Thursday, December 30, 2010

What's Brewing?

Happy New Year,

I hope this is information is something you can use.

Valley banks, Habitat unite to cut foreclosure-home list - Some Valley lenders are making a small dent in the state's foreclosure inventory by helping non-profit organizations like Habitat for Humanity Central Arizona take bank-owned homes off the market. Some organize employee volunteers to renovate foreclosure homes for Habitat. Others make grants that allow Habitat to purchase bank-owned homes. And some banks even deeply discount or give away their foreclosure properties. National Bank of Arizona finished donating its first foreclosure home to Habitat this month. Read article:

Site to See: Federal Reserve's 'Credit Reports and Credit Scores' - There's a new source of credit score and credit report information in town and it doesn't try to sell you related services or use content to generate ad revenues. "Consumer's Guide to Credit Reports and Credit Scores" is a compendium of advertisement-free credit report and credit score content that earns the Feds a high score. Along with practical answers to questions about credit reports, credit scores, and the importance of protecting your credit history, the Fed's free online guide explains the contents of your credit report, tells you how and when a credit score is used, and discusses the role of credit bureaus in collecting and sharing your credit history. Read article:

Blessings to all and Happy New Year.

From all of us at Fusco Realty

Tuesday, December 21, 2010

Saturday, December 11, 2010

Thursday, November 4, 2010

Monday, October 4, 2010

First time buyers

Real Estate Outlook: First Time Buyers Size Down - The latest NAR report shows that existing home sales were up 7.6% during the month of August. The National Association of Home Builders (NAHB) shows that there is a growing segment of first-timers looking for smaller and less expensive new homes. And at 8.4 millions buyers, first-timers are a large market segment. Bob Jones, chairman of NAHB says, "Builders are increasingly gearing their homes to the needs of first-time buyers, and we expect the trend to continue in the period ahead as the economy begins generating more jobs and more people in their 20's form households. This demographic of first-time buyers are, on average, buying homes with 1,874 square feet, though a whopping 46% are buying homes smaller than 1,500 square feet. Read full article:

Monday, September 13, 2010

More "What's Brewing in Real Estate"

More news on "What's brewing in Real Estate"

Fannie Mae program designed to cut inventory concerns some - Faced with a large inventory of empty homes, Fannie Mae has a program aimed at selling its foreclosed homes. The program, HomePath, allows potential buyers to put down as little as 3-percent, but some believe the plan could actually lead to more foreclosures down the road. Valley Realtor Stanley Fosha does admit the Fannie Mae program has an upside. "With the program, there's the ability to get people in the house and get the house off the market which is great for the market, it could stabilize the market, but when it comes to these Fannie Mae homes, you look in any neighborhood and what's the lowest price, the Fannie Mae owned home." Read full article:

Real Estate Outlook: Clear Capital - It's no secret that the keys to a long-term housing recovery are a growing economy, more jobs and modest growth in home values. So it's significant that the latest numbers in all three of these area happen to be positive - they're not spectacular, but definitely pointed in a good direction. Last week's national Home Price Index from the real estate data firm, Clear Capital, found that housing values not only have stabilized in most parts of the country, but are gaining in many markets. In Barclays Capital's recent report on the "shadow inventory" of homes with seriously delinquent mortgages that haven't yet hit the REO market, researchers found the total inventory dropped for the fifth straight month. Read full article:

Tuesday, September 7, 2010

Homeowners insurance

I hope you all had a great Labor Day Weekend,

5 things you must know about homeowners insurance
1. Loyalty is overrated - check and for better deals. Consider moving your auto policy too; bundling home and auto coverage can cut your total premiums by 5% to 15%.
2. You may have too much coverage - For now, pass on inflation protection and adjust your coverage amount to a more realistic figure.
3. A bad rep can cost you - Insurers check national databases to see what claims you've filed in the past. Those records can be full of errors. Check your insurance report for mistakes.
Read full article to learn more:

Monday, September 6, 2010

What is Labor Day

When was the First Labor Day?

According to the Department of Labor, the first Labor Day holiday was celebrated on Tuesday, September 5, 1882, in New York City, according to the plans of New York's Central Labor Union. The second Labor Day followed a year later, on September 5, 1883. Labor Day wasn't part of a three-day weekend until 1884, when the first Monday in September was selected as the holiday, as originally proposed by the Central Labor Union, who then urged other labor organizations in other cities to celebrate the holiday on the first Monday of September.

Making Labor Day a Legal Holiday

The first state to enact a bill that would eventually become law to celebrate Labor Day was Oregon on February 21, 1887. Other states jumped on the bandwagon, just a few at first, but more than half of the states adopted the holiday to honor America's workers by 1894. On June 28, 1984 the U.S. Congress passed an act making the first Monday in September a legal holiday in the District of Columbia and the territories. So the idea of a three-day Labor Day weekend was well in place across the U.S. over 100 years ago.

Thursday, September 2, 2010

Monday, August 9, 2010

Monday, July 26, 2010

Fannie Mae gets tough

Hi all
Here is the newest from Fannie Mae. Click on the link to get the latest news.

Fannie Mae gets tough on 'strategic' mortgage defaults - Borrowers who walk away from mortgages they can afford to pay — making "strategic defaults" — are running increasing risks that they'll be penalized for doing so. Starting in October, strategic defaulters will be disqualified for new Fannie Mae-backed loans for seven years after their foreclosures. Fannie also plans to go to court where it can to recoup outstanding mortgage debt from borrowers who strategically default. Under a bill that's passed the House and awaits Senate action, the Federal Housing Administration would be barred from insuring mortgages for those who previously ditched a mortgage they had the ability to pay. Read full article:

Tuesday, June 29, 2010

The calander of events for Independance day

It's Fourth Of July!! Celebration time for America.This day America was reborn.So it's time to wish America 'Happy Birthday' also! Put your hands together for the USA! July 4th day History
At the time of the signing the US consisted of 13 colonies under the rule of England's King George III. Leading up to the signing, there had been growing unrest in the colonies surrounding the taxes that colonists were required to pay to England. The major objection was "Taxation without Representation" -- the colonists had no say in the decisions of English Parliament.
Rather than negotiating, King George sent extra troops to the colonies to help control any rebellion that might be arising. The following timeline will give you a crash course in the history that lead to the signing of the Declaration of Independence and America's break from British rule.

1774 - The 13 colonies send delegates to Philadelphia, Pennsylvania to form the First Continental Congress. While unrest was brewing, the colonies were far from ready to declare war.

April 1775 - King George's troops advance on Concord, Massachusetts, prompting Paul Revere's midnight ride that sounded the alarm "The British are coming, the British are coming."
The subsequent battle of Concord, famous for being the "shot heard round the world," would mark the unofficial beginning of the American Revolution.

May 1776 - After nearly a year of trying to work our their differences with England, the colonies again send delegates to the Second Continental Congress.

June 1776 - Admitting that their efforts were hopeless, a committee was formed to compose the formal Declaration of Independence. Headed by Thomas Jefferson, the committee also included John Adams, Benjamin Franklin, Philip Livingston and Roger Sherman.

June 28, 1776 - Jefferson presents the first draft of the declaration to congress.

July 4, 1776 - After various changes to Jefferson's original draft, a vote was taken late in the afternoon of July 4th. Of the 13 colonies, 9 voted in favor of the Declaration; 2, Pennsylvania and South Carolina voted No; Delaware was undecided and New York abstained.
John Hancock, President of the Continental Congress, was the first to sign the Declaration of Independence. It is said that he signed his name "with a great flourish" so "King George can read that without spectacles!"

July 6, 1776 - The Pennsylvania Evening Post is the first newspaper to print the Declaration of Independence.

July 8, 1776 - The first public reading of the declaration takes place in Philadelphia's Independence Square. The bell in Independence Hall, then known as the "Province Bell" would later be renamed the "Liberty Bell" after its inscription - "Proclaim Liberty Throughout All the Land Unto All the Inhabitants Thereof."

August 1776 - The task begun on July 4, the signing of the Declaration of Independence, was not actually completed until August. Nonetheless, the 4th of July has been accepted as the official anniversary of United States independence from Britain.

July 4, 1777 - The first Independence Day celebration takes place. It's interesting to speculate what those first 4th festivities were like. By the early 1800s the traditions of parades, picnics, and fireworks were firmly established as part of American Independence Day culture.
God Bless America
Have a safe fourth of July

The History of the fourth of July

Happy fourth of July everyone. Be Safe and God Bless America

Independence Day, commonly known as the Fourth of July, is the annual celebration of nationhood. It commemorates the passage of the Declaration of Independence by the Continental Congress on July 4, 1776.

The Congress had voted in favor of independence from Great Britain on July 2 but did not actually complete the process of revising the Declaration of Independence, originally drafted by Thomas Jefferson in consultation with fellow committee members John Adams, Benjamin Franklin, Roger Sherman and William Livingston, until two days later. The celebration was initially modeled on that of the king's birthday, which had been marked annually by bell ringing, bonfires, solemn processions and oratory. Such festivals had long played a significant role in the Anglo-American political tradition. Especially in the 17th and 18th centuries, when dynastic and religious controversies racked the British Empire (and much of the rest of Europe), the choice of which anniversaries of historic events were celebrated and which were lamented had clear political meanings. The ritual of toasting the king and other patriot-heroes—or of criticizing them—became an informal kind of political speech, further formalized in mid-18th century when the toasts given at taverns and banquets began to be reprinted in newspapers.

Early Years
In the early stages of the revolutionary movement in the colonies during the 1760s and early 1770s, patriots used such celebrations to proclaim their resistance to Parliament's legislation while lauding the king as the real defender of English liberties. However, the marking of the first days of independence during the summer of 1776 actually took the form in many towns of a mock funeral for the king, whose “death” symbolized the end of monarchy and tyranny and the rebirth of liberty.

During the early years of the republic, Independence Day was commemorated with parades, oratory and toasting, in ceremonies that celebrated the existence of the new nation. These rites played an equally important role in the evolving federal political system. With the rise of informal political parties, they provided venues for leaders and constituents to tie local and national contests to independence and the issues facing the national polity. By the mid-1790s, the two nascent political parties held separate, partisan Independence Day festivals in most larger towns. Perhaps for this reason, Independence Day became the model for a series of (often short-lived) celebrations that sometimes contained more explicit political resonance, such as Washington's birthday and the anniversary of Jefferson's inauguration while he served as president (1801–09).

19th Century Celebrations
The bombastic torrent of words that characterized Independence Day during the 19th century made it both a serious occasion and one sometimes open to ridicule—like the increasingly popular and democratic political process itself in that period. With the growth and diversification of American society, the Fourth of July commemoration became a patriotic tradition which many groups—not just political parties—sought to claim. Abolitionists, women's rights advocates, the temperance movement, and opponents of immigration (nativists) all seized the day and its observance, in the process often declaring that they could not celebrate with the entire community while an un-American perversion of their rights prevailed.

A Modern Holiday
With the rise of leisure, the Fourth also emerged as a major midsummer holiday. The prevalence of heavy drinking and the many injuries caused by setting off fireworks prompted reformers of the late 19th and the early 20th century to mount a Safe and Sane Fourth of July movement. During the later 20th century, although it remained a national holiday marked by parades, concerts of patriotic music and fireworks displays, Independence Day declined in importance as a venue for politics. It remains a potent symbol of national power and of specifically American qualities—even the freedom to stay at home and barbecue.

Wednesday, June 9, 2010

Wednesday, April 28, 2010

What Brewing in Real Estate?

Hi all,

Reports: Phoenix housing values improve - Two reports released Tuesday, one local and one national, appear to confirm that housing values are improving in the Phoenix market. ASU’s Repeat Sales Index shows that although prices are lower than one year ago, the declines are not as severe as they have been. “The March figures also show the first monthly increase in the median price of non-foreclosure homes since the end of 2007,” said ASU Professor Karl Guntermann, who is the Fred E. Taylor Professor of Real Estate. “This may signal the start of price stability throughout much of the housing market.” The S&P/Case Shiller Home Price Indices also indicate that housing value declines are beginning to slow in Phoenix with a one-year composite decline hovering at 1.6%. That was one of the smallest declines among 20 metropolitan areas surveyed.

Real Estate Outlook: Signs of Recovery - Sales of existing single family homes jumped by 7.3% in March, according to the National Association of Realtors survey released last Thursday, and were 13% above year-earlier levels. Median single family prices were up by 9% year over year in the Northeast region, and by about 7% in the South, Midwest and the West. Meanwhile, unsold inventory dropped by two percent in March, and is now 22 percent below its peak in July 2008. March single family housing starts rose by 1.6% to their highest level since November of 2008. Bottom line this week: Think positive. Because that's where we're headed in real estate and the economy overall. Read full article:

Additional articles that you may find of interest:

Expert: Housing prices in Valley flat

The Valley's priciest home sales

Refi: FHA or conventional?
Does it make sense to refinance into a conventional mortgage? Or is an FHA refi better?


Monday, April 19, 2010

What's Brewing in Real estate?

Hello all,
I hope the following information is useful. If you are still looking to buy we have until April 30th to get a contract in. Get pre-approved and let's go shopping.

Proposal to slash business property taxes on the table - Large commercial property tax breaks are included in a tax-cut plan under consideration at the Arizona Legislature. Business property taxes, which currently are as high as 20%, could be cut to 1% for 10 years for developers, property owners or businesses making building renovations or doing new construction of $250 million or more. These entities also must hire at least 150 new workers for their projects and qualify under Arizona Department of Commerce rules aimed at attracting and retaining high-wage jobs with benefits. Capital investments and developments of $1 million to $250 million that create at least 15 jobs could result in a 5% property tax rate, down from 20%.^3199621&s=industry&i=commercial_real_estate

Real Estate Outlook: Faster Recovery? - It's been a long time since we've seen the Wall Street Journal run a front-page article suggesting that the national economy appears to be rebounding faster than most analysts forecast. But that happened last week. And over the past couple of years, we haven't seen retail sales -- a key barometer of consumer confidence -- jump by almost two% in a single month. But we saw that last week as well. Housing activity is also up in 11 of the 12 bank districts. Freddie Mac's economists expect to see total home sales this year at least 10% higher than last year, even with the possibility of higher mortgage interest rates.

Take Care,


Monday, February 1, 2010

Changes to FHA loan programs

Hello all,

If you are in the process of thinking of purchasing a home, this new information is of value. Please read. Thank you and once again I hope this information is a valuable tool.

Important Changes to FHA Loan Programs
What do they mean for home buyers?

Mortgage Insurance Premiums

In order to replenish its barren reserves, FHA will increase the upfront mortgage insurance premium it charges to home buyers for obtaining an FHA loan. The insurance protects the lender in case the homeowner defaults on the loan. Recently FHA has paid a lot of claims and its reserves have suffered the effects. Therefore they are increasing the amount of the upfront premium from 1.75% of the loan amount to 2.25% beginning April 5. [cid:image002.jpg@01CAA328.93320A70]

Wednesday, January 20, 2010

new things happening

Lots of new things happening. As new things come up I will post them.

Foreclosures, short sales bring tourists seeking cheap houses - In foreclosure tourism, out-of-towners take mini-vacations in the Valley to shop for foreclosure and short-sale bargains as investments, second homes and even primary residences. Jordan Rose, managing partner of Rose Law Group in Scottsdale has received dozens of calls from foreclosure tourists from New York, New Jersey and the Midwest who are looking at suburban markets that have seen home value declines and a substantial number of foreclosures and short sales. Rose said out-of-state investors and buyers comprise the bulk of her real estate business right now. “Nearly all the buyers we talk to — dozens over the last two weeks — have at least out-of-town financial backers. Money is trying to flow into Arizona right now,” she said.^2728141&s=industry&i=resi_real_estate

Government lifts rule discouraging flipping; homes can be bought and resold within 90 days - In a move that could make foreclosed properties more attractive to investors and increase the number of homes available to first-time buyers, the federal government is temporarily lifting a prohibition against providing FHA mortgage insurance for homes that are resold within 90 days. The waiver on the purchase of flipped houses with FHA mortgages, which begins February 1 and is effective for one year, “will give FHA borrowers access to a broader array of recently foreclosed properties,” HUD said Friday in announcing the change. Conditions attached to the waiver are expected to prevent what HUD called “predatory practices” by investors. For instance when a house is resold within 90 days of purchase at a price that is 20 percent higher, the seller would have to justify the increase, such as by showing how much was spent on repairs and renovation.

I hope is information is valuable to you.

Take Care,

Saturday, January 2, 2010

Best offer may not be the higest.

Hello all,
I hope your Christmas and New Years were great. Many blessing to you and your families for 2010.

If you are selling or buying this information below should shed some light on the contract you are receiving or if you are purchasing.

Daily Real Estate News | December 29, 2009 | Share
The Highest Offer May Not Be the Best
Sellers who get more than one offer should be aware that the highest offer isn’t necessarily the best offer, say experienced practitioners.

In this tough market, going with the buyer who has enough cash to pay a large down payment and who won’t be scared away if the inspection uncovers some needed repairs is often the wise choice.

Practitioners should encourage sellers to review all the terms and conditions of the sales contract. In some areas, the allocation of fees can take a big bite out of the net proceeds. While most contracts are written to reflect that, it isn’t always the case.

Also, the closing date in the offer should be considered carefully. A buyer who can close quickly can save a seller thousands. Offers contingent on the sale of another property are particularly suspect in this market.

Source: Inman News, Dian Hymer (12/28/2009)

All My Best,