U.S. mortgage industry grapples with new disclosures

NEW YORK (Reuters) - The biggest changes to home loan disclosures since the 1970s are around the corner and many in the industry are warning that misunderstandings will create a logjam of confusion just as housing tries to recover.

A complete overhaul of the "good faith estimate" -- a standard disclosure document sent to borrowers -- under the Real Estate Settlement Procedures Act, known as RESPA, will take effect on January 1, potentially disrupting home sale closings. ...

Foreclosure plague slowing: Filings fall 8% - December 10, 2009

Interesting article from CNN Money - Perhaps the tide is finally easing on the residential side of things?

Foreclosures fell month-over-month but are still up nearly 20% compared with a year ago. Plus, Las Vegas wasn't the worst-hit city in November.

YORK (CNNMoney.com) -- Foreclosure filings fell by 8% in November, making it the fourth consecutive month of improvement in the housing market.

There were 306,627 filings last month, according to Realty...

Homeowner vs Lender Owned Sales - Anyone with Good News?

This recent chart showing Single Family Home Sales in Maricopa County gives an accurate feel to the current market place here in Phoenix!

Lender Owned Homes and Short Sales continue to dominate the landscape...

Just where do we go from here?

Maricopa County Single Family Home Sales - 12/3/09

Recent chart courtesy of Net Value Central:

The top chart shows price per square foot for single family residences valley wide for the past 12 quarters. The monthly figures for Nov show the owner sales at $103.90 and lender sales at $78.11.

The follow up chart gives an even better insight in relation to &nbs...

Treasury sets guidance to simplify "short sales"

This recent article posted may help speed up and encourage short sales and avoid the foreclosure process!

NEW YORK (Reuters) – The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed "short sales" of homes and other loan modification alternatives to stem a rising tide of foreclosures.

The Home Afford...

"Deals Deals Deals" - Phoenix has plenty of them!!

The end of the 3rd Qtr and depsite much despair, worry and fear.....those with the 'Johnny Cash' are taking full advantage of the Metro Phoenix real estate market in droves!

Buyers in fact are there in mass.....with an astounding 21,594 units (single family, townhomes & condos) sold in the 3rd Qtr 2009.

From a 'Bank Owned Bargain' on 7th AVE & Buckeye for $8,000.....all the way to the most expensive purchase in Paradise Valley for $6.0 Million (Reduced from a l...

A great 1st Half - How will we perform in the 2nd Half?

Well, we have the breeze at our back, we have some points on the board and it's time to regroup and go back out and have a BIG 2nd half.........Sounds and feels like the pep talk my coaches used to give us during the Rugby finals back in Sydney!

The inventory out there continues to drop, especially on properties under $400,000! In fact that makes up 94% of the market!

The REO inventory is slim with less than 5,000 units on the market and anything that resembles a good deal ...

BEWARE the Vultures - They are eating all the scraps!!!

Well, it's been another frenzy of a month on the low end 'scraps'!

If you think you can liesurely drive the streets and perform a week long disection of neighborhoods and just casually throw an offer out there, forget it.

The lower end priced homes are selling and selling fast in many cases with multiple offers on them. Many are first time home buyers, and there are also plenty of investors taking advantage of the best deals in years. For many, it is a case o...

Maricopa County - 1st Qtr 2009 Sales - It may just suprise you!

Real Estate in Arizona is just terrible right now......everyone is scared and nobody is buying ......and the banks are just giving property away right?

WRONG!

Ahhhh, but these headlines in articles from CNN.com for the month of March must apply to everything here in Arizona!

"Pending home sales hit record low" - March 3, 2009

" Rise in Foreclosures a shock" - March 12, 2009

But hang on.......just two weeks later, we read this...