News for second home buyers and investors in AZ

Second homes: Rain, rain stays away almost every day in Scottsdale, Ariz., an article from USAToday.com, has Scottsdale enjoying the national spotlight. The article covers the many benefits that Scottsdale has to offer and examines three neighborhoods: North Scottsdale, Downtown/South Scottsdale and East of Scottsdale. While North Scottsdale was the last part of the city to be developed, it is home to the most upscale golf communities. In Downtown/South Scottsdale, second homes have gained in popularity. "There are 10-plus story high-rises with luxury services and concierges, while a greatly increased number of stores and restaurants (around Old Town) has made it much more livable," said broker Mary Maxie. The lowest second-home prices can be found in golf communities just east of Scottsdale, including Gilbert, Ocotillo, Queen Creek, Mesa and Fountain Hills. See the full article http://www.usatoday.com/money/economy/housing/2009-03-12-scottsdale-arizona_N.htm
Investor Report: Refinancings, an article from Realty Times, reports that small-scale real estate investors received some pleasant news last week. As part of the Obama administration's massive housing relief effort, Fannie Mae and Freddie Mac said they'd refinance potentially thousands of mortgages on rental and second homes. Investor loans were included because refinancings can "help reduce renter evictions by putting landlords in a (more affordable) refi that improves their chance for success," explained Brad German, a Freddie Mac spokesman. To qualify, the investment property or second home loan must be owned or guaranteed by Fannie or Freddie. Also, the mortgage balance cannot exceed the property value by more than 5% and payment history on the mortgage needs to be almost flawless - no thirty-day late payments over the past year. http://realtytimes.com/rtpages/20090313_investorreport.htm