Urban Living and Relocation Specialist Realtor - Phoenix, Scottsdale, Tempe Arizona - Articles

New Obama Program to Keep Homeowners in their homes for 12 months

no@spam.com (Bill Gemmill) — Sat, 16 Jul 2011 15:30:00 MDT

Starting August 1st the FHA will extend the time for unemployed homeowners to miss mortgage payments to a full year from the present 3-4 month rule. This will allow QUALIFIED homeowners to go without making a payment for up to 12 months before the foreclosure process starts.

FHA Issues New Condo Guidelines

no@spam.com (Bill Gemmill) — Sat, 16 Jul 2011 15:30:00 MDT

In response to sluggish condo sales, the FHA and HUD issued new draft guidelines for FHA mortgage approvals July 1st.

More good news for Phoenix Home Market

no@spam.com (Bill Gemmill) — Tue, 14 Jun 2011 21:00:00 MDT

While we continue to hear that we are in the middle of a "double-dip" in home prices, and that there is a great shadow inventory out there, the facts in Maricopa County for the last few months show that is not the case in this part of the country. Demand is up and inventory is down, both good news. The bad news for sellers is that the prices have been stable to a slight dip, which is not forecast to change at least with the hot summer upon us.

U.S. Home Prices continue fall

no@spam.com (Bill Gemmill) — Tue, 07 Jun 2011 15:30:00 MDT

Latest data from S & P Case-Shiller index shows the U.S. Real Estate posted a decline of 5.1 percent from the first quarter of 2010. In their words "home prices continue on their downward spiral with no relief in sight".

Market Update - April 2011

no@spam.com (Bill Gemmill) — Sun, 22 May 2011 12:30:00 MDT

There is some good news to report for our Phoenix Home Market. In the news you will read that Arizona continues to have the number 2 foreclosure rate in the nation, which is true, however there are plenty of signs that paint a much brighter picture!

Future cloudy for less than 20% Down Mortgages!

no@spam.com (Bill Gemmill) — Sun, 22 May 2011 12:00:00 MDT

Can you afford a 20% down payment on a home? Do you want to tie up that much cash if you do? A provision of the Dodd-Frank Act includes qualifying residential mortgage, or QRM, and the Act left it up to a number of Federal Agencies to come up with the actual regulations by April 21st of this year.

Centerpoint in Tempe Sold

no@spam.com (Bill Gemmill) — Fri, 03 Sep 2010 13:00:00 MDT

The twin condo towers in downtown Tempe that have been sitting vacant and unfinished since the original developer ran out of funds (and went into bankruptcy) and may finally be sold. A purchase agreement was announced September 2nd with the Zaremba Group.

Home Loan Modification Request - Watch out for Chase

no@spam.com (Bill Gemmill) — Wed, 25 Aug 2010 06:00:00 MDT

I have a client that was told that their foreclosure was put on hold while their Make Home Affordable Home Loan Modification Application was being processed with Chase. Client, on a fluke, called the attorney for Chase and found out their home was indeed scheduled for foreclosure the next morning at 10AM!

When buying using FHA certain items HAVE to be working!

no@spam.com (Bill Gemmill) — Tue, 15 Sep 2009 19:00:00 MDT

In this new economy where FHA Mortgages account for almost 75% of the new mortgages in our valley, many people do not realize that the FHA requires certain items in a home to be in working condition (or at least in the home) before they will fund the loan. This is very important for buyers using FHA mortgages to purchase bank owned homes that are many times in less than move-in condition. The following is a list of items REQUIRED by the FHA, and items that are not required. Thanks to Aerick at Security Mortgage for providing the details below.

Phoenix market, great deals but frustrating at the same time!

no@spam.com (Bill Gemmill) — Sat, 12 Sep 2009 09:00:00 MDT

Buying a home used to be, for the most part, a very orderly and pleasant experience. You might have to wait a few days to see if your offer was accepted or go back and forth a bit with the Seller, but today that process has changed for many valley home buyers, leading to frustration and sometimes seeing the buyer walking away and renting instead.