East Valley Market Conditions

Enclosed is a mid-month (9-19-07) snapshot of the Southeast Phoenix Valley provided courtesy of First American Title.

FIRST AMERICAN TITLE DATA

The monthly report from MLS data that is on my web page will be updated in early October.

Possible Help For Homebuyers with Rates Ready to Reset

A recent article from Realty Times offer some stress relief to those facing rate resets:

Lower Rates Help Homebuyers with Rates Ready to Reset


This was posted BEFORE this weeks interest rate reductions by the FOMC and Bernake's comments.

A related article from Bankrate.com reviews FHA's plans to help some borrowers:

FHA saddles up to help delinquent borrowers

The article states "About 60,000 "delinquent-yet-creditworthy" mortgage borrowers will be able to refinance into FHA-insured home loans in the next year or so,...."

Let's hope it really helps.

TAX IMPACT ON FORECLOSURES & SHORT SALES

The Internal Revenue Service has provided guidance in a publication dealing with Foreclosures and Short Sales:


IRS PUBLICATION

Having read the article, I suggest you contact a competent CPA to review your personal circumstances. The issue of insolvency appears to be the key to whether you will face tax consequences.