Tom Maison

Top 10 metros with largest drop in for-sale inventory in July

2012-08-20T13:45:00.000-07:00

Data released from Realtor.com's July 2012 Real Estate Trend Data Report show that asking prices rose 2.6% nationwide.

The number of for-sale real estate listings continued to drop on an annual basis in July, falling 19.3 percent from July 2011 to a total of 1.87 million listings nationwide, according to Realtor.com data through July 2012. This trend, along with a 2.6 percent year-over-year median list price increase last month to $194,900, points to some stability in the nascent housing recovery that's slowly settled in this year.

The Phoenix metropolitan area was ranked second among metros with greatest year-over-year list price increases, at 27.7%.

Read the full summary of the report here:

Daily Real Estate News | Top 10 metros with largest drop in for-sale inventory in July

-Tom

Extension on Debt Forgiveness Act - passes Senate, possible action next month

2012-08-13T09:28:00.003-07:00

Great news for those considering a foreclosure or short sale - The Senate Finance Committee approved a bipartisan bill before heading home for summer recess that would extend the Mortgage Forgiveness Debt Relief Act through 2013.

The current bill is set to expire at the end of December, but the Senate was able to get enough votes, and will move for possible action next month.

Also, included in the extension, is retroactively allowing homeowner's with Mortgage Insurance to write off those premiums as well. Great news for FHA homeowners!

The outlook for the extenders: Given the popularity of the housing deductions and credits, look for supporters to press the full Senate for early action in September in order to get these issues settled before Election Day. If there are serious objections in the Republican-controlled House, however, then all bets are off until the lame-duck session, when election losers as well as winners get to write federal tax policy.

-Tom

See the full article here: Congress weighs mortgage relief extension | The Real Deal

Home Prices in the West Are Rebounding as Inventory Shrinks

2012-08-06T10:59:00.000-07:00

From the New York Times:

PHOENIX — Prices for existing homes here and in surrounding areas climbed by 25 percent during the 12-month period that ended in April, pointing to a decisive shift in the market realities of a place where foreclosed signs, abandoned properties and deserted neighborhoods became one of the most enduring symbols of the nation’s crippling real estate bust.

But hold off on the fireworks for a moment.

The rise in prices may be driven less by a resurgence in the local economy — real as it is — than by an inopportune dearth of houses for sale, as well as a steep decline in the number of bank-owned bargains hitting the market.

Read the full article here:

Home Prices in the West Are Rebounding as Inventory Shrinks | The New York Times

-Tom

HARP Update

2012-01-24T10:14:00.000-08:00

Guidelines for the much anticipated HARP 2.0 have been released and are now being digested by the banks that will be funding these deals. We are currently waiting for specific rates and terms that will be available, and expect to be ready to close these deals in March 2012.

HARP, which was originally released in April 2009, is known by several other names: "goverment refinance program", DU Refi Plus, Obama's Refinance Plan, and Making Home Affordable Plan.

The first criteria to determine if you are eligible is to check to see if your loan is owned by Fannie Mae or Freddie Mac. Your loan must be backed by Fannie Mae or Freddie Mac and your acquisition/funding date must be prior to June 1st, 2009 (see your NOTE for that date).

Use these sites to check if your loan is owned by Fannie or Freddie:
Fannie Mae Loan Lookup
Freddie Mac

If your loan is not owned by either agency, you're not eligible for HARP, but you may be eligible for a regular refinance or possibly an FHA Streamline Refinance - if you'd like to explore your options for these types of refinances, please complete an application HERE.

Keep in mind also, that just because your loan is backed by one of these agencies does not instantly qualify you for HARP II.

If your loan IS owned by Fannie Mae or Freddie Mac, then it is probably a good idea to complete a loan application. You can do this online HERE, or feel free to call me and we can discuss your options over the phone.

A few points regarding HARP II:

* You must be current on your mortgage payments, and have no late payments in the past six months.
* There is no Loan-To-Value restriction with the new HARP - no matter how underwater you may be, you could still be eligible for a new 30-year fixed rate.
* You may not need an appraisal, however we will run an AVM (Automated Valuation Model) to get a rough estimate of the value of your home. Some banks may require a physical appraisal to check the condition of the home.
* HARP is for first liens only - any second liens must be resubordinated.
* There is no income check if your principal and interest payment stays with 20% of your old payment - if you're currently unemployed, or if you orginally purchased your home using 'stated income', you may still qualify.

This information is up-to-date as of January 24th, 2012. If you're ready to apply for a HARP refinance and see what rate may be available, call me! 602.206.3144.

Veteran's Day - Thank You

2011-11-11T10:15:00.001-08:00

I wanted to take this day to thank you for your service and everything you do to protect our freedom. What you do ensures my family's safety, my freedom of speech, freedom to bear arms, and freedom to live my life as I see fit. It is my belief that those who have served and sacrificed for our country, and those who continue to do so, are the true heroes of this nation. So many have given their lives so that we can enjoy what we are today. I truly appreciate your service to our great nation, The United States of America. Thank you.

Testimonial From Another Happy Homebuyer

2011-10-03T12:14:00.001-07:00

Mr. Maison,

To say it was a pleasure working with you is an understatement. A business professional myself I have high expectations of those I do business with, and you exceeded in every way possible. Not only did you find me a great rate with a reliable lender, you also were able to guide me through some of the most intricate and difficult aspects of obtaining a new loan. Helping me land closing cost assistance through the lender was icing on the cake. I highly recommend your services to anyone who may be looking to purchase a new home, or refinance their current mortgage. Kudos, and keep up the good work.

Sincerely,
Tim

FHA Loan Limits Decrease in Maricopa County

2011-08-29T10:46:00.000-07:00

As you've probably seen or heard, FHA Loan Limits are set to decrease on October 1st, 2011. The max loan amount for FHA financing will be dropping from $346,250 to $271,050. Financing with loan amounts greater than $271,050 must be processed and underwritten by September 30th, 2011.

If you have any questions on these new FHA guidelines, please feel free to contact me.

Inventory is VERY low in Phoenix...here's how I can help:

2011-08-18T17:10:00.000-07:00

REALTORS

As you all have probably noticed, the inventory is VERY low and it's been harder than ever to find that perfect home for your buyers…especially those who need an FHA-eligible home. That being said, this is a GREAT time to take advantage of either NOVA's Escrow Holdback Program or an FHA 203k Loan.

Attached is a flyer which highlights our Escrow Holdback Program; this is perfect for homes that need just a few items for FHA approval. Say the dishwasher is missing and the seller (bank) refuses to put one it…use NOVA's Escrow Holdback Program!

Also, we now do all of our 203k loans IN-HOUSE. I have completed the necessary education to efficiently see you and your buyers through a 203k loan. Don't be afraid to use this loan anymore, I can help you close more deals!

If you think you have a buyer that could benefit from one of these programs, please feel free to contact me and we will get the pre-approved!

Hosting an Open House this weekend?

2011-07-15T09:37:00.000-07:00

MSN Real Estate published a good article on some helpful hints when hosting an Open House:

Link: 8 tips for a successful open house | MSN Real Estate

1) Take advantage of technology - Since most buyers start their search online, you want to make sure the home you're listing is ALL OVER the web. Hopefully by now you're on Facebook, Twitter, and using all of the other social media devices to advertise your business. If not...I can help get that set-up for you!
2) Save paper, save money - With a little notice, I'm always happy to provide you with Financing Options Flyers for your Open House. Most of your content on the Open House can be online to save paper and money, but having something with your information and a quick contact for a pre-approval that a potential buyer can take with them is key as well.
3) Use low-tech too - Good old fashioned sign riders, advertising the Open House, should always be out. I can also add to your For Sale sign the option for potential buyers to receive texted information about the house...a great way for you to follow up on the leads!
4) Enlist the neighbors - Don't forget that neighbors checking out the house should be considered 'good traffic'. Other potential buyers may get a higher sense of demand for the house, which may create some urgency.
5) Create a neutral environment - Hopefully all the toilet lids are closed at your Open House...
6) Leave - and take your pets with you
7) Be security-conscious - It's a good idea to have more than one person with you at the Open House, not only for your safety, but to also help 'chaperone' potential buyers throughout the home to protect your clients' property.
8) Choose an 'off' hour - Reading this in the article was a surprise to me, but it makes a lot of sense. By doing your Open House a little later than most, you should see more traffic and they may be in less of hurry to see the next home.

Please remember, I'm here to help YOUR business succeed!

I am always willing and able to help advertise and sometimes sit with you at an Open House.

Just give me a call, and good luck at your next Open House!

NOVA Home Loans is top-ranked

2011-07-13T14:50:00.000-07:00

For a second consecutive week a company associated with the residential real estate business tops our good news. Tucson-based Nova Financial & Investment Corp., parent of Nova Home Loans, ranked as the largest Arizona-based originator of federal home loans in 2010, according to the trade publication Inside Mortgage Finance.

Nova, which is licensed to operate in 18 states, did $1.4 billion in mortgage originations last year.

Positive Real Estate News for the Valley

2011-07-12T10:46:00.000-07:00

After what seems like years and years of negative news about our local real estate market here in Maricopa County, the Arizona Republic has published a nice article showing the housing numbers may be improving.

The article states that the median home price in the Valley went from $115,000 to $118,950 last month.

Also, 9,450 new and used homes were sold in June, which is nearly a new record. Surprisingly, this number doesn't even include some 1,300 foreclosed homes sold by banks at auction.

Hopefully data and articles like this are a continuing trend that will take us from a declining market to an appreciating market.

Link to article at AZCentral

Survey Shows Mixed Results on Handling Foreclosures

2011-05-17T13:44:00.000-07:00

What do Americans want our government to do about all of these foreclosures? Nothing.

A recent survey showed Americans want the government to:

Offer to buy-out troubled mortgages 17%
Continue to bail-out bankers 0%
Let homeowners get foreclosed 41%
Nothing and hope and pray things get better 17%
Offer government backed mortgages 25%

Forcing banks to move quicker with foreclosure and short sale proceedings would help as well, in my opinion. And most of all, no more artificial stimulation please!

-Tom

Link: Survey Shows Mixed Results on Handling Foreclosures | Housing Predictor

Rates To Stay Low?

2011-05-16T09:45:00.000-07:00

Rates to stay low well into the second half of this decade? Despite the recent rise in longer-term rates the past few months, this article explains that the Fed will keep its fed funds rate as well as longer-term rates low until 2018:

"With the funds rate close to the zero lower bound," Stehn writes, "a spending based adjustment could not be accompanied by monetary easing unless the Fed decided to adopt another asset purchase program (which we think is highly unlikely)."

That means that even a successful U.S. consolidation could feature a Fed on hold for, all things considered, a decade. If you start back in 2008 and figure it will take our solons in Washington the rest of the year to put together a plan for meaningful reforms, a six-year timeline means we could still be consolidating in 2018. And that assumes something gets done before next year's presidential election. Such optimism!

-Tom

Link: Prepare for a Fed hike -- in 2018 - Street Sweep: Fortune's Wall Street Blog Term Sheet

How will a government shutdown impact your FHA mortgages?

2011-04-07T10:20:00.000-07:00

Wondering how a government shutdown will impact your FHA mortgages? Well, it's happened before. There are dozens of HUD programs that may be impacted, but focusing on FHA loans, there are two important steps in the origination process where FHA lenders have a dependency on FHA: obtaining a case number for a new FHA loan and after it closes being endorsed by FHA so that a mortgage insurance certificate can be issued. The case number for an FHA loan is obtained via FHA Connection. It is possible that FHA Connection may continue to operate even if there is a government shutdown. If that is the case, obtaining case numbers would not be a problem. (During the November 1995 shutdown, case numbers could not be obtained.) The last I checked, most believe that it is very likely that loans will not be endorsed and "mortgage insurance certificates will not be issued in the event of a shutdown. Lenders could continue to originate FHA eligible loans but they will need to wait to obtain an endorsement and an MI certificate. It should be noted that lenders with DE authority can potentially obtain MI certificates if FHA Connection continues to operate."

Thankfully, the shutdown in 1995 mainly caused a delay, rather than drop, in FHA loan origination. However, if lenders decide to stop accepting FHA applications, it could be a problem. If you're experiencing any delays with your FHA-insured mortgages or any other HUD programs, feel free to contact me and I can do the proper research to let you know what the hold-up may be.

Testimonial from Rhianna

2011-04-04T10:24:00.000-07:00

Dear Mr. Tom Maison,

Finally... into my new home! For the past 8 months working together, I couldn't of asked for a more professional loan officer. Previously working in the industry, I had some idea what to expect but you completely proved me wrong. Nova Home Loans should be proud to have an asset as yourself to represent their company.

Thank you for being so helpful and patient with me during the whole process. Lots of waiting involved, but you were always there when I had a question and always responded in a timely manner. When I needed you the most, you were right on top of things! I appreciate all your hard-work and effort!

The smooth communication between my Realtor, title agency, and yourself was impeccable. My Realtor has mentioned to me that he would like to work with you again, as you made this process a positive experience.

I would definitely recommend you for any mortgage needs to all my friends and family. Your ongoing support and efficiency made this experience overall a pleasant one. I hope to someday work with you again in the future.

Thank you for everything,
Rhianna Brown

Arizona Diamondbacks 2011 Schedule

2011-03-31T10:24:00.000-07:00

Today is Opening Day for Major League Baseball, and the Diamondbacks kick their season off on Friday in Colorado. Last year went nothing like what fans were hoping for despite a promising young lineup. Instead, the Diamondbacks were setting major league records in strikeouts, their bullpen was a mess, and they finished fifth in their division. 2011 looks to be a much improved team, although making the playoffs could still be stretch. They've replaced a lot of young guys with some veterans and clubhouse leaders, and Kirk Gibson should bring a renewed sense of how to play the game "the right way" as the new manager. Pitching is still a concern as the end of the rotation is very questionable. But with Justin Upton and Chris Young leading the way, hopefully we see a few more wins this season – at least enough to go to a few more games anyway.

Here’s the 2011 schedule. If you'd like a printable versin of it, feel free to email me! Have a great summer and I hope to speak with you soon!

Link: Arizona Diamondbacks 2011 Schedule

HUD Home Auction

2011-03-25T10:24:00.000-07:00

For those of you considering the Hud Home Auction, here is a bit more information explaining the event:

What?: An auction of 150 HUD-owned properties in the Phoenix area.
When?: Saturday, March 26, 2011 - registration at 11:00 AM and auction begins at 1:00 PM.
Where?: JW Marriot Desert Ridge - 5350 E Marriott Dr; Phoenix, AZ 85054 - Loop 101 exit Tatum Blvd. (480-293-5000)
Why?: SPECIAL FHA FINANCING - $100 DOWN!!!

THE PROCESS:

Pre-Qualify for a Loan - call Tom Maison at 602.206.3144 to determine the amount you are eligible to borrow toward the purchase of a new home. Once determined, you will receive a pre-qualification letter from Tom which you will take with you to the auction.

Home Search - Work with your agent to select a short list of auction homes based on your preference of price, location, bed, bath, and square footage. You and your agent can then view the homes prior to the auction either by appointment or during one of the open house times.

Attend the Auction - Upon arrival at the auction, you and your agent will sign in and meet with a Bid Assistant from Hudson & Marshall to answer any questions you may have. If you are the winning bidder on a home, a Bid Assistant will assist you in signing the contract and post-auction steps toward closing your new home.

What you will need the day of the auction (checklist):

· $1,000 Certified Check (made payable to yourself or HUD)
· Pre-Qualification Letter from Tom Maison
· Photo ID

For more information feel free to give me a call - 602-206-3144 or visit www.hudhouseauction.com.

Is Now the Time to Refinance or Purchase?

2011-02-08T12:08:00.000-08:00

If you are still wondering if now is the time to refinance or purchase, then the answer to this question is a resounding YES! As mortgage bond yields continue to inch up, slowly but surely, mortgage interest rates have followed. Here are a few key points that illustrate why you should complete your purchase or refinance sooner rather than later:

1. Rates are still at historic lows. Regardless if they have trended higher over the past couple of weeks, you can still easily obtain a loan in the mid to high 4% range. Simply put, is still very inexpensive to borrow money.

2. Rates have been on the rise and all indications are that the amazingly low interest rates that we have been experiencing are going to be a thing of the past. Look at this as an opportunity to take action now before you are faced with interest rates ranging from 5.5 to 6%.

3. Looking at the market as a whole, there are only a few things that could bring rates back down to the lows that we have recently experienced.

- If the tax cut package fails to get passed, it would negatively impact the economy and the stock market as whole, but would inevitably drive interest rates back down.

- If the Fed's recent round of Quantitative Easing fails and does not achieve its goal of jump starting inflation, raising stock prices, reducing unemployment and creating consumer demand, interest rates may tick down again.

- If Europe's financial problems continue and worsen significantly, investors may turn to the safety of the US Bond market. If this occurs, bond prices may be able to muster moderate gains.

The chances of any or all of the previously mentioned situations happening are unlikely. We may see some fluctuations in rates, but realistically rates will continue to rise in the coming months.

As your trusted mortgage adviser, I would encourage you to continue down the path of purchasing or refinancing your home today rather than waiting and risking the opportunity to lock in to what are still low interest rates. If you have any questions or would like to discuss any of the topics raised in this email, please don't hesitate to contact me at 602.206.3144 or tom.maison@novahomeloans.com.

Also, make sure to read some testimonials from some of my recent clients: testimonials.

-Tom

Testimonial from Amy

2010-12-06T09:58:00.000-08:00

Dear Tom,

Thank you for all of your help and hard work! I always recommend you to any and everyone I know that is even thinking about buying a home! You're the BEST in the business!!

Thanks again,
Amy

Paulson: Sell Bonds; Buy Stocks

2010-10-20T14:46:00.000-07:00

“If you don’t own a home buy one,” Paulson recommended; ” if you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home.”

His crystal ball is for 2% GDP growth for 2011 and 2012 and he warns that the Fed’s promise of quantitative easing should contribute to double-digit inflation over the next few years.

As this is the best time in 50 years to buy homes, Paulson advised his listeners, crowded into 3 separate dining rooms, to issue 30 year mortgages to buy a home as “your debt and interest payments get locked in at record lows, while the price of your home will rise.”

John Paulson: Sell Bonds; Buy Stocks; Double Digit Inflation Coming | Forbes

BofA Halts Foreclosures in 50 states

2010-10-08T12:21:00.000-07:00

From Yahoo! News:

A mushrooming crisis over potential flaws in foreclosure documents is threatening to throw the real estate industry into chaos, as Bank of America on Friday became the first bank to stop taking back tens of thousands of foreclosed homes in all 50 states.

Link: BofA halts foreclosures in 50 states - Yahoo! News

See also: Bank of America Halts Foreclosure Sales - NYTimes.com via @nytimes

FHA Streamline Refinance – A Simple Definition:

2010-08-31T15:45:00.000-07:00

The FHA streamline refinance is a refinance program designed for people who currently have an FHA loan to be able to take advantage of lowering their interest rate when rates drop with less documentation than a “normal” refinance requires. The term streamline refers to the reduced documentation requirements that are designed to streamline the process.

Link: Mortgages Unzipped

Ignore Talk of a Housing Tax Credit ‘Revival’

2010-08-31T07:20:00.000-07:00

Suggestions that the tax credit "might" return—based largely on speculation—could actually have a more damaging effect on the housing market, notes housing economist Tom Lawler, because it could "well lead many a prospective home buyer to hold off on buying a home."

This is a subject I’m quite torn on. Of course I’d love another FTHB tax credit to keep MY business thriving, and my Realtor’s businesses thriving, but on the other hand, are the long term effects this is having on the economy worth it?

-Tom

Link: Ignore Talk of a Housing Tax Credit ‘Revival’ | WSJ

Homeowner's Rebellion: Could 62 Million Homes be Foreclosure Proof?

2010-08-19T13:43:00.000-07:00

Over 62 million mortgages are now held in the name of MERS, an electronic recording system devised by and for the convenience of the mortgage industry. A California bankruptcy court, following landmark cases in other jurisdictions, recently held that this electronic shortcut makes it impossible for banks to establish their ownership of property titles—and therefore to foreclose on mortgaged properties. The logical result could be 62 million homes that are foreclosure-proof.

Link: StopForeclosureFraud

FHA Pushes Back Premium Fee Changes

2010-08-11T17:14:00.000-07:00

After announcing last week that it was lowering upfront insurance premiums from 2.25% to 1.25% on Sept. 7, the Federal Housing Administration said it’s pushing back implementation until October.

“FHA will make the premium fee changes on all new case numbers effective October 4, 2010.”

-Tom

Link: FHA Delays Insurance Premium Changes Until October | Reverse Mortgage Daily