It can feel overwhelming to realize that you and your family might be on the brink of losing your home. You may have initially missed just one residential mortgage payment, but then another slipped by and before you knew it, the bank is threatening foreclosure. It is essential for Arizona residents to face the possibility of foreclosure - a lender taking over possession of a homeowner's home due to the homeowner's failure to make mortgage payments - head-on.
Property owners who owe more on their property than the property is worth may feel overwhelmed when trying to figure out their options. For many, the first step to take is to understand the many terms out there and what these terms mean. Arizona property owners may have heard the term short sale and may be wondering if a short sale can help them.
Pursuing a real estate transaction can be a stressful situation for the parties involved. There are often many complex legal and logistical issues at hand during what may be an emotional time for a person buying or selling a home, or facing a foreclosure.
Phoenix's real property sales have taken a shift over the past couple of years, resulting in lower market numbers now. After the housing crash it appears as if the Valley's housing market has stabilized. Median single-family home sales increased in price only 4 percent from last year. The region has seen a small increase in investor-related business and new home sales, but demand in the market still remains low-down 5 percent from last year.
The old saying that it's wise to purchase real estate because they're not making any more of it is beginning to be taken seriously in Arizona as the overall economy is getting better. Because mortgage rates are declining and the financial circumstances of many is improving, bigger and costlier homes are selling in the state. The median cost for certain homes is on the rise in comparison with several months ago.