Metro Phoenix housing market has best month in a decade April just might have been the best month for metro Phoenix's housing market in a decade. Foreclosures fell to the lowest level since 2006. Homebuilding continued to rebound. Phoenix kept its spot as one of most affordable big metro areas for ...
More Phoenix homeowners have equity now Fewer metro Phoenix homeowners are underwater now, according to CoreLogic. Approximately 19.5% of the Valley's homeowners owed more than their house is worth as of June 30, down from 21% at the end of this year's first quarter. At the worst of the housing cra ...
Phoenix-area home sales, prices cool in July In Metro Phoenix, both sales and prices dipped in July. Home sales fell 4.5% and the median home sales price inched down to $210,000 compared with June, according to the W.P. Carey School of Business at Arizona State University. The housing market's mode ...
Ariz. homebuilders offering deals New-home prices across metro Phoenix soared too high and too fast in 2012 and 2013 for many buyers to handle, leading to a slump in sales. Home prices have dropped slightly this summer, and builders are trying to lure buyers by offering incentives that include lowe ...
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News Article From: 09-05-2007

The first article, Loan firms urged to ward off mortgage defaults, from the Arizona Republic, reports that the Federal Reserve and other banking regulators issued special guidance Tuesday urging loan companies to work with borrowers in danger of defaulting on their home mortgages. The guidelines are not mandatory, but regulators expressed hope that the companies who collect payments on mortgages will heed the advice. The guidance said appropriate strategies to ward off defaults could include modifying the terms of the loan or deferring payments, converting adjustable rate loans into fixed rate mortgages, and extending the length of the loan. An estimated 2 million adjustable-rate mortgages are scheduled to reset by the end of 2008. "More and more consumers with subprime and hybrid mortgage products are facing the very real prospect of losing their homes through foreclosure as their payments reset and become unaffordable," said Sheila Blair, chairman of the FDIC. "It is vital that mortgage servicers work proactively with borrowers facing much higher payments as their interest rates reset," she added.
The second article, Renting rather than selling your home means making the leap to landlord, from the Arizona Republic, reports that many home sellers who cannot sell their home are considering renting it, thereby becoming a landlord. But before you take that leap, think carefully about the implications. "It's not as simple as just setting out a "for rent" sign, said Stephen Phillips, a Phoenix man who owns rentals in Phoenix and San Diego with his brother. "You need tolerance for calls at 10:30 at night." You need to have a good understanding of landlord-tenant laws, you should be familiar with credit and background checks for applicants, and you'd be wise to develop a network of handymen, plumbers, electricians and alike. You should also know how to keep good reports and have a cash reserve for unanticipated problems. There are tax benefits to renting also, but be aware that if you rent your primary residence before you own it for two years, you could eliminate your $250,000 tax exemption on primary residences.
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