Foreclosure Halt

This is going to be a mess! Will the banks release their current inventory of foreclosures? I doubt it. People already in the short sale process might not have any incentive to continue because the bank isn't going to foreclose as soon as they thought. However, are banks not continuing working on the foreclosure process? Are those employees that process the paperwork not going into the office?

Banks Helping Homeowners

Read an article in a realtor publication yesterday. Why are banks not helping underwater homeowners more? There should be alternatives to loan modifications (if possible), short sales and foreclosures - even bankruptcy. The bank looses on short sales, foreclosures and bankruptcies. A better alternative would be to keep the homeowners in the home. Let the homeowner pay principal only for a period of time. Forgiving interest for a few years would be a less costly alternative. There are many business minded people out there that have a lot of good ideas to help stem the foreclosure tidal wave.

New Park in Peoria, AZ

There was an interesting article in the Peoria Republic for the weekend of October 2, 2010.

The community in north Peoria, Terramar, is finally getting the park that was promised years ago when the community was being built. The Palo Verde Park will be located near 73rd Avenue and Terramar Blvd. The hold up was due to fact that the parcel of land contained an area that was the site of a "pit-house" from the Hohokam tribe. When Terramar was planned the city was unaware that the area contained an archaeological site. The site has been excavated so in the next few weeks construction will begin. The city's plan is to include an interpretive trail explaining the archaeological significance of the area.

Tired of the doom and gloom of the housing market?

Boy, everyday I hear how bad the real estate market is. Just on the news this morning a reporter announced that 47% of homes sold in Arizona are foreclosures. Yes, that is a high number. Lets look at it from a different angle. There are positives too:

• great variety to choose from
• prices are incredibly low
• mortgage rates are at all time lows
• you will be living in your home not someone Else's
• you will save money and grow your wealth with paying down your mortgage
• there are tax advantages
• the real estate market will eventually turn around

So, lets start looking at some of the positives and get off the doomed path that stops us from doing something we really want to do.

more short sales or foreclosures

The move right now is to short sell a home vs. foreclosure or bankruptcy. Seeking the advice of a real estate attorney could save a seller thousands of dollars. Their consultation fee could be worth it as an attorney can explain your options and help you make the best decision for yourself and family.

I wonder how many foreclosed properties lenders are holding in their inventory. It seems that this factor is not being readily disclosed. For a buyer, the short sale process can take weeks (months) to complete whereas a foreclosed home can take 30-45 days.

Tired of Hearing "These are Uncertain Times"?

I am tired of hearing that phrase so have challenged myself to take the "uncertain" out of my professional and personal life as much as possible. My new website has been fun and has improved my visibility online. Have began budgeting again as well as using coupons, making lists for what we need, not necessairly want, do errands in one trip etc. Small changes can help us feel better in control. If you or someone you know is upside down on your mortage, there are options. Go to my website at: www.azrealestateandgolf.com for more information.

Neighborhood Stabilization Program

For those living in Phoenix, AZ go to phoenix.gov/nsphome or call 602-262-6602. This program provides downpayment assistance and helps with closing costs.