Who will get the house?
Arizona has $121 million to hand out to potential home owners, that qualify, to buy foreclosed homes in the Phoenix Real Estate Market.
"Two months into the program, no one in Arizona has closed on a home yet. Several have qualified, however, and hundreds more have applied"
One of the stipulations of this program is that HUD requires lenders who took homes back through foreclosure to give buyers a 15 percent discount on the price. This could be a problem when you have investors, paying cash, are will to pay market value of the already deeply discounted price.
Inventory continues to decline, multiple bids on foreclosures is the norm, with many being sold over list price.
Additionally, just this weekend, hundreds of people bought foreclosures at the REDC Auction- these homes will never be available to those that meet the qualifications of the Stabilzation Program.
The money is apart of the governments Recovery Program and must be spent by 2011. They may want to re-think asking the bank for an additional 15% price reduction.
The chart below shows the current trend in inventory of foreclosures in the great Phoenix Area.
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