The Wall Street Journal reported that two studies, one conducted by John Burns Real Estate Consulting Group and Standard & Poor's Financial Services, both conclude that most efforts to modify loans will only delay, not prevent, foreclosure.
The John Burns study indicated that five million houses and condominiums will go into foreclosure and will re-appear on the market over the next few years. In addition, the 'Shadow Inventory'
<< MORE >>On January 15, 2010 HUD announced that it was implementing a temporary waiver of their 90 Day Seasoning Rule to help accelerate the resale of foreclosed and distressed properties.
In the past when investors bought a property to renovate and resell there was a 90 day waiting period before that property could qualify to be sold using an FHA loan. This waiting period was also called 'Seasoning'. In the ...
<< MORE >>Recently the US Government has outlined some new programs that may change the way Banks and other lenders handle their Short Sales.
On December 1st the Treasury Department outlined a program to attempt to streamline the Short Sale process which has varied considerably from lender to lender. The program attempts to set nationally uniform document, timelines and financial incentives.
Buyers are often frustrated by the length of time it takes to get a short sale decision. Sometimes after waiting for months the seller and lender can't come to an agreement on the terms and ...
<< MORE >>As a follow up to my last blog on the Tucson Rental Tax proposition, the City Council voted on January 12th 6 to 0 to not pass a rental tax.
It appears a huge number of people came out against the tax which pitted renters against public safety.
The City of Tucson announced that major cuts in Police and Fire protection is necessary to balance the current budget deficit. The "Landlord Tax" surfaced after community the ferocious public outcry when the City Council announced it was considering the public safety cuts. Tucson's City Manager Mike Letcher ...
<< MORE >>Recently, the City of Tucson has announced that it is considering a 2% 'Landlords Tax' that is estimated to raise an estimated $3.5 million dollars this fiscal year.
There is stiff opposition to the idea by landlords and tenants who say the tax would hit them hard at a time they can least afford it. There is a city forum on this at the Tucson Convention Center this Tuesday, January 12th at 5:30PM. ...
<< MORE >>A huge success for Arizona Assoication of Realtors. It was announced just before the holiday that Governor Jan Brewer signed HB 2008 which repealed SB 1271 that changed Arizona's Antideficiency Statutes.
SB1271 originally started out as a bill dealing with Jail Districts and property tax limits. A strike everything amendment was introduced in June and the whole direction of the bill changed.
The current anti-deficiency statue gives homeowners protection against a judgment if the property is on 2 1/2 acres or less and ...<< MORE >>
First time home buyers hoping to cash in on the $8000.00 First Time Home Buyers Tax Credit have until November 30th to close. This has the potential to cause a rush at the last minute as buyers struggle to close on time. Failure to close on time will result in the loss of the tax credit. Because of the timing needed in short sales, short sales are becoming less and less an option as each day goes past. First time home buyers will need to look ...<< MORE >>
The legislature in Arizona has passed SB 1271 which makes dramatic changes in the Arizona Anti-Deficiency Statue in Arizona. The new law is scheduled to go into effect on September 30th.
SB1271 originally started out as a bill dealing with Jail Districts and property tax limits. A strike everything amendment was introduced in June and the whole direction of the bill changed.
The current anti-deficiency statue gives homeowners protection against a judgment if the property ...<< MORE >>