HOUSING AFFORDABILITY CONTINUES TO CLIMB

Price declines and low interest rates continue to motivate buyers to enter the most affordable housing market in 28 years.  But, at the same time, only 1 in 10 of today's homeowners say they have delayed selling due to those same market conditions.  In the past year, the National Association of Realtor's Housing Affordability Index has increased 29% overall and 19% for first-time home buyers---the highest levels during the Index's 28 year history.

The survey also found that most Americans aren't aware of how affordable homes are becoming in today's fast-changing housing market.  More than 3/4's of consumers think a median-income family can afford less than half of the homes for sale in their area.  In reality, however, a family earning a median income of $53,182 can afford to buy nearly 75% of the current homes for sale.  For 14.6 percent of first-time home buyers, the government's $8,000 tax credit provides the impetus to shop for a home this year.

Courtesy of Sherri Buttler, Sun American Mortgage Company   sherri.buttler@SunAmerican.com 

ARIZONA HOME OWNERS, SENIOR CITIZENS & INVESTORS BE CAREFUL!!! PHONY FORECLOSURE SCHEMES ARE RAPIDLY GROWING!!!

Panicky Arizona home owners who have fallen behind in their mortgage payments and are on the verge of foreclosure are vulnerable to phony " real estate mortgage rescue" or "home foreclosure prevention" schemes. Do not turn to these companies with the hope of preventing the loss of your home without doing your homework first. Call the Arizona Better Business Bureau plus asking for local references. These schemers want to take your home, steal any equity you have built up and may focus on unsuspecting Senior citizens.One common foreclosure prevention scheme has the "rescue company" lending a homeowner money @ high interest rates to make back-payments to their mortgage lender. The homeowner must agree to make monthly payments to the "rescue company" that includes the original mortgage payment plus a payment on the new loan. The "rescue company" also requires the homeowner to sign a deed tranferring the property to the "rescue company". The homeowner ends up renting the home that they formely owned. If the homeowner fails to make the "rent" payments on time, the "rescue company" evicts the former owner. You have lost all your rights and equity in what was once your home.