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Foreclosure market is looking up, prices increasing

By Patrick Schutte, Certified Foreclosure Specialist, on November 9th, 2009
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Times are still tough in the Prescott area residential real estate sector, but the foreclosure market is looking up. While real estate prices, as a whole, have plummeted, prices of foreclosuresin most states are going up, according to the foreclosure listing site Foreclosuredataonline.com.
The company reported that foreclosure sale prices in Arizona saw the biggest increase, where averages [...]

Posted by Patrick Schutte, Certified Foreclosure Specialist November 9, 2009, 6:27 am

Banks to unleash a phantom inventory of foreclosures say some

By Patrick Schutte, Certified Foreclosure Specialist, on May 12th, 2009
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A new wave of foreclosures is getting ready to hit the market as a result of the pressure being placed on banks by investors and the US Government to increase their assets.  This includes selling off assets, issuing stock (see WSJ article yesterday, More Banks Tackle TARP, Capital Gaps), and liquidating their REO (real estate owned) assets.   This [...]

Posted by Patrick Schutte, Certified Foreclosure Specialist May 12, 2009, 7:34 am

WSJ: Foreclosures are cutting into new home builders sales

By Patrick Schutte, Certified Foreclosure Specialist, on March 11th, 2009
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The Wall Street Journal today had an article today on the impact of short sales and foreclosures on new home builders and their lack of ability to compete and sell new homes.
We’ve seen this phenomenom in Prescott Valley’s Granville and Pronghorn Ranch sudivisions where new home building has ground to a halt.  Newer homes, many bought [...]

Posted by Patrick Schutte, Certified Foreclosure Specialist March 11, 2009, 5:00 pm

Prescott area foreclosure market update as of 2-20-09

By Patrick Schutte, Certified Foreclosure Specialist, on February 20th, 2009
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The distressed real estate market in the Prescott area was busy again this week with 17 new homes coming on the market, about one in every five homes being listed in the Prescott Arizona Area MLS system. From the sales side they represented about one in every three homes being sold, and were over half [...]

Posted by Patrick Schutte, Certified Foreclosure Specialist February 20, 2009, 8:37 pm

Prescott area foreclosure market update 02-06-09

By Patrick Schutte, Certified Foreclosure Specialist, on February 7th, 2009
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Yesterday I went to Chino Valley with a client and we looked at some distressed sales that were priced at the same levels as 2002 and 50% off of 2006 prices!
My client decided to put in an offer and we are going to compete with 2 other buyers on a short sale and I hope our [...]

Posted by Patrick Schutte, Certified Foreclosure Specialist February 7, 2009, 10:48 am

Loan modifications create mortgage slaves

By Patrick Schutte, Certified Foreclosure Specialist, on February 5th, 2009
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Loan modifications create mortgage slaves.  That’s what Ramsey Su, a former REO broker, wrote in the Wall Street Journal last week about the foreclosure mess in the U.S. right now.  This article certainly has appliation in our own local market here in Prescott, AZ. 
He says that the efforts in Congress to push loan modifciation are [...]

Posted by Patrick Schutte, Certified Foreclosure Specialist February 5, 2009, 10:19 am