Happy Halloween

Halloween is a celebration observed on 31 October, primarily in regions of the Western world; the traditions and importance of the celebration vary significantly between geographical areas. Halloween is a time of celebration and superstition. It is thought to have originated with the ancient Celtic festival of Samhain, when people would light bonfires and wear costumes to ward off roaming ghosts.

Evolving from the ancient Celtic holiday of Samhain, modern Halloween has become less about literal ghosts and ghouls and more about costumes and candy. The Celts used the day to mark the end of the harvest season and the beginning of winter, and also believed that this transition between the seasons was a bridge to the world of the dead.  Over the millennia the holiday transitioned from a somber pagan ritual to a day of merriment, costumes, parades and sweet treats for children and adults.

On all Hallow's Eve, Christians in some parts of the world visit graveyards to pray and place flowers and candles on the graves of their loved ones.

More Phoenix Homeowners Have Equity Now

Fewer metro Phoenix homeowners are underwater now, according to a report released today by real estate research firm CoreLogic.

Approximately 19.5 percent of the Valley's homeowners owed more than their house is worth as of June 30, down from 21 percent at the end of this year's first quarter.

At the worst of the housing crash, more than 40 percent of metro Phoenix homeowners were underwater.

Another big drop in the Valley's rate of underwater homeowners won't come again this year. Home sales have slowed and so have the area's price increases.

But on the bright side, Arizona is faring much better than other states hurt most by the housing crash with about 19 percent of homeowners underwater. In Nevada, 26.3 percent of homeowners still can't sell for a profit. In Florida, the rate is 24.3 percent.

Written by Catherine Rigor, The Republic|azcentral.com

Maricopa County Foreclosure Statistic

Foreclosure Outcomes :After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be Cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements. Alternatively, if the property is taken to sale, the bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank’s opening bid, the property will be Sold to 3rd Party; if not, it will go Back to the Bank and become part of that bank’s REO inventory.

Foreclosure Outcomes: Arizona > Maricopa County

Notices of sale, which set the date and time of an auction, and serve as the homeowner's final notice before sale, in Maricopa County fell 1.9% in August.

Posted by Jen Weller, Fidelity National Title.

Americans' Attitudes Improve on Housing

Consumers’ optimism toward the housing market showed a slight rebound last month, with more people now saying it’s a good time to buy or sell a home, according to Fannie Mae’s September 2014 National Housing Survey, based on about 1,000 Americans’ attitudes on the housing market.

 The share of consumers who say now is a good time to purchase a home rose to 68 percent in September, a four percentage point increase from August. Also, the share of Americans who said they’d prefer to buy a home on their next move rose to 66 percent, following a three-point drop the previous month. The percentage of those who reported now is a good time to sell grew to 39 percent. Those surveyed also were more upbeat about home prices rising in the next 12 months, with expectations of price gains of 2.2 percent, on average.

Consumers also showed greater optimism toward the overall economy, with 40 percent now saying the economy is on the right track, posting a five percentage point gain from last month.

"The September National Housing Survey shows a slight recovery in consumer housing sentiment after a two-month setback, bringing us back to the modestly positive trend we've seen over the last year," says Doug Duncan, senior vice president and chief economist at Fannie Mae. "It might be too late to save this year's home sales from posting the first decline in five years. However, the return to an upward trend in housing sentiment, combined with this month's positive news on the jobs front, suggests that a broad-based, albeit measured, housing recovery is on track to resume in 2015. The results of the past few months show that consumer optimism remains cautious and somewhat volatile, and we'll likely continue to see bumps on the housing recovery path reflected in our survey results."

Source: Fannie Mae, Published by Daily Real Estate News

Solving The Puzzle of Property Taxes

The National Association of Realtors has said that home values are slowly accelerating. That is not bad since we dont want a repeat of real estate bubble that happened several years ago. Tami Hoey of AZCentralfamily.com has published this article last year, but property taxes calculation does not change.

Good Morning Arizona,  called in an expert to help us understand property taxes. Attorney Don Miner says it's important to understand tax values. "When the market's fluctuating, it may take them a year, two years, even three years to catch up," Miner tells us.

Ratios can vary according to the type of property: Commercial, vacant land, owner occupied and rental.

Miner says take a close look at your notice of property valuation. "It comes toward the end of every February," says Miner. "Look hard at those values to be sure that they're not higher than your fair market value.

The notice of value will show the full cash value of the property, the limited property value of the property, the assessment ratio, and the appeal deadline.

Should You Consider Owner Financing?

With over 90% of mortgage loans owned or guaranteed by the U.S. government, lending requirements have tightened to the point that many otherwise qualified borrowers are unable to buy a home, especially with higher credit score and down payment requirements as well as private mortgage insurance. FHA loans, for example, require mortgage insurance on every loan.

Home sales due to tight lending have been held back as much as 15%, estimates the National Association of REALTORS®. That's left many homeowners and homebuyers frustrated.

Owner financing could be the answer for many. If the parties protect themselves by adhering to state regulations and use reputable sources to help navigate the transaction safely, including their real estate professionals and attorneys, it could be the ideal alternative to bank financing.


What is Owner Financing (#ownerfinancing)?

Owner financing simply means that the home's owner carries most or all of the buyer's note. In a volatile real estate market, owner financing can get homes sold that otherwise wouldn't sell, which benefits both sellers and buyers. All it takes is a legal binding agreement that spells out the terms of the loan.


Benefits to sellers

When the seller carries the note, he or she takes the place of the bank, assuming the risks such as defaults and damage to the property, and the rewards such as receiving market value plus monthly interest payments on the note.

A seller can sell a home without having to meet the repair and integrity standards set by FHA and conventional loan lenders.

A popular scenario is that the seller may require that the buyer pay rent-to-own until they accumulate enough for a conventional down-payment. A portion of the money is kept by the seller, and a portion goes into a trust so when the balloon portion of the note is due, the buyer can refinance with a conventional bank loan that pays the seller off.

Benefits to homebuyers

Buyers who have trouble meeting conventional loan standards for any reason are most likely to benefit from buying a home with owner financing. Because the seller collects a monthly interest payment and retains ownership of the home until the terms of financing are met, buyers can typically buy a seller-financed home with little or no money down. But, they can expect to pay higher interest rates for the privilege. The buyer can immediately start enjoying the benefits of homeownership, including rising equity and tax benefits.
Owner financing isn't just for buyers with low credit scores. It can also benefit buyers who want to buy a home but perhaps can't meet the 20% down-payment requirements of a conventional loan.

The Risks in Owner Financing

As in any transaction, there are risks. For the seller, it would be that the buyer stops making payments and loots or destroys the property. But in the case of a default, you take back the property with whatever the buyer has paid forfeited to you.

For the buyer, the risk is that the seller doesn't have clear title to the property, or that the owner-financed loan is tied to the seller's adjustable rate loan, which can be more expensive, some years, than the buyer can afford.

Your real estate agent may be negative about your selling the home this way, because agents are used to the formalities of banks. However, any problems that arise can be managed with proper protections for both sides. Consult a real estate attorney and your real estate professional for more information.

Written by Home Blogger, My Realty Times