foreclosure: Cracking Down on Fraud – Loan Detectives: A thriving new business - 11/28/10 05:52 PM
I received a call from my Judy Povio, my lender-partner at Wells Fargo Bank today about some of the newest crack downs in the loan arena.  Specifically, she pointed me to an article in the Wall Street Journal that talks about a new thriving industry: loan detectives.
It turns out that there are hundreds of people who are being paid by investors to see if a loan they've bought is based on real facts or some fabrication.  The findings are then used to force banks and other lenders to buy back loans they've sold to holders of mortgage-backed securities.
Read more … (1 comments)

foreclosure: Just Out Today – foreclosures up in 75 percent of metros. What?! - 07/30/10 12:47 AM
RealtyTrac® the leading online marketplace for foreclosure properties, released today its Midyear 2010 Metropolitan Foreclosure Market Report. The news was grim. It showed 154 of the 206 U.S. metropolitan areas with a population of 200,000 or more posted year-over-year increases in foreclosure activity - that is an astounding 75 percent.
Four states - Florida, California, Nevada and Arizona - accounted for all top 20 metro foreclosure rates. Florida led the way, with nine of the top 20 metro foreclosure rates, followed by California with eight, Nevada with two and Arizona with one.
The Phoenix-Mesa-Scottsdale metro area in Arizona posted the nation's … (2 comments)

foreclosure: Phoenix Real Estate Blog: Should You Continue to Pay for a Home When You Owe More than it’s Worth? - 09/28/09 02:10 PM
 
I know I just wrote a response to a Realtor.com “Hot Topic” – about what goes in to your credit score and how it affects you as a home buyer.  But their most recent hot topic was too interesting to pass up.  The question: “Should you continue to pay for a home where you owe more than it’s worth?”
 
I’ve blogged before about strategic defaults – where a homeowner, who can afford his mortgage, intentionally stops paying and either lets the bank foreclose or tries to negotiate a short sale.  The posts generated a lot of attention – a … (0 comments)

foreclosure: Phoenix Real Estate Blog: Buyers, Should You Treat Foreclosure Listings Differently? The Answer May Surprise You. . . - 08/07/09 09:52 PM
A huge percentage of the existing home sales in the Phoenix area these days are foreclosures. Some need heavy-duty repair work, others are practically move-in ready. Some are in blighted inner-city neighborhoods. Others are in master-planned communities with swimming pools, tennis courts and golf courses.
Wherever you look, whatever your price range, there are great deals to be found in foreclosed (often called bank-owned, or REO) homes right now. But it will pay to know what you're getting yourself into -- to look before you leap, if you will. Because the fact is that buying a home that has been repossessed … (0 comments)

foreclosure: Phoenix Real Estate Blog: “Strategic Defaults” – A Mortgage Lender’s Perspective - 08/06/09 02:48 PM
 
I blogged the week before last about strategic defaults -- when a homeowner decides to default on a mortgage (typically through a short sale or by letting the bank foreclose) even though he can still pay the mortgage.  Typically, a homeowner does a strategic default because of negative equity -- when the mortgage is more than the home’s market value.
 
On July 24, I talked about the recent academic paper citing that 26% of all mortgage defaults are strategic.  On July 27, I wrote about the nuts and bolts of a strategic default -- include the process and its … (0 comments)

foreclosure: Phoenix Real Estate Blog: My 317st Blog – Taking a Look Back - 07/30/09 02:51 PM
 
Today will be my 371st blog.  Wow.  As I was reading in the New York Times about the roller-coaster ride that has been our housing market over the last several years, I thought, “Wouldn’t it be cool to celebrate my 371st blog with a look back at what I’ve been talking about since I began MyPhoenixMLSBlog.com in October 2007 – about 3 months after the Phoenix real estate market peaked and prices began declining?”


Source: New York Times
It’s painfully clear from the blog headlines over the past year and a half that no one saw coming what … (0 comments)

foreclosure: Phoenix Real Estate Blog: The ABCs of “Strategic” Mortgage Defaults - 07/28/09 02:42 PM
 
Last Friday I posted on the fact that 26% of all mortgage defaults are “strategic” -- where the homeowner can afford the mortgage but chooses to walk away, most often because of negative equity (when the homeowner owes more on the mortgage than the home is worth).
I ended with the question “What can you do about it?”  To answer that question, and to get the inside scoop on the strategic default trend, I talked with a local real estate attorney.  Here’s what I learned:
Credit score implications
Most mortgage lenders won’t lend to people who have had a foreclosure … (0 comments)

foreclosure: Phoenix Real Estate Blog: 26% of Mortgage Defaults Are “Strategic” - 07/27/09 04:04 PM
 
It feels like I posted just yesterday on the topic of walking away from a mortgage, but I checked and it was in fact 2 weeks ago -- how time flies!  Nevertheless, I’m not a fan of belaboring points, but this one just keeps rearing its head -- in the blogosphere and in the mainstream news.  And since most Phoenicians are, in one way or another, affected by foreclosures, I thought it appropriate to address the issue again.
This time, I have a name for what I’ve been referring to as “walking away” -- it’s apparently called a “strategic default” … (17 comments)

foreclosure: Phoenix Real Estate Blog: Edith Macefield Wouldn’t Walk Away - 07/10/09 10:36 PM
I've blogged before about whether walking away from your mortgage is okay. It's clearly an incredibly subjective question -- what is one person's smart move is another's moral outrage. The smart move/moral outrage debate has been raging in the blogosphere so it's been on my mind lately. It's the first thing I thought about when I came across this old New York Times article, from last December:
A Holdout Against Developers Leaves a Legacy

Photo: New York Times
The article tells the story of this little old lady, Edith Macefield, who was 86 when she died last June. When developers … (0 comments)

foreclosure: Greater Phoenix Area May Real Estate Market Update - 06/12/09 03:33 PM
 
Read on for a snapshot of what went on in the Phoenix area real estate market in May. 
Enjoy!
What specifically happened last month/quarter in this market?
A total of 9,980 resale homes sold in Maricopa County in May, up 9.7% from April and 38.4% higher than in May 2008.  Of the homes sold, 30% were foreclosures, slightly higher than the share of foreclosures in April (27%) but much lower than the share in May 2008 (40%).
 
“The slowdown [in foreclosure activity] can primarily be attributed to the various hiatus programs that lenders instituted, while awaiting the new … (0 comments)

foreclosure: Phoenix Real Estate Blog: Obama Expands Making Home Affordable - 05/28/09 02:22 PM
 
I wrote a post earlier this year about the two-pronged mortgage relief plan created by the Obama administration.  One part of the plan is designed to help as many as five million homeowners who would like to refinance their mortgage.  The other part is designed to help three to four million homeowners modify their existing loans to make them more affordable.
But one of the criticisms of both parts of the plan was that they didn’t really help homeowners who are deeply underwater -- owing much more on their mortgages than the current market value of their homes.  Last week, … (0 comments)

foreclosure: Phoenix Real Estate Blog: Are We at the Bottom? What Will Recovery Look Like? - 05/22/09 02:39 PM
 
Last Wednesday on KJZZ, local real estate experts talked about whether the Phoenix-area real estate market is nearing, or at, the bottom.  One sign that we’re at the bottom -- or at least that the downward trend is losing momentum -- is the rising sales price per square foot of homes in the metro Phoenix area, according to fellow Realtor John Wake.  Plus, he added, in April more homes were sold in Phoenix than ever before.
ASU finance professor Tony Sanders was less optimistic that we’re at the bottom of the real estate downturn, but he did say that if … (0 comments)

foreclosure: Greater Phoenix Area April Real Estate Market Update - 05/18/09 02:16 PM
Read on for a snapshot of what went on in the Phoenix area real estate market in April. 
Enjoy!
What specifically happened last month/quarter in this market?
A total of 9,100 resale homes sold in Maricopa County in April, up 5.7% from March and 42.3% higher than in April 2008.  Of the homes sold, 27% were foreclosures, continuing a downward trend in foreclosures (in February, 50% of total sales were foreclosures; that number was 31% in March).  Comparatively, in April 2008, 40% of all homes sold were foreclosures.
“The slowdown [in foreclosure activity] can primarily be attributed to the various … (0 comments)

foreclosure: Phoenix Real Estate Blog: Looking to Buy a Foreclosure? The Federal Government May Help Foot the Bill - 05/13/09 02:53 PM
 
Part of the federal government’s efforts to stabilize housing markets across the country -- and breathe life back into the economy -- is the Neighborhood Stabilization program.  The program is designed to give federal dollars to communities most affected by foreclosures; the money is used to entice buyers back into those neighborhoods.
Arizona was approved to receive $121 million under the Neighborhood Stabilization program.  The money will be used by the state, as well as Maricopa and Pima counties, Avondale, Chandler, Glendale, Mesa, Phoenix, Surprise, and Tucson, in part to provide down-payment and closing-cost assistance to buyers.
For more information … (0 comments)

foreclosure: Greater Phoenix Area March Real Estate Market Update - 04/22/09 11:26 AM
 
Read on for a snapshot of what went on in the Phoenix area real estate market in March. 
Enjoy!
What specifically happened last month/quarter in this market?
A total of 8,610 resale homes sold in Maricopa County in March, up slightly -- 1.2% -- from February and 61.8% higher than in March 2008.  Of the homes sold, 31% were foreclosures -- down dramatically from foreclosure sales’ share in February (50%).  That’s actually lower than the share of total home sales that were foreclosures in March 2008 (39%).
“The slowdown [in foreclosure activity] can primarily be attributed to the various … (0 comments)

foreclosure: Greater Phoenix Area February Real Estate Market Update - 03/19/09 03:59 PM
 
Greater Phoenix Area February Real Estate Market Update
For Thurs. March 12
Posted Weds. March 18
Read on for a snapshot of what went on in the Phoenix area real estate market in February. 
Enjoy!
What specifically happened last month/quarter in this market?
A total of 8,510 resale homes sold in Maricopa County in February, up dramatically -- 22.3% -- from January and 82% higher than in February 2008. Of the homes sold, 50% were foreclosures (up from 48% in January).  Comparatively, in February 2008, 42% of homes resold were foreclosures. 
Despite the relatively high number of foreclosures … (0 comments)

foreclosure: Phoenix Real Estate Blog: Am I Still Liable After a Foreclosure? - 03/02/09 10:44 AM
 
An Arizona Republic reader submitted an interesting question the other day that I thought would be worth discussing here.
 
The question: I am a real-estate agent in the West Valley trying to help homeowners avoid foreclosures on their homes. Some of the lenders refuse to discuss a "short sale," and notify the homeowner that even after the foreclosure, the homeowner will be liable for any deficiency on the loan amount. If a lender will not agree to a "short sale" by reducing the loan, and the lender forecloses, will the homeowner be liable after the foreclosure? If not, will … (0 comments)

foreclosure: Greater Phoenix Area January Real Estate Market Update - 02/25/09 01:08 PM
 
Read on for a snapshot of what went on in the Phoenix area real estate market in January. 
Enjoy!
What specifically happened last month/quarter in this market?
 
A total of 6,960 resale homes sold in Maricopa County in January, down 6.3% from December but still 65.5% higher than in January 2008. Of the homes sold, 48% were foreclosures (up from 42% in December).  Comparatively, in January 2008, 43% of homes resold were foreclosures. 
 
The relatively high number of foreclosures – and the ever-weaker economy ­– continued to put downward pressure on prices, which fell 8.0% (the … (0 comments)

foreclosure: A Short Sale Can Be a Win-Win-Win: Here Are 10 Things You Need to Know to Make It Happen - 01/23/09 02:36 PM
 
The ABCs of short sales
A short sale is what I like to call a “less bad” alternative to foreclosure.  It works like this: the homeowner sells the home for a market price that is less than -- short of -- the amount the homeowner owes on the mortgage.  The owner then pays the lender -- who, of course, must agree to the deal -- and the lender forgives the difference between the sale price and the mortgage amount (so the homeowner doesn’t have to come up with, say, $30,000 in cash).
Why would a lender agree to such a … (0 comments)

foreclosure: Greater Phoenix Area December Real Estate Market Update - 01/21/09 02:22 PM
Read on for a snapshot of what went on in the Phoenix area real estate market in December. 
 
Enjoy!
What specifically happened last month/quarter in this market?
 
A total of 7,425 resale homes sold in Maricopa County in December, up 14.8% from November and 90.4% higher than in December 2007. Of the homes sold, 42% were foreclosures (down from 48% in November).  Comparatively, in December 2007, 34% of homes resold were foreclosures. 
 
The relatively high number of foreclosures continued to put downward pressure on prices, which fell 8.0% (compared to a decline of 4.5% in November).  … (1 comments)

 
Bob Stahl (Sterling Fine Properties) Rainmaker large

Bob Stahl

Phoenix, AZ

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Sterling Fine Properties

Address: 7001 North Scottsdale Road, Suite 1020, Scottsdale, AZ, 85253

Office: (480) 447-3553

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