Settlement Offers Free Service On Credit Files

In todays AZSTARNET Business section read about a class action settlement that could significantly help homebuyers.  Under the terms of a national class action settlement you could qualify for six or nine months of free credit monitoring plus unrestricted access to your credit file and score.  At a time when lenders are requiring higher credit scores for the best mortgage rates and flat out rejecting borrowers with low scores, this offer will benefit hundreds of thousands of applicants.  To be eligible you need only to have had an open credit account–credit card, student loan, mortgage–at any time between January 1st, 1987, and this past May 28th.  In the months immediately preceding a mortgage application it’s vitally important to keep a close watch on your credit file, and to remove any glitch or negative information and provide missing positive information.

Under the terms of TransUnion, one of the three main repositories of credit information, you can visit a special website (www.listclassaction.com) or call toll free 1-866-416-3470 to register a claim.  Buyers need to take advantage of this free service while available.

Denise

Voters Might Make Repeal of Property Tax Permanent

This, in my opinion, is good for Arizona homeowners.  An article from the Aizona Daily Star reports that a measure set for hearing next week would block a levy, suspended in 2006, from returning late next year. This measure would bypass the governor and go directly to the voters.  If the levy were allowed to return it would add about $80 to the  property tax of a $200,000 home.  Governor Napolitano sees the need for the additional taxes for basic government needs such as education and schools.  It is true that the state government’s coffers are in the tank, but so are those of Arizona’s consumers.  One comment I’ve been hearing over and over is the danger of raising taxes in a slow economy.  Give the already struggling homeowner a break Governor!  Lowering taxes will stimulate the economy, consumer spending, and incomes, resulting in more revenues for the state.

Denise

Mexicans moving across border to flee drug wars

I just read this article at azcentral.com about the widespread migration of Mexican professionals to US border towns due to threats of violence from drug cartels.  Since Mexican president Calderon began sending military troops to deal with drug traffickers.  Drug gangs are drawing civilians into the fray as they battle the military and each other for control over drug smuggling corridors.  Salvador Urbina, a lawyer from Ciudad Jaurez described a “deep psychosis” developing in his town, forcing him to relocate his family to El Paso, Texas.  Falling home prices have also contributed to the migration of Mexican professionals.  We can be thankful that here in Arizona, according to Marco Antonio Garcia, director of economic development in Nogales Sonora, the violence is not as prevalent as in other US-Mexican border towns.  I do recall sometime last year reading about a terrible shoot-out involving some 50 Mexican policemen and drug gang members in Cananea, near Agua Prieta.  

Real Estate companies in places like San Diego and El Paso have seized upon such incidents, placing ads with “Are you looking for a safer place to live?”, and “Live in tranquility!” to target Mexican nationals who may be fed up with living in fear.   It is unfortunate the the Mexican government seems to be losing their war on drugs.

Denise

Housing Opportunities and National Homeownership Month

June is National Homeownership Month and the National Association of Realtors (NAR) has renewed its committment to help our country increase minority homeownership.  Realtors are working hard in cities across the U.S. to bring more Americans home.  Homeownership contributes to strong families and better communities.  As the nations leading advocate for housing opportunities, NAR provides its members with important tools to  help clients turn dreams into reality.  These programs include “Home From Work”, “Ambassadors for Cities” and “HOPE Awards”.  All of these programs are designed to expand housing opportunities and promote affordable housing year round.  Read more about these programs.  As a Realtor, I can say that helping first time buyers is one of the most rewarding aspects of this business.  When I help someone buy that first home I know I am making a contribution not just to an individual, but to the community as well.

Denise

What Exactly, IS A Recession?

We are exposed to a lot of negative news regarding the economy.  This negativity can have an adverse effect on our local real estate market.  The National Association of Realtors offers a podcast series which provides easy to understand analyses of different aspects of the economy.  I just listened to NAR’s Managaing Director of Quantitative Research, Jed Smith, on the definition of a recession.  According to Jed Smith, we are experiencing a slow down in economic growth.  Even an actual recession is not a reason to panic.  A recession, says Smith, is typically short term, lasting only 6-9 months.  According to NAR, we should see a recovery in real estate markets by the 3rd quarter of this year.  This is good news!

Denise

Now is the time to buy!

Following is a clip from Today Show’s real estate expert, Barbara Corcoran.  Her take from this morning’s show?  “We’re in the bottom and it’s time to buy!”  Still not convinced?  Read the latest Tucson MLS Statistics for our market pulse.  Remember, real estate is local.  Take advantage of the current market and invest!

Denise