Posts from — November 2009

Home sales nationwide are up 10% which is proof that the tax credit extension is working, at least for the time being.

Unfortunately there is lots of concern that once this tax credit goes away next spring and the 5 year arms start to reset next year that we’ll end up in a deeper hole than we have been in yet.

Foreclosures have hit 300,000 per month for the 8th straight month nationwide and the hardest hit states are still California, Nevada, Florida, and here in Arizona.

Great home across from park!

Immaculate Phoenix townhome in gated community!

Today the anti-deficiency fix bill SB 1004 was passed unanimously by the House of Representatives.

Basically this fix returns the statutes to the way they have been since 1971 and before SB 1271, essentially maintaining that Arizona is a deed of trust state and still an anti-deficiency state.

There are some remaining issues, specifically those issues that deal with speculative building, that remain to be addressed and will be at an upcoming special session.

I just received an update from another client who we just closed a short sale for this month and her credit was hit for only 80 points!

We are seeing hits on credit anywhere from 0 points to about 100 points after a short sale. A lot depends on how many late payments there are, how quickly the bank reports it (if at all), and what bank it is.

Although some “credit experts” say a short sale affects your score the same as a foreclosure then why are all my case studies showing foreclosures well over 150-250 credit point hits and short sales less than 100??? I’m going to have to go with what I see out there and this just makes more of a case as to why a short sale is MUCH better than a foreclosure!