Monday, August 20, 2012

Top 10 metros with largest drop in for-sale inventory in July

Data released from Realtor.com's July 2012 Real Estate Trend Data Report show that asking prices rose 2.6% nationwide.
The number of for-sale real estate listings continued to drop on an annual basis in July, falling 19.3 percent from July 2011 to a total of 1.87 million listings nationwide, according to Realtor.com data through July 2012. This trend, along with a 2.6 percent year-over-year median list price increase last month to $194,900, points to some stability in the nascent housing recovery that's slowly settled in this year.
The Phoenix metropolitan area was ranked second among metros with greatest year-over-year list price increases, at 27.7%.

Read the full summary of the report here:

Daily Real Estate News | Top 10 metros with largest drop in for-sale inventory in July 

-Tom

Monday, August 13, 2012

Extension on Debt Forgiveness Act - passes Senate, possible action next month

Great news for those considering a foreclosure or short sale - The Senate Finance Committee approved a bipartisan bill before heading home for summer recess that would extend the Mortgage Forgiveness Debt Relief Act through 2013.

The current bill is set to expire at the end of December, but the Senate was able to get enough votes, and will move for possible action next month.

Also, included in the extension, is retroactively allowing homeowner's with Mortgage Insurance to write off those premiums as well. Great news for FHA homeowners!
The outlook for the extenders: Given the popularity of the housing deductions and credits, look for supporters to press the full Senate for early action in September in order to get these issues settled before Election Day. If there are serious objections in the Republican-controlled House, however, then all bets are off until the lame-duck session, when election losers as well as winners get to write federal tax policy.
-Tom

See the full article here: Congress weighs mortgage relief extension | The Real Deal
 

Monday, August 6, 2012

Home Prices in the West Are Rebounding as Inventory Shrinks

From the New York Times:
PHOENIX — Prices for existing homes here and in surrounding areas climbed by 25 percent during the 12-month period that ended in April, pointing to a decisive shift in the market realities of a place where foreclosed signs, abandoned properties and deserted neighborhoods became one of the most enduring symbols of the nation’s crippling real estate bust.

But hold off on the fireworks for a moment.

The rise in prices may be driven less by a resurgence in the local economy — real as it is — than by an inopportune dearth of houses for sale, as well as a steep decline in the number of bank-owned bargains hitting the market.
Read the full article here:

Home Prices in the West Are Rebounding as Inventory Shrinks | The New York Times

-Tom

Tuesday, January 24, 2012

HARP Update

Guidelines for the much anticipated HARP 2.0 have been released and are now being digested by the banks that will be funding these deals. We are currently waiting for specific rates and terms that will be available, and expect to be ready to close these deals in March 2012.

HARP, which was originally released in April 2009, is known by several other names: "goverment refinance program", DU Refi Plus, Obama's Refinance Plan, and Making Home Affordable Plan.

The first criteria to determine if you are eligible is to check to see if your loan is owned by Fannie Mae or Freddie Mac. Your loan must be backed by Fannie Mae or Freddie Mac and your acquisition/funding date must be prior to June 1st, 2009 (see your NOTE for that date).

Use these sites to check if your loan is owned by Fannie or Freddie:
Fannie Mae Loan Lookup
Freddie Mac

If your loan is not owned by either agency, you're not eligible for HARP, but you may be eligible for a regular refinance or possibly an FHA Streamline Refinance - if you'd like to explore your options for these types of refinances, please complete an application HERE.

Keep in mind also, that just because your loan is backed by one of these agencies does not instantly qualify you for HARP II.

If your loan IS owned by Fannie Mae or Freddie Mac, then it is probably a good idea to complete a loan application. You can do this online HERE, or feel free to call me and we can discuss your options over the phone.

A few points regarding HARP II:

* You must be current on your mortgage payments, and have no late payments in the past six months.
* There is no Loan-To-Value restriction with the new HARP - no matter how underwater you may be, you could still be eligible for a new 30-year fixed rate.
* You may not need an appraisal, however we will run an AVM (Automated Valuation Model) to get a rough estimate of the value of your home. Some banks may require a physical appraisal to check the condition of the home.
* HARP is for first liens only - any second liens must be resubordinated.
* There is no income check if your principal and interest payment stays with 20% of your old payment - if you're currently unemployed, or if you orginally purchased your home using 'stated income', you may still qualify.

This information is up-to-date as of January 24th, 2012. If you're ready to apply for a HARP refinance and see what rate may be available, call me! 602.206.3144.

Friday, November 11, 2011

Veteran's Day - Thank You

I wanted to take this day to thank you for your service and everything you do to protect our freedom. What you do ensures my family's safety, my freedom of speech, freedom to bear arms, and freedom to live my life as I see fit. It is my belief that those who have served and sacrificed for our country, and those who continue to do so, are the true heroes of this nation. So many have given their lives so that we can enjoy what we are today. I truly appreciate your service to our great nation, The United States of America. Thank you.

Monday, October 3, 2011

Testimonial From Another Happy Homebuyer

Mr. Maison,

To say it was a pleasure working with you is an understatement.  A business professional myself I have high expectations of those I do business with, and you exceeded in every way possible.  Not only did you find me a great rate with a reliable lender, you also were able to guide me through some of the most intricate and difficult aspects of obtaining a new loan.  Helping me land closing cost assistance through the lender was icing on the cake.  I highly recommend your services to anyone who may be looking to purchase a new home, or refinance their current mortgage.  Kudos, and keep up the good work.

Sincerely,
Tim

Monday, August 29, 2011

FHA Loan Limits Decrease in Maricopa County

As you've probably seen or heard, FHA Loan Limits are set to decrease on October 1st, 2011.  The max loan amount for FHA financing will be dropping from $346,250 to $271,050.  Financing with loan amounts greater than $271,050 must be processed and underwritten by September 30th, 2011.

If you have any questions on these new FHA guidelines, please feel free to contact me.