Archives for October 2013

Homeowners Financial Care Fund Changes Name As it Nears $1M Fundraising Goal

Hoping to reach more people, Phoenix nonprofit Homeowners Financial Care Fund has changed its name.

The group that pays mortgages or rent payments for people when a sick child prevents parents from working has dropped Homeowners Financial from its name and now goes by simply Care Fund.

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Mortgage Rates Fall as Fed Continues Buying

The Federal Reserve Bank’s decision to keep buying bonds had a predictable effect on mortgage rates that fell to their lowest level in nine weeks.

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Supply Shortage in Phoenix Housing Market Finally Loosening – For Now

The chronic supply shortage that has had a stronghold on the metro Phoenix housing market this past year is finally loosening its grip and may return to a state of normalcy by year end, according to the latest Arizona State University report released Friday.

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8.9 Million Scottsdale Villa That’s Been on The Market for 4 Years

phoenixIt fits the bill of any other mansion that’s usually in the eight-figure price range. The home is located on a 5-acre hillside property in Desert Mountain, north of major cross streets Loan Mountain and Cave Creek roads. It features six bedrooms, 10 bathrooms, 10 fireplaces, 12-car garage, 16-seat movie theater with its own popcorn/concession stand, 700-bottle wine cellar and, of course, an elevator.

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Obama to Lay Out Plans to Aid Phoenix-Area Home Buyers

In an effort to expand home loans, especially to minorities and the newly re-employed, President Barack Obama is expected to announce in Phoenix today steps to cut government red tape for mortgage lenders and help more applicants qualify sooner.

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California Man Gets Prison in Arizona Housing Scheme

arreswtedA California man was sentenced this week to five years in prison for his involvement in a scam in which many Arizona Latinos lost their homes.

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Seller of ‘As Is’ Home is Liable For Defect

Home Inspection - Magnifying GlassQuestion: We purchased a home in Tempe from an investor who had purchased the home at foreclosure, and then fixed up the home. In the purchase contract, there was attached an “as is” addendum and also language stating that we waived the seller’s property disclosure statement. Almost immediately after we purchased the home, we discovered problems with the air-conditioning. When we were complaining to our next-door neighbors about the air-conditioning, the wife said that the investor told her that he did not have the money to properly fix the air-conditioning. If our home was sold to us as is, and we waived the seller’s property disclosure statement, could we still have a claim against the investor if the investor failed to disclose the known failure to fix the air-conditioning?

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US Home Foreclosures on Track For 6-year Low

130410183117-chart-foreclosure-completions-620xaThe U.S. is on track to end the year with the fewest homes repossessed by lenders in six years, a trend that should help limit the negative impact foreclosures have on home values.

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Chateau on Central in Phoenix Sells For $5.8 Million

chataeu houseThe Phoenix brownstone mansion project Chateau on Central has been a magnet of attention in its short life. It’s had its detractors, but now it has a major new homebuyer and potentially new momentum.

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Pending Sales of US Homes Slip But Remain Solid

pending home salesFewer Americans signed contracts to buy U.S. homes in July, but the level stayed close to a 6 ½-year high. The modest decline suggests higher mortgage rates have yet to slow sales sharply. The National Association of Realtors says its seasonally adjusted index for pending home sales declined 1.3 percent to 109.5. That’s close to May’s reading of 111.3, the highest since December 2006

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