Quoted from http://www.azcentral.com/arizonarepublic/news/articles/2008/12/09/20081209foreclosures1209.html:

Valley foreclosures down

Valley foreclosures down

17% drop from October comes as lenders ease terms for strapped borrowers

52 commentsby Catherine Reagor - Dec. 9, 2008 12:00 AM
The Arizona Republic

Valley foreclosures significantly fell in November, suggesting that lenders are finally working with borrowers to help them pay their loans and that the area's housing market may have hit bottom.

Last month, 3,826 Phoenix-area homes fell into foreclosure, according to the Information Market. That is down 17 percent from October.

Foreclosures are likely to fall again in December because notices of trustee sales, or pre-foreclosures, fell 23 percent in November, to 6,509.

In the past few months, several big lenders announced programs to work with more struggling borrowers. Fannie Mae and Freddie Mac halted foreclosures during the holidays and plan to begin lowering interest rates and payments on some loans.

 

5 new rules for home buyers

I just read this from money.cnn.com


"5 new rules for Home Buyers

There's no guarantee that prices have hit bottom yet - but that doesn't mean that you can't get a great deal now.


(Money Magazine) -- There's no telling how long the housing crisis will drag on. Here's what you need to know before you start shopping in a rocky market.


Rule 1: You can't time the bottom

Face it: The house you buy today will more than likely be worth less next year. That could get you thinking about trying to time the bottom. Resist. It's harder to do than you think, and this is the best buyers have had it in two decades, with inventories up and mortgage rates low.

Pace yourself, find the perfect place and drive a hard bargain: Ignore the seller's asking price and bid 10% below what comparable homes are selling for. If the seller balks, move on. Remember that if you're trading up, your home could sit. So sell before you buy.


Rule 2: One reason to buy now - mortgage rates


Homes are plentiful and will remain so, but financing will be getting more expensive. True, the Federal Reserve has slashed interest rates, but fixed mortgages don't directly follow the Fed. They reflect the bond market's expectations about inflation, which remains a concern. The 30-year, now at 6.1%, will likely reach mid-6% by December and 7% in 2009, says Celia Chen of Moody's Economy.com.

That means there could be a penalty for waiting to buy even if prices fall more. Today a $250,000 loan would set you back $1,500 a month. At 7%, a $1,500 payment gets you only a $225,000 mortgage. As for variable-rate loans, the spread between conforming ARMs and fixed loans is too narrow to do you much good.


Rule 3: Another reason to buy - rates on big mortgages


Mortgages in amounts greater than $417,000 - the limit for buying by federally sponsored mortgage agencies - usually run a fifth of a percentage point above conventional products. But investors are shunning jumbos, which now average 7.2% and are unlikely to drop much this year, according to HSH Associates.

Certain jumbo borrowers could get relief, however. A new law allows Freddie Mac and Fannie Mae to buy loans as large as $729,750 in 71 high-priced areas. So far "jumbo conforming" loans average 6.6%. The program has gotten off to a slow start; you'll need to shop around. And unless Congress acts, this bargain will disappear at year-end.


Rule 4: Don't buy cheap; buy good schools


By now you've heard from somebody who knows somebody who got a great deal on a foreclosed property. But when you buy a house, you're also buying into a neighborhood. And foreclosures tend to be bunched in areas where residents and speculators alike took out exotic mortgages to get into homes they subsequently found they couldn't afford. That's not a recipe for stability. Prices and quality of life could both decline further.

Similarly, avoid developments that popped up in the past few years. They too likely have a lot of owners with risky loans and little equity, says Mike Larson of Weiss Research. Instead, go for areas with highly rated schools. They generally fare better during downturns, and that pattern is holding today, according to a recent study by real estate site Trulia.com.


Rule 5: Make sure your agent has your interest at heart


The real estate game has a built-in conflict of interest, since the listing agent and your agent both get paid by the seller. And these days more sellers are offering extra cash to buyer's agents.



So make sure you're not being steered to a house that's better for your agent than for you. Agree up front on his commission (typically 3%) and that any extra payments will go to you, says Jon Boyd, past president of a buyer's agent trade group."

Phoenix, Az Hottest Labor market in US.

From the Business first of Buffalo

America's 10 hottest labor markets

"1. Phoenix: America's hottest labor market is located -- appropriately enough -- in the desert. Phoenix has tacked on 325,100 jobs since 2002, the equivalent of 1,250 per week. Washington's weekly average of 940 is a distant second. Phoenix's jobless rate, 3.0 percent, is the nation's fourth-lowest.

2. Salt Lake City: Salt Lake City has gathered serious momentum the past two years. Its employment base has ballooned by 11.3 percent since 2005, the nation's fastest pace over that period. Also impressive is the local unemployment rate of 2.8 percent, the second-smallest across all of America.

3. Boise, Idaho: If Salt Lake City has America's second-lowest jobless rate, who is better? The answer is Boise at 2.1 percent. This burgeoning high-tech center also boasts a job-growth rate of 11.0 percent since 2005, second-best in the nation. And who is No. 1 in that category? Salt Lake City, of course.

4. Riverside-San Bernardino, Calif.: Los Angeles does reasonably well in these rankings, 41st out of 100 markets, yet it's far behind its own eastern suburbs. Riverside-San Bernardino, also known as the Inland Empire, is adding 890 jobs per week. That's America's third-fastest pace, trailing only Phoenix and Washington."

IRS Reaches Out To Foreclosure Victims With Resource Site

This is an interesting article I found on the Mortgage Bankers Association website.

"The Internal Revenue Service has unveiled a new section of IRS.gov for people who have lost their homes due to foreclosure. The IRS also reassured homeowners that, although mortgage workouts and foreclosures can have tax consequences, special relief provisions can often reduce or eliminate the tax bite for financially strapped borrowers who lose their homes.

The new section of IRS.gov includes a variety of information, including a worksheet designed to help borrowers determine whether any of the foreclosure-related relief provisions apply to them. For those taxpayers who find they owe additional tax, it also includes a form they can use to request a payment agreement with the IRS. In some cases, eligible taxpayers may qualify to settle their tax debt for less than the full amount due using an offer-in-compromise."

I think this is a wonderful idea to help inform the public on how they can resolve their tax liability if any...

My First Blog Post

Well here it is, I am officially a Blogger! I will be using this site to post bits of information on articles I think others may find interesting and sharing tips about Real Estate ownership. I am a pretty Tech savvy guy so I may also be posting information regarding some pretty cool gadgets or software I would like others to know about. Keep on the lookout, post comments and links if you would like.