SO MUCH FOR THE TAX CREDIT AS A DOWN PAYMENT

Looks like they flip flopped on this deal. This would have really brought in more buyers at the lower price ranges. We have 3 buyers right now in the saving mode, that would have bought today if they could have used the tax credit for their downpayment. This would have increased demand and helped sell those foreclosures and bank owned properties.

Tax credit ineligible for down payment
Feds reverse rule to assist first-time home buyers
by J. Craig Anderson - May. 19, 2009 12:00 AM
The Arizona Republic
Federal officials on Monday reversed an earlier decision to allow first-time home buyers to use an $8,000 tax credit to borrow the down payment on a home.
A week earlier, U.S. Department of Housing and Urban Development Secretary Shaun Donovan had told the National Association of Home Builders that HUD would let banks and local governments offer short-term "bridge loans" to cover the down payment for first-time buyers eligible for the tax credit. The loans would have been available to applicants for federally insured mortgages such as Federal Housing Administration loans.
Lenders, home builders and real- estate agents had reacted favorably to the bridge-loan proposal, saying it would open up the housing market to more first-time buyers.

THE CAMERON TEAM MAKES ABC 15 NEWS

In a real estate report on ABC 15 news, The Cameron Team listing on Palm Ridge in Sienna Canyon at McDowell Mountain Ranch was shown. This article was about the housing market hitting bottom. They state the 85255 area sales prices are up 11% YTD. I don't know that I agree with that, but we love the recognition! Thanks ABC 15 news.
Jeff Cameron
See our listing and sign at the link below.
http://www.abc15.com/mediacenter/local.aspx
Click on the story, "Do you know what your home is worth in Arizona?"

INVENTORY OF SINGLE FAMILY HOMES DOWN 33% YEAR TO DATE

How about that for a head liner. It is the truth. On January 1, 2009, there were 43,000 Single Family Homes on the market in the MLS here in the Metro Phoenix area through ARMLS. Today that number is 28,851. That is a 33% drop in inventory over the past 4.5 months! The real estate market here is the valley is turning positive.
I listed a home just north of Grayhawk in Scottsdale on Tuesday. We have 4 offers and will be selling the home for over list price. It was listed based on the last comps. Yes, it is a bank owned Foreclosure home, but what difference does it make? It is selling for more than the last sale, that is called appreciation.
To get bank owned homes emailed to you before most Realtors even know they exist, go to www.ArizonaBankDeals.com

REPUBLIC: VALLEY'S RESALE NUMBERS BRING HOMES OF RECOVERY

Hey hey hey, two days in a row with positive news about the real estate market here in Metro Phoenix, are the news people dipping into the coolaid???
Today the republic reported last month 6,640 existing homes changed hands, well below what the MLS shows, but any how that was up from their 5,940 number for March. Most important, they are finally reporting that "home sales have doubled from April 2008." Then they boldly reported, "Valley foreclosures fell in both March and April, more indicators that the housing market is beginning to show signs of improvement."
Two big thumbs up for the Arizona Republic, thanks for reporting the good news. Let's keep it up. With a market this low, 5 years from now looking back we will see that every buyer was a winner!
Just my opinion...Jeff Cameron
PS
Want to see foreclosure homes before most brokers even know they exist?
www.ArizonaBankDeals.com

SHOCKING BANK RESPONSE

Well we got word back from one of the banks we are working to approve a Short Sale in McDowell Mountain Ranch in Scottsdale and the answer was a big FAT NO! I was shocked! In this real estate market every sold Short Sale means one less Foreclosure. With the condition of this home is also means $20,000 pumped into our economy. Plus this buyer is paying cash. That pays off a loan with cash and puts more money into the system.

Some of you may wonder why I am so shocked the bank is rejecting our Short Sale, the why is because almost all other Short Sales we have dealt with have eventually been approved. As a matter of fact, this Short Sale was approved with a different buyer. But as we see happen so many times, by the time the short sale was approved, the buyer bought another home. The buyer told us all the way up to the week before approval they were still waiting, in reality they had already bought another home.
The disturbing part of this is WHY?????? Why was the Short Sale rejected by the bank, when property values are dropping in the Scottsdale real estate market? You are going to be shocked by the answer. One would think, maybe not a good enough deal. No, for the condition the renter left the home in, it was a market value sale. The reason was, the bank said and I quote, "this is not enough pain for the seller." You see our first loss mitigator was gone and a new one was assigned to represent the bank. The new one is pathetic. This bank is owned by, or at least funded by, the US government right now.

Isn't this suppose to be about dollars and sense?

Is this about revenge?????

Truly, the seller does not care about their credit. Their credit is already trashed and at their ages there is no desire buy homes. The seller wanted to do the right thing and try to get the home sold now and not run the market lower with another foreclosure. The seller is retired and has lost a fortune. We have been working on this since the beginning of DECEMBER.

WHO IS REALLY TO BLAME FOR THIS MESS????? This is not a hard question.

1. The Public. They refinanced out all their equity. They bought homes they could not afford. "Impostor" investors bought 10 homes with no ability to repay. They got 100% financing. They did stated income or "liar loans." They thought things would never go down. They did most of this because their loan officer told them to or that it was OK.

2. Wall Street. They bundled poor quality loans with A quality loans and claimed they were all A quality. This drove the demand for low quality loans and made them easier and with lower interest rates. Folks, this was FRAUD. Most of these guys made their fortune and have moved on.

3. The Mortgage Companies. First of all, let's get this straight, the banks new what they were doing and what would happen! Sales managers hired sales persons and told them it was OK to put everyone in a 100% loan using stated income. They make much more money on these types of loans. They sold people with $50,000 a year income or even no income 10 houses. They were the financial advisers to the public and "put them into these loans." The reality is most borrowers didn't even know what they signed.

Many have ripped on the public for buying these liar loans, stated income loans, sub prime loans, interest only loans, adjustable rate loans and what ever else is out there. Do average Americans read the one inch prospectus for each mutual fund their retirement is invested in? Do average Americans read their life, auto, health and/or disability insurance documents?
I believe the answer is NO, most Americans don't read any of that. They rely on the financial professional, as did borrowers in getting these loans.

Let's get back to my borrowers on the short sale. They are investors, and believe me we are doing plenty of short sales for investors. They put 20% down on this purchase, $200,000. There is no recourse by the bank if a foreclosure occurs. Yes, they own 10 other homes, but most are upside down. They are actually paying to keep them a float and not go into foreclosure. They sold this home because the tenant trashed the house and they did not have the $10,000 to invest into it to get it rehabbed for rental.

What makes them be treated differently than the guy that bought 10 homes with NO, I mean ZERO, money down. Then when the market changed, this example investor kept all the rent and finally at last sells them in short sales. Only to claim bankruptcy after this is all over. I will tell you the difference, this guys(example investor) greed is what caused the issue. This type of person was a big part of why we are in this mess today. Hey, most of these guys made $500k on the first round. Lived big, spent it all and then lost in the second round.

Why would a bank penalize the smarter investor? The one that actually put money into the investment. The one that is trying to do the "right thing." And penalizing in a way that will not hurt them, it will only hurt the bank. The bank will loose $20 to $50K through this action. The bank should be more concerned with THE US TAX PAYERS MONEY THEY ARE WAISTING AND LESS WITH INCREASING THE LEVEL OF HURT FOR THESE PEOPLE!

Just my opinion...Jeff Cameron

Monthy Real Estate Update!

Click the Arrow below and see my monthly real estate update. Some of the facts and data are below in graphs and dialog.

Let me know if you have any questions.

http://www.tokbox.com/?e=

Click on any graph to make it bigger.

Home closings soared in March. At the graph was created 6,755 single family home closings were recorded in March. That number has been adjusted up to 6,851 as of April 3rd. This represents the 3rd best March ever for single family home closings. At the rate homes are selling we should close over 8,000 in April. When comparing to May of 2006, a time when the market was in good condition, we now have about the same amount of homes on the market as we did in May of 2006, but we are selling twice as many homes. Over 2,400 single family homes sold last week, compared to about 1,200 in May of 2006.

Again, click on the graph to make it larger and easier to read.

Below is a graph of weekly home closings in the metro Phoenix area. You will see the partial line which is 2009. The home sales in 2009 are substantially higher than any other year, other than 2004 and 2005. Demand has returned to the market.

Click on the graph to make it larger and easier to read.

Below is a graph of the inventory levels of single family homes over the past 3 years. You can see, supply is contracting. The fact that demand is increasing while supply is decreasing, these are the ingredients for a market recovery. Remember 70% of the homes selling today are in need of some level of rehab. This should start to bring more demand to other goods and services for home improvement, appliances and landscaping.

Remember to see new listings of foreclosed homes before most Brokers have a chance to see them, visit: www.ArizonaBankDeals.com

Jeff Cameron

GREAT New Listing In Mesa Brought To You By The CameronTeam!!!

WOW!!! This amazing custom estate is truly one-of-a-kind, and is located on an acre estate in gated community with magnificent mountain views. Features include; upgraded custom cabinets, granite countertops, top of the line appliances & gas range, travertine flooring throughout with detailed faux painting and stone work throughout the home. Every bedroom has its on private balcony and bathroom! HUGE private patio. A great private location close to the 202 and 60. This one is definitely a must see!All offers are subject to IndyMac Banks Senior management approval and any offers or counter offers by Indymac bank are not binding unless the entire agreement is ratified by all parties. Any cash offers, must include proof of funds & buyer agrees to pay $75 doc fee at closing. No SPDS or CLUE.

LOAN MODIFICATION PROGRAM COUNTRYWIDE (BANK OF AMERICA)

When in trouble with your mortgage payments the first avenue one should explore is Loan Modification. You can get a full package on Loan Modification at www.NoForeclosureAz.com Below is information about Countrywide Loan Modification programs. Please review and I hope you find this helpful!

Jeff Cameron


Countrywide Financial (Bank of America) Program
What is the Countrywide Financial (Bank of America) Program? The Homeownership Retention Program for Countrywide Customers Program will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principle reductions for nearly 400,000 Countrywide customers nationwide.
When does it Begin? The program begins Dec. 1, 2008, and has no end date specified.


Who is eligible? Borrowers eligible for loan modifications under this program must have received a qualifying subprime mortgage or a pay-option adjustable rate mortgage (ARM) prior to Dec. 31, 2007, and the property must be a one- to four-unit owner-occupied residential property. In addition, certain other requirements are set out in the program:
 The borrower is 60 days or more delinquent, and the current loan-to-value ratio is 75 percent or greater;
 The borrower is current today but becomes 60 days or more delinquent at any time prior to June 30, 2012, and the loan-to-value ratio at the time of the modification is 75 percent or greater;
 The borrower has a subprime hybrid ARM and the borrower is current but reasonably likely to become 60 days or more delinquent as a consequence of a rate reset, and the loan-to-value ratio at the time of the modification is 75 percent or greater;
 The borrower has a pay-option ARM and the borrower is current but reasonably likely to become 60 days or more delinquent as a consequence of a rate reset or payment recast based on negative amortization, and the loan-to-value ratio at the time of the modification is 75 percent or greater.
 Modifications would be designed to achieve sustainable payments at a 34 percent debt-to-income (DTI) ratio of principal, interest, taxes and insurance.
In addition, customers may be eligible for the early payment default benefit of this program if: The customer has a Countrywide-originated first lien loan; the loan was funded on or prior to Dec. 31, 2007; the customer's primary residence is the property that secures the loan; the customer has made three or fewer payments over the life of the loan (the borrower's state may expand eligibility); and the customer has either lost his home to foreclosure or is at least 120 days in arrears on mortgage payments.
Who should I contact? Countrywide will begin its proactive outreach to eligible borrowers on Dec. 1, 2008. You can reach the Homeownership Retention Division at (800) 669-6650.
What costs do I have to pay?  Countrywide will waive late/delinquency fees for missed payments when modifying loans and will not charge modification fees to borrowers in the participating states.
 When possible, Countrywide will waive prepayment penalties in connection with any workout or refinance, whether or not the new loan is originated with Countrywide.
What options does the Homeownership Retention Program offer? Countrywide will first offer eligible borrowers an FHA refinance under the HOPE for Homeowners Program. If not eligible for that program, Countrywide will offer these specific programs based on product type.

Subprime 2-, 3- 5-, 7- and 10-Year Hybrid ARM borrowers will receive an unsolicited extension/restoration of the introductory rate for five years and an invitation to contact Countrywide for additional relief if affordability concerns persist. Borrowers who cannot afford the introductory rate will be considered on a streamlined basis for a five-year interest rate reduction to as low as 3.5 percent (based on the affordability equation) and a conversion to a fixed-rate mortgage at the end of five years.

Pay-option ARM borrowers accepting a streamlined loan modification option will have the negative amortization feature eliminated from their loan. The mortgage interest rate will be reduced to as low as 2.5 percent, and the loan will be converted into either a fixed-rate mortgage or a ten-year interest-only loan. For single property owners who currently have no equity in their homes, Countrywide will write-down the principal balance to as low as 95 percent of the current value of the property to restore an equity position.

Subprime Fixed-Rate borrowers will receive a streamlined loan modification, by reducing the mortgage interest rate to as low as 2.5 percent and converting the loan into a fixed-rate or 10-year interest only loan with affordable step rate increases and lifetime cap.

Foreclosure Relief Program: Countrywide will allocate up to $150 million nationally under a foreclosure relief program to provide relief for borrowers whose loans were originated directly by Countrywide (or through brokers) with owner-occupied properties who have either experienced a foreclosure sale or are 120 days or more delinquent as of the date of this agreement. These borrowers will be eligible for the payment if they made three or fewer payments over the life of the loan (or meet more inclusive criteria determined by each state). The funds will be allocated for each state through a pro-rata formula based on the number of eligible borrowers with a Countrywide-originated first mortgage.
How can I learn more about the program and start the application process?
The Homeownership Retention Program is not available until Dec. 1, 2008. Please visit the Countrywide Financial Web site for more information at http://my.countrywide.com/media/FinancialAssistance1.html

A Great BANK OWNED Home Just Listed By The Cameron Team!!

4 Bdrm/3 bath Beauty FULL of Upgrades. Oversized lot with Pool, Sky Tubes in Master Bdrm, Master walkin closet, Hall Bath, and Laundry room. Low ''E'' Windows for energy efficiency, 18' Premium in all the right places, cedar oak cabinets, Granite countertops, and kitchen island. Bay Window in Master, 1 French Door, Wooden Blinds, Garden Tub, xtra phone and cable jacks, and Programmable thermostat. A MUST SEE!

JANUARY SFH CLOSINGS PAST 9 YEARS PHOENIX METRO

(You can click to graph to make it larger)
Wow, I was shocked to see this! Home closings in January are the 2nd highest every! Are you looking for a sign to buy NOW! Remember a bottom can only be seen in the rear view mirror!

Search all foreclosure listings even before most Brokers:
http://www.arizonabankdeals.com/

Just my opinion...Jeff Cameron

PRICED REDUCED on HAPPY HOLLOW!!! A Great Home listed by The Cameron Team

Bank Owned and Priced to Sell! Located in Cresta Norte gated subdivision located in the Desert Mountain area! This Greatroom floor plan is a 2 x 2 split with 3 Baths. Large open kitchen offers Granite counters and built in Stainless steel fridge. Large yard with pebble tech pool, rock water fall, large covered patio and mountain views. Master offers snail shower and large walk in closet with organizer. The lot is elevated and offers city views from the front and mountain views to the rear.

Home In Anthem Just Lowered In Price....Get This Great Deal Now!!!!

$168,900!!!

What a great lot location in Anthem! Very private, corner lot with lots of potential. Awesome 1,638 sq.ft.floorplan with 3 bedrooms, 2 baths plus front seperate formal living/dining and family room. Very open and spacious floorplan! This home and the community offer so much for such a little purchase price! We get RESPONSES in 48-72 hour! **Buyer agrees to review & sign all bank addendums. All contracts/offers are subject to IndyMac Banks approval & any offers or counter offers by IndyMac Bank are not binding unless the entire agreement is ratified by all parties. Buyer must be approved by IndyMac lender by may use lender of choice. Any cash offers, must include proof of funds & buyer agrees to pay $75 doc fee at closing. No SPDS or CLUE

The Cameron Team Did It Again!! Bank Owned Listing Under Contract!!

Investors here you go. Bank says sell 'AS IS' there will be no repairs. This is a great opportunity to put some work together and make a profit. HOA says they fixed roof leak, buyer to verify!!! Needs appliances, cabinet work, paint and cleaning.

Fannie Mae to Temporarily Halt Foreclosure Sales and Evictions

Fannie Mae has issued Lender Letter 04-08 announcing that it is halting all foreclosure sales on occupied single-family properties that are scheduled to occur from November 26, 2008 through January 9, 2009. This temporary halt also applies to eviction lockouts of occupied single-family properties.
These actions allow affected borrowers to retain their homes while Fannie Mae works with its regulator and conservator, the Federal Housing Finance Agency, to implement the previously announced streamlined loan modification program by December 15, 2008.
To facilitate borrower communications, servicers must instruct foreclosure attorneys to send letters to borrowers whose foreclosure sales are halted urging them to contact their servicer, so that together, the servicer and borrower can continue working to resolve the delinquency.
For complete details, including other servicing and reporting requirements, please see Fannie Mae Lender Letter 04-08 on our 2008 Lender Announcements and Letters page on eFannieMae.com and the news release on fanniemae.com

GDP DROPS BY .3%, LESS THAN .5% EXPECTED

Finally, it is here. The recession. We have been hearing about it for a year or so and it finally arrived. The good thing about the arrival is that the departure is now on the horizon. We all knew it was coming. Now, let's not be shocked, let's push through it.
GDP dropped by .3% for the 3rd quarter, less than what economist forecast of .5% drop. As this real estate market continues to recover, it will help us pull out of the recession. Remember, home sales here in the valley are up 102% when comparing September 2008 to September 2007. These are signs of a turn around. Oh, how about 2 of my listings getting multiple offers and selling over list price this week. Priced slightly aggressive, they attracted multiple offers and will sell higher than the last sales. How is that for a pricing strategy???



Signs of Recession: Growth Shrinks, Consumers Retreat

AP 30 Oct 2008 09:43 AM ET
The economy jolted into reverse during the third quarter as consumers cut back on their spending by the biggest amount in 28 years, the strongest signal yet the country has slipped into recession.
The broadest barometer of the nation's economic health, gross domestic product, shrank at a 0.3 percent annual rate in the July-September quarter, the Commerce Department reported Thursday.
It marked the worst showing since the economy contracted at a 1.4 percent pace in the third quarter of 2001, when the nation was suffering through its last recession.
The latest GDP reading marked a rapid loss of traction for the economy, which logged growth of 2.8 percent in the second quarter, and is sure to buttress the belief of many economists that the nation is in the throes of a painful downturn.
The deterioration reflected a sharp retrenchment by consumers, whose spending accounts for the largest chunk of national economic activity.
Consumers ratcheted back their spending at a 3.1 percent pace in the third quarter, the most since the second quarter of 1980, when the country was in the grip of recession.
GDP measures the value of all goods and services produced within the United States and is the broadest barometer of the country's economic health.
The rest of the Story: http://www.cnbc.com/id/27453297

Foreclosures, Short Sales - "Fix My Credit"

So many clients have called in Foreclosure or short sale status, this market have destroyed their credit. I was contacted by a long time colleague the other day. He is working with a credit repair company. He claimed to be able to clear defaults, short sales and foreclosures in about a 6 month period. I don’t know if it works, but he is very reliable. His address is below. You can also call us or email for F.A.Q. sheet we can send you. Please reference “clean up my credit”. I hope this is helpful to some of you.

CREDIT BUREAUS HATE US!
BILL COLLECTORS DESPISE US!
OUR MEMBERS LOVE US!

WE must be doing something right!

Hi, my name is Dennis Duarte. I wanted you to know that you can be released from Credit Prison. Find out what the credit bureaus don’t want you to know. It is much easier than they want you to know restore your credit standing and regain financial freedom.

Included for your information:
• You’re Consumer Rights.
• FAQ About Legal Credit Repair.
• 10 Myths of Credit Repair
• Testimonial letters from past members.
• Summary of your Members Benefits.

DON’T DELAY! Financially speaking, this may be the most important opportunity of your life. Procrastination is the biggest enemy.

• The final results will be well worth the time and money invested.
• Very soon, you will enjoy all the benefits of a fully restored credit standing.
• The credit repair process is usually completed by your lawyer within an average of six (6) months.

Congratulations on your decision to take the first step in becoming “credit worthy”. Once again, thank you for your trust and confidence. Together we will break the vicious cycle caused by a poor credit rating. Should you have any questions or if you require additional information you may visit our web site WWW.35minutevideo.com or call and speak to me.

Dennis Duarte
AmWest Capital
7047 E Greenway #250
Scottsdale, AZ 85254

www.CreditRepairProof.com

Bank Deal ~ Phoenix Foreclosure w/Diving Pool

Here is your chance to get a GREAT deal from the Bank! This REO is priced to sell at $110,000 & ready to go! 3 bedrooms 2 baths & a big backyard w/diving pool, large side yard for RV parking located on Georgia Ave in Phoenix. The back yard is split with a fence, one side has the pool & the other is a grassy play area for kids or pets. Bank will replace range, clean pool, repair broken window & clean carpets! RESPONSES in 48-72 hour!*Buyer agrees to review & sign all bank addendum's. All contracts/offers are subject to IndyMac Banks approval & any offers or counter offers by IndyMac Bank are not binding unless the entire agreement is ratified by all parties. Buyer must be approved by IndyMac lender by may use lender of choice. Any cash offers, must include proof of funds & buyer agrees to pay $75 doc fee at closing. No SPDS or CLUE!
For more information and pictures, click on:
http://www.thecameronteam.com/Phoenix_Scottsdale_Arizona_McDowell_Mountain_Ranch_Dc_Ranch_listings/FFA09A3C-EA40-2B9E-7F56C0479655E2D9.shtml

METRO PHOENIX HOME SALES AUGUST 2008

Inventory levels of single family homes,SFH, in metro Phoenix and Scottsdale continue to stay level. After jumping up the first couple of months this year, inventory declined through the peak selling season of April to June. Since June the inventory levels have remained fairly constant.

When looking at July 2008 sales for SFH, I have recorded 5,353 homes sales from ARMLS, Arizona Multiple Listing Service. This compares to July 2007 sales of 3,839 SFH for the Metro Phoenix area and we see a huge jump from last year. I believe home sales hit there bottom here in Phoenix from July of 2007 through March of 2008. That doesn't mean prices or average values have bottomed out, price declines lag sales activity. But what that does mean is that demand is back in the market and right now we are working towards a bottom and another shift in the market. The biggest thing I have learned is that this market is so big, it takes a while to shift. With the level of REO, standing for real estate owned or foreclosure homes, properties coming to the market that is another factor that will stand in the way of the shift. Demand is back, we need the REO's to peak and begin to fall. We did see fewer foreclosures last month than the previous month, but one month does not make a trend.

BANK FORECLOSURE SOLD BY THE CAMERON TEAM

We have been working with Indymac bank to sell some of their Foreclosure homes. Last week we had our first closing. The home was located in Knoell Scottsdale, a subdivision in Scottsdale that was built in 1985. It was an interesting experience. With the real estate market in Scottsdale shifting, buyers are acting strangely. Within a few weeks of listing the Foreclosure home for sale we had 2 offers. Both were bottom fishing. But one stepped up and paid $270K for the home. One week before closing, he cancelled and lost his $2500 earnest money. He cancelled fearing the Scottsdale real estate market was declining and this Foreclosure was not a good enough deal. He just did not get that this was an adjusted price. The home sat for 2 weeks. I was shocked, then we got 4 offers over a weekend. We had an offer at full price, $275K, but the bank took the lower offer that was cash. An investor was bidding with others for this Foreclosure home in Scottsdale. This to me shows that in Scottsdale for this product in the real estate market THIS IS A BOTTOM!

Just my opinion,

Jeff Cameron

Short Sale - Sold & Closed!

The Cameron Team is proud to announce we Sold & Closed another home as a Short Sale. We negotiated with the bank to get acceptance for a purchase price of less than what was owed.
This home is in Candlewood Estates in North Phoenix on East Helena Drive.

If you or someone you know is considering doing a short sale or pre-foreclosure sale, please feel free to contact us for more information.