The Phoenix Area Foreclosure Experts

Be S.M.A.R.T. in 2009

by Craig

No matter where you are financially, emotionally, physically or spiritually - you will benefit from this short post in 2009! Guaranteed or your money back!

100% of you will have a goal of doing something different or improving in one of those areas mentioned above in 2009. So whatever your goal in whatever area large = “make a million dollars” or small = “read a book on __________” . . . this attachment will help you out.

You can use it to better your marriage, improve your relations with your children. Empower your employees, give it to your clients as an item of value to help them. Pass it around your church, ward, or synagogue.

Since you are going to make a goal  - you might as well make it a S.M.A.R.T goal.

Download Smart goals (pdf format)

Green pools common in foreclosures

by Kent Lamb

Green Pools Abound
 
There are still many green pools being found in the forclosed homes.  Maricopa Enviornmental Services Department accepts reports of the green pools 602-596-6616.  The pools are then investigated by the county and the home is posted with a notice.  Upon return of the county to a home that has been posted, the pool must have been cleaned.  If cleaning is not completed, then fines are assessed.  These fines may have to be paid prior to closing a home.  This should not affect foreclosure buyers, but some sellers and banks are getting a suprise at the closing.

 

Ahwatukee November 2008 listings lowest in 1 year

At 556, the number of single-family residences for sale in  Ahwatukee is at the lowest level in one year. This is only the second time in the last 12 months that the inventory has dropped below 600.

Phoenix area cities with the largest percentage of foreclosures for sale

Here is a list of Phoenix area cities that have some of the highest levels of foreclosures, expressed as a percentage active of homes for sale that are foreclosures:

• 59.1%     Town of Maricopa
• 53.0%     Queen Creek
• 48.6%     Glendale
• 44.8%      Phoenix

• 42.6%      Gilbert

 

Phoenix home values continue to plunge - November 2008

Desperately seeking bottom?

Home values in Phoenix have dropped $61 per-square foot from this time last year. Look at the chart and read it in this manner: 13,927 homes were on the market to begin November of 2008.  897 sold, which was 6.4% of all homes for sale.  That equals 15.5 months worth of inventory.  The average "sold" home was 1,770 ft.² at a price of $162,485, or $92 per-square foot.  Those homes sat on the market for 111 days before selling.

 

Notice the big drops from month to month, especially in recent months;

• a five dollar drop from May to June
• a seven dollar drop from June to July
• a six dollar drop from July to August
• an eight dollar drop from August to September
• a six dollar drop from September to October
• an eight dollar drop from October to November

Asbestos can be a real problem in older homes

by Jesse Herman

Asbestos Removal and Greener Alternatives

There are many things to consider when remodeling or purchasing an older home, including those that are foreclosures. Homes built before 1980 have the strong likelihood of containing asbestos. Due to a steady progression of technology and green sustainable methods, there are many ways to ensure your home or property is asbestos free. If you are interested in saving money, remodeling and improving your carbon footprint, here is some information to get you on the right track.

Used in millions of homes throughout the last quarter of the 20^th century, asbestos insulation can become a real dilemma for homeowners due to causing a variety of health problems, including Peritoneal Mesothelioma and Malignant Mesothelioma. These types of cancer take the lives of thousands each year.

Non-regulated asbestos material can be legally performed by homeowners, regular contractors, or licensed asbestos abatement contractors as long as the National Emissions Standards for Hazardous Air Pollutants (NESHAP) are not violated. Asbestos removal in public facilities, homes and workplaces must be undertaken by a licensed asbestos abatement contractor. Once the removal is complete, green insulation options should be given serious consideration, such as: Cellulose, Cotton Fiber and Lcynene.

The United States Green Building Council (USGBC), in a study conducted in 2003, estimated a savings of $50-$65 per square foot for well-constructed green buildings in the U.S. (see table below) during that year. The numbers continue to improve as more eco-friendly options become available, and those kinds of figures have finally begun to attract those who thought eco-friendly construction was just a bunch of hogwash.

Town the Maricopa falls below $60 per square foot- November 2008

The Town of Maricopa was one of the first cities in the greater Phoenix area to have home values drop under $100 per-square foot. It has been a steady decline for the last 15-18 months, but the town fell to $58 per square foot for the sales recorded in November of 2008.

Read this chart in this manner: 997 active listings were on the market to start November 2008.  126 of those listings sold, or 12.6% of the total.  Based on that selling rate, there is currently 7.9 months worth of inventory in the town.  The average home that sold was 2261 ft.² at an average price of $131,787.  That equals an average selling price of $58 per square foot.  The average home was on the market for 90 days:

 
Information obtained from the Arizona Regional MLS - December 3, 2008

Eviction after a foreclosure

by Georgi

I attended a foreclosure, short sale class taught by The Arizona State Bar on Friday and wanted to share the legal course of action for eviction after a foreclosure.   
 
Here are the steps: The bank files papers and 3 days after the foreclosure -- legally -- the sheriff can come to serve the homeowner with a "notice to vacate".  The sheriffs are behind and this can take days or weeks.  When the sheriff gives notice, it is a 5 day notice. After the 5th day the bank is allowed to show up with a moving van to move the contents of the home into storage.  The lender must pay for the moving van and first months storage and the homeowner must pay for future months storage.  The homeowners can get their belongings anytime in the first 30 days for no charge.  The homeowner can even tell the moving truck to go to their new location -- if it is in close proximity. However, the attorneys did not know of anyone that has tested this option.  
 
While the above paragraph states what can happen legally, here is what usually happens: a real estate agent shows up on the door step within 2 or 3 weeks after foreclosure and offers the former owners $500 to hand over the keys and leave in 2 days.  If the former owners initially say "no," they can sometimes get the agent to "up the ante" to $2,000 cash. In this case the former owner must vacate in a day or two.  Above is how it can legally can happen, however that is expensive and the banks are hiring real estate agents to deliver the news for a fee and giving them the REO listing.  If the home is vacant, they will just change the locks. 

Scottsdale, AZ home prices suffer big drop in November 2008

I highlighted three cells on the chart.  $180 is the average price per square foot for Scottsdale homes sold in November 2008.  $196 was the price for October 2008.  That $16 difference is the largest in recent history.  The drop of $11 per square foot from March 2008 to April 2008 was the second-highest drop of the year.

I suppose that $16 is small peanuts compared to the dropped from 12 months ago.  That's why I highlighted the $243 per square foot from the November 2007 sales. You can clearly see a $63 per square foot drop in prices over the last year.  To put that in perspective, the average size of the sold home in Scottsdale over the last 12 months was 2,392 sq ft. Multiply that number times the $63 per square foot drop in prices and you obtain a $150,696 drop in prices over the last 12 months.

However, it's not like Scottsdale is the only city experiencing depreciation.  Phoenix experienced a $61 drop over the same time period. In case you're wondering, three East Valley cities have had the least amount of depreciation over the last 12 months: Chandler at $32, Gilbert at $33, and Ahwatukee at $33.

Phoenix area foreclosure sales rises again in November 2008

And a few days ago I reported that the number of listings in the Phoenix had increased as of December 1, 2008.  Although the total number of "solds"  was down in November of 2008, the percentage of those homes that were foreclosure-type properties continued to increase. 

Read the chart in this manner: 4,320 properties sold in November 2008.  2,288 of those were foreclosure type properties.  Expressed as a percentage, 53% of all the homes sold in the Phoenix area were foreclosure-type properties.  As shown by the chart, this trend has been growing for quite some time.  It is my opinion that we will begin to see an end to declining property values when the number of "active" foreclosures on the market begins a decline.  However, foreclosure sales will continue on a brisk pace as long as there is a substantial difference between "normal" and "foreclosure" prices.