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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Win-Lose-Draw who wrote (204379)	11/13/2002 11:06:53 AM
From: At_The_Ask	Read Replies (2) \| Respond to of 436258

Countrywide has embarked on an expansion campaign. They have moved into larger branches and bought new computers, even for the people that had comps already got new ones.

To: Win-Lose-Draw who wrote (204379)	11/14/2002 1:01:47 AM
From: BDR	Respond to of 436258

Just a local thing. Foreclosure sales up 52% this year over last year and last year sales were up 25% over the year before, if I am reading this correctly. Foreclosure looming for more Valley homeowners arizonarepublic.com By Catherine Burrough The Arizona Republic Nov. 13, 2002 The number of Valley homeowners facing foreclosure because they can't make mortgage payments has jumped this year, according to new reports from real-estate analysts. Phoenix-based property researcher Infocom counted 3,481 Valley homes that were sold through foreclosure during the first nine months of the year, a 52 percent increase from foreclosure sales for the same period in 2001. "Persistent unemployment in Maricopa County coupled with a slowdown in the local housing market will tighten the squeeze on troubled borrowers," said Alexis McGee of the Sacramento-based property adviser Foreclosure.com, which recently started tracking the Valley's market. Last year, as the economy sagged and consumer debt climbed, the number of Phoenix-area homeowners receiving foreclosure notices jumped by 28 percent, according to an Arizona Republic analysis of data with Infocom. Actual foreclosure sales were up 25 percent. Infocom's Tom Ruff said it's common to see an increase in foreclosures any time sales increase, but the jump in people losing their homes is higher this year. A record 107,000 new and used homes sold Valley-wide last year, and sales through September of this year are ahead of that pace. The Valley's steady housing appreciation and sales have allowed some homeowners to refinance and pull equity out to pay bills or sell before their lender seizes their home. McGee said there are indicators that Phoenix's housing market is cooling, which will make it more difficult for struggling homeowners. She cites the 20 percent jump in homes listed for sale and the two weeks longer it's taking houses to sell compared with a year ago. In the past year, 16,800 jobs have been lost Valley-wide, and the unemployment rate has climbed to 5 percent, according to the Arizona Department of Economic Security. Excessive mortgage defaults cause banks to reduce lending, and overall home values can drop when the market is flooded with houses selling at fire-sale prices.