Housing News from The Wizard of Waz

Real Estate Sales Representative - Wizards of Waz Real Estate
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Moody's Investors Service downgraded Bank of America ratings on collections and loss mitigation services citing a "deterioration". Bank of America was among several major lenders that signed consent orders with the Department of the Treasury after an investigation into their loss mitigation pract...
This HousingWire article highlights the news that took place over the weekend. Leading the way is the government needing to raise the debt ceiling, an increase in the FHA mortgae insurance premium and new legislation that will force lenders to reduce principal on delinquent mortgages. http://bit....
Here is the update to my weekly report. I got it out a little late this week as I have been swamped!! Inventory of homes for sale in the subdivisions of Maricopa Arizona continues to decline, albeit at a slower rate. Buying activity is still strong but has lessened slightly due to the annual migr...
Wells Fargo is in discussions with the Arizona Department of Housing about joing a program that would provide a principal reduction on delinquent mortgages. The Treasury Department allocated $7.6 billion to the Hardest Hit Fund and Arizona received $268 million of this. Of course, it uses taxpaye...
Senator John McCain (R - AZ) recently introduced a bill that aims to end the taxpayer bailout of Fannie Mae and Freddie Mac and move towrds getting the government out of the housing business in the next two years. I haven't looked into all of the details yet but the aim of the bill is to "relinqu...
What the headline doesn't tell you is that the Senate is unlikely to pass this bill and it will be vetoed by Obama regardless. Instead of wasting all this time on a bill that will go nowhere I wish they would just sit down and fix this thing. The Obama administartion is in denial and still feel t...
Inventory of homes for sale in Maricopa AZ continues to decline. Single level homes in particular are becoming scarce. Heavy seasonal buying activity continues and is expected to last for at least another month. You can read more about the Maricopa Arizona housing market in my weekly market updat...
Bank of America announced that they will begin a pilot program that will allow some California homeowners to receive a principal writedown on their mortgages. The funds, totaling almost $700,000 were received from the Treasury's Hardest Hit Fund lasy year. They also mention that they have solicit...
This article mentions that a number of State attorney generals that are continuing to put pressure on lenders to reduce the principle on "underwater" loans. In the articlke, the lenders cite moral reasons and state that "the costs could be enormous if widespread principal reductions are triggered...
I've attached an interesting article that questions that data that is used by the National Association of Realtors (NAR) to track the housing market. The Mortgage Bankers Association claims that the way that NAR accumulates their data may, in fact, not offer a true picture of the state of the hou...

Bill "Waz" Wasowicz

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