HUD Lifts 90-day Seasoning for One Year
As you probably know, HUD had a minimum hold time on a property of 90 days before it could be sold (to avoid “quick flips”).The minimum hold meant that FHA would not insure a property sold in a flip of a shorter hold time.
Needless to say this strange and arbitrary limitation did not help people [...]
Berkeley Finance Conference 2009
For those of you that may be interested in attending, I have been invited to be on a real estate experts’ panel at the Berkeley Finance Conference 2009 at the Haas School of Business at UC Berkeley.
The conference theme is “Recovery - What will it be like?”
It will be on Friday November 13th. The real [...]
Change to Arizona Anti-Deficiency Statute Repealed
Many of you may know by now that Arizona governor Jan Brewer signed HB 2008 on September 4th 2009. HB 2008, among other things, repeals SB 1271 which called for adverse changes to Arizona’s anti-deficiency laws.
Thus Arizona’s anti-deficiency is as strong as it was before SB 1271.
We had a tele-seminar with an Arizona attorney regarding [...]
Short Sales and Deficiencies
Although I am not an attorney, I have been talking to attorneys and the message I get regarding short sales is always: Beware!
Many of us are using loss mitigation experts to assist us in attempting to short sell properties we wish to dispose of that are underwater.
There is a notion, which is mistaken, according to [...]
Arizona Anti-Deficiency Law and the new SB 1271 Legislation
A couple of months ago we held a tele-seminar with attorney Bill Kozub out of Phoenix, AZ.
Bill talked about the anti-deficiency law in the state of Arizona and how it is quite generous in protecting the borrowers against deficiencies in many cases when it relates to single family homes on regular sized lots (under 2.5 [...]
Phoenix’s housing bust goes boom - Los Angeles Times
We got this from Ofir Levy, our Phoenix east-side broker and manager.
This is an article by Nicholas Riccardi from 5/18 published in the LA Times.
As we have been discussing, the low price-point in Phoenix is starting to stir up interest on the part of both homeowners and investors.
Some of the push has been provided by [...]
Phoenix leads The Way Down
According to the New York Times (article by DAVID STREITFELD and JACK HEALY from 4/28/2009) Phoenix is the leader in housing price reduction since the peak.
Needless to say these are not bad news for real estate buyers. The article mentions how the low price levels are starting to reduce inventories.
As investors we hope for more [...]
