Phyllis Borchardt West Maricopa County Real Estate

A win-win equity sharing solution for those who, along with their lenders, got caught up in the pricing escalation of 2005-06 was proposed in yesterdays Inman News by  Alex Perriello.  His basic proposal is to have the homeowner and the lender reach an equity sharing agreement that would split the principle of a current loan and the home owner and lender then share the proceeds when in 5 years or further the home is sold.

This could go a long way toward reducing the number of Maricopa County homes going into foreclosure and the increasing potential for deterioration of our neighborhoods flooded with empty and/or inexpensive homes that increase the percentage of non-owner occupied homes in our communities.  As a REALTOR, I cringe everytime I talk with someone who is seriously considering abandoning their current home because they are "underwater."   It is time for some no nonsense non government funded solutions to help get us beyond current market conditions.

You can read the entire article at:  http://www.trendmls.com/Guest/News/IndustryNewsShowDoc.aspx?InmanId=104927

This morning's Arizona Republic features the opening of a series of informational articles planned for the week.  Today's market offers a wide variety of home purchase options with prices that appeal to first time home buyers and investors from around the country.  HUD's Neighborhood Stabilization Program Community Grants to Maricopa County, including specific communities with high foreclosure rates earlier this year, will make available millions of dollars in the New Year.  Hopefully, some of these funds can be directed to programs that will allow First Time Home Buyer Assistance programs to aid those who qualify and complete required homeownership classes an opportunity to purchase a home.

Locally, one of the most encouraging is the development of community cooperation to offer community based assistance and solutions to the myriad of problems that have arisen in the current market.  A public forum with mayors of Avondale, Buckeye, Goodyear, Litchfield Park and Tolleson is scheduled for Thursday morning, December 11 and hopefully will develop strategies that can initiate and/or complement existing programs to deal with the conditions that have resulted from the hundreds of foreclosed homes in the area.   

Phyllis Borchardt, Buckeye

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