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Phoenix Real Estate and Homes for Sale | Jonathan Dalton, Realty ONE Group – (602) 502-9693

Jonathan Dalton
REALTOR
ePro, SFR
602-502-9693

Foreclosures

About 90 Day Delinquency Tracking Numbers

Thank you to a good friend for the information: There are two ways to track delinquency. First, as you guessed, the three credit bureaus compile and publish proprietary summary reports. The Fair Credit Reporting Act requires a permissible purpose (such as a loan application) to buy a credit report for an individual, but not for the summary data. Second, over 60% of mortgages are securitized, and the data on those securities are published so that the mortgage bonds and derivatives can be valued and traded. Companies like CoreLogic and LPS  track the loan-level data and extrapolate to the rest of […]

Could There Be Inventory Relief in Sight?

Years ago I was visiting friends in Dallas and discovered something interesting about an area surrounded by absolutely no mountains whatsoever – when you see a storm cloud on the horizon, slowly growing larger, it’s coming for you and there’s nothing that’s going to stop it. That’s not the way storms work here in the Phoenix area; throughout the summer we watch thunderheads build on the horizons, bringing rain to the White Mountains in northeast Arizona or down in Tucson. But in Phoenix itself, a thunderstorm on the horizon only means someone else is getting rain and, with a little […]

There’s a Housing Tsunami Coming. In Other News, WOLF! No, Really. I Mean it This Time

Jeff Brown, aka the Bawld Guy – one hell of a real estate investment guru, by the way – have been having a debate about the true state of the Phoenix real estate market. We don’t always reach quite the same conclusion because we find ourselves each looking primarily at one side of the supply-demand equation. He maintains there is pent-up supply waiting to be unleashed upon the market; I don’t fear that supply because I see the demand that exists. Our latest debate came yesterday over this article on ZeroCrunch that says there are another 9 million homes waiting […]

About that Shadow Inventory – Some Fannie/Freddie Reality

There’s a theory floating around that one of the reasons there is next to zero inventory in the Phoenix real estate market is Fannie Mae and Freddie Mac are holding homes off the market. Not to poke a hole in this well-reasoned, somewhat well estimated and unproven theory but … Checking the tax records here in Maricopa County, Freddie Mac owns 655 homes. Note, I don’t mean 655 homes listed in the MLS … per the tax records, Freddie Mac is the owner of only 655 homes in Maricopa County. The real monster lurking is Fannie Mae, which owns right […]

Dear REO Agent, Whose Best Interest Are Your Serving

As I pored through the listings today looking for homes for an investor of mine I saw this note: Please note that Bank of America or Merrill Lynch pre-qualification is REQUIRED on all financed offers Okayfine. Happens all the time on foreclosed homes owned by Bank of America. Except … Current Owner WELLS FARGO BANK NA Can anyone tell me why Wells Fargo is requiring all prospective buyers to get prequalified with Bank of America? Or is this a case where the listing agent is making up his own requirements without the guidance (not to mention permission) of the seller […]

Banks Selling Homes – See No Defects, Hear No Defects, Speak No Defects

Yesterday afternoon I ran into a bit of a conundrum. With the inspection complete on a bank owned property in Tempe, my buyer decided either the bank was going to need to lower the price (not normally a contractually allowed request in Arizona, unlike other states) or move on to the next property. The listing agent indicated we would need to provide a Buyers Inspection Notice and also provide specific details regarding the reasons for the request (and not just “the buyer wants to pay less” – the agent’s words, not mine.) To my mind, there would be no better […]

Channel 3 On Your Side – A Good Result In Spite of the Facts

If you happen to watch Channel 3, you may have seen this 3 On Your Side story last night about a couple who purchased a Fannie Mae home but had the appliances stolen from the house in the two days between the final walkthrough and the actual closing. According to the buyers and to Channel 3 reporter Gary Harper, the sellers tried to get Fannie Mae to replace the stolen oven, microwave and dishwasher but were rebuffed. Lorenzetti and Cowand believe Fannie Mae is responsible. They claim the burglary happened when Fannie Mae still owned the house and before the […]

Good News, Bad News in Phoenix Real Estate

Hey, folks … we’re number 1! From CoreLogic via Inman News: Eight out of the 10 largest metro areas in the nation saw yearly declines in July, with double-digit drops in the Phoenix and Chicago metro areas. When distressed sales are excluded, half of the 10 metros saw yearly declines, with Phoenix again the hardest hit. Bad news from homeowners. Bad news for traditional sellers. Great news for the bargain hunters, assuming you can beat out the other dozen people vying for many of the homes here in the Phoenix real estate market. And this from the U.S. Bureau of Labor […]

Swimming Through the Bank Owned Sea of Silliness

This morning I attempted to submit an offer on a bank-owned home. One would think that writing a contract and having the buyer sign that contract and the addenda included by the listing agent would be enough. Hardly. First, I had to go to a specific website. Then I had to create a user account for the offer submission portion of this brokerage’s website. Among the information I needed was my real estate license number, which I had to look up as it’s not something that comes up every day. In fact, I still don’t know why the listing agent […]

Hail, Hail and Bank Owned Roofs

We talked about last October’s hail storm a few times in the fall, back when adjuster’s trucks were in everyone’s driveways and the air was filled with the sounds of nail guns pounding home new shingles. Who am I kidding … it’s still a common sound now, nearly seven full months after mother nature decided to have some rare fun with the Phoenix metro area. While it may seem like a universal ballad, there’s a set of homes here in the Phoenix area that never have been visited by an insurance adjuster; if a roofer has come by, it’s only […]

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