In a new report released by data research firm Core Logic, the foreclosure rate in Phoenix has continued to fall.
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According to Michael Orr, real estate expert at A.S.U.’s W.C. Carey School of Business, the Phoenix housing market is continuing to recover. He also says that traditional homes sales are on the increase. Even as news broke this week that home ownership in America has fallen to its lowest level in 15 years, the Phoenix housing market continues to surge. While increased demand bodes well for a recovery, there are concerns that it may be too much, too soon. Click here to read Phoenix Business Blog article. [...] According to new figures released by the Arizona Regional Multiple Listing Service Inc., areas like Mesa and Scottsdale saw increased foreclosure and short sale activity in the month of March. The Consumer Financial Protection Bureau’s proposed rules would require mortgage servicers to give all borrowers standardized monthly statements, warn borrowers about interest rate or insurance changes, improve record-keeping, and give borrowers options to avoid losing their homes The agency said it will formally propose the rules this summer and finalize them by January 2013. Read [...] If you have been following my Real Estate Law Blog posts you may have already read about some of the recent legal developments related to foreclosures and short sales in Arizona. However, in light of a new Court of Appeals case just decided last month, I felt it was time for a summary [...] Home prices are falling faster in the nation’s largest cities, according to the latest report, and a record number of foreclosures are expected to push prices down further through next year. [...] In December of 2007 a lawyer for U.S. Bank filed a foreclosure lawsuit against a borrower named Ernest Harper who defaulted on a $190,000 home loan. After filing the lawsuit the bank’s lawyer prepared an assignment of the mortgage to evidence the transfer of ownership of the loan to U.S. Bank. Last month [...] Actor Nicolas Cage has been in the news lately for money problems. His Bel Air, California, mansion a 11,817-square-foot six bedroom, nine bath home went to foreclosure auction, but nobody bid except the lienholder. The minimum bid was $10.4 million for a house Cage tried to sell for $35 million. Even at the [...] |
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