Recent Posts: Foreclosures + Short Sales

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Can a Lender Sue You?

Arizona’s anti-deficiency statutes protect borrowers from being sued for a deficiency after a foreclosure of a loan used to purchase a home. Exceptions include where the property is more than 2.5 acres, or if it there are three or more units (such as a triplex). And for loans made in 2015 on, the anti-deficiency protections […]

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Elevated Foreclosures Continue in Florida.

Foreclosures have fallen across the country, with REO inventory down nearly 30% by the end of the summer of 2016 according to CoreLogic. And completed foreclosures in the U.S. are now down 69% from the September 2010 peak. Here in Arizona our trustee’s sales have also plunged, and are now below monthly historical levels. But […]

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“Boomerang” Buyers Returning Slowly.

Americans who lost their home to foreclosure are slow to return to home ownership. About 1.9 million of the 3.1 million home owners who were foreclosed on between 2007 and 2013 have passed the 7 year mark, the typical time required to sufficiently improve a credit score. But less than half are rebuying homes. Arizona […]

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Lenders Aren’t Moving REOs

In an earlier blog, I wrote about the inability of lenders that had completed foreclosures to timely put those homes back on the market. Under ordinary circumstances, a bank will put a “real estate owned” (or REO) home back on the market as soon as possible – often in 30 days. But only some of […]

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Are Lenders Holding Back REOs?

In normal market situations, a bank will repossess a home and usually get it to a Realtor for listing in the local Multiple Listing Service in as short as 30 days. Therefore, in a relatively short period of time, virtually every marketable lender owned property (a REO) finds itself listed for sale on the local […]

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Foreclosures and Equity in Arizona – How do we Rate?

The West has been a leader in the number of foreclosures in the United States in first half of 2009. But have things changed? What about the amount of equity in homes? How much have Arizona homeowners lost, and how does that compare to our neighbors? First, in Phoenix, house prices have declined up to […]

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The Rules have Changed – Frustration in a Buyers’ Market (Part 1)

Arizona’s residential real estate market is schizophrenic right now – a dichotomy of healthy sales in some segments versus years on the market in others. The good news is that lower sale prices overall have allowed buyers once priced out of the market to enter the fray. The bad news is that the buying process […]

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How does Arizona Rate – Nationwide Foreclosure Rankings

Although there are monthly variations in the number of foreclosures around the country, it is usually not difficult to figure which states will be the leaders. Arizona continues to rank in the top three, but there are a few surprises in the national distressed sale numbers. In mid-March, the top ten states with the highest […]

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Are There Foreclosures in Scottsdale?

Long largely immune from the fluctuations in the greater Phoenix market, Scottsdale has not been able to avoid the current adverse conditions. At one time the opinion that homeowners in the “Beverly Hills” of Arizona would lose property by foreclosure in significant quantities would have been laughed at. Fortunately the decline in values in Scottsdale […]

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Buyers are Increasingly avoiding Distressed Properties

Buyers have discovered that it is not necessary to purchase a distressed property to obtain a great deal these days. According to its November 2008 survey, Harris Interactive reported that the number of buyers willing to consider the purchase of a bank owned property or that from a seller needing lender permission (a short sale) […]

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Foreclosure Reporting

James B. Lockhart, Director of the Federal Housing Finance Agency today released the first monthly Foreclosure Prevention Report, which provides comprehensive monthly data on the loan modification efforts of Fannie Mae and Freddie Mac. Fannie Mae’s HomeSaver Advance program, introduced in the first quarter of 2008, allows qualified borrowers an unsecured loan up to the […]

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Foreclosure Prevention Resources (part 2)

Part 1 of this blog series detailed some of the programs and resources available to distressed home owners from the government and Fannie Mae and Freddie Mac. Those programs were insufficient to assist the increasing volume of struggling homeowners. This segment deals with programs which hopefully will prove more effective. Fannie Mae introduced the Streamlined […]

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Foreclosure Prevention Resources (part 1)

Traditionally, the help available to a distressed home owner from the government and Fannie Mae and Freddie Mac was limited to information and advice, such as that under the Hope Now Program. Hope Now is a free foreclosure prevention service provided by loan servicers and U.S. Housing and Urban Development (“HUD”) approved counseling agencies. It […]

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Dead Men Don’t Tell Tales (Part I)

I wanted to pass along a story about gruesome surprises found in homes for sale.  This one concerns a foreclosed home. In Dayton, Ohio last year a home had been foreclosed on and a contractor was hired to remove any remaining items the previous owner left behind. While doing his job the contractor found a number of […]

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