How can I get a free copy of my credit report?
Q:
How can I get a free copy of my credit report?
A: You can get one free credit
report every twelve months from each of the nationwide credit
bureaus--Equifax, Experian, and TransUnion--by
- visiting www.annualcreditreport.com or
- calling (877) 322-8228.
You will need to provide certain
information to access your report, such as your name, address, Social
Security number, and date of birth.
You can order one, two, or all three
reports at the same time, or you can request these reports at 
various times
throughout the year. The option you choose will depend on the goal of your
review. A
report generated by one of the three major credit bureaus may
not contain all of the information pertaining to your credit history.
Therefore, if you want a complete view of your credit record at a particular
moment, you should examine your report from each bureau at the same time.
However, if you wish to detect errors and monitor changes in your credit
profile over time, you may wish to review a single credit report every four
months.
Posted at 03:12PM Jan 05, 2011 by Louisa Ward & Robyn Viktor in Real Estate | Comments[0]
Site to See: Federal Reserve's 'Credit Reports and Credit Scores'
by Broderick Perkins
There's a new source of credit score and credit
report information in town and it doesn't try to sell you related services or
use content to generate ad revenues.
While the federal
government would like to sell you on the idea that it's on your side -- and
convincing you your government is working for you often does take a bit of a
hard sell these days -- the Federal Reserve's new credit score and credit
report web site is worth the taxpayer dollars that
financed it.
"Consumer's Guide to Credit Reports and Credit
Scores" is a compendium of
advertisement-free credit report and credit score content that earns the Feds a
high score.
Among independent
sources of like information, perhaps only Consumer Reports and AARP offer similarly robust,
independent information without a sales pitch.
Along with practical
answers to questions about credit reports, credit scores, and the importance of protecting your credit history, the
Fed's free online guide explains the contents of your credit report, tells you
how and when a credit score is used, and discusses the role of credit bureaus
in collecting and sharing your credit history.
You need this information
because it can make or break you when it comes time to get a mortgage, personal
loan, insurance, a job, or whenever some
entity needs to determine if you are creditworthy.
If you are approved for
financial services, your report and score also determine home much it's going
to cost you to obtain credit and other financial services.
The Fed's web site
reveals how you can improve your credit score (and lower
credit costs) and it offers step-by-step instructions to help you correct an
error on your credit report -- not an uncommon job for credit-active consumers.
What's more, the site
couldn't have gone live at a better time.
Lenders are squeezing
consumers for the best creditworthiness ever, just as the Feds are rolling out
two related landmark regulatory overhauls for the greatest consumer protections
ever and long overdue finance industry scrutiny.
Your credit standing is at stake.
One is the "Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010" (known as "Wall Street Reform"), which is
heavy in mortgage lending rules.
Good credit scores are
crucial to landing a mortgage, getting your mortgage refinance and getting a
home equity line of credit or second mortgage.
The other regulatory
newbie is the "Credit Card
Accountability, Responsibility and Disclosure (CARD) Act of 2009" and the site is embedded with related information: "New Credit Card Rules
Effective Aug. 22, 2010" and "New Credit Card Rules
Effective Feb. 22, 2011" to keep you apprised.
The new credit card
rules heap on new and extensive disclosures credit card issuers must reveal to
you and they limit the fees, interest rates and other charges credit card
issuers can levy.
But it's still up to you
to do the right credit thing and the site offers some pointers.
For example, to improve your credit score:
• Get copies of your credit report -- then make sure information is correct. The site
tells you how.
• Pay your bills on
time.
• Understand how your
credit score is determined. The new site tells you.
• Learn the legal steps
to take to improve your credit report. Again, the information is online.
• Beware of
credit-repair scams. The web site keeps you up to date.
Also to get the most out of your credit card, the
site advises:
• Again, pay on time.
Don't be a deadbeat.
• Stay below your credit
limit. How much below? Visit the site.
• Avoid unnecessary
fees. You'll learn online which ones to avoid and how to avoid them.
• Pay more than the
minimum payment. The more the better.
• Keep tabs and watch
for changes in your credit card terms. Credit card companies continue to look
for loopholes so they can take you to the cleaners -- for a fee.
The site is new and
fresh with the latest government regulations dovetailing into your responsibilities,
indicating it's not just up to the law to make sure creditors do the right
thing.
You pay taxes for this
kinda information. Pay attention.
Bookmark it.
"Site To See" is a DeadlineNews
Group series of reviews of
content-heavy websites deemed unique, consumer-friendly, informative and easy
to use.
Published: December 30,
2010
Use of this article
without permission is a violation of federal copyright
laws.
Posted at 02:55PM Jan 05, 2011 by Louisa Ward & Robyn Viktor in Real Estate | Comments[0]
Arizona's population: 6.4 mil
Arizona will gain a ninth seat in the U.S. House of Representatives in 2012 elections, a result of being the second-fastest-growing state in the nation over the past decade, according to the first release of 2010 census data Tuesday. The final tally, however, may disappoint those who hoped Arizona's growth surge for much of the decade would yield an even larger share of federal funding and two additional seats, as in 2000. The housing bust, the Great Recession and efforts to drive out illegal immigrants combined to rein in the galloping pace of population growth in recent years, helping keep Arizona's count well below projections, experts said. Still, for those who like growth's economic pluses, the 2010 census was another milestone in the state's ascendancy. The tally, pegged to April 1, showed Arizona's population totaled 6.4 million, a 25 percent gain since 2000. Only Nevada grew faster. The U.S. Census Bureau had previously estimated Arizona's population at more than 6.6 million. As it turned out, Arizona fell 328,000 residents shy of gaining a second congressional seat. Arizona's voice in Washington will get stronger with the 2012 elections; its electoral votes in that year's presidential election will increase to 11 from 10. The nation's population was officially 308,745,538, according to the census. The 9.7 percent growth nationally since 2000, as well as Arizona's growth, was the slowest pace since the 1940
census. Growth slowed during the Great Depression. In 2012, Arizona's congressional delegation up for election will grow to nine from eight members, giving the state added clout in Washington and more weight in presidential politics. The relative population gains also mean Arizona will collect a greater share of federal grants, which now top more than $400 billion annually. Arizona's leaders welcomed the news Tuesday. With the 25 percent growth, "Arizona has positioned itself to be the place for corporations looking for a better operating environment to collaborate and grow," Gov. Jan Brewer's office said in a written statement. "Poised and ready to be the economic center of the West, the Arizona Commerce Authority's mission is to attract new companies and corporations that will allow Arizona to compete on the global stage." The census data released Tuesday don't detail city or county populations. That information will be released starting in February, as states turn to the contentious matter of redrawing state legislative and congressional districts based on the new data. Some experts think the Arizona Independent Redistricting Commission, which hasn't been selected, will create the new congressional district in a high-growth area of Maricopa or Pinal county.
Tailing off
Because the census counts all residents, not just citizens or legal immigrants, measures that cracked down on illegal immigration may have hurt Arizona's population figures. Many illegal immigrants left before the April census. Others who stayed may have been more unlikely than ever to participate out of fear of being deported or jailed. The Pew Hispanic Center and the U.S. Department of Homeland Security separately noted that Arizona's illegal-immigrant population declined by 100,000 from 2008 to 2009, although their estimated counts ranged from 375,000 to 460,000. The economic downturn, however, also likely had a similar impact on population growth. From 2001 to 2007, Arizona added an average 170,000 new residents annually, according to census estimates released each year during the decade. As it turned out, the state's growth for the whole decade was about 128,000 annually, according to the census. It's unclear whether the earlier estimates were flawed or the effects of the recession on growth were more profound than previously known. Other states hit hard by the housing collapse, such as California, Florida and Nevada, still managed to grow compared with their 2009 estimated populations. Clark Bensen, president of Polidata, a Virginia-based political-data-analysis firm, said Arizona was among the states with the highest discrepancies between projected growth and actual population. "Arizona was clearly much lower down than what we thought it was going to be," Bensen said. "Georgia was also much lower than we thought it was going to be, as was New York." Demographers will dig deeper for answers, but housing is a leading culprit. "If the housing market hadn't collapsed the way it did, you would have seen the migration into Arizona continue," said Andrew Smith, a political-science professor at the University of New Hampshire. Some suspect Arizona's growth may have been overstated all along, not properly recognizing many homes as a secondary residence or accounting for projects that got under way but were never completed.
Sources of growth
The formal count confirms what the state's residents have known for the past 60 years: Arizona, like most of the West, is growing much faster than the nation as a whole. Since 1950, only Nevada has grown faster. Over the past decade, both states led the nation again. Annual Census Bureau estimates have spotlighted the main reasons for Arizona's growth since 2000. Hispanics are the fastest-growing demographic group in the state, as well as in the country. In 2000, 25 percent of the state's residents were Hispanic, compared with 13 percent nationally. The most recent estimates released by the Census Bureau last week indicate 30 percent of Arizonans are Hispanic, while the U.S. average grew at a slower pace: 15 percent. The state had an estimated 1.9 million Hispanic residents by the end of the decade, about 586,000 more than in 2000. It's unclear whether the growth in Hispanics might benefit Democrats when the extra congressional district is created. Arizona also remained a magnet for residents of other states. Over the past 10 years, only Florida and Texas added more residents from other states than Arizona, according to estimates.
Posted at 12:01PM Dec 29, 2010 by Louisa Ward & Robyn Viktor in Real Estate | Comments[0]
5 Predictions for 2011
Freddie Mac analysts point to five features that they believe will likely characterize the 2011 housing and mortgage markets:
1. Low mortgage rates. With Fed observers expecting the central bank to keep the federal funds rate at its current target range of 0 percent to 0.25 percent for most (or all) of 2011, relatively low mortgage rates will be a feature of the 2011 mortgage market. Thirty-year fixed-rate loans are likely to remain below 5 percent throughout the year, and initial rates of 5/1 hybrid adjustable-rate mortgages will likely remain below 4 percent in 2011.
2. Prices have hit bottom. House prices are likely to begin a gradual, but sustained recovery in the second half of 2011.
3. Housing will remain affordable. With affordability high, many first-time buyers will be attracted to the housing market in the New Year, likely translating into more home sales in 2011 than in 2010.
4. Refinances will dwindle. Many eligible borrowers have already refinanced and the federal Making Home Affordable refinance program is expiring on June 30. While fixed-rate loans are likely to remain low, they will move up gradually, making it even less likely that refinances will be attractive to most home owners.
5. Delinquency rates will decline. Based on the last several business cycles, the share of loans that are 90 or more days delinquent or in foreclosure proceedings — known as the "seriously delinquent rate" — generally crests within a year of the start of the recovery in payroll employment, and this economic recovery appears to fit within that pattern. Payrolls began to rise last January, and by the spring the seriously delinquent rate had begun to fall.
Source: Freddie Mac (12/09/2010)
http://www.realtor.org/rmodaily.nsf/pages/News2010121002
Posted at 11:49AM Dec 27, 2010 by Louisa Ward & Robyn Viktor in Real Estate | Comments[0]
What In The World Is Robo-Signing?
What In The World Is Robo-Signing? The news has been on foreclosure overload with recent actions by government and lenders alike bearing down on the mortgage foreclosure freezes, investigations, suspensions and lately court cases all centered on a dubious practice called 'Robo-Signing.'
Robo-signing, a term coined back in 1999 by consumer and investor advocate Nye Lavalle, to describe the automatic generation of documents. One document processor has represented that she "robo-signed" more than 2,000 a day (one every 13 seconds), making it impossible to verify any material fact in the document let alone the file. FORECLOSURES Most recently, attention has been focused on the mortgage lending industry; specifically the larger lenders such as JP Morgan and Bank of America have suspended mortgage foreclosures in over 23 states. Fannie Mae and Freddie Mac have also suspended foreclosure processes until they can assess and regain control. Here the term robo-signing applies to the practice of mass processing and signing off foreclosure documents with little or no oversight resulting in hundreds, possibly thousands of homeowners losing their homes through incomplete or inaccurate documentation. It has quickly grown to a disaster of epic proportions. The process had gotten so egregious that in many cases the robo-signed documents and affidavits (some inaccurate) were not even notarized until weeks or months later. There are cases where mortgages have been processed that are not delinquent and mortgage loans that the lenders/servicers don't even own. A majority of lenders acknowledge the serious but believe most of the documents in the process will prove valid. So, the current scandal has caused a delay to the foreclosure process but it is not a reprieve. However, it is giving households some time to straighten out their financial commitments. DEBT COLLECTION Now, firms that buy debts are coming under scrutiny as the flood of delinquent consumer and commercial debt make it through the collection process. Courts require that anyone submitting an affidavit to a court against a debtor must have proof of that claim - proper documentation of a debt's origins, history and amount. Without this information it is doubtful the documentation meets the legal standard of due diligence. Many of these debt-buying companies take the facts at face value, retaining little more than basic databases on the creditor and the debt. In the current credit, debt and collection environment it is emphatic that the consumer be aware. Key Economic Reports Released This Week
$32.0B -$2.5B N/A $21.0B 430k 0.6% $13.0B -$44.5B ImPrice 0.8% 72.0% -$130.0B
WHAT IS ROBO-SIGNING?
RELEASE
DATEECONOMIC
INDICATORSRELEASED
BYCONSENSUS
Wt.
INFLUENCE ON
INTEREST RATES
Tue 10/07
1:00 pm et3-Year Note Auction
Dept. of the Treasury
offering**
If strong demand
If weak demand
Tue 10/07
3:00 pm etConsumer Credit
for October '10Federal Reserve Board
*
If above consensus If below consensus
Wed 12/08
7:00 am etMBA Mtg Apps Survey
for week ending 12/03Mortgage Bankers Association of America
*
Undetermined
Wed 12/08
1:00 pm et10-Year Note Auction
Dept. of the Treasury
offering**
If strong demand If weak demand
Thu 12/09
8:30 am etJobless Claims
for week ending 12/04Bur. of Labor Statistics
Department of Labor
*
If above consensus If below consensus
Thu 12/09
10:00 am etWholesale Trade
for October '10Bureau of the Census
Dept. of Commerce
**
Undetermined
Thu 12/09
1:00 pm et30-Year Bond Auction
Dept. of the Treasury
offering**
If strong demand If weak demand
Fri 12/10
8:30 am etInternational Trade
for October '10Bureau of the Census
Dept. of Commerce
**
If above consensus If below consensus
Fri 12/10
8:30 am etImport & Export Prices
for November '10Bur. of Labor Statistics
Department of Labor
*
If above consensus If below consensus
Fri 12/10
10:00 am etConsumer Credit
for December '10Federal Reserve Board
*
If above consensus If below consensus
Fri 12/10
2:00 pm etTreasury Budget
for November ' 10Dept. of the Treasury
*
Undetermined
| * Low Importance | ** Moderate Importance | *** Important | **** Very Important |
Posted at 11:22AM Dec 27, 2010 by Louisa Ward & Robyn Viktor in Real Estate | Comments[0]
Phoenix area foreclosures hit 32-month low
Foreclosures across metro Phoenix plummeted to a 32-month low in November, but the decline probably is only temporary.
Big banks, including one of Arizona's largest lenders, put foreclosure proceedings on hold in recent months amid nationwide questions about how they handled the documents used to take back homes.
That move put the brakes on the region's ongoing wave of foreclosures.
But while the pause was a welcome reprieve for many struggling homeowners, real-estate analysts expect lenders to ramp up their foreclosure activity in the next few months. Lenders usually foreclose through an auction process known as a trustee sale in Arizona. Notices of trustee sales, so-called pre-foreclosures, dropped to 5,607 last month from 6,728 a month earlier, according to real-estate data company Information Market. That's the lowest level of Phoenix-area foreclosures initiated in a month since March 2008, 33 months ago. Actual foreclosures plummeted to 2,509, also the lowest since March 2008. Most of the decline in last month's foreclosure activity is because of a two-month moratorium by Bank of America. Before the moratorium, the lender had been foreclosing on 50 homes a day in the region. BofA pushed back the trustee sales of more than 8,000 Phoenix-area homes to January or later during its moratorium, said Tom Ruff, analyst with Information Market. That moratorium expired this week. "BofA has two months of foreclosures to catch up on," Ruff said. "That almost guarantees near-record foreclosures in the coming months." During the past few days, BofA started foreclosing on Valley homes again. Most people losing homes to foreclosure don't have to worry about having to move over the holidays. BofA, as well as mortgage giants Fannie Mae, Freddie Mac, Wells Fargo and JP Morgan Chase, have said they won't enforce foreclosure evictions from Dec. 20 to Jan. 3. Several national lenders announced moratoriums on foreclosures a few months ago, but Bank of America was the only one to include Arizona. GMAC started the foreclosure-moratorium movement in late September when it decided to stop seizing foreclosure homes in some states so it could double-check its paperwork. JPMorgan Chase and PNC Financial followed with similar actions in those states. The freezes followed accusations of "robo-signing" cases that involved mortgage-servicer employees signing hundreds of foreclosure documents a day without reviewing them or verifying that the paperwork was correct. A small number of foreclosures have been canceled or retracted due to the moratoriums. Housing analysts have been concerned the delay in foreclosures by BofA will result in an oversupply of inexpensive foreclosure homes for sale in metro Phoenix during the first few months of 2011. An oversupply could further drive down home prices, analysts believe.
Posted at 11:14AM Dec 27, 2010 by Louisa Ward & Robyn Viktor in Real Estate | Comments[0]
Foreclosure Freeze Coming for the Holidays
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Foreclosure Freeze Coming for the Holidays
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NEW YORK (CNNMoney.com) -- Several of the big mortgage players are playing Santa Claus again this year, saying they will not evict borrowers in default during the two weeks surrounding Christmas. Freddie Mac (FMCC) and Fannie Mae (FNMA), the two government-controlled mortgage giants, are freezing all foreclosure evictions on mortgage loans they own or back from Dec. 20 through Jan.
"If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays," said Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac |
Evictions mark the end of the foreclosure process. After the home is sold at foreclosure auction -- or banks take possession of the home -- owners must leave the property or face eviction notices.Posted at 03:33PM Dec 09, 2010 by Louisa Ward & Robyn Viktor in Real Estate | Comments[0]
Retail sales boost Arizona's economic outlook
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Retail Sales Boost AZ's Economic Outlook
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It looks like Arizona consumers are finally releasing the stranglehold on their wallets, at least for some things.
That is nearly $4.3 million higher than the same time a year earlier. The big boost was in retail sales, the purchase of taxable items, which was up 4.8 percent in the last year. But the legislative budget staffers said sales at bars and restaurants also was up 2.0 percent from the prior October. Sales taxes are a key indicator of consumer confidence. Monday’s tax receipt figures are not the only indication the economy is improving. The state Department of Commerce reported last week that the number of people working in retail trade in October was up by 7,000 from a year ago. And employment in the leisure and hospitality industry, including bars, restaurants and hotels, is up by 3,300. Monday’s report also found a significant increase in individual income tax collections. At this time of the year, that largely indicates money withheld from worker paychecks. But budget staffers said this nearly 20 percent hike may not mean that more people are working. They pointed out that the state altered the way employees compute their withholding for state taxes. What may be happening, they said, is workers are having their employers take out more than is necessary. That means the money is really only on loan to the state, as employees will get that money back when they file their tax returns next year. The other bright spot for the state, at least in terms of revenues, is that Lottery ticket sales are up about 6.6 percent from October 2009. None of this means, though, that state government is out of the financial woods yet. The report says while tax receipts are up from last year, they still are lagging behind the projections used when lawmakers put the budget together. For the first four months of the fiscal year, total collections are $41.2 million below forecast, even with the $261.3 million extra received so far from that one-cent sales tax hike. Source: http://www.eastvalleytribune.com/business/article_51ce6960-fc15-11df-a4c3-001cc4c03286.htm |
New figures Monday from the Joint Legislative Budget Committee show merchants paid the state $282.2 million last month in basic sales taxes. That does not include the proceeds from the temporary one-cent hike in the tax rate which voters approved last May.Posted at 03:27PM Dec 09, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
Mortgage Rates Rise for 4th Straight Week
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Mortgage Rates Rise for 4th Straight Week
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NEW YORK - Rates on fixed mortgages rose for the fourth straight week this week, hitting 4.61 percent. The surge could slow refinancings and further hamper the housing market. Freddie Mac said Thursday that the average rate on a 30-year fixed loan increased The average rate on a 15-year fixed loan rose to 3.96 percent. Rates hit 3.57 percent last month - the lowest level since 1991. Rates are rising after plummeting for seven months. Investors are selling Treasury bonds in anticipation of an extension of tax cuts and unemployment benefits that could boost the economy next year. Investors are also dumping the bonds because they believe budget deficits will grow over the long term because of the deal. The sell-off is raising the yield on Treasury bonds. Mortgage rates tend to track those yields. The increase in rates already is discouraging homeowners interested in refinancing their homes. Refinance activity fell for the fourth straight week last week, according to the Mortgage Bankers Association. However, the increase in rates may have convinced some homebuyers who were waffling to go ahead and make a move. Purchase application volume was up for the third consecutive week and is at its highest point since the beginning of May. Mortgage brokers and real estate agents agree that a sustained rise in mortgage rates eventually will sideline potential buyers. To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day. Rates on five-year adjustable-rate mortgages averaged 3.60 percent, up from 3.49 percent. The five-year hit 3.25 percent last month, the lowest rate on records dating back to January 2005. Rates on one-year adjustable-rate home loans slipped to 3.27 percent from 3.25 percent. The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount. The average fee for 30-year and 15-year mortgages in Freddie Mac's survey was 0.7 point. It was 0.6 point for five-year and one-year mortgages. Source: http://www.msnbc.msn.com/id/38770102/ns/business-us_business/ |
sharply from last week's rate. And it is well above the 4.17 percent rate hit a month ago - the lowest level on records dating back to 1971.Posted at 03:25PM Dec 09, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
Economists: AZ on the brink of boucing back
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Economists: AZ on the brink of boucing back
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Posted: Wednesday, December 1, 2010 12:57 pm |Updated: 9:35 pm, Fri Dec 3, 2010.
Economist Lee McPheters told more than 1,000 attendees at the W.P. Carey School of Business/JPMorgan Chase 47th Annual Economic Forecast Luncheon that 2011 will be the best year Arizona has seen since before the recession. A full recovery will come in about three years. “After three really weak years of economic performance, I think it’s pretty clear we’re on the threshold of recovery,” he told reporters before the luncheon. “Arizona is much stronger than it was a year ago.”
Recent data indicates that Arizona has become the No. 1 fastest-growing market for private sector jobs while it was among the weakest this time last year. Nationwide, it’s ranked 12th for job creation. The Phoenix metropolitan area shows the second highest job growth of large cities in the nation, trailing Washington, D.C.
Though it won’t be a vigorous recovery, the state has turned the corner as consumers slowly begin to regain confidence to spend, McPheters said. Nationally, slow improvement is also the case.
Philadelphia economist Joel L. Naroff, president of Naroff Economic Advisors and recipient of several recent awards for economic-forecasting accuracy, said the nation’s cycle of weak job growth coupled with high unemployment has led to low job security, which directly affects consumer spending.
“I think this cycle is slowly beginning to break,” Naroff said, predicting that the negative cycle will turn positive by summertime.
Americans expected a swift, “V-shaped” recovery, he said, but that was never possible because of the housing market and financial sector collapses that led to the recession. Instead it might be a slow, mostly jobless recovery - but that is normal.
Arizona’s unemployment The state is expected to add about 48,000 jobs in 2011, but that still won’t bring the state to the pre-recession levels of 2007, McPheters said.
While the nation has seen 6 percent total job loss, Arizona saw 11 percent and the Phoenix metro area saw 12 percent, numbers that are difficult to recover from quickly.
In the coming months, Arizona’s unemployment rate will likely remain high, hovering around 9 percent through the end of 2011, he said.
Lagging housing market The real estate market has shown almost no progress in the past year, said Elliott D. Pollack, CEO of Scottsdale economic and real estate consulting firm Elliott D. Pollack and Co. A full recovery isn’t predicted until 2014 or 2015.
In the Valley, one in five homes is a rental because families don’t have the money or the confidence to buy, he said. Tough mortgage standards mean more people are renting than ever before.
Though a recovery is eventually on the horizon, Pollack said he doesn’t yet believe prices have bottomed out. “The good news is that time will bail us out,” he said.
Road to recovery James Glassman, managing director and senior economist for JPMorgan Chase & Co., told attendees that 2010’s growing corporate profits are a reason to have limited optimism. Built-up demand from consumers who have been avoiding big purchases could lead to strong demand next year as businesses begin to rebound, he said.
“It’s not natural to stay in a deep hole,” Glassman said, but he predicted it might take a decade for the nation to get back to full employment. Hints that Congress could extend tax cuts that were expected to expire this year could also boost recovery.
Brewer’s plans The forecast comes a day after Gov. Jan Brewer revealed several economic development proposals to attract new businesses to the state and create jobs.
The plans include income tax cuts for businesses and other tax incentives. The proposal would create a $25 million state fund to provide grants to businesses thinking about Arizona for expansion, relax state regulations and semi-privatize the Commerce Department.
The package requires legislative approval.
Source: http://www.eastvalleytribune.com/business/article_218b40e0-fd85-11df-bc8d-001cc4c002e0.html
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Arizona’s economy is on the cusp of a slow recovery after three years of decline, an Arizona State University economist said Wednesday.Posted at 03:18PM Dec 09, 2010 by Louisa Ward & Robyn Viktor in Real Estate | Comments[0]
Why rent when you can own a home?
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Why Rent When You Can Own?
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The city of Phoenix offers a homeownership assistance loan of $15,000 (no-interest loan and no monthly payments) toward the purchase of:
A newly refurbished single-family home located in established neighborhoods that has been renovated by city of Phoenix program partners for sale to NSP eligible homebuyers through the -Move-In Ready Program- To be eligible: - Must have a good credit history and able to qualify for a 15- or 30-year fixed rate mortgage loan - Not be on title on any residential property (you do not have to be first-time homebuyer) - Must be a legal U.S. resident - Able to contribute half of the home's required cash down payment or a minimum $1,000 - Take a 2 hour one-on-one credit counseling and an 8 hour homebuyer education class ** - Total household income does not exceed the maximum income guidelines listed below:
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Posted at 02:41PM Dec 09, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
2010 Homebuyer Survey Contains Valuable Information for Agents and Sellers
2010 Homebuyer Survey Contains Valuable Information for Agents and Sellers
by Bob Hunt
One of the most useful research projects of the National Association of Realtors® (NAR) is the annual survey of homebuyers and sellers. The 2010 version (Profile of Home Buyers and Sellers 2010) became available in November of this year.
The information is based on answers to an eight-page questionnaire mailed to 111,000 consumers who purchased a home between July 2009 and June 2010. (Names and addresses were provided by Experian, a company that maintains an extensive database of recent homebuyers that is derived from county records.) There was a 7.9 percent response rate.
In 2010, first-time homebuyers constituted 50 percent of the market. That is a huge portion. There are a number of factors to explain this increase, one of which is that first-time buyers don’t have to sell a home before they can buy. Moreover, prices have been dropping while interest rates remain low by historical standards. Especially, government policies such as tax credits have played a major role.
Certainly the most useful information for sellers and their agents is to be found in the section on the home search process. While the survey results are not significantly different from those of recent years, the trends continue. For example, this year 74 percent of buyers said that they used the internet frequently during the search process, about the same as 76% last year. In 2003 that number was 42%.
Thirty-six per cent of buyers went to the internet as the first step in the home search process. 19 % contacted a real estate agent first, and 7% began by driving through neighborhoods looking for homes for sale.
Buyers use multiple sources of information in the process of looking for a home. Far and away the most used sources are the internet (89%) and real estate agents (88%). What is the third most used information source? Yard signs (57%).
Multiple Listing Service (MLS) websites were the primary source of information for buyers who used the internet in their search process. 59 percent of those buyers went to MLS sites. Of course, many went to a variety of different sites. 45 percent used Realtor®.com, 43% went to real estate company websites, and 42% went to sites hosted by individual agents. Aggregators such as Zillow, Homegain, and Yahoo were visited by 41% of buyers.
While there is a lot of intriguing information about the sources of information used by prospective homebuyers, certainly the most relevant has to do with where they actually found the home that they ultimately purchased. It is still the case that, more than any other source, a real estate agent is responsible for informing the buyer about the home that is ultimately purchased. That is how 38 percent of buyers found their home.
But the internet is a very close second (37%). Moreover, the differences in less than a decade are fascinating. In 2001, 48 percent of buyers learned about their home through a real estate agent, and only 8 percent found their home on the internet. The times they have changed.
Some things though, remain persistently the same – or close to it. In 2001, a yard sign was the third most likely source of information leading to the home that was purchased (15%). And this year? It is still the third leading source at 11%. Print media may not be dead, but it has shrunk to insignificance in this arena. In 2001, 7% found the home they purchased through a newspaper ad; in 2010 it was 2%. Fewer than 1% found their home through a home book or magazine.
The 2008 Profile of Home Buyers and Sellers shows what works. It is a valuable resource.
Published: November 30, 2010 Source: http://realtytimes.com/rtpages/20101130_survey.htm
Posted at 09:52AM Dec 01, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
New Lending Guidelines Benefit Young Borrowers
New Lending Guidelines Benefit Young Borrowers
Under Fannie Mae's new lending guidelines, which will take effect Dec. 13, securing a mortgage will become easier for some borrowers and more difficult for others.
These new rules will allow buyers to use gifts and grants from nonprofit groups for their minimum 5 percent down payment. Freddie Mac is also considering similar new guidelines, according to spokesman Brad German. Borrowers previously were required to contribute a minimum 5 percent down payment from their own funds, with additional down payment money permitted from a gift.
These new rules are "definitely going to help upgrade buyers and young couples who for whatever reason don’t have enough money and are getting some from their families," said Edward Ades, the owner of broker Universal Mortgage. The gift rules apply only to single-family principal residences and cover mortgage amounts in excess of 80 percent of the property’s value. The loan balance also has a limit of $729,000 in high-cost areas like New York City and $417,000 in other areas.
At the same time, Fannie Mae is cracking down on debt-to-income ratios, with the maximum ratio for those seeking a conventional mortgage set to drop from 55 percent to 45 percent under the new guidelines. Fannie Mae is also increasing its scrutiny of payment histories on revolving debt, and buyers who have missed a payment will have 5 percent of the total balance added to their ratios.
Under the new rules, borrowers who have gone through foreclosure will be excluded from obtaining a Fannie-backed loan for seven years, an increase from the previous limit of four years.
Source: The New York Times, Lynnley Browning (11/21/10)
Posted at 09:47AM Dec 01, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
Safari Condos Resume Sales
by Edward Gately 11/26/2010
Safari Drive, a luxury-condominium complex along the Arizona Canal north of Camelback Road, is back on track after a long dormancy.
Last week, sales resumed on the 4.8-acre midrise development near the northeastern corner of
Camelback and Scottsdale roads. The seven-building complex was completed in 2007, but after 15 units were sold, sales were halted when the economy went south.
In October 2009, ST Residential acquired all assets of Corus Bank and now owns and manages Safari Drive. ST Residential is a consortium of private-equity groups that include Starwood Capital, TPG Capital, WLR LeFrak and Perry Capital.
ST Residential hired Geoffrey H. Edmunds & Associates to relaunch and market Safari Drive, and Geoffrey H. Edmunds Realty, a sister company, will handle all sales.
All units in the complex have been completed. Safari Drive is on the former site of the Safari Hotel and Resort.
"There's seven buildings and 89 units, with 15 previously sold," said Geoffrey Edmunds, company president. "There's 74 to sell, and we sold two last week. The market has really been going down for the past six months, so it's continued to deteriorate. But there are sales for unique product, so where we're going to compete is with the Waterfront, Optima or another project like ours."
Unit prices start at about $370,000 with three units priced around $1 million. The majority of the units are 1,200 to 2,100 square feet.
"We're giving (buyers) real high-end product at a competitive price for today in a unique location, and we believe there's a market in 2011 for this product," Edmunds said. ST Residential and Edmunds' goal is to have Safari Drive sold out by the end of 2012.
A second, smaller phase is being planned that would be built in front of the project and closer to Scottsdale Road.
Source: http://www.azcentral.com/business/realestate/articles/2010/11/26/20101126biz-sr-safari1127.html
Posted at 09:46AM Dec 01, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
Veteran's Day Blog Post - The Sentinels of Freedom Program
Tomorrow, the nation will be observing Veteran’s Day. On this day, we honor those who have made
the personal sacrifice to protect our freedoms. None of us would be doing what we are doing today if we had not been protected by those who gave their all. One way you can help remember and honor these veterans is by donating time and/or money to a charity that exist to help the recently wounded and re-establish them in today's society. That charity is the Sentinels of Freedom.
The Sentinels of Freedom is a scholarship foundation whose mission is to provide life-changing opportunities for men and women of the U.S. Armed Forces who have recently suffered severe injuries and now need the support of grateful communities to realize their dreams. Sentinels of Freedom does not offer academic scholarships but rather life scholarships to help these men and women find the life paths that best suit their abilities, interests and needs. Through local donations of time, money, goods and services, scholarship recipients receive housing, transportation, employment and education assistance, and are connected to a team of caring volunteers who provide guidance, mentoring and friendship during the four-year program.
Howard Lein, Owner of RE/MAX Excalibur is the first RE/MAX affiliate to cement his commitment as a Sentinels Team Leader to help severely wounded veterans. He’s assembled a team of mentors in his offices, and are working with scholarship recipients such as Petty Officer Third Class, Kevin Ivory, who suffers from Post Traumatic Stress Disorder (PTSD), among others.
Kevin Ivory
RE/MAX Excalibur is actively involved in the success of our community. Dozens of RE/MAX Excalibur associates have demonstrated their community involvement by contributing time to the success of the Sentinel of Freedom program. As the Sentinel program grows, it is expected that additional soldiers will be added every two or three months.
For more information on the Sentinels of Freedom program and how you can get involved, please go towww.SentinelsOfFreedomAZ.org. Here you will find many articles and videos about our scholarship recipients and how the Sentinels have provided them with the assistance they need to re-establish themselves in today's society.
Posted at 04:08PM Nov 10, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
