Wednesday, July 23, 2008

Walk away companies taking advantage of distressed homeowners

I'm a little late getting back to my discussion of "walk away"companies but I thought the topic was interesting so I wanted to least direct readers to the article. Time magazine recently had a great article about companies that offer to help distressed homeowners "walk away" from cumbersome mortgages they can't afford while also avoiding foreclosure. There are different variations of these types of companies; some are genuinely helpful while others are just out to make a buck.


Walking Away From Your Mortgage
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Monday, July 21, 2008

Tucson's rent is the cheapest in the West

Tucson has the cheapest rent in the West according to a quarterly study conducted by RealFacts Inc.

Of the 19 metro areas that were surveyed, the cost to rent an apartment in Tucson was cheapest at $665, down .1% from the same period of the previous quarter. Phoenix rent was $812, while San Jose ranked the highest at $1689.
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Friday, July 18, 2008

Hitting too close to home

Tucson recently ranked number three on the latest Realtytrac list of foreclosure filings. This dilemma is hitting all types of neighborhoods and price ranges. In my own neighborhood there's now both a foreclosure listing as well as a short sale.

I would never have expected foreclosures in my own neighborhood, but I'm not surprised by anything anymore. One of the above mentioned homes was bought as an investment while the other was bought when the market was at its peak in late 2005. Both are in less then desirable locations as they back up to a now two lane/soon to be four lane roadway which produces quite a bit of road noise. Both have been sitting on the market a long time and have not gotten offers for this reason (IMHO). Both are now priced extremely low which will inevitably affect our neighborhood's home values. Now we're seeing the prices of the other non distressed homes in the neighborhood dropping as they try to remain competitive.

Something I find even more discouraging is the new construction homes that are going into foreclosure before the communities are complete. The foreclosures and short sales I'm seeing are affecting property values of already completed homes as well as current builder pricing. While it's great for buyers, those homeowners that bought when prices were high are now stuck with homes worth a lot less then what they paid i.e. no equity. The majority of high dollar homes filing for foreclosure were purchased at the height of the real estate market; combine high home prices with excessive use of home equity and you have a recipe for disaster. What's a home owner to do?

Many homeowners are just holding on right now, trying to ride out the wave, while others are turning to "walk away" companies for assistance. I'll touch base about these types of companies in tomorrow's blog. Right now I've got to go show some property!
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Monday, July 14, 2008

Cheap gas in Tucson!


Nice to know that Tucson has some of the cheapest gas around. The average price of gas in Tucson is $3.82 a gallon, about 1.5 cents less then the rest of the nation. It may seem like a small amount but it sure adds up fast!

There's a great website that tells Tucson residents where they can find the cheapest regular gas prices in the last 48 hours. Costco has generally been known for having some of the least expensive gas, but they actually fall in at about #10 on the current list at $3.78 a gallon. I usually find that the gas lines at Costco are extremely long so I avoid them at all costs. Several of the local grocery stores offer gas discounts with a minimum grocery dollar purchase, and a few other stations are offering discounts when fuel is purchased with cash. Trying to find the cheapest gas is too time consuming for me; I just buy what's closest, which is still pretty reasonable. When will this end!
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Sunday, July 13, 2008

Cheesecake Factory finally coming to Tucson?

Looks like Tucsonans might finally get their wish; a Cheesecake Factory may be coming to Tucson very soon!

The Arizona Daily Star reported that The Cheesecake Factory is negotiating a lease at the Tucson Mall. The vacated space was previously occupied by Macy's. An REI may also be leasing space in the same area. REI specializes in outdoor gear for camping, hiking and skiing, and they currently have two retailers in Phoenix.

I know quite a few people who plan to be first in line when the Cheescake Factory opens it doors!
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Friday, July 11, 2008

Tucson hospitals are tops!

Another Tucson hospital was just ranked as one of the best nationally, this time by U.S. News and World Report.

University Medical Center in Tucson made the list of top 50 hospitals nationwide in the specialties of heart and heart surgery, cancer, geriatrics, and respiratory disorders . This is the second time that UMC has been honored nationally. In March UMC was named one of the top teaching hospitals in the nation, while Northwest Medical Center was named one of the top large community hospitals in the nation.
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Government bailout in the works?

As Fannie Mae and Freddie Mac continue to suffer huge losses because of declining home prices and increased foreclosures, the government may jump in with the hope of preventing default on their debt.

The government is considering placing the two in a conservatorship, which means shares of Freddie and Fannie would be worthless and losses on any guaranteed mortgages they own would be paid by taxpayers. Freddie Mac and Fannie Mae are the biggest providers of financing for domestic home loans. In recent weeks both have suffered big losses in stock prices while they also battle increased borrowing costs in debt markets. The fear is that these issues will make it difficult for Fannie and Freddie to buy loans from commercial lenders, which will likely increase the difficulty and costs of consumers getting loans.
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Thursday, July 10, 2008

More Kudos to Oro Valley!

In the August issue, Family Circle magazine names Oro Valley as one of the 10 Best Towns for Families in America!

This award focuses on communities between 15,000 and 150,000 people with average family incomes of about $65,000. While weight was given to family-friendly issues like the cost of living, jobs and schools, the magazine also considered a community's focus on environmental or "green" issues.

The other communities among the top 10 were South Burlington, Vt.; Brunswick, OH.; Shoreview, Minn.; Wheeling, Ill.; Rocklin, Calif.; Webster Groves, Mo.; Broken Arrow, Okla.; Royal Palm Beach, Fla.; and Ankeny, Iowa. More than 1,850 communities were evaluated for the magazine's annual awards.

Oro Valley was also recently listed as one of the top 100 places to "live and launch" by Forbes Small Business magazine. Looks like Oro Valley is the place to be!
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Tuesday, July 1, 2008

One thing Arizona homeowners don't need to worry about

Both Arizona and Florida are considered retirement hot spots for snowbirds, and I've spoken with many home buyers that have had a difficult time trying to decide between the two. Here's one reason to choose Arizona!


It looks like East and Gulf coast homeowners are seeing increases in insurance premiums as insurers boost rates in fear of climate change and it's impact on hurricanes. The average cost of homeowners insurance in Arizona was was $635 in 2005; in Florida it was $1,083. Florida homeowners insurance has risen between 20% to 100% since 2004. Ouch!


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