Andrew Monaghan CRS, GRI, EPro Associate Broker

(from ARMLS for past 30 days Residential sales only)

These numbers mean there is currently only 3.48 months of inventory (Active listings divided by sold listings!!!!)

Active listings in ARMLS 31,460 (31,845 last week)

Active with contingency 5,649 (5,636 last week)

Pending sales 11,886 (12,788 last week)

Sales in last 30 days 9,025 (8,898 last week)

Cancelled 3,031 (2,959 last week)

Expired 1,721 (2,088 last week)

Temporarily Off Market 998 (938 last week)

Thank you to susam Kraemer of Keller Williams Professional Partners Glendale for sharing

Regulation Z of The Truth in Lending Act (TILA) has undergone important changes that you need to know about when talking to your clients. These changes take effect for all new applications taken on July 30, 2009 and after, apply to ALL types of mortgage loans in ALL 50 states plus the District of Columbia, and could impact the overall timeline of the mortgage loan origination process.

Here are the four key parts of the new regulation you need to know:

• Initial Disclosures. Under the new rules, initial disclosures must be provided to the borrower for all loan types within three (3) business days of when an application is taken or received. Initial disclosures include: the Good Faith Estimate (GFE), Truth in Lending Statement and state-specific disclosures.
  
• Collection of Up-front Fees. The new regulations prohibit lenders from collecting many up-front fees prior to when the borrower receives the initial disclosures. (Simple one here, we used to be able to order the appraisal up front now we have a three day delay on the front L) We can only order the credit report.
  
• Re-disclosures. If there are changes to a borrower's loan program, loan terms, and/or Annual Percentage Rate (APR), the initial disclosure package must be re-disclosed to the borrower, and it must be received by the borrower at least three (3) business days prior to closing. Anytime there is a re-disclosure the 3 DAY PERIOD starts over again. Arghhhhhhh
  
• Timing of Loan Closings. The business day definitaion for the purpose of the waiting periods is the same as the definition used for rescission, Monday-Saturday excluding legal public holidays. In short any day that regular mail can be delivered is a day that can be used for rescission. Prospect cannot schedule the loan closing until at least seven (7) business days after the initial disclosures are mailed to the borrower. If re-disclosures are needed because of changes to the loan program, terms or APR, the loan closing cannot be scheduled until at least six (6) business days after the re-disclosures are mailed to the borrower.

Yesterday, Rick Geha held the Shift 2 tour here in Phoenix Arizona, attendance was about 350 people. after lunch there was a pannel of agents talking about how they are weathering the shift, some great ideas were brought forward and the stupidest comment that i have ever heard, one agent said that he sends out email blasts to his investor clients and his goal is "TIE UP THE REP PROPERTIES", he gave the impression that he doesnt care or intend to close on all he writes on, ethics and treating all parties fairly, who cares......

Where does this guy get off, I now have a fiduciary to all my clients to disclose what this agent does to all my sellers every time i see a contract from him.

We will see what happens.

Foreclosure is hard on everybody involved, the person facing it, their families, the neighborhood the home is in, the bank tha is loosing the loan and the loss associated and so on.

I was going through the tax records in my area and noticed a home for sale in my subdivision,

it was purchased in 2007 for $539,000 and is now slated to be foreclosed on in June.

the person tha towns this home has put in a huge amount of landscaping and of course the pool,

has a newer Dodge Viper

A ford 650 truck that is lifted and has been customized

A twin hulled 25 foot plus speed boat

all the other toys and much more

Should this person be allowed the same consideration on foreclosure, forgiveness of debt and so on that a truly deserving family needs, a bread winner loosing their job that caused the foreclosure.

This persons lack of thought and fiscial restraint will cause all the homes in the area to be devalued.

And teh bank is wrong to take this home?????

Keep calling your lender.

As time is going by the government is encouraging the lenders to be more accommodating to past due borrowers, even though they may have said no before but may have some options now.

Look at all your expenses and cut them back

This is very important, you will need to let whom ever you are dealing with that you are serious about what is going on. you need to show good faith.

Be careful, not everybody has your best interest's in mind

The financial crises has brought out many scams, from save your house to signing away the deed to whatever, remember if it sounds to good to be true it most likely is.

look into a short sale

This is selling your home at less than you owe, it is a long and arduous task, you need guidance and you will not walk away with anything but you will not have a foreclosure on your record, get good financial advice from your CPA, legal advice and a good Realtor experienced in short sales.

If all else fails be ready to turn your home back to the lender