James Hagerty reports in The Wall Street Journal on two studies on the housing market.
His article looks at the impact the foreclosed properties will have on home pricing. There are 7.7 million home owners who are behind on payments. It is estimated that 5 million of these will go into foreclosure over the next few years. These properties represent on average across the US 10 months of sales. Arizona is in worse shape than the national average. The expectation is that foreclosed properties in Phoenix will represent 15 months of sales.
One thing that will help reduce the impact of these foreclosures on market pricing will be stepped up activity by investors.
You can read the entire article
here.
Don Grafues
Resource: The Wall Street Journal & REALTOR.org
The Census Bureau released data on the number of vacant homes in the U.S. There were 2.09 million vacant homes at the end of Q3, 2009. This is up from 1.99 million at the end of the prior quarter.
Don Grafues
Resource: REALTOR.org
Comments Off
We published two posts about the advantages of simply walking away from your mortgage if you are seriously “underwater.” Brent T. White, Associate Professor of Law at The University of Arizona made that recommendation in an article he published. Depending upon what state you live in, this may not be sound advice.
(more…)
Douglas 1948 site built HUD home reduced to $51,000.
Charles Haldeman, CEO of Freddie Mac, speaking at the Detroit Economic Club on Tuesday said he believes the housing market is at or near bottom.
The number of foreclosed homes continues to be an issue and could be a major factor in a continuation of a market decline. In a
prior post last December we reported there are 1.7 million homes facing foreclosure. There were
2.8 million foreclosures in 2009.
Comments Off
Realtor.org’s online magazine reports that foreclosures hit 2.8 million in 2009. That is a 21 percent increase over 2008 and 120 percent over 2007.
Arizona, California, Florida and Illinois accounted for half of the foreclosures.
Comments Off
On December 21 the California Department of Real Estate (DRE)
accepted the voluntary surrender of the real estate licenses of Whitfield Financial Services, Inc. and Raymond Jeter, Broker in response to DRE’s Cease and Refrain Order. Whitfield Financial Services was accused of illegally accepting a fee to help clients obtain a loan modification on their mortgages in addition to other complaints by DRE. In California, charging for a loan modification is illegal.
If you are contemplating a loan modification, HUD has housing counseling agencies in Arizona who can help. Click
here for an online list of HUD counseling agencies in Arizona.
Don Grafues
Resource: Department of Housing and Urban Development
Comments Off
This kitchen is not as bad as some. We often have missing cabinet doors, sometimes whole cabinets gone.
In Cochise County, in fact all of Arizona, stripping your home just before foreclosure is a felony.
Over half of the HUD homes we sell have at least the appliances removed, rarely do we have a home that is “complete”. We had one which was the ultimate of stripping, all appliances (including the a/c compressor), counter tops, face plates on switches and outlets, bathtub, toilets, interior doors… in fact everything that could be removed. The only thing left of any consequence was the kitchen sink. And you could tell the prior homeowner tried to remove it but could not get it free.
This
article from
The New York Times tells how the FBI is using Craigslist to catch people in the act of stripping their home.
Comments Off
On November 30 we published a post titled "
Undewrwater? Stop Swimming And Walk." That seems to be what more people are doing especially in the hardest hit states of Arizona, California, Florida, and Nevada. This according to an
article on realtor.org.
A Northwestern University and University of Chicago study found that strategy, not need, was behind nearly 25 percent of defaults.
We have no way of knowing how many of the 14 HUD properties in Cochise County on the market today are there because the owner walked but this is one of the highest number of HUD properties at one time in Cochise County.
Don Grafues
Resource: realtor.org
Comments Off
1.7 million homes are nearing foreclosure and expected to be on the market in the coming months according to an
article published on realtor.org.
This will have an impact on home pricing and will make it more difficult for a seller of a non-foreclosed property to get the desired price.
Comments Off
