Blog, Foreclosures/Short sales, Housing Stats, Rankings
Arizona Drops out of “Foreclosure Top 10”
August 27, 2013 by Justin Lombard · Leave a Comment
HousingWire reports that foreclosure filings dropped almost 16% in July 2013 from June, and are down about 50% over the same time last year. This data confirms what most Arizona Realtors and real estate analysts already knew — the Arizona real estate market is in full recovery mode. Solid appreciation has created a market that’s a mix of sellers who now find they have sufficient equity...
Learn morePhoenix Area Real Estate “Shadow Inventory” – Fact or Fiction?
August 20, 2012 by Justin Lombard · Leave a Comment
There are few absolute certainties when it comes to Phoenix real estate, and the debate about the so-called “shadow inventory” is no exception. If you’re not aware of that term, it refers to real estate that the banks have already acquired via foreclosure and are holding onto for the perfect moment to dump them back on the market. Many real estate aficionados believe that the shadow...
Learn more(Foreclosure) Buyer Beware!
October 1, 2009 by Justin Lombard · Leave a Comment
As if there weren’t enough risks and potential pitfalls in purchasing real estate foreclosures, I’ll add another one to the list: angry former homeowners!
Learn moreHas Phoenix real estate hit bottom?
August 13, 2009 by Justin Lombard · Leave a Comment
As always, opinions are a dime a dozen. Even the most knowledgeable ‘experts’ on our housing market are divided on the status of our market. Most believe that we’ve either hit, or are very close to hitting, the bottom. Some have speculated that there’s a huge number of foreclosures that are still working through the system that will act to reduce prices further.
Learn moreFurther proof that there’s never a dull moment in Phoenix real estate sales…
August 6, 2009 by Justin Lombard · Leave a Comment
I spent 2 days this week showing properties to a couple of Canadian investors. On our second day, we found a great condo in a really nice community close to the PV Mall.
Learn moreLoan modifications are failing — thanks to the banks, er, the government!
August 5, 2009 by Justin Lombard · Leave a Comment
Whenever I talk with homesellers who are in dire straits – without sufficient equity to sell and/or in immediate risk of falling behind on payments – the first thing I advise them to do is consult with their lender(s) to try to structure a loan modification. I encourage them to be honest with their lien holder(s) and let them know, point blank, that they are no longer able to keep up...
Learn more$20M Federal Grant for Phoenix Real Estate Foreclosure Market
October 2, 2008 by Justin Lombard · Leave a Comment
The City of Phoenix will receive about $40M from the Housing and Economic Recovery Act to bolster the hard-hit Phoenix real estate market. The funds are almost double what was expected, which is really not a good thing, as the funds are based on need. The grant will be applied across a number of initiatives at the City’s discretion, and could range from buyer assistance of foreclosures to...
Learn moreTips to Help Avoid Foreclosure
August 13, 2008 by Justin Lombard · Leave a Comment
The Phoenix real estate market is wide open with exciting opportunities for prospective homebuyers. With astute research and some negotiating, opportunities abound. The downside to any imbalanced market is that the presence of a clear-cut winner also implies the presence of a losing party. The Scottsdale real estate and Phoenix real estate markets currently face among the highest foreclosure...
Learn moreFannie Mae hammered by $2.3B loss. What now?
August 10, 2008 by Justin Lombard · Leave a Comment
On Friday, Fannie Mae which, with Freddie Mac, holds or guarantees about 1/2 of all outstanding mortgages, declared a $2.3 billion loss. Analysts had expected a loss of about $0.68/share, a fraction of the reported $2.54, which sent shares of FNMA falling 9% for the day. The huge blow is largely attributed to a surge in foreclosures. As if anyone needed confirmation, sub-prime (or Alt-A) holdings,...
Learn moreTough Times for Phoenix-Area Home Sellers
July 19, 2008 by Justin Lombard · Leave a Comment
A report released last week by Arizona State University revealed that property values fell 18% year-over-year from April 2007 to April 2008. Foreclosures are mostly to blame for the decline, as buyers gobble up deals as banks get more and more aggressive with their ever-growing REO holdings. In fact, estimates indicate that 20-30% of April sales were foreclosures. Now is an awesome time to snap...
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