The WeBuyTucsonHomes Blog

Recently I was called to speak with some people who had been served with a Notice of Sale. While driving out to the community, I started to notice more and more signals homes had long been vacated. The subdivisions were newer, about 4-5 different builders, and most of the homes being built in the past 3 years. How could these new homes become vacant so quickly? We will find that out latter.

After the meeting I decided to drive the neighborhood to get a feel for the type of homeowner that would like to live in this particular subdivision. The neighborhood was newer, housing prices had been in the 250,000 range, but prices now were sharply dropping.

Touring the neighborhood for a few minutes I ran into blocks and blocks of empty lots. There were about 3 homes built for every 20 empty lots. The sales office for the builder wasn’t even open on a weekend, looking up the sales on the local MLS site revealed 22 homes for sale in a 1/4 mile radius. Not only were these homes for sale, but 1/4 of them mentioned a short sale in their listings.

So when the struggling homeowners decided to sell not only were they limited by their own mortgage company, but they were competing against a builder who was releasing homes at prices lower than the previous year. This could be the reason why so many homes were vacant. Coupled with ARM’s resetting and the builder reducing prices, the only choice for the homeowners was foreclosure.

This would set the scene for crimes described in this CNN article. Crime scene: Foreclosure I honestly hope Tuscon does not see a crime spree from the recent empty foreclosures. A good way to avoid having empty homes in your neighborhood is to contact We Buy Tucson Homes

Do you know a family member, a friend or co-worker, or someone in your neighborhood who is facing foreclosure? If so please have them contact We Buy Tucson Homes! We will do our best to keep them in their home, and the house from becoming vacant for a long period of time.

FROM Yahoo News:

The article is directed to new home buyers who are looking for mortgages:…

The Fed, which has regulatory powers over the nation’s banking system, is proposing:

 “_restricting lenders from penalizing certain subprime borrowers — those with tarnished credit or low incomes — who pay off their loans early. The restriction would apply to loans that meet certain conditions, including that the penalty expire at least 60 days before any possible payment increase.

_forcing lenders to make sure that subprime borrowers set aside money to pay for taxes and insurance. _barring lenders from making loans when they don’t have proof of a borrower’s income.
_prohibiting lenders from engaging in a pattern or practice of lending without considering a borrower’s ability to repay a home loan from sources other than the home’s value.”