrible wildcard here , as more people lose a job, equates to more people losing there homes. The nationwide loan deterioration ratio is higher than three to one, according to the latest mortgage market report from Lender Processing Services, Inc. (LPS). What this LPS indicator means is that for every one loan improved, three more loans are deteriorating. The Florida-based company’s November Mortgage Monitor puts that number into perspective. Of home loans that were current as of December 2008, more than two million, or 4.02 percent, were delinquent or in foreclosure by the end of October 2009. LPS said high rates of deterioration are particularly evident in the Northeast and Northwest regions of the country. Thirty-one states now have non-current loan rates above 10 percent, which includes delinquencies plus foreclosures. These range from Missouri on the low-end of that spectrum, to as high as 22.7 percent in Florida, according to LPS’ analysis. The non-current loan rate for the entire United States comes in at 12.6 percent. The national delinquency rate is at a record high 9.4 percent, LPS said in its report. Total delinquencies edged up 0.85 percent in October over September’s figures and were 32 percent higher than the same period last year. While loans rolling to a more delinquent status remain elevated, totals are now below the peak reached in November 2008, LPS said. Roll rates into foreclosure remain low as a result of the industry’s loss mitigation efforts. Foreclosure sales, though, jumped in October, with the rate at 5.6 percent of foreclosures in inventory, LPS reported. The number of foreclosures on the market continues to stall as foreclosure timelines extend, the company said. According to LPS, nearly 30 percent of properties that have been in foreclosure for 12 months have not yet been put on the market for sale – twice the level of the prior year. Many analysts say these so-called shadow inventories of properties threaten a housing recovery, as foreclosure inventories continue to climb to record levels. Share this on del.icio.usDigg this!Stumble upon something good? Share it on StumbleUponShare this on TechnoratiPost this to MySpaceShare this on FacebookShare this on LinkedinMoved Permanently The document has moved here. " rel="nofollow" class="external" title="Tweet This!">Tweet This!Subscribe to the comments for this post?Add this to Google BookmarksSubmit this to Twittley

loan servicers prevent homeowners from saving there homes , slow inefficient, stalling

added http://hellotxt.com loan modifications are loan servicers nightmare for failure to provide homeowners relief Here in phoenix, Arizona where housing is still in the bottom of the ocean , loan servicers refuse to make home ownership a viable option as thousands of normal, scared homeowners wait hours on the phone to get someone to talk to about how to save there home. Loan servicing companies refuse to speed up the process of federal mandated orders to provide quick and reasonable care to stop the flow of foreclosures in phoenix, scottsdale, glendale, and mesa arizona. Many critics argue that the pace of modifications under the federal Making Home Affordable (MHA) program isn’t keeping stride with the nation’s raging foreclosure problem, so the Obama administration announced Monday that it is taking a new approach to pressure servicers into converting more trial modifications to “permanent” status. The government says that from now on, servicers failing to meet performance obligations under the federal program will face punishment, “subject to consequences which could include monetary penalties and sanctions.” The Treasury is also instituting new procedures and additional paperwork that will allow for closer monitoring of mortgage companies’ foreclosure prevention efforts. Major servicers will be required to submit a schedule to the Department demonstrating their plans to reach a decision on each home loan for which they have documentation and to communicate either a modification agreement or denial letter to those borrowers. Each of these top servicers will also be assigned an “account liaison,” a representative from the Treasury or program administrator Fannie Mae who will follow up daily as necessary to monitor progress against the servicer’s submitted plan. In addition, daily progress will be aggregated by the end of each business day and reported to the administration. Treasury officials say the mortgage industry isn’t doing enough to keep people in their homes with the tools provided them by the federal government, and soon that alleged lack of effort will be on display for the world to see. According to the New York Times, the administration also plans to resort to public humiliation as a means of persuasion. A Treasury official told the paper over the weekend that the administration will openly wag its federal finger at those servicers who it feels are lagging in their efforts to churn out permanent mortgage mods by publicizing the servicers’ names. Michael S. Barr, Treasury’s assistant secretary for financial institutions, told the New York Times, “The banks are not doing a good enough job. Some of the firms ought to be embarrassed, and they will be.” Not only is the administration playing on servicers’ sense of Public Relations, but it’s also tightening its grip on those compensatory carrots. Barr says the Treasury will not shell out the incentive payments promised to mortgage modifiers until homeowners successfully complete the 90-day trial modification and the servicer converts the workout to a permanent modification. “They’re not getting a penny from the federal government until they move forward,” Barr told the Times. Murmurs throughout the industry are labeling the administration’s newfound drive for modification conversion as a political ruse. Next month’s report from the Treasury on MHA performance is expected to include data on the number of permanent modifications converted by each servicer, and by all preliminary estimates the numbers will not be good. According to a report from the Congressional Oversight Panel last month, fewer than 2,000 assisted homeowners had successfully completely the trial mod period and been converted to permanent status. The administration said in its announcement Monday, “Roughly 375,000 of the borrowers who have begun trial modifications since the start of the program are scheduled to convert to permanent modifications by the end of the year.” But the key phrase here is “scheduled.” Many servicers say the problem is not how swiftly they can finalize the loan workouts as permanent, but delays on the homeowner’s part to complete all the necessary documentation for conversion. The administration is hoping to address this issue as well. The Treasury is extending the period for trial modifications started on or before September 1st to give homeowners more time to submit required information, and it is streamlining the application process and paperwork requirements. Servicers will also be required to report to the administration the status of each modification to help identify situations where borrowers face obstacles in moving to the permanent phase. As part of the new actions announced Monday, additional outreach initiatives at the state, local, and county level are also being deployed, as well as new Web tools and resources to help borrowers’ quickly submit the required documentation. One special servicer, Florida-based Ocwen Financial, stands out as already having considerable success in moving troubled homeowners into a permanent modification. Paul Koches, Ocwen’s EVP and general counsel, explained to DS News that his organization’s trial-to-permanent conversion rate is well over 50 percent, versus the rest of the industry’s average conversion rate of single digit percentages. According to Koches, there are three key reasons for Ocwen’s high change-over rate: • scalable technology that allows Ocwen to perform the re-underwriting upfront and maximize the likelihood of sustainable results; • the use of behavioral science, psychological principles, and communication to ensure buy-in from the homeowner; and • partnerships with nonprofits and faith-based groups working at the grassroots level to assist the servicer with homeowner outreach and gathering the required documents. “We’re happy to see the shift in focus more to permanent mods rather than trial mods,” Koches said. “Obviously, it’s the number of trials that are converted to permanent mods that will make a difference in bringing down foreclosures.” Share this on del.icio.usDigg this!Stumble upon something good? Share it on StumbleUponShare this on TechnoratiPost this to MySpaceShare this on FacebookShare this on LinkedinMoved Permanently The document has moved here. " rel="nofollow" class="external" title="Tweet This!">Tweet This!Subscribe to the comments for this post?Add this to Google BookmarksSubmit this to Twittley Leave a Comment to update and read statusloan modifications are loan servicers nightmare for failure to provide homeowners relief Here in phoenix, Arizona where housing is still in the bottom of the ocean , loan servicers refuse to make home ownership a viable option as thousands of normal, scared homeowners wait hours on the phone to get someone to talk to about how to save there home. Loan servicing companies refuse to speed up the process of federal mandated orders to provide quick and reasonable care to stop the flow of foreclosures in phoenix, scottsdale, glendale, and mesa arizona. Many critics argue that the pace of modifications under the federal Making Home Affordable (MHA) program isn’t keeping stride with the nation’s raging foreclosure problem, so the Obama administration announced Monday that it is taking a new approach to pressure servicers into converting more trial modifications to “permanent” status. The government says that from now on, servicers failing to meet performance obligations under the federal program will face punishment, “subject to consequences which could include monetary penalties and sanctions.” The Treasury is also instituting new procedures and additional paperwork that will allow for closer monitoring of mortgage companies’ foreclosure prevention efforts. Major servicers will be required to submit a schedule to the Department demonstrating their plans to reach a decision on each home loan for which they have documentation and to communicate either a modification agreement or denial letter to those borrowers. Each of these top servicers will also be assigned an “account liaison,” a representative from the Treasury or program administrator Fannie Mae who will follow up daily as necessary to monitor progress against the servicer’s submitted plan. In addition, daily progress will be aggregated by the end of each business day and reported to the administration. Treasury officials say the mortgage industry isn’t doing enough to keep people in their homes with the tools provided them by the federal government, and soon that alleged lack of effort will be on display for the world to see. According to the New York Times, the administration also plans to resort to public humiliation as a means of persuasion. A Treasury official told the paper over the weekend that the administration will openly wag its federal finger at those servicers who it feels are lagging in their efforts to churn out permanent mortgage mods by publicizing the servicers’ names. Michael S. Barr, Treasury’s assistant secretary for financial institutions, told the New York Times, “The banks are not doing a good enough job. Some of the firms ought to be embarrassed, and they will be.” Not only is the administration playing on servicers’ sense of Public Relations, but it’s also tightening its grip on those compensatory carrots. Barr says the Treasury will not shell out the incentive payments promised to mortgage modifiers until homeowners successfully complete the 90-day trial modification and the servicer converts the workout to a permanent modification. “They’re not getting a penny from the federal government until they move forward,” Barr told the Times. Murmurs throughout the industry are labeling the administration’s newfound drive for modification conversion as a political ruse. Next month’s report from the Treasury on MHA performance is expected to include data on t

to all my friends who may have children reaching home ownership years??

As i see many of my friends children growing up just like mine, i realized that with the governments extended 1st time buyers tax credit until next year ,2010 mid year, now could be a wonderful time to look for some under priced homes and condos while getting that $6500. freebie from the government . If you are any friends may have some interest , i would love to assist in your home finding quest . Many ,many underpriced homes and condos available in phoenix,scottsdale, glendale, mesa , and all surrounding areas in arizona.

job losses causing housing to tank for 5 more years

mortgage delinquency’s hit high numbers in phoenix arizona Despite the industry’s unprecedented efforts to keep people in their homes, there are more borrowers behind on their mortgage payments than there have been in 37 years. Even the end of the recession – which economists put at mid-summer – hasn’t slowed the decline in mortgage performance. The national delinquency rate for loans on one-to-four-unit residential properties rose to 9.64 percent in the third quarter, the Mortgage Bankers Association (MBA) reported Thursday. That figure is up 40 basis points from the second quarter of 2009, and up 265 basis points compared to one year ago. The Q3 delinquency rate breaks the record set last quarter, and is the highest ever recorded in MBA’s study, dating back to 1972. The delinquency rate includes loans that are at least one payment past due but not yet pushed into the foreclosure process. The percentage of loans in foreclosure at the end of the third quarter was 4.47 percent, and when combined with the number of past-due loans, it means a staggering 14.41 percent of all outstanding mortgages aren’t current – another record for MBA’s national delinquency study. According to Jay Brinkmann, MBA’s chief economist, job losses continue to be the primary driver behind the delinquency and foreclosure increases. “Over the last year, we have seen the ranks of the unemployed increase by about 5.5 million people, increasing the number of seriously delinquent loans by almost 2 million loans and increasing the rate of new foreclosures from 1.07 percent to 1.42 percent,” Brinkmann said. Unemployment seems to be hitting credit-worthy prime borrowers the hardest. Brinkmann says prime fixed-rate loans continue to represent the largest share of foreclosures started and are the reason for the overall increase in foreclosures. Thirty-three percent of foreclosures started in the third quarter were on prime fixed-rate mortgages and those loans were 44 percent of the quarterly increase in foreclosures. “The foreclosure numbers for prime fixed-rate loans will get worse because those loans represented 54 percent of the quarterly increase in loans 90 days or more past due,” Brinkmann said. The performance of prime adjustable-rate mortgages (ARMs), which include pay-option ARMs, also continue to deteriorate, MBA said. In contrast, both subprime fixed-rate and subprime adjustable-rate loans saw decreases in foreclosures. The foreclosure rate on Federal Housing Administration (FHA) loans also increased to 1.31 percent of the agency’s insured loans, based on MBA’s analysis. The number of FHA loans outstanding has grown by about 1.1 million over the last year, and according to Brinkmann, this increase depresses the current delinquency and foreclosure percentages, so the fact that those still jumped could signal more delinquency troubles to come for the federal agency. Once again the states of Florida, California, Arizona, and Nevada were home to a disproportionate share of the mortgage problems. According to MBA’s data, these usual suspects had 43 percent of all foreclosures started in the third quarter, 37 percent of the nation’s prime fixed-rate foreclosure starts, and 67 percent of all prime ARM foreclosures initiated. Florida leads the nation in poor mortgage performance. MBA reported that as of the end of September, 25 percent of home loans in the Sunshine State were at least one payment past due or in foreclosure. So what’s the outlook for the industry? Brinkmann says to expect delinquency and foreclosure rates to go even higher before they improve. His dim forecast is based largely on the nation’s unemployment picture, which he says won’t get any better until later next year and even then the pace of job increases will be slow out of the gate. In addition, Brinkmann noted that the number of loans 90 days or more past due or in foreclosure is now a little over 4 million. “The ultimate resolution of these seriously delinquent loans will put added pressure on the hardest hit sections of the country,” Brinkmann explained. Share this on del.icio.usDigg this! Posted by robert highsmith at 4:59 PM 1 comments: robert highsmith said

hoses are going into the tank for 5 more years

mortgage delinquency’s hit high numbers in phoenix arizona
Despite the industry’s unprecedented efforts to keep people in their homes, there are more borrowers behind on their mortgage payments than there have been in 37 years. Even the end of the recession – which economists put at mid-summer – hasn’t slowed the decline in mortgage performance.



The national delinquency rate for loans on one-to-four-unit residential properties rose to 9.64 percent in the third quarter, the Mortgage Bankers Association (MBA) reported Thursday.

That figure is up 40 basis points from the second quarter of 2009, and up 265 basis points compared to one year ago. The Q3 delinquency rate breaks the record set last quarter, and is the highest ever recorded in MBA’s study, dating back to 1972.

The delinquency rate includes loans that are at least one payment past due but not yet pushed into the foreclosure process. The percentage of loans in foreclosure at the end of the third quarter was 4.47 percent, and when combined with the number of past-due loans, it means a staggering 14.41 percent of all outstanding mortgages aren’t current – another record for MBA’s national delinquency study.

According to Jay Brinkmann, MBA’s chief economist, job losses continue to be the primary driver behind the delinquency and foreclosure increases.

“Over the last year, we have seen the ranks of the unemployed increase by about 5.5 million people, increasing the number of seriously delinquent loans by almost 2 million loans and increasing the rate of new foreclosures from 1.07 percent to 1.42 percent,” Brinkmann said.

Unemployment seems to be hitting credit-worthy prime borrowers the hardest. Brinkmann says prime fixed-rate loans continue to represent the largest share of foreclosures started and are the reason for the overall increase in foreclosures.

Thirty-three percent of foreclosures started in the third quarter were on prime fixed-rate mortgages and those loans were 44 percent of the quarterly increase in foreclosures.

“The foreclosure numbers for prime fixed-rate loans will get worse because those loans represented 54 percent of the quarterly increase in loans 90 days or more past due,” Brinkmann said.

The performance of prime adjustable-rate mortgages (ARMs), which include pay-option ARMs, also continue to deteriorate, MBA said. In contrast, both subprime fixed-rate and subprime adjustable-rate loans saw decreases in foreclosures.

The foreclosure rate on Federal Housing Administration (FHA) loans also increased to 1.31 percent of the agency’s insured loans, based on MBA’s analysis. The number of FHA loans outstanding has grown by about 1.1 million over the last year, and according to Brinkmann, this increase depresses the current delinquency and foreclosure percentages, so the fact that those still jumped could signal more delinquency troubles to come for the federal agency.

Once again the states of Florida, California, Arizona, and Nevada were home to a disproportionate share of the mortgage problems. According to MBA’s data, these usual suspects had 43 percent of all foreclosures started in the third quarter, 37 percent of the nation’s prime fixed-rate foreclosure starts, and 67 percent of all prime ARM foreclosures initiated.

Florida leads the nation in poor mortgage performance. MBA reported that as of the end of September, 25 percent of home loans in the Sunshine State were at least one payment past due or in foreclosure.

So what’s the outlook for the industry? Brinkmann says to expect delinquency and foreclosure rates to go even higher before they improve. His dim forecast is based largely on the nation’s unemployment picture, which he says won’t get any better until later next year and even then the pace of job increases will be slow out of the gate.

In addition, Brinkmann noted that the number of loans 90 days or more past due or in foreclosure is now a little over 4 million.

“The ultimate resolution of these seriously delinquent loans will put added pressure on the hardest hit sections of the country,” Brinkmann explained.

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phoenix arozona hous

phoenix arozona housing market booming again

It has been awhile f

It has been awhile for us to tell it like it is but the phoenix,scottsdale,glendale housing market is very busy again,both in sales and in pricing. You can move into a 4 bed 3 bath home for $150,000 that may have sold for as much as $400,000 a couple years ago. I am a full service realtor specializing in golf course homes , pool homes, great school districts , and the best service and pricing that is available. I offer free multiple listings of homes, sent to you via email with comps for the areas you may like .Grayhawk, D.C RANCH, mcdowell mountain ranch, desert ridge, arrowhead ranch and all the lovely areas of phoenix arizona .IF you want to start your homebuying experience without the stress , i can help the moving experience seem like a vacation. please call or email for a private and discreet update on your buying or selling opportunities.

appraisiers and loan

appraisiers and loan originators cause phoenix arizona housing collaspe

I just did an open h

I just did an open house in scottsdale, arizona saturday and sunday where the example of crookedness was running wild. I sat a home that at its top value in 2007 circus real estate value days was worth maybe $350,000. When i got to the front door saturday to open up my party, a notice of trustee sale was posted on the door , i quickly took it off and read it,. It showed the unpaid mortgage on this home was $564,000 original note balance. Was i floored or what , as it took, a shifty appraiser to cook the books , a shiftier mortgage loan originator , to cook the application , and show supporting values , and an unwitting, or lame underwriter with a habitual meth habit to look at this and allow it to be accepted and fund the loan . The poster child of loan fraud is phoenix ,arizona, or your town usa .The home is now listed as a short sale for $250,000 and still has had no offers , , in foreclosure and a sale date next month. SO HERE IS ANOTHER reo going on the market next year for maybe $178,000 and your caveman realtor 911 Robert Highsmith will be showing it again, after the blood and carnage continues to ravage phoenix, scottsdale, and glendale arizona. Think of how many people made money off this ridiculous sale back then, the butcher , the baker , and the candlestick maker, yes it was like a fairy tale. OBAMA WHERE ARE THE REGULATOR? I just did an open house in scottsdale, arizona saturday and sunday where the example of crookedness was running wild. I sat a home that at its top value in 2007 circus real estate value days was worth maybe $350,000. When i got to the front door saturday to open up my party, a notice of trustee sale was posted on the door , i quickly took it off and read it,. It showed the unpaid mortgage on this home was $564,000 original note balance. Was i floored or what , as it took, a shifty appraiser to cook the books , a shiftier mortgage loan originator , to cook the application , and show supporting values , and an unwitting, or lame underwriter with a habitual meth habit to look at this and allow it to be accepted and fund the loan . The poster child of loan fraud is phoenix ,arizona, or your town usa .The home is now listed as a short sale for $250,000 and still has had no offers , , in foreclosure and a sale date next month. SO HERE IS ANOTHER reo going on the market next year for maybe $178,000 and your caveman realtor 911 Robert Highsmith will be showing it again, after the blood and carnage continues to ravage phoenix, scottsdale, and glendale arizona. Think of how many people made money off this ridiculous sale back then, the butcher , the baker , and the candlestick maker, yes it was like a fairy tale. OBAMA WHERE ARE THE REGULATOR? I just did an open house in scottsdale, arizona saturday and sunday where the example of crookedness was running wild. I sat a home that at its top value in 2007 circus real estate value days was worth maybe $350,000. When i got to the front door saturday to open up my party, a notice of trustee sale was posted on the door , i quickly took it off and read it,. It showed the unpaid mortgage on this home was $564,000 original note balance. Was i floored or what , as it took, a shifty appraiser to cook the books , a shiftier mortgage loan originator , to cook the application , and show supporting values , and an unwitting, or lame underwriter with a habitual meth habit to look at this and allow it to be accepted and fund the loan . The poster child of loan fraud is phoenix ,arizona, or your town usa .The home is now listed as a short sale for $250,000 and still has had no offers , , in foreclosure and a sale date next month. SO HERE IS ANOTHER reo going on the market next year for maybe $178,000 and your caveman realtor 911 Robert Highsmith will be showing it again, after the blood and carnage continues to ravage phoenix, scottsdale, and glendale arizona. Think of how many people made money off this ridiculous sale back then, the butcher , the baker , and the candlestick maker, yes it was like a fairy tale. OBAMA WHERE ARE THE REGULATOR? I just did an open house in scottsdale, arizona saturday and sunday where the example of crookedness was running wild. I sat a home that at its top value in 2007 circus real estate value days was worth maybe $350,000. When i got to the front door saturday to open up my party, a notice of trustee sale was posted on the door , i quickly took it off and read it,. It showed the unpaid mortgage on this home was $564,000 original note balance. Was i floored or what , as it took, a shifty appraiser to cook the books , a shiftier mortgage loan originator , to cook the application , and show supporting values , and an unwitting, or lame underwriter with a habitual meth habit to look at this and allow it to be accepted and fund the loan . The poster child of loan fraud is phoenix ,arizona, or your town usa .The home is now listed as a short sale for $250,000 and still has had no offers , , in foreclosure and a sale date next month. SO HERE IS ANOTHER reo going on the market next year for maybe $178,000 and your caveman realtor 911 Robert Highsmith will be showing it again, after the blood and carnage continues to ravage phoenix, scottsdale, and glendale arizona. Think of how many people made money off this ridiculous sale back then, the butcher , the baker , and the candlestick maker, yes it was like a fairy tale. OBAMA WHERE ARE THE REGULATOR?

Real Estate Blog - apprasials and loan mortgage originators cause phoenix housing market collapse

Real Estate Blog - apprasiaIt had to happen with all the foreclosures, repossessions, and bank owned non modified homes coming back onto the market. Have you ever seen so many so called banks untrained work out non specialist screw up a families home ownership experience? I have seen many clients , who sincerely tried to do loan modifications only to get jacked around from the lenders for months , then end up loosing there home because some $7.00 an hour over worked , untrained, and with a altitude clerk , kept blowing there file off. Have you heard the same old bulls@#$ about , WE LOST YOUR PAPERWORK, ITS NOT BEEN ASSIGNED TO A LOSS MITIGATOR YET, YOUR 8000 FAXES WERE NEVER RECIEVED, your current on your payment, and we can only help people who are WILLING TO TRASH THERE CREDIT TO GET OUR ATTENTION? I am mad as hell and we are not going to take it anymore , so owner carryback , seller carryback, owner financing, wrap agreement for sales , and all kinds of creative financing , including lease purchases , and lease options will be hitting your cities asap as the real estate lending system has broken down. TRY and get a jumbo loan on a $500,000 home in scottsdale , phoenix, glendale or mesa arizona now, and if you do not have 30 percent down and an 800 fico score , you may have a problem.SO WHERE DO THE move up buyers go ?,How do they sell there $300,000 home? How do they get a full price retail buyer offer on theres when there are 7 foreclosures in there neighborhood , selling for 1/2 of there listed price? Time should work this out but for now phoenix arizona is the poster child for all the crap that is taken down there housing market in your city usa .Now that i have that out for the rest of you to ponder , i am going to do an open house in scottsdale arizona today.

ls and loan mortgage originators cause phoenix housing market collapse

some say the housing crisis is still happening , only deeper

Delinquencies and Foreclosures at Record Highs, with Shadow Inventories Looming: LPS Report
11/10/2009 By: Carrie Bay
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Even as home prices are beginning to show signs of stabilizing and the industry is ramping up efforts to keep troubled borrowers in their homes, the latest market study from Jacksonville, Florida’s Lender Processing Services (LPS) shows that mortgage delinquencies and foreclosures remain alarmingly elevated.

The company’s October Mortgage Monitor report also cites large “shadow” foreclosure and REO inventories. Thenumber of loans deteriorating further into delinquent status is now more than twice the number of foreclosure starts, indicating another major wave of troubled loans in an already clogged loan pipeline, LPS said.
Nearly one-third of foreclosures remain in pre-sale status after 12 months – twice as many as the year prior, LPS said in its study, further adding to the threat of a shadow eclipse. In addition, the six-month average deterioration ratio on troubled mortgages has risen the past two months to 300 percent, showing that for every loan that improves in status, three more deteriorate further, LPS explained.

LPS’ October Mortgage Monitor reveals record high rates for non-current loans. The company reported that total U.S. delinquency rate stood at 9.37 percent at the end of September, while the nation’s September foreclosure rate hit 3.12 percent – a month-over-month increase of 2.6 percent and a year-over-year increase of 88.9 percent.

Among individual states, it comes as no surprise that Florida posted the most troubling results, with 10.4 percent of loans in foreclosure and more than 12 percent more delinquent.

Other states reporting high levels of non-current loans – which includes both foreclosures and delinquencies as a percentage of active loans in the state – were Mississippi, Georgia, and Michigan, as well as the usual high-foreclosure states of Nevada, Arizona, and California.

The one positive reported by LPS was an upswing in loan production volume over the previous year. Year-to-date 2009 loans totaled 2,032,973, LPS said, versus 1,903,723 for the same period in 2008.

housing crisis far from over seller carry backs ready for market

comes from years of experience i have with the seller carry backs, seller financing , owner financing, no qualifying, and creative financing, that has been going on for along time in phoenix,arizona. There is a place for these contracts when buyers are short on downpayments ,, but mostly for families who have bad credit, no credit , low fico scores , and past financial problems. Lets get it straight , there are good ones ,and there are bad ones for a buyer to enter into with CREATIVE FINANCING , and heres an example of the bads ones.For instance a seller buys a reposession, or foreclosure home from the bank, for lets say $140,000 and spends $10,000 on remodeling, rehabbing, and improvements, thus his cost basis is now $150,000, he list it with a realtor , for say $200,000 and accepts a 10 percent downpayment from the no qualifying buyer, with a 2 year call date on the purchase contract. The buyer is happy as he has bought a home with marginal credit, and now looks down the road to the refinancing date in 2 years , to payoff the seller carryback, contract. Now , he may or may not know the owner just made a $50,000. profit on this flip,and many things can and do go wrong, in the next 2 years.THE OWNER GETS YOUR DOWNPAYMENT, USUALLY THE REALTORS HAVE TO WAIT TO GET PAID, ONLY IF THE CONTRACT ACTUALLY CLOSES IN THE 2 YEARS, PERIOD. The REAL PROBLEM IN TODAYS MARKET IS THAT HOME THAT IS UNDER CONTRACT FOR $200,000 IN 2 YEARS , MAY NOT APPRAISE FOR THAT AMOUNT , BASED ON TODAYS MARKET CONDITIONS, SO IF THE BUYER CANNOT GET THE NEW LOAN, TO PAY OFF THE SELLER , HE WILL LOOSE THE HOME , BACK TO THE SELLER , UNLESS NEW TERMS ARE AGREED UPON, the seller CAN ONLY WIN, the BUYER CAN ONLY HOPE FOR A TIE, WITH THE POSSIBILITY OF LOOSING THE DOWNPAYMENT, APPRAISAL FEE, APPLICATION,FEE, AND TIME. So can you see the buyer beware red flags waving when you buy a home from a flip and grow rich seller ?Many investors are setting up these reo s repossession, bank owned , and trustee sale purchases , to fix and flip, and when the markets gets tough to sell them , they offer easy terms, and sizzle to get in the marginal buyers. WARNING ,always use a realtor , to represent you as they have the skill to research the property and see the real cold hard facts for you

opps REALTOR wlks in on couple MAKING LOVE while showing homes

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realtor 911 has news you will not believe

Depression
Propaganda

It’s obvious to me that there is some serious propaganda being pushed into the minds of consumers today. There are some interesting contradictions in the headlines. I also came across some news headlines from the Great Depression. They sound strikingly familiar to this downturn.Contradictions
1. We are in the country’s worst housing downturn since record-keeping began in the late 19th century - But the recession is ending…we are seeing a recovery.Nearly half of recent sales have been attributed to foreclosures or “short sales” at bargain-basement prices. –2. The Treasury Department’s assistant secretary for financial institutions, recently said more than 6 million families could face foreclosure over the next three years - Realtor.org reported on October 19th that: “All the leading indicators say housing is definitely on the mend... Read More

realtor 911 has more

realtor 911 has more crazy news on the housing market you will not believe it

Caveman Realtor Learning 21st Century BizTech

Ok i admit it as a realtor here in scottsdale arizona for 15 years now. We are having to change and update our knowledge in how to market our services for buying and selling real estate in the phoenix, scottsdale , glendale and mesa arizona. I have dove into the social media world of learning to blog, text, and post into and onto the major players of business info sites and social media leaders. So i have entered the world of active rain .com , wordpress .com, blogger.com, facebook, twitter, you tube , hellotxt.com, google .com , linkedin.com , homes.com, propertynut.com , to name a few , as i continue to go to the workshops on how to actively use all this info , i do feel overwhelmed, my kids whiz thru this as well as most of you. I was trained to actively represent both buyers and sellers in traditional real estate adventures , and now in the current post depression era, of phoenix arizona , as well as your city , usa , the owner carry , seller carryback, no qualifying , and lease purchse business is starting to actively come back into the marketplace . I would like to invite anyone who is doing business in todays market , in any business arena to get off the surfboard for a while ,get out of the water, and get into the 21st century of social media for building a business. REMEMBER, ITS SO EASY A CAVE MAN CAN DO IT ????

Need Seller Owner Carry Back Financing to Buy a Home

Real Estate owner and seller carry back financing is more available when a conventional mortgage is difficult to quality for. Seems logical, but few Realtors are familiar with the options for creative financing so you'll need to take your home, condo or any property search to an Agent that can find several properties to show you. Check out All My Agent properties now and call me to get help in your search for a creative owner seller carryback purchase.

Thank you,

Robert Highsmith, Realtor WestUSA Realty, Phoenix Arizona

480-250-8020 call 7 days a week

help , i am so upside down in my home ???

several ways to deal with this problem,as stay put, do not panic,and enjoy your home , keep it clean and in good condition, you selected it for several reasons , would you still buy it today? The second thought is to just walk away, trash your credit and your fico score , and move on to a owner carry , no qualifying , seller financing ,or lease purchase , while rebuilding your finances, and you may also select a rental while you sort out the financial storm, please remember you are a valuable person ,not just a fico score , keep praying and get all the information you can,to make your selections, of a plan for short term and long term.

added http://hellotx

added http://hellotxt.com to update and read status

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hey realtors HOW TO GET PAID ON SELLER CARRYBACKS NOQUALIFYING

morning to all as i have sold seller carryback owner carry no qualifying lease purchase , wraps and agreement for sale ,along with rent to own ,,in the phoenix, scottsdale , glendale areas of phoenix arizona for over 14 years, i have seen several ways to make sure you get paid . example typical buyer with less than perfect credit needs to have verifiable income, a good down payment and be flexible on there choices to get back into home ownership,at this stage of there credit rebuilding life . the sellers also need to be updated as to what to expect , a smaller down payment , a marginal buyer , and always take them thru a title company when closing an owner carry purchase . why would a seller take a home sale as this ??? plenty of reasons , old stale listing , over priced , no qualified buyers available, death ,divorce , medical bills, and the list goes on , so how do we GET PAID? usally there is a 5 to 20 percent down payment that i always ask for 1/2 my commision at closing and the other 1/2 in monthly payments from the seller, or as is uasally the case the balance of the commission when the buyer successfully refi s the home or sells it , down the line , yes i know , we have skin in the game , but something is better than no sale , this creative financing will get even more important , as credit worthy homeowners become less and less the norm ,try it its all good when you get a family back into a place they can call home.

seller financing homes for sale in arizona

owner carry homes available in arizona in the phoenix and scottsdale market place will be available for previous homeowners who have gone thru hardships in financial problems. i specialize in obtaining owner financing or seller financing to families that have a good down payment , verifiable employment , who need some time to restructure there credit,fico scores in order to obtain standard bank financing. its not that hard to accomplish as i work one on one with clients to show them homes for sale in phoenix and the surrounding areas , scottsdale ,glendale, peoria, ,all over the valley . you pick the area ,schools, locations, ammenities, pool, single level , or 2 story , and i arrange to show you the properties, yes, it is a step in the right direction, as its better than apartment living by far , and when we get an affordable price for the new buyer, everyone feels better . seller finacing, owner carry , seller carrybacks , and no qualifying homes are my specialty robert highsmith west usa realty scottsdale az