Buying Arizona Real Estate » Bulletins

Special Anti-Deficiency Update for Arizona

Tony Pomykala — Tue, 24 Nov 2009 00:08:14 +0000

This just in from an email I received from the Arizona Association of REALTORS:

“The House of Representatives passed SB 1004, the anti-deficiency fix, early this afternoon with a vote of 53-0. SB 1004 included the repeal and replacement of ARS§ 33-814 essentially returning the statute to its original status prior to the passage of SB 1271. With this fix, Arizona will continue to operate as a deed of trust state with the protections that have been in existence since 1971.

SB 1004 did pass both the Arizona State Senate and House of Representatives with an emergency clause, and it will go into effect upon Governor Brewer’s signature. We will continue to work with the Arizona Bankers Association on language to address “speculative builders” in the upcoming session in order to resolve this issue entirely.”

Thanks to AAR for keeping us all up-to-date. Here is their website and contact info:

Visit RALLiNOW.com for all the latest legislative information.
Contact Legislative and Political AffairsArizona Association of REALTORS®
255 E. Osborn Rd., Ste. 200
Phoenix, Arizona 85012
www.aaronline.com

Telephone: (602) 248-7787
Fax: (602) 351-2471

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HVCC/H.R. 3044 Call to action: more co-sponsors needed

Tony Pomykala — Wed, 19 Aug 2009 22:03:57 +0000

I received this email today, which I believe you all should take action with if you agree:

URGENT HVCC UPDATE:Thanks for signing our petition. HVCC Continues to devastate home values across the US. We fear that with higher Fannie and Freddie loan limits it will carry through to our former “jumbo” markets, leading the country even further into recession. As we’ve shared, Representatives Childers (D-MS) and Miller (R-CA) introduced legislation (H.R. 3044) requesting an 18 month moratorium on the Home Valuation Code of Conduct (HVCC). H.R. 3044 now has over 54 co-sponsors and now is the time to forward our petition to every person you know and every representative in the country. Read some of the comments in the petition and you will soon understand the harmful nature of this horribly misguided code.

ThinkBigWorkSmall applauds the introduction of H.R. 3044 and would like to thank Representative Childers (D-MS) and Representative Miller (R-CA) for their continued efforts and leadership on this issue but it is not enough. Tens of thousands of consumers have already been robbed of their opportunity to enjoy historically low rates by Attorney General Andrew Cuomo’s rule. HVCC needs to be permanently reversed in order to restore lower costs to the consumer and to protect the thousands of real estate transactions stalled by this horribly misguided code.

Please sign and forward the following petition and forward to everyone you know in the industry and ask them to forward to their representatives:

www.hvccpetition.com

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New Home Sales: Really good news

Tony Pomykala — Mon, 27 Jul 2009 16:33:42 +0000

Nationally, Sales of newly constructed single family homes rose 11% over May, but the median price fell 3%.
Sales of newly constructed single-family homes spiked 11% in June to an annualized rate of 384,000 homes, according to a report released Monday.

Check out this article over at CNNMoney.com by Les Christie.

Yes, the media is actually saying something POSITIVE!

http://money.cnn.com/2009/07/27/real_estate/June_new_home_sales/index.htm

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SB 1271 – Anti-Deficiency Legislation Update and More

GregsGold — Mon, 20 Jul 2009 04:25:35 +0000

Reprinted from an Email Blast sent to members of the Arizona Association of REALTORS®

from an Email Article By Tom Farley, CEO
Arizona Association of REALTORS® Read the FULL article at http://www.rallinow.com/issues/show/60

Request for the Governor’s Assistance

On Friday, the Arizona Association of REALTORS® (AAR) had a preliminary conversation with Governor Brewer’s staff regarding the impacts of SB 1271 and the need for an immediate fix to this legislation that becomes effective on September 30, 2009. AAR requested that the Governor amend her current Call for Special Session to include a fix to SB1271 with an emergency clause. Governor Brewer called the legislature into Special Session to deal only with the historic budget deficit. The Governor’s staff was receptive to our request and voiced a wiliness to work with AAR, but requested that we provide specific examples of legal issues resulting from SB 1271’s passage and how the bill would impact Arizonans if left unfixed. The Governor does not have to amend her Call for Special Session to include this issue, so the burden is on us to demonstrate the need for immediate action. If the Governor agrees with our request, our next job is to convince the legislature to fix the statute.

Early next week, AAR will deliver a letter outlining the issues as requested to the Governor’s office and formally make the request to amend the Call for Special Session to include this issue. Our goals are to narrow the bill’s impact, clarify the statute’s intent and to include an emergency clause in the legislation so that the AAR’s amendments would take effect and overwrite the amendments that SB 1271 made to the Anti-Deficiency statute before it goes into effect on September 30, 2009.

SB 1271 – Frequently Asked Questions (FAQ) Document in the Works

We have received numerous emails and phone calls asking several different questions regarding SB 1271’s interpretation. We are doing our best to provide those answers in an FAQ document. But because of several different views by attorneys across our state on how the changes to the statute should be interpreted, AAR is having difficulty providing those answers.

Keep up with the current issues and UPDATES posted on www.rallinow.com, AARNews, AAR’s FaceBook page and in our upcoming electronic association newsletter. Follow the Arizona Association of REALTORS on Twitter!

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