Realty Edge Blog by Echo Farrell

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Arizona Homeowners and US Mortgage Plan

Published On 03-06-2009 , 7:20 AM

...But Will It Work?

On Wednesday the Obama administration launched a 75 billion foreclosure relief plan, as new data showed that one in 5 homes with mortgages owe more than the home is worth. Certainly a percentage of struggling Arizona home owners may benefit, but as a Scottsdale certified distressed property expert, I represented many investors during the wild years of 05 and 06. With the US current mortgage plan there is no place for these investors and second home buyers to turn too. The reality is our foreclosure rate is going to continue. About 65% of my current listings are from my former investors/second home buyers who are short selling their Arizona homes in order to avoid foreclosure. You might ask yourself, well why don’t they just rent out the properties until the market stabilizes? The fact is there is a glut of homes for rent. And where people live when there home is lost to foreclosure remains a mystery. Perhaps the answer lies with my 29 year old investor from California who now lives with his grandparents.

Comment
1.	I believe that despite these tough times now can be a great time to buy. With all the real estate issues over the past few years this has become a buyers market. These tax breaks and low mortgage rates have made it a great time to buy. - by Eric Myers, 08-25-2010, 6:23 PM