On December 9th, 2011, Bank of America announced that it is currently working on a program to rent back foreclosed homes to the borrower wrote Jon Prior of housingwire.com.

Ron Sturzenegger, the head of asset servicing division explained the program.

"We are talking with investors that would come in and buy these houses and would lease them back to who would now be the now tenant.

We are looking at programs where you can capture somebody before the REO process and offer a deed-for-lease. We would go to the customer and say, 'We'll do a short sale. Will you be interested in leasing your property back? We're still going to sell the property. You will no longer be the owner. But you can be a tenant now in that same property and save you from moving on".

Bank of America will still sell the home, but in markets where there are an over abundance of bank owned and distressed properties this would keep homes occupied, landscaping and homes maintained and avoid homes being unoccupied for years.

"We already have the infrastructure and assets in place to participate effectively," he said. "Everyone is waiting on final direction from the FHFA(Federal Housing Financing Agency)."

Sturzenegger stressed the private program at BofA is in its infancy.

"It's in the very early stages," he said.

Click here to read the housingwire.com article

Despite the current sluggish economy in our country, the higher-end, luxury real estate market in Southern Utah is stabilizing and even improving. According to our local MLS data, 5 homes over a million dollars sold during 2010 totaling close to 7 million in sales. Already before the end of May 2011 there have been 5 homes sold over the million dollar listing price totaling approx. 8.5 million in sales with one pending at 2.3 Million.

High-end luxury homes are definitely a value due to the drop in price per sq. ft. over the past few years and buyers that are in the position financially are seizing the opportunity to invest in the luxury home market. The activity in luxury and high-end homes is not only in my local area but also nationally.

In the past 2 years, 5 of the sold million dollar plus, luxury homes were located in the prestigious gated community of Stone Cliff.

Stone Cliff-Southern Utah's Premier Master Planned Community is located on the affluent South Bluff in St George Utah.

Come and See or Revisit Stone Cliff.

The Current Model is open Mon-Sat 10-5. Stop by and View this fabulous home which is available for purchase (click here for map) or ask about our incredible special prices on lots with stunning views or home lot packages starting at $548,700.

Custom Home
Approx 12,000 sq.ft.
5 Custom Fireplace, 8,000 sq.ft. Tumbled Travertine,
Custom Pool w/Spa, Theatre Room and more
Reduced to $2,599,000

Click to See Virtual Tour