SELLER FINANCING PHO

SELLER FINANCING PHOENIX ARIZONA is alive and well for homes for sale If you have been watching the news you may have seen , or heard all the hoopla this week on foreclosures are slowing down, in your area. I am seeing plenty here in phoenix,arizona, where the job market is very quiet , and many small strip mall stores are vacant. That tells me the small business owner , is gone , not to to do biz, with others in commerce either , so when the small business owner is gone, the other families , that would feed off his personal consumptions, are struggling also, or GONE . This chain of events always come directly to my business of real estate and seller financing for the future of the phoenix arizona markets.You may want a new home , but how the heck or you going to get one? If you have a few lates on your current mortgage , you may be in stiffer penalty rates . Looking at the big picture, MBA reports that as of the end of the second quarter, 13.97 percent of the nation's mortgages were at least one payment past due or in foreclosure. That's a four basis point decline from 14.01 percent in Q1, but 81 basis points higher than the same period last year. Even with the improvements cited in MBA's latest report, the industry is looking at $963 billion in troubled home loans. The percentage of loans on which foreclosure actions were started during the second quarter was 1.11 percent, down 12 basis points from last quarter and down 25 basis points from one year ago. Foreclosure start rates decreased for all loan types, with the exception of prime fixed loans, which increased two basis points during the quarter and tied the survey's record high for the prime fixed category hit in the third quarter of 2009. The improvement in new foreclosure actions was widespread. Forty-three states saw a decline in their quarter-over-quarter foreclosure start rates. The largest decreases were in California, Florida, and Nevada. Only 11 states saw increases in the rate of foreclosure starts on a year-over-year basis, with the largest increases coming in Illinois, South Dakota, and New Mexico. The nation's total foreclosure inventory stood at 4.57 percent of outstanding mortgages at the end of Q2, a decrease of six basis points from the first quarter. MBA says this represents the largest drop since 2005, but is still 27 basis points above last year. The percent of loans one payment behind had peaked in the first quarter of 2009 at 3.77 percent and fell to 3.31 percent by the end of 2009. Unfortunately that rate has now risen to 3.51 percent. Brinkmann explained that the causes are likely two-fold. First, he said, 30-day delinquencies are very closely tied to first-time claims for unemployment insurance. The number of first-time claims fell through most of 2009 but leveled off in 2010 and have started to rise again. This increase in unemployment directly impacts mortgage delinquencies. "Ultimately the housing story, whether it is delinquencies, homes sales, or housing starts, is an employment story," Brinkmann said. "Until we see the increase in the number of households that comes with an increase in the number of paychecks, all measures of the health of the housing industry will continue to be weak." And the second reason for the rise in 30-day delinquencies, according to Brinkmann, is that some of the loans modified over the last several years have become delinquent again because "those borrowers, by definition, have weak credit." Thats where i com in , Robert Highsmith seller financing expert, west usa realty scottsdale arizona www,creativeazfinancing.com , getting homebuyers into homes with seller financing in phoenix,arizona. Posted by robert highsmith on 08/27/2010 08:40 AM Comments (0) seller financing phoenix arizona, owner carry phoenix arizona Edit Delete

Revealing a discoura

Revealing a discouraging forecast for the U.S. housing market, a recent poll of more than 2,000 consumers found that 49 percent of respondents feel they will never be able to save enough money for a downpayment on a home. The poll, conducted by the National Foundation for Credit Counseling (NFCC), a national nonprofit credit counseling organization based in Silver Spring, Maryland, also found that just 12 percent of respondents feel they would have no trouble coming up with a 20 percent downpayment. An additional 20 percent said they would need a loan that allowed a much lower downpayment, and 18 percent said they would have to borrow the downpayment money regardless of how much is required. According to the NFCC, finding the money for a downpayment for a home was historically only a problem for first-time homebuyers. But after purchasing their first home, buyers could normally satisfy the downpayment requirement on a new home from the proceeds of the sale of their former house. However, this is no longer the case, the NFCC said. Due to today’s turbulent housing market, the problem of being unable to afford a downpayment has now spread to those who currently own a home, the organization explained. With many mortgages underwater, even if the homeowner is able to sell his or her current house, there may be no profit available to satisfy the downpayment on the next home. And further exacerbating the problem, the NFCC said, is that as home prices have decreased, many lenders have increased the downpayment amount required to obtain a mortgage loan. “With the average home price in America just below $200,000, a 20 percent downpayment is near $40,000, a nice chunk of change by any standard,” said Gail Cunningham, spokesperson for the NFCC. “Some may still be able to obtain an FHA loan with a low downpayment requirement, but those with poor credit will likely have to put a larger amount down.” Even with the economy improving, a staggering number of people are still out of work, and the retirement plans of many others have been decimated, Cunningham said. As a result, she said buying a home may no longer be a part of the American dream—at least not in the near future.

Realtor for health?

Realtor for health? stays ready for wealth ? I have been a cancer survivor, and this is a feel good article . No downers, just some good info for all my friends and realtors com padre s , so if you think the real estate business is goofy , how about your life if you got sick, like really sick? Ladies if you found out you needed help, guys , if you could not be the bread winner for a month or even a year, well, it happened to me , and i have been using these kind of products now for 3 years and DOING PREVENTATIVE HEALTH practices , If you had a million in cash and discovered some serious medical ills, life threatening , would you trade off the money for another 10-20 years to live ?, of course , so if you want to see reduced medical cost , and an fantastic preventive health care idea , please watch this link to ENVITA health plan , no money to join, yes, no money to join i must admit i get up everyday and start like gangbusters trying to earn a living here in scottsdale arizona , foreclosure, short sale , and underwater capital of the world, click on the 2 links and see a wonderful info moment that WILL CHANGE YOUR LIFE FOR HOW YOU WILL TAKE CARE of yourself and your loved ones ….. www.envita.com ,,,,,,, http://htxt.it/KN9R my referral code is,,,,,,, realtorforhealth 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 LinkedinTweet This!Subscribe to the comments for this post?Add this to Google BookmarksSubmit this to Twittley

HERES WHATS HAPPENIN

HERES WHATS HAPPENING AT MY OPEN HOUSES IN SCOTTSDALE ,ARIZONA Boy what a difference a year makes, here in the phoenix ,scottsdale ,arizona housing market. I have been doing open houses all month and have seen a big change , for the worse , in the homebuyers that are coming in too view my open house party. Almost the 10 out of 10 level of interested prospects, they all have a similar stigma, THEY OWE MORE ON THERE PRESENT HOME THAN ITS WORTH. So how do they get there current home sold, in order to purchase a new one from us? They don;t. For years , many homeowners valued there credit to the point that it was there badge of honor, the reward , there bragging rights, but not today . Have you been listing to prospects, who actually talk about walking away, buying a home today , and walking away from the white elephant that cannot be sold? I am seeing many more vacancies in the mid to higher priced homes in this area. The Census Bureau also reported that the percentage of vacant homes in the U.S. rose from 2.6 percent in the third quarter of last year to 2.7 percent in the fourth. All told, there were 2.09 million homes sitting empty and available for sale at the end of last year, up from 1.99 million three months earlier, the agency said. As Bloomberg explained, this number includes both listed properties and those that banks have repossessed and have not yet listed. Patrick Newport, an economist at IHS Global Insight, told BusinessWeek, “The vacancy rate captures all the properties that are being held off the market by banks, so it shows how much excess inventory there really is. How do we sell new homes , when prospects cannot get financing, cannot get there present home resold, and the inventory of vacant homes keeps rising ? We do the best we can , we are realtors, and are job is to hang in there while helping ourselves, are clients, and dig in for the long haul. 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 LinkedinTweet This!Subscribe to the comments for this post?

CAN you get a contin

CAN you get a contingency home resold in time? I had a client this week who loved the new home model of a scottsdale ,arizona luxury community.. It was a perfect fit for there current needs, and wants. NO children at home, single level , pool , gourmet kitchen and almost 4000 sq ft for only $700,000. I was licking my chops, wife loved it, husband was drueling for it, new home sales consultant was preparing to open her paperwork file , and then it happened. Who ever heard them say anything about , there previous, and current home , for sale , in the Midwest? I did my pre qualifying, asked all the right questions, and never did the phantom home for sale , ever come up. Well the new home sales consultant spoke right up and announced that this builder did not accept contracts with any contingencies,, especially , ANOTHER HOME TO SELL. DIDN;T they know that the markets are stuck in reverse?DIDN;T THEY know that its aw full tough to get a resale home sold, at any price, to a retail buyer , at retail prices? Well time will tell if mommy bear has her way in this decision, and i will keep you posted on the phantom home to sell ,AT RETAIL PRICING. " rel="nofollow" class="external" title="Tweet This!">Tweet This!Subscribe to the comments for this post?Add this to Google BookmarksSubmit this to Twittley

Can a short sale of

Can a short sale of your home, get completed by the bank? I had a short sale actually close in December , as wachovia, must have ramped up there short sale application process, but have you seen and heard how bad most other lenders are doing now? I see bank of America, countrywide still lolly gagging around, shuffling papers from one dept to another. Have any of you been able to pinpoint , the most effective ways to move the process along?, I am seeing more and more of my friends and clients looking at just throwing in the towel and contemplating a short sale .While more at-risk homeowners are turning to short sales as an alternative to foreclosure, Housing Predictor says the small number of short sales that are actually approved by banks represent less than 1 percent of all homes facing foreclosure. In the first half of 2009, only 40,000 short sales were completed, according to the most recent data available from the Office of the Comptroller of Currency shows. In addition, Housing Predictor said only an estimated 8 to 12 percent of all homeowners who request short sales accomplish a completed transaction. Because lenders only write off short sales as a loss when a property is sold, this small percentage of completed transactions leaves a gaping hole in the troubled banking industry’s problem with short sales. In possibly the first indication of a growing second wave of foreclosures, an increase in distressed properties listed for sale is already beginning to develop in Southern California. Dana Point has seen its inventory of foreclosures and short sales jump to more than 24 percent of all homes listed for sale, and nearby Laguna Beach and San Clemente have seem similar increases. While this rise in troubled properties indicates that lenders have increased foreclosures, it may also signify that that they are showing more cooperation in the case of short sales, Housing Predictor said. As DSNews.com reported, the Treasury Department recently passed a sweeping series of rules to expedite short sales, giving at-risk homeowners an alternative to foreclosure. Under the Home Affordable Foreclosure Alternatives program, bankers will get $2,000 in exchange for handling a short sale, but the program will not start until April. Housing Predictor said this plan is also beleaguered by the same flawed logic that the Obama administration has with bankers to modify mortgages only on a voluntary basis. Above all else, Housing Predictor said the biggest problem with short sales is getting approval from bankers. While the number of approved sales increased in the third quarter of 2009, industry analyst still aren’t sure by how much, as they are awaiting final government figures. Real estate agents are trying to price properties at levels where they will get approvals, but bankers often believe the price being offered by a purchaser is too far under market to approve the sale, Housing Predictor said. However, the longer payments fail to be made on a mortgage, the more a bank loses on its capital. As a result, major banks are preparing for an influx of short sales. Many claim to have hired extra staff to handle short sales, and some have purchased new software to assist in the process. JP Morgan, with one of the highest default rates in the industry, says it has hired 5,000 new employees to handle distressed sales. Bank of America services about 14 million mortgages, including millions of troubled loans it acquired in the purchase of failed Countrywide Home Loans. The lender says it has also taken steps to prepare for an increase in short sales by upgrading its system to handle these types of transactions. However, Housing Predictor said Bank of America has driven many troubled borrowers further away from working with the bank by out-sourcing much of its process to an India call center. I have been on the line with these mumbling voices from call centers from mars, 1st you cannot understand them, 2nd , they read from a script , and 3rd , they do not have the file , in question, anywhere near them , say 10,000 miles away , so , lets see if the government can get there act together in the next few months , while another 2,3,or 4 million more homes go into foreclosure.

CAN you buy AND FLIP

CAN you buy AND FLIP A FHA , OR FANNIE MAE OWNED HOME IN A WEEK NOW? I guess the real estate bubble making machine has now been fixed. How do you stop the buy and flippers from starting the silly price rise game again ? Easy, you hire real appraisers who can only find like value ,in the current neighborhood. S o if you paid $100,000 for this FHA or fannie mae home today , you might be hard pressed to get a $150,000 value for your buy , flip , and screw , program.There is a new policy change that will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales without a mandated waiting period. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities, HUD explained in a statement. “As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers,” said Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization.” Donovan stressed that the change in policy is temporary and will include strict conditions and guidelines to assure that predatory practices are not exploited. The waiver will take effect on February 1, 2010 and is effective for one year, unless extended or withdrawn by the FHA commissioner. To protect FHA borrowers against predatory practices of “flipping,” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following conditions: • All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction. • In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions. • The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program. The temporary policy waiver is one of several steps HUD is taking to alleviate property vacancies and community blight.The federal agency has awarded another $2 billion in Neighborhood Stabilization Program (NSP) grants to local communities and nonprofit housing developers across the country to combat the effects of abandoned homes by turning foreclosed properties into affordable housing projects. I hope this works as there are to many vacancies, and anything to help our industry , may be good , for the buyer , and the seller, these days . CAN you buy AND FLIP A FHA , OR FANNIE MAE OWNED HOME IN A WEEK NOW? I guess the real estate bubble making machine has now been fixed. How do you stop the buy and flippers from starting the silly price rise game again ? Easy, you hire real appraisers who can only find like value ,in the current neighborhood. S o if you paid $100,000 for this FHA or fannie mae home today , you might be hard pressed to get a $150,000 value for your buy , flip , and screw , program.There is a new policy change that will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales without a mandated waiting period. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities, HUD explained in a statement. “As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers,” said Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization.” Donovan stressed that the change in policy is temporary and will include strict conditions and guidelines to assure that predatory practices are not exploited. The waiver will take effect on February 1, 2010 and is effective for one year, unless extended or withdrawn by the FHA commissioner. To protect FHA borrowers against predatory practices of “flipping,” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following conditions: • All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction. • In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions. • The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program. The temporary policy waiver is one of several steps HUD is taking to alleviate property vacancies and community blight.The federal agency has awarded another $2 billion in Neighborhood Stabilization Program (NSP) grants to local communities and nonprofit housing developers across the country to combat the effects of abandoned homes by turning foreclosed properties into affordable housing projects. I hope this works as there are to many vacancies, and anything to help our industry , may be good , for the buyer , and the seller, these days .

FORECLOSURES OUR US?

FORECLOSURES OUR US? what can we do about stopping foreclosures in phoenix,arizona? Good morning to the rest of the country. We ar experiencing , great warm weather here in the phoenix, scottsdale ,mesa , glendale, cities of phoenix ,arizona, but hold on ,the great weather is not bringing in the inbound migration of buyers? There are job employment problems, that are causing the foreclosure market to keep expanding. That puts pressure on the average home prices here locally. Foreclosure inventories also continued to climb to new highs, with November’s foreclosure rate at 3.19 percent – a month-over-month increase of 1.46 percent and a year-over-year increase of a staggering 81.41 percent. Compared to 2005 levels, LPS says foreclosure inventories across all loans are now nearly seven times higher. High-end jumbo loan foreclosure inventories are nearly 100 times more than levels four years ago. LPS reported that foreclosure starts continue to decline as a result of loss mitigation efforts like the federal government’s Home Affordable Modification Program (HAMP), but as more and more homeowners extend their time at the brink awaiting evaluations or running the course of the trial phase, servicers’ delinquent loan volumes have become elevated. The company says the reduction in foreclosure starts is not necessarily a positive side effect. Combined with the steady increase in the number of seriously delinquent loans, it means there is an ever-growing “shadow” inventory of troubled properties that will eventually hit the market, LPS explained. Topping LPS’ list of states with the most non-current loans is Florida. Also finding their way to the top 10 are Nevada, Mississippi, Arizona, Georgia, California, Michigan, Indiana, Ohio, and Illinois. States with a coveted spot on the list of those with the fewest non-current loans include North Dakota, South Dakota, Alaska, Wyoming, Montana, Nebraska, Vermont, Colorado, Oregon, and Iowa.If you want to live here in the phoenix, arizona market and do business, i suggest you set up your shop to cater to high end short sales this year, as i am seeing all levels of the economic chain being affected . WHY not move out to our wonderful city where you SHOVEL SUNSHIMNE , this time of year.

WHAT EVER HAPPENED T

WHAT EVER HAPPENED TO THE NEW HOME SALES AGENTS AT LOCAL SUBDIVISIONS IN PHOENIX, ARIZONA MARKETS ? Boy, there is a a great oxy-moron , new homes sales agents, in this depression era. What happened to them ? Did they go the way of the dinosaurs? NO, they have assimilated into other areas of real estate, perhaps. I personally moved from new home sales for builders, years ago because of time restraints ,while raising a family. Many of the new home sales agents have just left the business , as most all home builders have shut down or closed down many of the future subdivision plans. Will they ever come back? For years it was considered a prestigious profession, working out of model home , or sales trailer, dressing nice , centrally located all week, and good money, when homes were selling. I cannot remember the last time i signed in a client into a new home subdivision, when showing homes. Can you ? , here in the vast phoenix, scottsdale , mesa , glendale areas of phoenix arizona, it was known as the best , the fastest growing, the place to be, for new home shopping ,visiting 3 ,4, 10 new builders subdivisions, around the valley. Now , the builders don;t even do there weekly newspaper ads , as whats the sense?Did you read today in Reuters news that mortgage applications were down for December , and traffic at any new home subdivision ,was also very slow. So for any of your friends that may still have a new home subdivision JOB, there are working at, wish them well as they are a rarity, until our housing marker springs to life again.what was always a 70-200k a year commission earned potential job, , now you can only imagine. Most builders gave a monthly draw against future closing commissions , in order to keep the agent afloat , while they built out a community. There is a lot to say for a secure builders up and coming new home subdivision, while waiting out this perfect storm in our present real estate market

WHATS THAT? ITS JING

WHATS THAT? ITS JINGLE KEYS BEING MAILED BACK TO LENDERS.I really did hear them going thru the mail again, hundreds of them , wait, those are thousands of them . Remember when you heard all the stories of home owners just mailing there keys back to the lender , for the frustration of not getting anyone to listen to them, help them , or sort out there loan modification request?, well now, all those loan servicers, the bankers , and all the lenders can have a wonderful JINGLE KEY PARTY , AS there are so many homeowners, now after the holidays , now after the wonderful family dinner, and gift giving,is over, they now are throwing up there hands and just mailing the lenders , there own private revenge bomb. JINGLE KEYS. What with all the oncoming shadow inventory , you must wonder, whats the real estate market to do ? Recent analysis by the Amherst Securities Group indicates the housing industry will not only worsen as a delayed pipeline of foreclosed loans begins to liquidate, but that the Administration’s Making Home Affordable Modification Program (HAMP) will have no lasting effect on keeping delinquent loans current. The early signs of stabilization seen among housing industry observers may soon recede as an overhang of the shadow inventory of foreclosures waits to enter the market. The general outlook that the housing market has bottomed is “premature” optimism, according to analysis this week from Amherst. “The single largest impediment to a recovery in the housing market is the large number of loans that are either in delinquent status or in foreclosure that are destined to liquidate,” analyst Laurie Goodman said in an insight report Wednesday. Amherst estimates this “shadow inventory” at around 7m housing units, or 135% of a full year of existing home sales, compared with 1.27m units in this bucket in early 2005. The backlog is due to high transition rates, low cure rates and a longer timeline for loan liquidation – in other words, loans continue to transition into the delinquency/foreclosure pipeline at a rapid pace, but are moving out at a very slow pace. The loans, however, are “destined to liquidate. That going to cause alot of foreclosures again. Not all companies are slow, as i had the experience yesterday of getting a new reo listing rekeyed , and met the reo companies WINTERIZATION PROTECTION company tech there at the same time i was, he said he was slammed , doing 5-8 homes a day of repos , wow , looks like us realtors will have alot of homes to sell, as the market is tanking . Good luck to you all, and HOW MANY STAMPS DO YOU NEED TO MAIL JINGLE KEYS BACK TO THE LENDER?

Loan modifications f

Loan modifications from LENDERS ARE APPALLING , listen to this storyMorning from the new year and here a doosie for you to listen to. I just got a call from a realtor who has a client that lost her home in foreclosure , after trying for 4 months to work with the lender on the $100,000 loan balance in a $50,000 current value home. The homeowner did not want to move as they had kids and family entrenched in the area for years. After offering a price of $90,000 , to the lender and requesting a reduction in the payment to match the new requested $90,000 modification, the lender said no, and proceeded to the foreclosure date . The home did revert back to the lender and the poor family had to move out , and get a rental home ? Now they could afford the new proposed payment of the higher price of $90,000 to the lender , but the stupid , insane lenders and loan servicers , his ,cronies, and the fat cat bonus taking executives, decided not to work on this requested loan modification, and kicked her out of her home. So now i have just been awarded this home as a bank reo to list and sell for the loan servicer for this lender at $ 50,000. NOW GO FIGURE , how the hell is the average guy on the street and your clients going to fight this kind of S#@$ going on. WHERE IS THE FAIRNEST, THE COMMON DECIENCY , THE REGULATORS OF MODIFICATION HEAVEN when you need someone fighting for the little guy, the mom working 2 jobs, the dads delivering pizza to stay afloat , the guy reading the help wanted ads in despair ?, When can things get back to normal , and who is going to do it ? OBAMA