Arizona home sales down, but new listings are up
January was a good month for real estate in Arizona. Sales were down a little bit from last month, going from 7728 homes sold in December to 6436 houses sold in January. However, we are in-line with the number of houses sold last year in January, which was 6523 homes sold in the Arizona MLS. Read more
Could Fannie and Freddie's Forbearance save your house?
Earlier this month, Freddie Mac announced that they were going to extend their mortgage forbearance plan. Previously, their forbearance period was for 3 months, 6 months with approval from Freddie Mac.
Following shortly after, Fannie Mae announced their own forbearance plan, which is very similar to the one that Freddie Mac had proposed.
The new plans are both for a forbearance plan where the homeowner is unable to pay their mortgage due to unemployment. There is a standard 6 month forbearance period that is allowed to be given without approval from Fannie/Freddie. If you need more time after this, there is an additional 6 month forbearance that you can apply for, but it requires a bit more review before approval.
There are a number of other factors involved, but I think that this is a great step forward in the mortgage industry, and I hope that other banks follow suit with their own forbearance plans.
What do you think?
Arizona foreclosures are predicted to increase
RealtyTrac recently released a report here where they are predicting that foreclosures are going to be rising in the coming year.
This is pretty much in line with everything I have been hearing and expecting for the coming year.
These delays have been caused by the various legal issues that the banks have been going through in the past year. In particular the robo-signing practices. These legal issues have caused the banks to put a large delay on most of their foreclosures. Read more
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Are the payments getting to be unmanageable?
Home sales up a touch for December, house listings down
House sales for December went up a touch over November of this year. However, sales are down compared to last year. New listings on the market showed a decrease compared to November of this year, but stayed in-line with the decrease in new listings last year.
