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In today's Real Estate market, selecting the right real estate agent is crucial. We have specialist to help you with whatever your Real Estate Goals and Needs are. Whether you're planning on Buying, Selling, or you just have a Question, feel free to call our office. At Leagan Realty, we specialize in residential and investment properties We are your one stop shop when it comes to Real Estate
Phoenix Arizona REO Homes – We have hundreds of Steals & Deals
Phoenix Arizona REO homes are the best buys RIGHT NOW! We have access to hundreds of Phoenix REO homes NOW! Don't Miss Out on these great deals.
There are amazing REO homes in Phoenix Arizona. Many of these REO properties are in flawless condition. We can get you into awesome below market homes quickly with most of these REO properties. We have seen recent deals that have seriously blown us away. We're NOT kidding. Unbelievable prices and closed homes that it seems the REO's are just giving away practically. REO's are not in the business of owning real estate. They list the REO at a great price that will SELL. Not ALL Phoenix Arizona REO homes are a great deal though. Some houses need a little work, a lot of work, there are also homes that have unknown variables that need to be investigated. We have the expertise and have closed enough REO properties around the valley including Phoenix, Scottsdale, Chandler, Gilbert, Tempe, Mesa, Glendale, & Peoria, as well as other cities to help you get the right "DEAL". We know getting the best buying deal for the short and long term is really important to you. We understand and take great pride in your long-term happiness.
Our Company is dedicated to help you find Bank Owned Properties (REO), Pre-Foreclosure, Foreclosures, Distressed Sell Homes, Estate Sell Homes, Land, and Commercial Properties all below Appraisal and Fair Market Values.
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Right Now Is The Best Time To Buy Property In Arizona
There has never been a better buyer’s market than the current real estate market in Arizona. An extremely high number of foreclosures in the state have led to a situation where banks and other financial institutions have more foreclosed properties on their hands than they can manage to sell off.
As a result, buyers are in a position to not just negotiate for better prices, but also better repayment options suiting their budgets and incomes. As it is, most foreclosed properties are sold at a discount of at least ten to twenty per cent, but because of the extremely large number of foreclosure properties that are on the market now, savvy buyers can easily strike deals for properties with discounts of at least 30% to 50%.
While the number of Arizona foreclosure properties dropped considerably in the first couple of months in 2008, the state soon rose to the number three rank when it came to the highest number of foreclosures, ranking behind only Nevada and California. Foreclosure properties are available en masse not only in the capital city of Phoenix but also in counties ranging from Scottsdale to Flagstaff to Tucson. While the situation of homeowners, whose properties have been foreclosed, is quite unfortunate, it is a great opportunity for both investors and homebuyers alike.
If you are a home buyer planning to buy a house in Arizona, then avail the opportunity right now, because a similar combination of positive factors like very low home prices, a large variety to choose from and low interest rates will most probably never occur again in the future. It is a particularly good opportunity for people who have relocated to Arizona to work with the corporate companies that are based in the state especially in the Phoenix and Tucson region.
Many places in Arizona boast of a constantly warm and snow free weather. Most cities, especially Phoenix also have a number of recreational options ranging from golf courses to theaters and museums. All these factors contribute towards making Arizona foreclosures a blessing in disguise for retirees wishing to relocate to a warmer climate.
Luxury Meets Scottsdale Foreclosure Homes
Scottsdale Arizona is one of the most all around great cities to live in for both the young family to the retired. Nestled between fabulous majestic mountains, lakes, river valleys, scenic canyons, and hot desert Scottsdale Arizona is a sought after place to live. Scottsdale foreclosure listings are plentiful with over 59,000 new listings in 2007. With a population of over 238,000 and an average household income of close to $60 thousand, Scottsdale foreclosure homes are sought after. Known for luxurious resorts, beautiful majestic homes lining the scenic landscapes and fabulous weather throughout the year, the smart investor is eager to utilize Scottsdale foreclosure listings.
You may believe that only the most expensive homes are in Scottsdale, but that is not always the case. If you carefully research the Scottsdale foreclosure homes in many areas, you will be pleasantly surprised to find great deals under 100K, or even below 50K, in great middle class neighborhoods. Then you can experience the same majestic scenic beauty, top-notch school system, and wonderful community as people that are affluent, even if you are not. Scottsdale foreclosure homes are located next to the most impressive high-end shopping malls, luxury centers, and nightclubs.
Make sure to research all the Scottsdale bank foreclosures for they have great homes with a huge discount, and quite possibly located in the best neighborhoods. The banks in this area are more concerned about financial transactions than holding on to real estate. In such middle to one of the highest-class parts of the country, you may just find the best Scottsdale foreclosed houses anywhere.
In Scottsdale the best way to really get a true feel for this wonderful city, and all its luxury, is to go there personally. Before you travel look over many Scottsdale foreclosure listings and map out some key areas to drive through. This way you will focus much better as you go through luxury neighborhoods, drive past top-notch shopping malls, and only the finest restaurants. Your research just might find that perfect mansion among Scottsdale foreclosure homes discounted and move in condition.
Arizona's Maricopa Leads Counties in Population Growth Since Census 2000
317.5+ People a Day Move to the Phoenix Valley
Maricopa County, Ariz., gained 696,000 residents between 2000 and 2006, the largest numerical increase of the nation’s 3,141 counties, according to estimates released today by the U.S. Census Bureau.
This increase surpasses the total population of all but 15 U.S. cities. Maricopa County, which includes Phoenix, has 3.8 million residents, making it the nation’s fourth largest county.
“The dramatic increase in Maricopa County’s population is the main reason Arizona became the nation’s fastest-growing state between 2005 and 2006,” said Census Bureau Director Louis Kincannon, referring to the state population estimates released last December. “Maricopa’s growth has been remarkable, adding nearly 3 million residents since the 1970 census.”
With all the bad news from the economic sector of our economy, you may have missed some of this; Forbes magazine ranks Arizona 3rd in its "Best US Cities for Jobs" list, Business 2.0 magazine rates Arizona a top destination city for relocations and one of America's hottest job markets. And, CNN ranked the Phoenix/Tucson area as one of the top 10 "megapolitans" in the U.S.
Local real estate gurus in their 2008 forecasts give us high marks in comparison with the rest of the country predicting a population growth of +2.7%, employment at +2%, personal income +5.5% and retail sales at +1.5%. This is when the knowledgeable players get in the game, to take advantage of interest rates at historic lows and the abundance of housing choices. Even the rise in foreclosures gives real estate a boost whether you are a buyer occupant or an investor. When you consider the fact that according to the National Association of REALTORS®, the value of homes nearly doubles every ten years, this would be the perfect time to get off the bench and start playing.
FANNIE MAE/FREDDIE MAC
September 8 - The Treasury has announced its rescue plan for troubled mortgage buyers Fannie Mae and Freddie Mac. The two giants will be placed in conservatorship under the Federal Housing Finance Agency, while the Treasury will buy some of their preferred shares. Current management is out. The ultimate price tag could be as much as $200 billion. Tremors will be felt in the national elections, Congressional politics and the markets.
Homeowners: The national mortgage default rate is a whopping 9%, but the rescue plan should bring some relief as the government can exercise more control than private-sector companies can. Interest rates will likely come down. The government can cut the mortgage payments and can extend terms to 45 years. It can take any hit to keep you in your home and the paper is still insured. Of course, homeowners are also taxpayers and eventually could end up footing the bill anyway.
Treasury: Treasury Secretary Paulson was a reluctant combatant in the Fannie Mae and Freddie Mac battle but he canvassed the big thinkers on the subject, tapped outside advice from Morgan Stanley and pushed for a solution quickly.
Short-sellers: Nationalization is a victory for many short-sellers who bet against the ability of Fannie and Freddie to rebound from their troubles. Fannie and Freddie shares, already down roughly 90% since October, may go to zero meaning pure profit for the short-sellers.
Republicans: The Bush administration gets kudos for avoiding the economic meltdown that likely would have resulted from further Fannie-Freddie troubles. That could boost the candidacy of John McCain or at least dull any Democratic attacks on things economic. Fannie and Freddie have long been generally supported by Congressional Democrats and generally loathed by Republicans, who wanted the two giants to shrink to a more-manageable level.
Stockholders: Common and preferred shares will remain listed but those juicy dividends are gone. Still, it isn’t the total wipeout many expected. Many banks and financial institutions, including J.P. Morgan, had poured money into Fannie’s and Freddie’s preferred shares. The threat of the banks’ holdings becoming worthless raised the threat of a broad banking crisis. But Treasury will buy some of the preferred shares, and banishing the dividends will save Fannie and Freddie $2 billion a year.
Lobbyists: The mortgage giants wove a mantle of invincibility with their $170 million lobbying bills in the past decade. They spent $3.5 million on lobbying just in this year’s first quarter, spreading their largesse among 42 outside lobbying firms. Treasury has turned off the Fannie-Freddie lobbying spigot.
Congress: Congress has been publicly censured for Fannie’s and Freddie’s troubles–even by its own members. McCain has long derided the political strength of Fannie and Freddie as an example of “crony capitalism.” Obama said, “Washington ignored the warning signs in the housing and financial markets.”
Management: Paulson didn’t blame management, diplomatically saying “I attribute the need for today’s action primarily to the inherent conflict and flawed business model embedded in the GSE structure, and to the ongoing housing correction.” Fannie CEO Daniel Mudd and Freddie CEO Richard Syron will be succeeded by former TIAA-CREF Chairman Herbert Allison and Carlyle Group senior adviser David Moffett.
Value investors: Long-term managers with big stakes in Fannie and Freddie included DWS Dreman Concentrated Value, John Hancock Classic Value, Thompson Plumb Growth and Legg Mason Capital Management. Fannie and Freddie stock will stay listed but it’s a bold bet to believe that it will recover enough to make a significant profit.
Credit Crisis Summary
A Summary of the Proposed Economic Stabilization Act
Publish date: October 3, 2008
The Emergency Economic Stabilization Act of 2008 was signed by President Bush into law today.
This summary uses some general subject headings to illustrate the many pro-taxpayer and pro-borrower provisions in the law, as well as to showcase the provisions that encourage banks to work more closely with borrowers in foreclosures and short sales.
The Bill Will Help Homeowners and Borrowers
The Senate legislation responded to the criticisms that lenders have been slow and/or unwilling to work with homeowners and borrowers. It encouraged negotiation in short sales and consumer efforts to refinance or reconfigure existing mortgages:
When the Treasury (or other federal agency that holds mortgages) acquires troubled existing mortgages from financial institutions, agencies are required to work with lenders and mortgage servicers to find ways to avoid foreclosures.
All federal agencies are required to work with servicers to facilitate loan modifications that will consider the net present value of the mortgage.
Similar refinancing and foreclosure prevention requirements apply to mortgages involving owners of multi-family properties and owners of commercial properties. Policy goal is to assure that tenants don’t lose their residence or their place of business when an owner has problems with the mortgage.
Changes to existing mortgages can include (but are not limited to) revisions in principal, interest rate and period for repayment.
Tax Relief
The Senate added an extensive package of extensions of expired and expiring provisions that had passed previously on a vote of 93 – 2. Extended provisions include the 15-year life on leasehold improvements, brownfields clean-up deductions, deductions for mortgage insurance premiums and relief from the Alternative Minimum Tax.
The Bill Will Get Money into the Financial System Quickly
The credit markets are nearly frozen. Lenders can’t lend because they are receiving no payments on existing loans. The legislation allowed the government to buy troubled loans and mortgage securities. The funds that the institutions received when the government purchased the existing portfolios were to be available to issue new mortgages with more carefully specified and monitored lending standards. Provisions include:
Create a Troubled Asset Relief Program (TARP) to purchase and guarantee the troubled assets from the financial institutions that hold mortgages and/or mortgage-backed securities.
A new Office of Financial Stability within the Treasury to operate TARP, with input from the Federal Reserve, Federal Deposit Insurance Corp (FDIC – the agency that works with failed and failing financial institutions to insure and protect consumers), the Comptroller of the Currency (bank regulator), Office of Thrift Supervision (regulator of former savings and loan companies) and the Secretary of Housing and Urban Development.
Don’t give out all the money at one time. First release of funds to purchase troubled assets will be $250 Billion. Second release of up to $100 Billion must be authorized by the President. Final $350 Billion can be issued only on Congressional approval. Congress given 15 days to act.
Follow, Protect and Watch Over the Money
Congress will keep a tight rein on TARP. Congress will have the assistance of numerous agencies charged with specific tasks and reporting responsibilities:
TARP Oversight Board at Treasury -- monthly activity reports to Congress.
Secretary of Treasury -- detailed reports to Congress for each $50 Billion in transactions.
Government Accountability Office (Congress’s auditor) -- financial reports about TARP activities every 60 days.
Judicial Review -- Federal courts may issue injunctions when there is a finding that the Secretary of the Treasury has acted in a manner that is arbitrary, capricious or outside the law.
Create a new Inspector General (IG) for TARP. An IG might be viewed as the “cop on duty” who has authority to investigate TARP’s activities. IG will make quarterly reports to Congress.
Appoint a Congressional Oversight Panel – receive and process all these reports to keep Congress apprised of the state of financial markets, activities of the regulatory system and the use of TARP’s asset acquisition and disposition authority.
Federal Reserve -- provide reports to Congress on utilization of the lending authority created earlier this year. That authority was intended to assist ailing financial institutions.
Put Brakes on the Bad Guys
Congress wanted to curtail “bad acts” of executives who gambled and lost.
Assure that skilled asset managers who buy and sell TARP assets have no conflicts of interest with prior employers or firms.
No golden parachute or severance payments to executives of companies that sell assets to TARP. An executive who receives a parachute payment will be required to pay a 20% excise tax on it.
No tax deductions allowed for any executive’s compensation of more than $500,000.
All financial regulatory agencies are required to cooperate with the FBI in its investigations of fraud, misrepresentation or malfeasance in the selling or advertising of financial products.
Give the Taxpayers a Stake in the Profits
Historically, when the government has intervened to shore up a company’s or government’s financial dealings (such as the loan guarantees made to Chrysler and the aid given to New York City during a fiscal crisis), the long-term effect has been that the government has made money back on the deal. The legislation provided an “upside” benefit for taxpayers:
Any profits generated when the government subsequently sells TARP assets would be used to pay down the national debt.
The government will receive warrants in the companies that participate in TARP. The warrants are similar to stock, but do not grant any voting authority to the government. If the participating company pays dividends at some future time, the warrants would allow the government to receive the dividend. Similarly, if the government sells its stake in the company, the warrants would entitle the government to any appreciation.
Safeguard Savings
Increase the amount of federal insurance on bank accounts from $100,000 to $250,000. This will be particularly helpful to smaller and local banks and small businesses.
Recoup What’s Still Owed
If, after five years from the date of enactment (the date the President signs a bill), the program has lost money, the sitting President will be required to present a plan to Congress for ways to recover the funds from the financial institutions that benefited from the TARP relief.
BUSH ADMINISTRATION LAUNCHES "HOPE FOR HOMEOWNERS" PROGRAM TO HELP MORE STRUGGLING FAMILIES KEEP THEIR HOMES
Detailed Program Eligibility Requirements Announced
WASHINGTON - The Bush Administration today unveiled additional mortgage assistance for homeowners at risk of foreclosure. The HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD's Federal Housing Administration (FHA).
"For families struggling to keep up with their mortgage payments, this program will be another resource to refinance into a loan they can afford," said HUD Secretary Steve Preston. "FHA remains a safe and affordable alternative to the high-priced mortgage loans that threaten homeowners' ability to retain their homes. We strongly encourage borrowers to work with their lenders to determine if HOPE for Homeowners is the right program for them."
The HOPE for Homeowners program was authorized by the Economic and Housing Recovery Act of 2008. Since the President signed this vital legislation into law on July 30, 2008, the HOPE for Homeowners Board of Directors has worked diligently to develop and implement the program as directed by Congress. The Board was charged with establishing underwriting standards to ensure borrowers, after any write-down in principal, have a reasonable ability to repay their new FHA-insured mortgage.
The HOPE for Homeowners program begins today and ends September 30, 2011. The program is available only to owner occupants and will offer 30-year fixed rate mortgages - so the borrower's last payment will be the same as the first payment. In many cases, to avoid what would be an even costlier foreclosure, banks will have to write down the existing mortgage to 90 percent of the new appraised value of the home.
Borrower Eligibility
Borrowers are encouraged to contact their lender to determine eligibility, but may be eligible if, among other factors:
The home is their primary residence, and they have no ownership interest in any other residential property, such as second homes.
Their existing mortgage was originated on or before January 1, 2008, and they have made at least six payments.
They are not able to pay their existing mortgage without help.
As of March 2008, their total monthly mortgage payments due were more than 31 percent of their gross monthly income.
They certify they have not been convicted of fraud in the past 10 years, intentionally defaulted on debts, and did not knowingly or willingly provide material false information to obtain their existing mortgage(s).
How the HOPE for Homeowners program works
"HOPE for Homeowners will add to HUD's existing efforts to make FHA refinancing available to homeowners who need it most," said FHA Commissioner Brian D. Montgomery. "One year ago, FHA expanded refinancing into its FHASecure program. Since that time, we have helped more than 360,000 families keep their homes by refinancing with FHA, and we will assist a total of 500,000 families by the end of this year."
The Board expects that the primary way homeowners will participate in the program is by working with their current lender. HOPE for Homeowners will serve as another loss mitigation tool available to distressed borrowers.
HOPE for Homeowners also includes the following provisions:
The loan amount may not exceed a maximum of $550,440.
The new mortgage will be no more than 90 percent of the new appraised value including any financed Upfront Mortgage Insurance Premium.
The Upfront Mortgage Insurance Premium is 3 percent and the Annual Mortgage Insurance Premium is 1.5 percent.
The holders of existing mortgage liens must waive all prepayment penalties and late payment fees.
The existing first mortgage must accept the proceeds of the HOPE for Homeowners loan as full settlement of all outstanding indebtedness.
Existing subordinate lenders must release their outstanding mortgage liens.
Standard FHA policy regarding closing costs applies, and they may be:
Financed into the new loan provided the value of the mortgage (including the Upfront Mortgage Insurance Premium) does not exceed 90 percent of the new appraised value of the home.
Paid from the borrowers' own assets.
Paid by the servicing lender or third party (e.g., federal, state, or local program).
Paid by the originating lender through premium pricing.
The borrower must agree to share with FHA both the equity created at the beginning of this new mortgage and any future appreciation in the value of the home.
The borrower cannot take out a second mortgage for the first five years of the loan, except under certain circumstances for emergency repairs.
The lender will disclose to the homeowner the benefits of the program including home retention, a new affordable mortgage based on the current appraised value, and 10 percent equity. The lender will also explain the prohibition against new junior liens against the property unless directly related to property maintenance, and a minimum of 50 percent equity and appreciation sharing with the Federal government.
The costs to the homeowner include the upfront and annual insurance premiums, as well as a share of the equity created by the write-down associated with the HOPE for Homeowners mortgage and any future appreciation in the value of the home. At settlement, subordinate lien holders will receive a certificate that evidences their interest as an obligation backed by HUD, with payment conditional on the value of HUD's appreciation share.
If the home is sold or refinanced, the homeowner will share the equity with FHA on a sliding scale ranging from a 100 percent FHA share after the first year to a minimum of 50 percent after five years. The lien holder that previously held the highest priority will receive payment up to a proportion of its original interest, not to exceed the amount of available appreciation. This type of delayed payoff will take place until all prior lien holders are satisfied or the amount of available appreciation is exhausted. All remaining appreciation is remitted to FHA.
The HOPE for Homeowners Board of Directors includes HUD Secretary Steve Preston, Treasury Secretary Henry Paulson, Federal Reserve Board Chairman Ben Bernanke, and FDIC Chairman Sheila Bair. They have named the following people to serve on the board as their designees: FHA Commissioner and Chairman of the Board Brian Montgomery, Federal Reserve Board Governor Elizabeth Duke, Treasury Assistant Secretary for Economic Policy Phillip Swagel, and Federal Deposit Insurance Corporation Director Tom Curry.
Read more about HOPE for Homeowners at www.hud.gov/hopeforhomeowners.
Watch Secretary Preston's press conference
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.
HUD No. 08-150
Lemar Wooley
(202) 708-0685
www.hud.gov/news/ For Release
Wednesday
October 1, 2008
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