What Happens When the Real Estate Industry Collapses In 2009, a nice couple came to me because they felt they had been taken advantage of when they purchased their retirement home in the White Mountains in eastern Arizona. About a year after they purchased their home,...
Though the rate of foreclosures in Arizona has been steadily dropping, the rate of foreclosures in Arizona remains the 2nd highest in the U.S. behind only California. For years now, I have been advising clients on their potential liability should they lose their home...
During the real estate boom in Arizona, many borrowers tapped into their home equity by refinancing their loans and taking "cash out". In many instances, rather than taking out a 2nd loan or a home equity line of credit ("HELOC"), borrowers would simply refinance...
In a recent article, we discussed why a short sale might be a better option than simply walking away from your home and letting it go via foreclosure or a trustee's sale. For the reasons stated in that article, we still believe that a short sale - though requiring a...
Mortgage rates are currently at record lows. A borrower can now get a 30-year fixed rate loan for as little as 3.375%. Unfortunately, homeowners who purchased their homes between roughly 3 and 8 years ago have not been able to take advantage of these low rates because...
This sort of stuff makes me shake my head. See this article at AZCentral.com. Recently, the federal government provided $269 million to the Arizona Department of Housing for the purpose of helping Arizona homeowners prevent foreclosure. The money was not used to...
I get a lot of calls from people who are looking for foreclosure or short sale help in Arizona. With these calls, I consult with a lot of people about their options when it comes to either walking away or pursuing a short sale. I will state at the outset that I almost...
Shocking, I know, but another government program is proven to be a failure. A recent paper published by Jonathan Brogaard & Kevin Roshak, both of Northwestern University, Kellogg School of Management, shows that (1) contrary to the purpose of certain stimulus...
Highest Home Sales in 10 Years According to the Arizona Regional Multiple Listing Service, there were an astonishing 11,125 residential unit sales last month. This is incredible considering that there were more homes sold in June 2011 than were sold in June 2005, the...
Did your home lose value over the past 5 years? Yes. Did your home lose value overnight? According to Zillow.com, probably. On June 14th, the real estate website Zillow.com issued a press release stating that it had "modified the formula it uses to estimate the value...
