Arizona is one of a handful of states that have not yet agreed to a potential $25 billion mortgage settlement for suffering homeowners, but the state hopes to join soon, officials said.Read More »
Allowing owners of foreclosed homes to remain as renters for at least a year would stabilize neighborhoods and minimize the fallout for families, a state lawmaker contends.Read More »
Alaska has a reality show about ice truckers trying to survive deadly hauls. New York has Donald Trump's cutthroat competition to be his apprentice. And Georgia has Billy the Exterminator, who battles rodents and alligators.
Soon, Phoenix will be the setting for a new reality show about one of the region's most competitive and heart-racing activities — bidding on foreclosure homes.
Banks as tenants: Cleaning and maintaining foreclosed properties bad for banks, good for specialists
The time, effort and money required to upkeep a home that normally would have been put in by the homeowner shifts to the bank when occupants desert their house. Lenders have to pay to clean up their sometimes-trashed properties to get them ready to sell. These properties, which will sell at a drastically lower price than when they were new, are putting a great strain on those institutions’ profitability, which affects their ability to make new loans.Read More »
WASHINGTON – Just under half of all Arizona mortgages were “under water” in spring of this year, the second-highest percentage in the nation, according to a report from a private research firm.Read More »
By September 2010, the Arizona Department of Housing was sitting atop $268 million in federal money, which it was seeking to unload to help struggling homeowners here.
But since the program’s inception last year, it has helped only four homeowners and reduced their principles by a combined $62,000. On average, it lowered their monthly payments by $420.
A new Arizona State University report shows Phoenix-area home foreclosure activity dropped for the fourth month in a row in June.Read More »
A report by Arizona State University shows the foreclosure rate in the Phoenix area has continued to decline, but that the trend may not be sustained.Read More »
Having judges verify that mortgage lenders followed proper procedures before foreclosures would protect homeowners from misrepresentations and fraud, a state lawmaker contends.Read More »
All the big guns have been drawn for the perennial battle over just what exactly homeowners associations may do. For 2011, it’s over how much an association can charge for processing documents when a resident is selling his or her house. Sen. Andy Biggs, a Republican from Gilbert, wants to limit the fee to a per-page cost of 10 cents for the documents.Read More »