- Home
- Phoenix Real Estate Market
Phoenix Real Estate Market
News about the Greater Phoenix real estate market.
New Obama Program to Keep Homeowners in their homes for 12 months
- By Bill Gemmill
- Published 07/16/2011
- Phoenix Real Estate Market
- Unrated
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
- By Bill Gemmill
- Published 07/16/2011
- Phoenix Real Estate Market
- Unrated
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
- By Bill Gemmill
- Published 06/14/2011
- Phoenix Real Estate Market
- Unrated
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
- By Bill Gemmill
- Published 06/7/2011
- Phoenix Real Estate Market
- Unrated
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
- By Bill Gemmill
- Published 05/22/2011
- Phoenix Real Estate Market
- Unrated
Homes left in middle of construction are now being finished!
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!
- By Bill Gemmill
- Published 05/22/2011
- Phoenix Real Estate Market
- Unrated
New rules may put home ownership out of reach for many of us.
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.
Home Loan Modification Request - Watch out for Chase
- By Bill Gemmill
- Published 08/25/2010
- Phoenix Real Estate Market
- Unrated
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!
- By Bill Gemmill
- Published 09/15/2009
- Phoenix Real Estate Market
- Unrated
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!
- By Bill Gemmill
- Published 09/12/2009
- Phoenix Real Estate Market
- Unrated
65K for this home in Buckeye!
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.
HERA will effect your closing!
- By Bill Gemmill
- Published 07/31/2009
- Phoenix Real Estate Market
- Unrated
HERA, better known as the Housing and Economic Recovery Act was designed to ensure that buyers obtaining mortgages to purchase homes were given accurate diclosure information on their loan. There are a couple of items in it that both buyers and sellers need to be aware of with this new legislation that could effect your closing.
