There are many misconceptions about short sales. While this process has traditionally been a loss mitigation tool for the bank, it is quickly becoming a viable option for many borrowers that are "up side down" on their home.

One of the largest misconceptions is that you need to have 30 day late mortgage payments to qualify for a short sale. Most banks look for a reason as to why they would issue a short sale. Because every home owner has their own reason; loss of income, divorce, job tr… Continue

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On December 2 a thousand or so movers and shakers filled a ballroom at the Phoenix Convention Center to listen to three top economists talk about how neither the economy nor the Arizona real estate market are going to be sunny again in 2010.

Good news
• Looking at the Housing Affordability Index, which reflects the percentage of homes sold that are affordable to families earning the area’s median income, Phoenix homes are relatively much more affordable now than they were three years ago.… Continue

By JIM KUHNHENN, Associated Press Writer Jim Kuhnhenn, Associated Press Writer – Wed Dec 2, 7:54 pm ET
WASHINGTON – Homebuyers insured by the Federal Housing Administration would have to provide more cash up front and meet higher credit scores under an Obama administration plan to protect the financially stretched agency.

Housing and Urban Development Secretary Shaun Donovan told a House committee Wednesday that the administration wants borrowers to have a stronger equity position on their loan… Continue

1) 14.4% of ALL mortgages delinquent or already in foreclosure in the US. That is a historic record.

2) PRIME borrowers (NOT SUB-PRIME) borrowers are now the leading edge of this epic housing mess. 33% of all delinquencies (and those already in foreclosure) are PRIME.

3) Next fun fact: 144% INCREASE in FHA delinquencies year over year. Anyone want to place any bets on the long term viability of the FHA in its current incarnation? Anyone?

4) Saved the most staggering stat for last…get ready…Th… Continue