Homes in Phoenix
Nearly 1M Loan Modifications So Far in 2010
Nearly 1M Loan Modifications Means Nearly 1M Fewer Foreclosures!
Our much maligned Lending Industry is finally rewriting loan terms to head off foreclosures rather than just being concerned about selling foreclosures the lenders were forced to take back. This will have the effect of stabilizing neighborhoods, communities, home values and our economy.
HOPE NOW Reports Close to One Million Permanent Loan Modifications Completed in 2010
975,000 permanent loan modifications have been completed so far in 2010 and that is 975,000 fewer foreclosures we avoided.
More than 174,000 Loan Modifications finalized in the month of June reflects an increase in the rate of loan modifications as Lenders become more proficient in processing loan modifications.
From January 2010 through June 2010, about 78% of mortgage servicers’ proprietary loan modifications included principal and interest reductions. These are real modifications that make homes affordable in this economy where so many are unemployed or worse – underemployed and underpaid.
In June, the industry completed about 123,000 proprietary loan modifications ~ a 10% increase from the previous month while another 51,205 HAMP Modifications were completed.
Since June 2007, nearly 3.4 million homeowners have saved their homes via permanent loan modifications.
Other June 2010 highlights:
- Foreclosure Starts decreased from 205,479 in May to 191,764 in June, a decrease of 7%.
- Complete Foreclosure Sales decreased from 98,963 in May to 90,350 in June, a decrease of 9%.
- Proprietary loan modifications completed increased from 112,088 in May to 123,150 in June, an increase of 10%.
- Principal and interest reduction modifications completed increased from 86,908 in May to 98,336 in June, an increase of 13%.
- Other retention plans completed increased from 74,004 in May to 83,222 in June, an increase of 12%.
While these statistics show progress is being made in avoiding Phoenix foreclosures AZ, the expiration of the Bush Tax Cuts at the end of 2010 is going to make it more difficult for people to pay for basic expenses and will slow job growth.
Contact your Congressmen and demand they extend Tax Cuts until our economy is back on track and growing again!
Arizona School Achievement Results Posted
TOUGHER AIMS TEST STANDARDS CAUSE DROP IN ARIZONA SCHOOL ACHIEVEMENT LEVELS
All Arizona school districts are seeing lower school achievement levels as a result of tougher test standards. Chandler, Gilbert and Mesa school districts are among the most successful and even they have seen schools achievement levels downgraded.
Check out the achievement level of your local Arizona schools in Maricopa and Pinal Counties with “Excelling” as the highest school achievement level followed by “Highly Performing”, “Performing Plus”, “Performing”, “Under Performing” down to the lowest level of “Failed to Meet Academic Standards”.
Chandler homes, Gilbert homes and Mesa homes located in excelling Chandler, Gilbert and Mesa school districts are in high demand and buyers with school age children are willing to pay more to send them to top rated schools. They know a good education is extremely important to the future success of their children and the well being of our communities. Everyone needs to support our local Arizona schools!
CHANDLER, ARIZONA
Chandler School District 2008 – 2009 School Year had 27 Excelling and 5 Highly Performing Chandler schools.
Chandler School District 2009 – 2010 School Year has 23 Excelling and 8 Highly Performing Chandler schools.
GILBERT, ARIZONA
Gilbert School District 2008 – 2009 School Year had 33 Excelling and 6 Highly Performing Gilbert schools.
Gilbert School District 2009 – 2010 School Year has 17 Excelling and 12 Highly Performing Gilbert schools.
MESA, ARIZONA
Mesa School District 2008 – 2009 School Year had 28 Excelling and 18 Highly Performing Mesa schools.
Mesa School District 2009 – 2010 School Year has 21 Excelling and 21 Highly Performing Mesa schools.
Support our Chandler Schools, Gilbert Schools and Mesa Schools
Sam Elam, Associate Broker with Prudential Arizona Properties, (480) 213-1799 has 20 years of experience and in-depth Phoenix real estate market knowledge to help buyers find Chandler homes, Gilbert homes AZ and Mesa homes for sale AZ served by top rated schools!
Metro Phoenix Real Estate Market Is Looking Up!
June 2010 results are now available for homes in Phoenix for sale and closed sales. As compared to May 2010, the average sales price of Single Family Detached homes is up 10% to $203,417, median sales price is up 6%, days on market are down 3% to 79 days and homes are selling for 98% of list!
The number of sales and the average sales price of homes in Scottsdale and Mesa homes for sale AZ are up and the number of days on market to sell are down as compared to a year ago June 2009 and as compared to a month ago May 2010! Even more impressive — these STATS apply to both detached and attached property types in both communities!
Also on the honor roll of high performing real estate markets are Phoenix, Tempe, Gilbert and Chandler homes for sale AZ – all reporting the average Single Family home sales price is also up!
In spite of the end to the First Time and Long Time home buyers Tax Credit, buyer demand remains strong with the number of sales exceeding sales during May 2010 – keeping the available inventory of homes for sale low.
Mortgage rates are under 5% and prices are 50% below where they were at the peak in 2006. Fence sitters are going to miss out on a terrific home buying opportunity if they continue to wait. The Phoenix real estate market bottomed out last spring. High buyer demand and low inventory levels are going to push prices higher than they are now. Don’t miss out!
For all the details about the real estate market in your favorite area, go to Phoenix real estate market conditions.
Sam Elam, Associate Broker, ABR, CRS, GRI, e-PRO, SFR, Prudential Arizona Properties (480) 213-1799
DENIED A HOME LOAN? IT’S EASIER TO GET FHA LOAN APPROVAL!
The economy is still recovering from its troubling decline in recent years, and as it recovers, Phoenix and national housing prices are beginning to slowly rise again. If you’re thinking about becoming a homeowner, now is a perfect time to do it. If, however, you’ve also been affected by the recent downturn, you may be a bit concerned with your initial financial obligations that come with a mortgage. An FHA loan can often be the best choice in these situations, with low interest rates and reduced credit requirements which can allow many potential buyers, who otherwise may not qualify for a loan, to become homeowners.
The FHA program is run by the Federal Housing Administration and is targeted at those who may not have the credit scores or down payment amount necessary to qualify for traditional loan programs. With an FHA loan, you can expect competitive interest rates coupled with relaxed credit standards, which means that even a buyer with some a less than stellar credit history can qualify for a low interest rate. What’s more, the FHA’s low down payment option means that you’ll only need 3.5% of the purchase price instead of the traditional 20% to put down at closing, and the remainder of your closing costs can be rolled into the loan and/or paid by the seller.
The main qualification to participate in the FHA program is that you’re a Phoenix first time home buyer who is buying his or her primary residence (not investment property). The FHA loan program provides loans for both single family and multi-family dwellings and is available across the US, making it a compelling option to other loans for first time buyers. There is a maximum amount that borrowers can receive from an FHA loan, but these limits are very generous and vary from area to area, according to the cost of living in that area.
To find out more, speak with your lender or visit the FHA’s website at www.fha.gov
Contact Sam Elam with 20 years of real estate expertise to help you get into a Phoenix home in Chandler, Gilbert, Mesa, Scottsdale or Queen Creek!
Associate Broker, Prudential Arizona Properties, (480) 213-1799
FANNIE MAE RESURRECTS PAYING BUYER CLOSING COSTS
FANNIE MAE EXTENDS HOME BUYER CLOSING COST ASSISTANCE PROGRAM THROUGH JUNE 30, 2010!
Fannie Mae extends their home buyer assistance incentive program of paying home buyer closing costs up to 3.5% of the sales price through June 30, 2010 when you buy one of their foreclosed Phoenix homes. Fannie Mae Closing Cost Assistance and Appliance Incentive is extended through June 30, 2010 to coincide with the expiration of the $8000 First Time and $6500 Existing Home Buyer Tax Credit Program. Even if you do not qualify for the Tax Incentive program you can get your home buyer closing costs paid when you buy a Fannie Mae foreclosed Phoenix home.
Foreclosure home buyers are given the option to use the 3.5% closing cost incentive to pay closing costs and purchase new Whirlpool appliances at the discretion of the home buyers.
Eligibility requirements include:
1- Foreclosed property sale must close on or before June 30, 2010
2- Buyer must be an owner-occupant (second homes are eligible as long as they are owner-occupied) — but investors are excluded.
The incentive reinforces Fannie Mae’s commitment to stabilizing communities and assisting buyers purchase a foreclosed Phoenix home. For more information about this incentive, visit HomePath.com, read the press release or contact a Fannie Mae listing broker.
Contact Sam Elam with Prudential Arizona Properties to help you purchase one of the foreclosed homes in Chandler, Gilbert, Mesa, Phoenix, Scottsdale, Tempe or Queen Creek and have Fannie Mae pay much, if not all, of your closing costs before this program expires!