Phoenix: Foreclosures Rocket In Valley

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Millionaire Now! by Larry Nusbaum

This blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth".

Phoenix: Foreclosures Rocket In Valley

Posted on 04/17/2007 14:43:31 | Link | Post Comment

Foreclosures rocket in Valley
from the Arizona Republic, reports that last month, 553 families lost their homes to foreclosure, a four-year high, according to Information Market, a property-record research firm. At the same time, 1,705 homeowners received notices from their lenders that they were at least three months behind on their mortgages. In March 2006, 782 homeowners were delinquent, but only 40 homes were taken back by lenders and sold at a foreclosure or trustee sale. The Valley's housing market could take a hit if lenders try to resell foreclosed homes quickly by cutting prices. Too many foreclosures in one neighborhood can pull the area's home values down. "Our economy isn't bad, but foreclosures will continue to rise," said Jay Butler, director of Realty Studies at ASU. "The fallout from the subprime market is just beginning," he added. In metro Phoenix, foreclosures are still low compared with other states, like Florida and Michigan, which lead the nation in foreclosures.

SEE MY COMPLETE FORECLOSURE FACTS SERIES

Out-of-state homebuilders entering cooling Arizona market
from the East Valley Tribune, reports that several out-of-state homebuilders have entered the Arizona market, seeing the current slump as an ideal time to jump in. The three new homebuilders; Pennsylvania-based Orleans Homes, Canada-based Mattamy Homes, and California-based John Laing Homes have all either started developments or are looking for property. "Arizona has always been considered one of the better housing markets in the United States," said Ray Leppien, president of Orleans' local division. Arizona's market isn't as robust as it was a year or two ago, but a tremendous number of homes are still being built here compared with other states, said Elliot Eisenberg, an economist with the National Association of Homebuilders.

Zillow.com estimates draw fire, state ban
from the Arizona Republic, reports that the Arizona Board of Appraisal has issued two cease-and-desist letters to the popular real estate web site Zillow.com, claiming Zillow needs an appraiser license to offer its "zestimates" in Arizona. "It's the board's feeling that (Zillow) is providing an appraisal," said Deborah Pearson, Board of Appraisal executive director. Seattle-based Zillow.com has been popular since it launched in February 2006 and claims 4 million users a month. It has drawn criticism from real estate professionals and others about accuracy. "We strongly believe that providing 'zestimates' in Arizona is completely legal and in fact an important public service, given that (they) are the result of our 'automated valuation model' and are not a formal appraisal," said Zillow president Lloyd Frink. In a word, Zillow sucks.

How Much Home Insurance Do You Really Need? from the WSJ
After the devastation wrought in recent months by Mother Nature, more and more Americans are worried about whether their residences are protected when the weather gets rough. How to know if your house is properly insured.

FROM CNNMoney.com:
• Fannie, Freddie to offer subprime help
• Senate Democrat seeks foreclosure aid bill

Housing Bubble and Real Estate Market Tracker from SA on 4/17

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