Arizona Regional Multiple Listing Service, Inc. (ARMLS) 4th Quarter Phoenix Metro Market Results including all of Maricopa County and portions of Pinal and Yavapai Counties.
Foreclosures in the U.S. matched their highest level on record at the end of 2010, according to the Mortgage Bankers Association. And that's frustrating to one of the nation's top financial watchdogs. Neil Barofsky is the special inspector general for the Troubled Asset Relieve Program, TARP, which is the massive federal bank bailout program. Barofsky, who is stepping down at… Continue reading
Mortgage Electronic Registration Systems, or MERS, told its members Wednesday not to foreclose on residential mortgages in its name.
The electronic registry of mortgage records built by Fannie Mae, Freddie Mac and the nation’s major lenders more than a decade ago has been under increasing fire by homeowners, prosecutors, politicians and others.
Here is the Market Update through the end of January 2011. Please note that the Valley Wide graph represents all of the MLS. The table below that graph just represents recording for new and re-sales for Maricopa County. Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales currently… Continue reading
Sometime, somehow, the foreclosure crisis will ease. But probably not anytime soon.
Home prices dropped 2.6% nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com.
Now 27% of homeowners with mortgages owe more than their homes are worth. That’s up from 23.2% a quarter earlier.
That will… Continue reading
|An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful trustee sale auction. In the event a bidder doesn’t come forward at the trustee auction, the property “reverts” to the bank. It becomes an REO, or “real estate owned” property.
The bank now owns the property and the mortgage loan… Continue reading