August Housing Trends Newsletter

Here is the link to my August Housing Trends Newsletter.  You can always go to my website for the link to the most recent HTN.

When Can I Buy a Home After a Bankruptcy? Foreclosure? Short Sale?

The following information has been provided by:  
 

 Obtaining a Conventional Loan

Ø  Chapter 7 Bankruptcy                            - 4 years from discharge date

Ø  Chapter 14 Bankruptcy                          - 2 years from discharge date

Ø  Foreclosure                                               - 4 years from completion date

Ø  Deed-In-Lieu of Foreclosure                - 4 years from completion date

Ø  Short Sale                                                 - 2 years from completion date

Obtaining an FHA Loan

Ø  Chapter 7 Bankruptcy                            - 2 years from discharge date

Ø  Chapter 13 Bankruptcy                          - 1 year of the payout must elapse & 
                                                                           payment performance must be 
                                                                           satisfactory – buyer must receive 
                                                                           permission from the court to enter into a 
                                                                           mortgage

Ø  Foreclosure                                                - 3 years from completion date

Ø  Short Sale                                                   - ***NOTE: This is a recent 
                                                                         change*** 1 year from completion date 
                                                                             if the  borrower was current at the time 
                                                                             of the short sale on their mortgage   
    

Obtaining a VA Loan

Ø  Chapter 7 Bankruptcy                            - 2 years from discharge date

Ø  Chapter 13 Bankruptcy                          - 1 year of the payout must elapse & 
                                                                           payment performance must be 
                                                                           satisfactory - buyer must receive 
                                                                           permission from the court to enter into a 
                                                                           mortgage

Ø  Foreclosure                                                - 2 years from completion date

Ø  Short Sale                                                   - No specific information on this yet but 
                                                                             assume foreclosure rule of 2 years 
                                                                             applies.   

                                                                             Once this is officially defined, I will 
                                                                             provide an update.

Obtaining a USDA Rural Housing Loan

Ø  Bankruptcy (Ch 7 & Ch 13)            - 3 years from discharge date

Ø  Foreclosure                                                - 3 years from completion date

Ø  Short Sale                                                   - No specific information on this yet but   
                                                                             assume foreclosure rule of 3 years 
                                                                             applies. 

                                                                             Once this is officially defined, I will 
                                                                             provide an update.

I hope this information helps!  One last note, FHA and VA 30 year fixed rates have dropped to 4.250% (with NO POINTS).  If you currently have either an FHA or VA loan, you can do a streamline refinance regardless of the equity, or lack thereof, in your home. 

- Michael McDermott

Live MLS IDX Search

I have always taken great pride in providing exceptional service for my clients as a consultant, negotiator, and overseer of transactional details.  Part of my service is creating searches and updates for clients, using parameters that meet their specific needs, as they begin the search process.  I will always continue to provide that service, however, the latest reports show that over 95% of Buyers prefer to use the Internet to begin their search for new housing on their own.  I understand that desire to dive in and poke around the listings... it's easy and it's fun.  There are many sources out there for doing such searches, but these searches are not "live" and, therefore, are not necessarily current.   

With all this in mind, I have created an opportunity for you to do live searches using the same search system that local real estate professionals use.  Whether you are looking for a new home or are just seeing what the market looks like in your area, you can now begin searching for properties in the greater Phoenix area using the official live ARMLS (Arizona Regional Multiple Listing Service) IDX search system.
(IDX stands for "Internet Data Exchange" commonly called Broker Reciprocity.)

Finding homes of interest is just the first step.  It allows you to become informed about the houses that are currently on the market... and I am here to take you to the next step, providing you with the valuable assistance you will need to make every step of your transaction run as smoothly as possible.   Together, we can make your dream home or investment property a reality!

By creating a free account, you can:

• Save your searches
• Get updates on new listings and price changes
• Track your favorites
• Add notes and messages
• Personalize your dashboard
• Forward links to friends and relatives

Click on this IDX LINK and start searching! 

For your convenience, I have created several searches for properties in Scottsdale in varying price ranges.  I have also created a search for golf properties in PV and Scottsdale.  All of these can be found at pookbellini.com.

Parking Fee at Phoenix Parks & Trailheads Reduced to $2 a Day

Following its announcement last week to charge "up to $5" for parking at its city mountain park and preserve areas, the City of Phoenix Parks and Recreation Board has announced that the fee will be reduced to $2/day.  Beginning August 30, users at five gated mountain park and preserve parking areas will be asked to purchase a $50 six-month or $2 daily Phoenix Mountain Pass to park at these areas.  According to the Phoenix Mountain Pass Update posted by the City of Phoenix, "A six-month introductory period will begin Aug. 30. People will be able to purchase six month passes online or in person at Parks and Recreation Department facilities to park at select trailhead parking areas. Park rangers will distribute self-pay envelopes to those who show up at a parking area without a pass that visitors can use to mail in a fee. There will be no enforcement during this time period. Eventually, purchase of a parking pass -- six-month, annual or daily -- may be added as a requirement to Phoenix city ordinances. The Phoenix Parks and Recreation Department would announce any ordinance changes as well in advance as possible. To communicate changes to visitors, park rangers will post signs at affected mountain park and preserve areas and will plan trailhead “meet and greet” events. Volunteers will hand out informational flyers. City staff also will update the department webpage regularly and issue news releases through area news media to publicize the upcoming “effective date.” The goal is to give mountain park and preserve visitors plenty of advance notice of any changes to the program."

Phoenix Will Start Charging to Park at City Parks

According to an article in yesterday's Arizona Republic, the City of Phoenix will begin charging up to $5 for parking at its parks and Mountain Preserves starting August 1st, although they will not fine anyone during the first 6 months.  There will be a 6-month pass available for $50 and an annual pass available for $75, assigned to a particular license plate number (and allowing for up to three vehicles per family).  Parking passes will only be available online (not at the parking lots), which could pose some problems for both locals and visitors who are unaware of how the system works before getting to the parks or preserves.  And, there's also talk of putting up NO PARKING signs on the streets near the parking lots to keep folks from parking in nearby neighborhoods.

While today's article didn't mention it, I'm hoping the City will consider offering a pass that could be shared by carpoolers - it may cut down on the number of passes sold, but it would encourage folks to share a ride and help the environment.  Perhaps, too, the City might consider the possibility of offering a reduced rate or a life-time pass for Seniors and also making fees tax-deductible donations.

While I'm not thrilled about the new fees, I understand the City's need for funds to keep the parks and trails open and I would rather pay than not be able to enjoy this great treasure.  

States Attract Retirees With Favorable Taxes

Courtesy of REALTOR Magazine Online 

States are wooing retirees with tax breaks. On average, retirees pay only half the state income tax levied on working-age people, according to researchers at the University of New Hampshire and Georgia State. 

Seven states — Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming — don't tax personal income at all. New Hampshire and Tennessee tax interest and dividends but not other income. Still, these states may not offer the best total deal for seniors because other states have crafted special programs that reduce taxes and fees across the board. Considering everything, here are the states that tax experts say offer the best deals for residents older than 65:

1. Georgia
2. Pennsylvania
3. Mississippi
4. Illinois
5. Michigan
6. Kentucky
7. New York
8. South Carolina
9. Delaware
10. Louisiana   

Source: Forbes, Ashlea Ebeling (06/28/2010)

Tricks to Keep Your House Cool this Summer

Courtesy of RISMEDIA   

By Paige Tepping

RISMEDIA, July 3, 2010--As the temperatures continue to rise this summer, so does the cost of keeping your home cool. While homeowners across the country come to depend on air conditioners to keep the temperature down during the warm summer months, there are other options that will keep you cool while keeping your energy bill low.

Fans and ceiling fans
-If you’re looking for ways to beat the heat, a ceiling fan can be a great investment for your home. This one appliance can make a room feel 6 or 7 degrees cooler, and even the most power-hungry fan costs less than $10 a month to use if you keep it on for 12 hours a day. Good fans make it possible for you to raise your thermostat setting and save on air-conditioning costs. Fans don’t use much energy, but when air is circulating, it feels much cooler. Ceiling fans are best, but a good portable fan can be very effective as well.

-You should remember that even mild air movement of 1 mph can make you feel three or four degrees cooler. Also, make sure your ceiling fan is turned for summer – you should feel the air blown downward.

Shades, drapes or blinds
-Install white window shades, drapes or blinds to reflect heat away from the house. Close blinds, shades and draperies facing the sun (east-facing windows in the morning and west-facing windows in the afternoon) to keep the sun’s heat out and help fans or air conditioners cool more efficiently. Always remember that the best way to keep your home cool is to keep the heat out.

Internal Heat
-The most common sources of internal heat gain are; appliances, electronic devices and lighting. Be aware of devices in your home that are generating heat and if you have air conditioning, use it wisely.

-Don’t put lamps, televisions or other heat-generating appliances next to your air-conditioning thermostat, because the heat from these appliances will cause the air conditioner to run longer. The heat they produce will make the thermostat think your house is warmer than it really is, and your system will run harder than it needs to.

-Unless you absolutely need them, turn off incandescent lights and heat-generating appliances. Replace incandescent bulbs with compact fluorescents; they produce the same light but use a fifth the energy and heat.

-You should also try to avoid heat-generating activities such as cooking on hot days or during the hottest part of the day. If you are cooking, use your range fan to vent the hot air out of your house. By reducing the amount of heat in your home, you will use less energy to cool it.

Plants
-Plant trees or shrubs to shade air conditioning units, but not block the airflow. A unit operating in the shade uses less electricity. Deciduous trees planted on the south and west sides will keep your house cool in the summer and allow the sunlight to warm the house during the winter.

Roof and Walls
-Paint your roof white – If you’ve got a flat roof, paint it with a specially formulated reflective paint or just paint it white. The reflective effect will help to keep the rooms under the flat roof much cooler.

Other things to remember
-Humidity makes room air feel warmer, so reduce indoor humidity. Minimize mid-day washing and drying clothes, showering and cooking. When you must do these things, turn on ventilating fans to help extract warm, moist air.

-Avoid landscaping with lots of unshaded rock, cement, or asphalt on the south or west sides of your home because it increases the temperature around the house and radiates heat to the house after the sun has set.

-If the attic isn’t already insulated or is under-insulated, insulate it now. Upgrading from 3 inches to 12 inches can cut cooling costs by 10%.