It used to be that as consumers purchasing a home and securing a mortgage we would think to ourselves, “Well, if something happens that I can no longer afford my home, I can always sell it and not lose anything.”

Who’d a thought?  Times have really changed - this economy and this real estate market bring many challenges to many of you. There are a lot of people, just like you who are struggling to keep up with their mortgage payments, but no longer have the equity in their home to “sell it and not lose anything”.  Today’s homeowner who has a mortgage is more than likely in a position that they owe more on their mortgage than they can get for their home if they were to sell.  This places a tremendous burden on these folks if they find themselves in a financial hardship.

Many of these homeowners feel like they have nowhere to turn.  Many of them are too uncomfortable to even discuss their circumstances with anyone.  After all, we were all raised to take seriously the commitment we made when we signed our mortgage and promissory note.  And these are, in fact serious issues.

However, there are circumstances where we have to consider whether we are going to make our mortgage payment or put food on the table.  It is unfortunate that our economy has come to this point, but the fact remains that this is the position that many people are in today – in most cases through no fault of their own - especially people in the retirement communities.  We are seeing more and more seniors whose quality of life and lifestyle has changed drastically due to the drop in the stock market.  Many people have had their retirement money invested in the market only to see it dwindle away to less than half of what they originally had put away.

According to national statistics 1 out of every 8 people is in danger of losing their home because of a financial hardship.  This means that you or someone you know may be having difficulties making their mortgage payment, and may be in danger of losing their home.

Many people may not be aware that there are programs available that may help people keep their homes instead of losing them to foreclosure.  There are programs that could allow people to modify their current mortgage.  There are also programs available that could help someone sell their home for less than they owe by working with their lender to accept less than is owed as final payment.  Avoiding scam in this process is paramount.  Unfortunately, there are many “companies” preying on people in distress with a myriad of schemes that will hurt the homeowner.

If you need help, and need housing and/or credit counseling, call Money Management International.  Their number is 866-515-2227.  They are a legitimate not for profit agency who is partially funded by the U.S. Treasury Department.  They can help you sort through the loan modification process and more.

For more information about the real estate sides of things, contact Lynn Otlewski 623-238-3875

Lynn Otlewski, SRS, CDPE, CSSN

RE/MAX Integrity REALTORS®

Posted via email from Phoenix Home Rescue

Posted via email from The Phoenix Real Estate Advisor

Existing-home sales were sharply lower in July following expiration of the home buyer tax credit but home prices continued to gain, according to the National Association of REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly revised 5.26 million in June, and are 25.5 percent below the 5.14 million-unit level in July 2009. Sales are at the lowest level since the total existing-home sales series launched in 1999, and single family sales – accounting for the bulk of transactions – are at the lowest level since May of 1995.

Lawrence Yun, NAR chief economist, said a soft sales pace likely will continue for a few additional months. “Consumers rationally jumped into the market before the deadline for the home buyer tax credit expired. Since May, after the deadline, contract signings have been notably lower and a pause period for home sales is likely to last through September,” he said. “However, given the rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs.

“Even with sales pausing for a few months, annual sales are expected to reach 5 million in 2010 because of healthy activity in the first half of the year. To place in perspective, annual sales averaged 4.9 million in the past 20 years, and 4.4 million over the past 30 years,” Yun added.

Mortgage Rates Dip
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.56 percent in July from 4.74 percent in June; the rate was 5.22 percent in July 2009. Last week, Freddie Mac reported the 30-year fixed was down to 4.42 percent.

The national median existing-home price for all housing types was $182,600 in July, up 0.7 percent from a year ago. Distressed home sales are unchanged from June, accounting for 32 percent of transactions in July; they were 31 percent in July 2009.

“Thanks to the home buyer tax credit, home values have been stable for the past 18 months despite heavy job losses,” Yun said. “Over the short term, high supply in relation to demand clearly favors buyers. However, given that home values are back in line relative to income, and from very low new-home construction, there is not likely to be any measurable change in home prices going forward.”

Inventory Rises
Total housing inventory at the end of July increased 2.5 percent to 3.98 million existing homes available for sale, which represents a 12.5-month supply at the current sales pace, up from an 8.9-month supply in June. Raw unsold inventory is still 12.9 percent below the record of 4.58 million in July 2008.

NAR President Vicki Cox Golder said there are great opportunities now for buyers who weren’t able to take advantage of the tax credit. “Mortgage interest rates are at record lows, home prices have firmed and there is good selection of property in most areas, so buyers with good jobs and favorable credit ratings find themselves in a fortunate position,” she said.

A parallel NAR practitioner survey shows first-time buyers purchased 38 percent of homes in July, down from 43 percent in June. Investors accounted for 19 percent of sales in July, up from 13 percent in June; the balance were to repeat buyers. All-cash sales rose to 30 percent in July from 24 percent in June.

By Region
• Existing-home sales in the Northeast dropped 29.5 percent to an annual pace of 620,000 in July and are 30.3 percent lower than a year ago. The median price in the Northeast was $263,800, up 4.8 percent from July 2009.
• Existing-home sales in the Midwest fell 35.0 percent in July to a level of 800,000 and are 33.3 percent below July 2009. The median price in the Midwest was $151,600, down 2.8 percent from a year ago.
• In the South, existing-home sales dropped 22.6 percent to an annual pace of 1.54 million in July and are 19.8 percent below a year ago. The median price in the South was $156,300, down 3.3 percent from July 2009.
• Existing-home sales in the West fell 25.0 percent to an annual level of 870,000 in July and are 23.0 percent below a year ago. The median price in the West was $224,800, up 3.3 percent from July 2009.

Posted via email from Active Adult Living

Great new listing in Sun City N. of Bell off of 99th Ave.  This is the condo/townehouse appartment area.  Just $85,000 for over 1400 sq ft.

Posted via email from The Phoenix Real Estate Advisor

Posted via email from Active Adult Living

For more information call:

Jay Otlewski

RE/MAX Integrity

623-271-4234  or  Jay@RetiringToAz.com

Resources-  Retiring To Arizona   Phoenix Real Estate Blog   Phoenix Real Estate   Short Sale and Home Rescue

Posted via email from Active Adult Living

Here is another listing I took this weekend.  Busy times here in Phoenix for real estate.  This listing is a short sale listing.  $295K with over 4400 sf.  Unbelieveable price!  Check it out.

Posted via email from The Phoenix Real Estate Advisor

Check it out.  This one is vacant and is clean as a whistle.  Low maintenance yard, corner lot, neutral colors throughout.  See the virtual tour

Posted via email from The Phoenix Real Estate Advisor

This one is great!  It is in a condo-like area, and I say it that way because the land transfers with the deed.  But the association maintains the yard, and the exterior of the building.  Great option for someone who will not be here year-round, or who will be here year round and is just too active to worry about these things!

Check out the virutal tour.

Posted via email from The Phoenix Real Estate Advisor

Ventana Lakes is a very popular active adult community that features so many amenities, you will never get bored.  Pools, rec centers, clubs, tennis, and much more.  Check out this popular Roosevelt model in this virtual tour

Posted via email from The Phoenix Real Estate Advisor