Today the Federal Housing Finance Agency announced a new program designed to help even more underwater homeowners refinance their mortgages at today’s low rates. The plan hopefully will allow homeowners to lower their monthly mortgage payments, thus freeing up money to be spent in the broader economy and help the US from slipping back into recession again.

Previous programs had been restricted to homeowners who were no more than 125% upside-down on their homes. The new FHFA program places no cap on how much the borrower owes, or how far underwater they are.  Only mortgages backed by Fannie Mae and Freddie Mac will be eligible. Need to know if your mortgage is owned or managed by Fannie/Freddie? Check here and then here. Then call us for a loan officer recommendation.

Helpful links -

Does Freddie Mac own your mortgage?

Does Fannie Mae own your mortgage?

FHFA’s new program to help underwater homeowners is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.

Other posts you might like:

1. Fannie and Freddie caused housing crash?
2. FHA Short Refinance program
3. Help for Homeowners

Biltmore-area movie-goers have undoubtedly noticed that the  AMC Esplanade 14 movie theater at 2512 E Camelback Road has been closed down this summer.  In August, the Esplanade will reopen as the latest site of AMC’s newest concept, the upscale Fork & Screen.

With this renovation, AMC is trying to attract the posh “dinner and a movie” crowd to the Biltmore location. The new movie venue will offer luxe décor, top-shelf cocktails, wait staff and bartender service and even private suites in which to watch the movies.

Oh, and for all you jobseekers out there, AMC is currently hiring wait staff, bartenders, back-of-house people (dishwashers, cooks, etc), and even a theater manager. Search available openings on CareerBuilder.com, using the employer name “TD-AMC Dine-In Theatre”.

Sources & Links for this story:

http://www.amctheatres.com/dinein/forkandscreen/

http://blogs.phoenixnewtimes.com/jackalope/2011/05/amc_esplanade_14_fork_screen.php

AMC Esplanade 14 movie theater will re-open as posh Fork & Screen is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.

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Holy cow! The California legislation just passed a law preventing banks and other lenders from suing homeowners for unpaid mortgage balances after the lender agrees to a short sale. (hat tip, Kris Berg of the San Diego Castles blog). The way I read it, the new California law also prevents the lender(s) from requiring the homeowners to pay a lump-sum settlement at the short sale closing.

[The California legislature just passed into law] Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. ….  Both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units.

Click here for Reuter’s coverage of the event

Click here for a roll-call vote tally of the California Senate, to see who voted for, and against

Will it ever happen here, in metro Phoenix? Don’t count on it. Politically, Arizona is far more “red” than California. Some years we’re purple, but we’ve got a very, very long way to go until we’re as blue as California.

Note to Arizonans:  Arizona does not have a law on the books yet that protect homeowners in these kinds of situations. In Arizona you can be sued by your 2nd lender for the unpaid 2nd mortgage balance, for up to several years after a short sale, even if the lender gave permission for the short sale! So what should you do if you’re underwater, considering a short sale, and have a 2nd mortgage or equity credit line/loan? Call an attorney! Call or email me and I’ll be happy to refer you to the attorneys who handled my short sale.

California says “no” to lender lawsuits after short sales is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.

Other posts you might like:

1. Short Sales Aren’t Short
2. How long do short sales take?
3. Short Sales are a Stalling Tactic?

A recent survey by home finance company Fannie Mae found that while only about 27% of homeowners would even consider walking away, that’s up from 15% last year.

Read the original CNN Money article here – http://money.cnn.com/2011/06/07/real_estate/walk_away_mortgage/index.htm

27% of Americans would consider “walking away” is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.

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2. Wall Street Journal Quotes The Phoenix Agents
3. More media coverage

Nearly nine in 10 Americans say homeownership is an important part of the American dream, according to the latest New York Times/CBS News poll. And they are keen on making sure it stays that way, for themselves and everyone else.

Read the entire story in the New York Times.

Home ownership remains central to Americans’ sense of well-being is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.

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3. The Case Against “The Case Against Home Ownership.”

Inman News reports on “The 10 Best Markets for Real Estate Investors” and here’s some takeaways from that report:

• Tucson is in the Inman “top ten” best real estate markets for investors, but Phoenix is not.
• Investors usually pay cash for homes (61% compared to just 20% of owner-occupant buyers who pay cash
• Most investors plan to own their investment home for about 10 years, and 52% say it’s likely they’ll buy another property soon
• Investors are optimistic about the future of housing: 77% say “now is a good time to purchase real estate.”

You can view Inman’s full report here: http://www.inman.com/reports/10-markets-invest/

Real estate is local, so let’s see what’s going on in metro Phoenix…

Valleywide MLS statistics show that investors are buying in metro Phoenix, and they’re buying a lot of homes. The Cromford Report shows investors are purchasing 24% to 26% of Valley homes sold so far in 2011.

Nationwide, Inman says distressed properties account for 40% of existing home sales, but you can see in the chart above that metro Phoenix area stats are much higher: investors bought 64% of all metro Phoenix area homes sold in May. (6,316 distressed sales out of a total 9,845 homes sold in May 2011).

How’s buyer demand in metro Phoenix?

In a word: healthy. Check out this chart, also from the authoritative Mike Orr at the Cromford Report which shows that February 2011 was the third highest buyer demand month since January 2001. Only June and August 2005 — the peak of the peak of the market — had more homes sold.

Feb 2011 second-highest sales volume for Metro Phoenix since Jan 2001

Are you thinking about buying a home? Either for yourself or as an investment? Contact us before you do anything! We’ve been helping buyers and sellers in metro Phoenix since 2004, before the boom and bust brought our market to it’s knees.

We know how to find and negotiate the best possible deal for you, and our customer service is top notch. Check out what our clients say behind our backs and give us a shout when you’re ready to chat with a professional Realtor.

Phoenix not in Top 10, but investors still buying here is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.

Other posts you might like:

1. Phoenix Real Estate for Australian Investors Scam
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Image credit Shuttermon via StockExchange

Trulia regularly tracks the buy vs. rent equation and reports again that it’s cheaper to buy a home than to rent in metro Phoenix. See full story here: http://explore.trulia.com/datavis/rentvsbuy/Q2-2011/

Meanwhile, mortgage rates are in free-fall, according to an Inman.com interpretation of Freddie Mac’s rate survey…

Rates on fixed-rate mortgages declined for a seventh week in a row to new lows for the year … Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.

It’s not the ideal time for everybody to buy a home, and mortgages are still a bit difficult to obtain. But it could be a great time for you to buy:

1. Home prices just double-dipped according to Case-Shiller numbers (they’re down over 50% from their Summer 2006 peak)
2. Sellers are frequently willing to pay the buyer’s closing costs,
3. There’s talk in Washington about increasing the minimum cash down payment of the FHA mortgage program from 3.5% to 5% sometime soon, so buying now could save you a couple thousand dollars over waiting

A few questions can help you decide if you should consider buying a home now, or not…

• Are you emotionally & financially ready to be a homeowner?
• Do you have stable employment?
• Do you plan to stay put in your home for 5 to 10 years into the future?
• Do you have a couple months’ worth of salary in savings?
• Have you planned your future budget to account for costs of home ownership like maintenance & property taxes?
• Do you consistently pay your bills on time or even early?
• Do you know what your credit score is? (studies show that people who know their score tend to have better credit ratings than people who don’t know their score)
• Have you talked with a lender to find out how much home you’ll qualify for? (In Arizona, buyers *must* submit a loan approval with a purchase offer)

If you answered yes to all or most of these questions, you’re probably a great candidate to buy a home. Contact your Realtor. Don’t have a Realtor yet? You’re in luck, we’re Realtors. Read what our clients say about us behind our backs, and then give us a shout by email, phone or even text or Facebook.

Ready to start browsing listings online? We provide you a direct link to the private, Realtors-and-appraisers-only Multiple Listing Service. That’s the most up to the second, accurate information consumers can get their hands on. Use our map based home search, or use our Detailed home search to really dial in on your housing wants and needs.

Metro Phoenix: cheaper to buy than rent is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.

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The Arizona Department of Real Estate reports that it’s count of licensed agents and brokers has dropped 22% since 2007. Currently there are roughly 51,000 licensed real estate agents and brokers in Arizona. Of course, they’re not all in metro Phoenix, but most of them are.

In 2007, the Department tracked about 65,000 licensees.

How many Realtors in Phoenix? is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.

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I’ve never been wildly pro or anti nuclear energy, mostly because I’ve never spent the time to really understand it.  But with the Palo Verde plant (the largest energy producer in the country!) in our own backyard, it’s something I’ve always wondered about.

Well…

Today I saw a graph depicting the relative safety of various kinds of energy, and I have to say WOW!

Death Rate per Watts of Energy Produced

Click through to Seth Godin’s post on the topic, where he gives credit to additional sources and information.

I’m not here to start political arguments, but to me this is just mind-boggling.

Your loving energy efficiency, and efficiency of all kinds for that matter, Realtor,

Chris Butterworth

How safe is nuclear energy? is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Chris Butterworth is: Realtor. Analyst. Husband. Father. Writer. Amateur Photographer. Triathlete. Soccer Dad. Big fan of technology, efficiency, and the Arizona Wildcats.

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Are 70% of Phoenix homes at risk of foreclosure? The Associated Press says so. But it’s not actually true.  Of homes sold in the Phoenix area recently, 70% were distressed. That means the homes were either bank owned or short sales.

See below for a press release just issued by the local MLS data provider, the Arizona Regional Multiple Listing Service (ARMLS)…

Yesterday, two writers from the  Associated Press put out a story that said that 70% of the homes in Phoenix are at risk of foreclosures. By the end of the day the story had gone viral on the Internet and was picked up by multiple large media, including the Wall Street Journal. 

Of course, the information is flat out wrong, and unfortunately, it was attributed to ARMLS. We are reaching out to the original writers and others who re-circulated it to get the information corrected.

The statement was a result of the writers’ misinterpretation of the correct information put out in the February issue of STAT.  In that issue we stated that distressed properties accounted for 70.2% of total sales.

ARMLS is reaching out to our Subscribers to make sure they understand the error, and do not inadvertently re-circulate the wrong information in their blogs and on their social media platforms.

Are 70% of Phoenix homes at risk of foreclosure? is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.

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Taylor, Bean & Whitaker’s former Treasurer will enter a plea agreement for federal criminal charges tomorrow (Feb 24, 2011). The mortgage firm imploded in Fall 2009 and investigators are still sifting through the ashes. So far, they’ve discovered a trail of fraud amounting to as much as $2 billion.

TBW’s Treasurer, Desiree Brown, is widely believed to be cooperating with prosecutors in their attempts to prosecute the mortgage firm’s former Chairperson, Lee Farkas, with 16 counts of conspiracy, securities fraud and bank fraud.

While Brown and Farkas negotiate over how much prison time each is likely to do, former Countrywide financial CEO Angelo Mozilo will not face criminal charges at all, having paid off the right people paid a hefty civil fraud settlement of $67.5 million.

According to the WSJ:

People familiar with the federal criminal probe say that the general collapse in the mortgage market made it more difficult to pinpoint the actions of any particular executive as something that could be prosecuted.

Read more: http://www.businessinsider.com/feds-end-criminal-inquiry-on-angelo-mozilo-countrywide-2011-2#ixzz1EbxFdEmP

I wonder, can the authorities successfully “pinpoint the actions of any particular executive” only when the executives are women, or only when the executives don’t have $67.5 million under the couch cushions? Or did federal investigators just forget to read this book that spells out who caused the mortgage crisis?

image credit, StockExchange user shuttermon

Some mortgage executives face criminal charges is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.

Other posts you might like:

1. Update on the Mortgage Fraud Crisis
2. Mortgage fraudster found guilty (and rich)
3. The State Targets Mortgage Fraud