Thursday, December 6, 2012

Monday, December 3, 2012


Colony behind big real estate buy
The winning bidder for Fannie Mae's bulk sale of more than 300 sought-after foreclosure houses in metro Phoenix has been revealed: Santa Monica, Calif.-based Colony Capital. But the true cost of the houses is still a mystery because of the complex financing deal approved by Fannie Mae's regulator, the Federal Housing Finance Agency. The more than 300 houses in Arizona are lumped in with a total of 970 foreclosure homes Colony is buying. The other properties are in California and Nevada.
Read article -

FHFA: No change to conforming loan limits at Fannie, Freddie
The maximum conforming loan limits will remain the same for mortgages acquired by Fannie Mae and Freddie Mac, the firms' conservator said Thursday. The Federal Housing Finance Agency said the maximum loan limit for one-unit properties will remain at $417,000, but can still run as high as $625,500 when the property resides in one of the designated high-cost areas.
Read article - Housing Wire

Friday, November 2, 2012

whats new this week?

Arizona Economy Grows In August, Reports Comerica Bank's Arizona Economic Activity Index
Comerica Bank's Arizona Economic Activity Index increased by 0.5 percentage points in August, rising to a level of 86.8 - 16 points above the index cyclical low of 71.0. "The Arizona economy continued to expand in August, as shown by our Arizona Economic Activity Index. Job growth in Arizona has outpaced that of the nation this year. Phoenix home prices have increased every month for the past 11 months. During that period, area home prices have risen 17.2%, after adjusting for inflation," said Robert Dye, Chief Economist at Comerica Bank.

Read article - Sys-Con Media

Fannie, Freddie Streamline Short-Sale Approvals
Beginning Nov. 1, Fannie Mae and Freddie Mac gave nine private mortgage insurers the ability to approve short sales and deeds in lieu of foreclosure for distressed home owners without requiring a separate review. The move is expected to reduce delays, costs, and uncertainty involved in processing short sales and deed in lieu, according to mortgage giant Freddie Mac.
Read article - Realtor Magazine

Wednesday, August 8, 2012

Free app to help you organize your move

Using cool digital tools to organize a move
MoveTools, a free app, is an organizational system that helps you remember where you put what item. Just tell the app what you're putting in each box as you're packing it, and you'll be able to quickly find the items you need when it comes time to unpack. The app will also let you print barcode labels and provide you with a handy to-do list that reminds you of all the important moving tasks.
Read article - Yahoo

Wednesday, July 25, 2012

phoenix leads nation in sales

Zillow: Phoenix home prices up 12% to lead nation
U.S. home values have posted their the first year-long gain since 2007, and the rapid rebound of the metro Phoenix housing market once again far outpaced anywhere else in the country, according to Zillow. Phoenix-area home prices surged 12.1% in the second quarter compared with the same period last year. Phoenix also saw the largest increase from the first quarter of 2012 - posting a 6% gain in home values to an average $136,200 in the second quarter.
Read article - Phoenix Business Journal

Wednesday, June 27, 2012

continued recovery

CoreLogic: Phoenix foreclosure rate continues to fall
The latest figures released Tuesday by CoreLogic show home foreclosures in metro Phoenix continue to gradually decline -- and at a faster rate than the nation. The rate of foreclosures among outstanding mortgage loans in the greater Phoenix area came in at 2.84% in April, a 1.1 percentage point drop from the same month last year. That's almost half the rate the Valley saw in December 2010, when the foreclosure rate was 5%.
Read article - Denver Business Journal

New-home sales surge to fastest pace in two years
Americans bought new homes in May at the fastest pace in more than two years, adding to evidence of a slow but steady housing recovery. Sales of single-family homes jumped 7.6% to a seasonally adjusted annual rate of 369,000 units, the highest since April 2010, the Commerce Department said Monday.
Read article - MSNBC

Tuesday, June 5, 2012

short sales may go away

Could short sales disappear at the end of this year?
A big tax break for homeowners short selling their house is set to disappear in six months. It's the 2007 Mortgage Forgiveness Debt Relief Act, and experts said if you want to short sell your home, you should act fast. If the Act goes away, short sellers would have to pay taxes the dollar difference between what your mortgage is and what their home sells for.
Read article -

Monday, June 4, 2012

Is this a sellers market yet?

Phoenix Housing Market Continues to Improve
The Phoenix residential real estate market is quickly becoming more favorable to sellers, as the average home selling price continues its upward path. While more homebuyers are entering the market, one of the biggest factors in the pricing gains seen thus far this year is the limited number of sales inventory. The limited sales inventory has led to bidding wars in which homebuyers are paying more than the asking price in many cases. That trend is very much making the housing market a seller's market.
Read article - The Real Estate Media

Wednesday, May 30, 2012

Phoenix Booming

Home prices up in most cities; among biggest gains - Phoenix
Metro Phoenix home prices are rising faster than anywhere else in the country, according to the latest national data. The Case-Shiller Home Price Index shows the average existing home price in the Phoenix metro area in March increased 2.2% over February of this year. That's the largest increase of any of the 20 major U.S. cities tracked.
Read article -

Americans' Perspective on Home Ownership Shifts
Home ownership is getting more emotional than it used to be. According to a new survey, Americans are increasingly saying that the real value of home ownership is emotional, not financial. That marks a stark contrast from Americans' perspectives on home ownership during the housing boom, in which they mostly viewed it as a financial venture. The more emotional ties to home ownership are causing Americans to get more practical in their home buying.
Read article - Realtor Magazine

Tuesday, May 29, 2012

Multiple offers on bids now!

Signs of 'Housing Spring': Bidding Wars
MultiplSigns of 'Housing Spring': Bidding Wars
Multiple offers and bidding wars have returned to some housing markets amid shrinking supplies of homes for sale. Last month, nine of 18 leading markets tracked by real estate brokerage Redfin had less than a three-month supply. Those markets included the San Francisco Bay Area, Phoenix, Denver and Washington, D.C.
Read article - CNBC

Monday, May 21, 2012

Did we have problems finding funding for condo? read below :)

FHA may loosen limits on condo mortgages
The FHA is readying changes to its controversial condo rules. The revisions could remove at least some of the obstacles that have dissuaded condo homeowner association boards from seeking FHA approval or recertification of their buildings for FHA loans in the last 18 months.
Read article - LA Times

Wednesday, May 16, 2012


Back from foreclosure to homeownership
A growing number of Americans are making a surprisingly quick return to homeownership after defaulting on their loans or being forced into short sales that cost their banks money. Data is not available, but interviews with more than 30 lenders, builders, Realtors and consumers suggest that this is the case. Much of the comeback wouldn't be possible without help from the U.S. government, namely the Federal Housing Agency.
Read article - MSNBC

Tuesday, May 8, 2012

Phoenix skyrockets!!!!

Phoenix skyrockets in top 20 improving markets list
Based on the National Association of Home Builders/First American Improving Markets Index (IMI) report released on Monday which monitors housing markets showing measurable and sustained improvement, there was little change from the month prior, with one major exception - Phoenix, previously not in the top 20 improving markets list, shot to the second most improving market in the nation.
Read article - AGBeat

Americans' Expectations Align to Encourage Home Buying
More consumers may be looking to purchase homes with a shift in several key housing market indicators, according to Fannie Mae's March 2012 consumer attitudinal National Housing Survey. More Americans now expect both home rental and home purchase prices to increase over the next year. In addition, confidence in consumers' views of their own finances is stabilizing. These trends may be providing Americans with an increased sense of urgency to buy a home as 73% of Americans now believe it is a good time to buy a home, up from 70% in February.
Read article - RISMedia

Friday, May 4, 2012


5 New 'Rules' to Home Buying
With signs of a housing turnaround getting stronger, housing experts say buyers are finding several recent changes when they go to put in an offer on a home. Here are some new rules for homebuyers:
1. Lowball offers won't likely stick
2. Get pre-approved
3. Get realistic about the market
4. Expect some competition
5. Conduct property research
Read article - Realtor Magazine

Tuesday, May 1, 2012

tips for getting a mortgage

3 Tips for Landing a Mortgage
This article covers tips for shopping for a mortgage:
1. High credit scores count. Avoid opening new lines of credit or loans for at least three months prior to getting a loan. Amd try to pay off those balances.
2. Gather plenty of quotes. Most experts say shopping around can pay off. 3. Ask about lock-ins. Home shoppers should ask how long it takes to close loans similar to theirs.
Read article - Realtor Magazine

Monday, April 30, 2012

Buyers and sellers please read

Prices have begun to rise at a fast pace
Housing inventory has dropped steadily during the past year because of a record number of investors snapping up properties out of foreclosure. Home sales are up 35% from a year ago as more regular buyers have joined investors in the mix. "Prices have begun to rise at a fast pace, and bargains are no longer plentiful," said Mike Orr, director of the Center for Real Estate Theory at ASU. "Most homes that are priced well are attracting multiple offers within a couple of days, and many are exceeding the asking price."
Read article -

3 Housing Trends Emerging This Spring
What can home buyers expect to face this selling season? An improving housing market has made it a different picture in many areas compared to recent years. Here are some trends taking shape in the housing market this spring: 1) Fierce competition; 2) More renters show desire to become home owners; and 3) Mortgages may be a little pricier.
Read article - Realtor Magazine

Friday, April 27, 2012

Prices rising

Phoenix-area home prices up 20% in past 12 months
Home prices are surging in metro Phoenix, climbing 8% in March alone and 20% in the past 12 months. The median price of a house in the region climbed to $134,900, according to a report from the W. P. Carey School of Business at ASU. The trend is projected to continue throughout the year, although at a slower pace. Mike Orr, director of the Center for Real Estate Theory at ASU credits the turnaround to steep drops in foreclosures and in the number of homes for sale, coupled with an increase in sales.
Read article -

Wednesday, April 25, 2012

Phoenix home values to outpace the nation in 2012 and no more low ball offers

Phoenix home values to outpace the nation in 2012
Phoenix home values are forecasted to experience the largest national gains in 2012. Zillow's report for the first quarter of 2012 predicts Phoenix home appreciation rising 6.5% between March 2012 and March 2013 - the largest growth amongst the 30 major metros included in the report. "In Phoenix, your February-to-March change is 1.4 percent, which is really quite extra ordinary," said Stan Humphries, Zillow's chief economist. Humphries explains that Phoenix has be experiencing "very fast monthly appreciation," a pattern that has led to the Zillow to forecast this substantial increase in home values in the next year.
Read article - Phoenix Business Journal

Low-ball Offers a Thing of the Past?
According to a NAR survey this March of 4,500 agents and brokers, no REALTORS® complained about low-ball offers. The main problem nowadays: The sudden drop in inventory of for-sale homes has led to fewer homes available to sell. For home buyers who still think they have a chance of hitting it lucky with a low-ball offer, they're finding in many markets that their offers are more often being rejected or countered closer to the original asking price.
Read article - Realtor Magazine

Friday, April 20, 2012

New Home Construction on the rise!

Friday, April 20, 2012

Home construction outside of Phoenix on the rise
Mike Ripson hasn't built a home in three years, but he is about to. He has been sitting on one hundred sixty acres of land just outside Phoenix, Arizona, which he intends to divide into 121 one-acre lots. "Now's the time because we've been studying the marketplace, and we noticed beginning late last summer, early fall, that for homes priced less than $100,000, the market was becoming very tight," says Ripson, whose company is celebrating its ten year anniversary this week. "Over the last several months that price point has increased such that today, homes priced less than 300,000 dollars, there's less than a thirty-day supply in the marketplace," Ripson adds.
Read article - CNBC

Wednesday, April 11, 2012

Recovery Underway, but Supply and Demand Out of Balance

Recovery Underway, but Supply and Demand Out of Balance
You could say that Phoenix is a seller's market this spring, although there's very little real estate to buy. Michael Orr of W. P. Carey School of Business, reports that with interest rates low, the economy beginning to stir and prices very affordable compared to salaries and rental rates, a swift recovery could be in the cards. But supply is so tight that "buying a house is often quite a struggle," he said. Supply is down 42%. In fact, the inventory of homes under $250,000 is only a 25 day supply.
Read article - WP Carey

Principal forgiveness on mortgages gains appeal
Fannie Mae and Freddie Mac could save $1.7 billion if they forgave principal on some distressed mortgages, new analysis shows. The Federal Housing Finance Agency - which regulates the mortgage giants - may decide in the next few weeks about whether to use principal forgiveness as a foreclosure prevention tactic. The FHFA have come under pressure to allow Freddie and Fannie, which own or guarantee 60% of all home loans, to do principal forgiveness.
Read article - USA Today

Tuesday, April 3, 2012


Tuesday, April 3, 2012

Arizona housing on the mend: Why it's time to sell or buy
A year ago, the crowd at the courthouse was much smaller and so were the auction prices. Tom Ruff of AZBidders calls it classic supply and demand. "We've seen a big decline in distressed inventories," he says. "The start of last year we might have had 60,000 properties either in foreclosure or bank owned. Today we have approximately 23,000." In September of last year, he says we finally hit our bottom. At that time, the average home price per square foot was $79, or $94,800, for a 1,200 square foot home. As of this week, housing per square foot was approximately $91.00, adding $14,400 value to the same home over the past six months.
Read article - KTAR

Monday, April 2, 2012

prices still rising

Phoenix-area home prices headed upward
Home prices are climbing in metro Phoenix faster than they have since the housing boom. Some parts of the region experienced home-value increases of 5 to 10 percent a month this year because of a shortage of homes for sale that is sparking bidding wars between investors and regular buyers armed with pre-approvals for mortgages. This emerging recovery of home prices in the Phoenix area started late last year and has been building each month.
Read article -

Expectations rising for housing market's spring season
The spring home-selling season could be the strongest in years and may foreshadow which markets will lead the housing industry in recovery, economists say. While last year was dismal for existing home sales, this year is looking better. Existing home sales in February were up 9% from the same time a year ago, as was the Pending Home Sale Index, which reflects signed contracts leading to sales, says the National Association of Realtors. Meanwhile, Realtors' confidence in the single-family home market is the highest in four years.
Read article - USAToday

Friday, March 30, 2012

Phoenix Still Rebounding

Cities with the most new construction
A recent rebound in home sales in Phoenix - and more modestly in home prices - has spurred talk of a recovery. Turns out that budding rebound extends out into overall construction, too. In 2011, the Phoenix metro area welcomed a 41% increase in new construction, totaling $5.3 billion in new starts for both residential and non-residential building projects. "In the case of markets that were categorized by the housing boom and bust, that [construction] correction has already occurred," explains Robert Murray, vice president of economic affairs at McGraw-Hill Construction, a construction data firm. "Now areas like Phoenix are in the process of seeing an upturn in new structures - that aren't even necessarily housing."
Read article - MSNBC

Monday, March 26, 2012

Ariz. jobs outlook expected to rebound as confidence grows

Ariz. jobs outlook expected to rebound as confidence grows
Hiring is expected to increase in several areas of the Arizona economy this year as the recovery picks up momentum and employers gain confidence. Traditionally strong sectors are poised to add jobs in 2012: private education, health care and transportation, as well as retail and hospitality. Some areas in technology are also hot, and construction jobs are making a small comeback. Warehouse and distribution centers are expanding and adding workers, which is a harbinger of future economic growth fueled by increased consumer spending.
Read article -

The one number to watch for a housing recovery
Over the past few months, many economists have concluded that that the U.S. housing market has reached a turning point and is healing. In a recent, economist Paul Dales said higher prices won't be the sign that tells us there's a real recovery under way. Rather, the recent pick-up in sales is what we should pay attention to. After all, prices tend to be a lagging indicator. It could take six months for any improvements to show in the market, if not longer.
Read article - Your Hub

Wednesday, March 7, 2012

New info on market ..... if you're thinking of buying please read.!!!

Phoenix Home Sales Pick Up in January
In the Phoenix metro area, a total of 7,123 new and resale houses and condos closed escrow during January - up 3.2% from a year earlier. The number of new and resale homes that sold for less than $100,000 fell 7.3% from a year earlier, while sales between $100,000 and $200,000 increased 3.3%. Deals in the $200,000 to $600,000 range rose 9% from a year earlier, while above $800,000 sales increased 3.6 %. The median price paid in January for all new and resale houses and condos sold was $127,500 - up 7.1% from a year earlier.

Read article -

'Rehab' Loans Surge in Popularity to Fix Up Properties
FHA's 203(k), also known as the FHA. rehab loan, is designed to cover not only buying the home but also renovating it. It is then paid back like a regular mortgage. A hybrid that has been around for more than 30 years, the loan program has recently surged in popularity. "We're seeing an explosive grown in these loans," said Ed Brehm, the branch manager of the Point Pleasant office of Prospect Mortgage, one of the country's largest processors of 203(k) loans. The demand is being fueled by the numbers of bank-owned properties, he said, "but also from clients who can no longer get home equity loans."
Read article - New York Times

Tuesday, February 28, 2012


New-Home Inventory Shrinks to Record Lows
Inventory of new homes on the market shrank to its lowest point on record in January, marking a 5.6-month supply at the current sales pace. With fewer homes available, the price of new homes increased slightly last month. The median price for a new home ticked up slightly at 0.3 percent to $217,100, which is the highest level since October. New-home sales were up 3.5 percent compared to the same time last year.
Read article - Realtor Magazine

Tuesday, February 21, 2012

Real Estate Outlook: Sales Rise

Real Estate Outlook: Sales Rise
The latest quarterly report from the National Association of Realtors shows that many metro areas are now seeing more balanced conditions. Lawrence Yun, NAR chief economist, said the figures of this report reflect greater home sales activity at lower price points. "Sales have risen strongly in lower price ranges from one year ago, while sales at the upper end remain sluggish," he said. He continued that "more importantly, we're seeing a consistent trend of declining inventory, which means supply and demand conditions are becoming more balanced in more areas, which will help stabilize home prices."
Read article - Realty Times

Wednesday, February 15, 2012

Mom and pop investors snapping up homes

Mom and pop investors snapping up homes
Mom and pop investors are snapping up homes and condos to rent out all over the country. They're capitalizing on a confluence of events: affordable prices, rising rents and strong rental demand. A typical plan? Buy cheap. Collect rents to cover costs. Cash out - one day - when home prices recover. In a recent paper, the Federal Reserve noted that "small investors" are buying foreclosed homes and converting them to rentals. It also said that larger investors were struggling to do so, in part because of tight financing and their inability to buy enough properties in the same area to make it worthwhile.
Read article - USA Today

Monday, February 13, 2012

Good news!

6 'Turnaround Towns' in Real Estate - Phoenix #2
While Florida cities are expected to see some of the biggest recoveries in housing prices in the coming months, the Phoenix housing market was ranked #2 in a new report by revealing the top turnaround towns. In Phoenix, homes sold 27% faster in the fourth quarter compared to the same period in 2010.
Read article - Realtor Magazine

Friday, January 27, 2012

1/27/2012 low rates

Fed Vows to Keep Rates Low Until 2014 - The Federal Reserve announced that short-term interest rates will likely stay near zero for nearly three more years, a move that is expected to spillover to long-term mortgage rates for home buyers and home owners. In August, the Fed had made a rare move to say it would keep rates near zero until at least mid-2013. The Fed said Wednesday that the economy still needs more help and it will now extend that period to 2014. Read article:

Friday, January 20, 2012


Foreclosures dropped in Valley in 2011, but still higher than normal - One of the better developments in the year-end findings was that foreclosures dropped to 35,855, down from 41,625 in 2010, according to the W. P. Carey School of Business at Arizona State University. That translated to foreclosures representing 34% of transactions - down from 39% in 2010. However, foreclosures account for less than 5% of transactions in a typical year. Read article:

30-year Fixed-rate Mortgage Averages 3.88 Percent - In Freddie Mac's results of its Primary Mortgage Market Survey® the average mortgage rates changing little amid mixed economic data. Regardless, the 30-year fixed-rate mortgage (FRM) averaged 3.88% with an average 0.8 point for the week ending January 19, 2012, down from last week when it averaged 3.89%. Last year at this time, the 30-year FRM averaged 4.74%. Read article:

Wednesday, January 18, 2012

Housing market on the mend!!!!!!!

Is housing glut over? Experts predict housing shortage by spring - Real estate experts predict the Valley’s years-long housing glut is reaching its end and, as early as this spring, could stun home buyers by transforming into a shortage. The crunch is expected to be more pronounced in the East Valley, where some subdivisions are approaching build-out and other builders are raising prices. About 58,000 homes were on the market by late 2007. The long-term average is about 33,000 homes listed at any given time. That’s down to 25,000 now or 19,000 when accounting for homes that have deals pending. Read article:

Optimism Builds in Housing Market - Several recent indicators for the real estate industry are pointing to a market that is on the mend and entering recovery mode. Housing experts’ predictions for the new year tend to center around a market stabilizing before entering a gradual, albeit very slow, recovery. However, the tone is more upbeat than it has been in years for the housing market. Existing home sales are expected to increase 12% this year, following a 2% jump last year, Moody’s Analytics predicts. Read article:

Wednesday, January 11, 2012

Thinking of selliing your home? Here are some tips!!!

Top 10 Tips for Sellers - This article covers ten tips to get you on your way to getting your home sold.
1. Hire a Professional. This is no time to be navigating the rough waters of the real estate market on your own.
2. Fully Disclose. Are you selling because your current home needs more work than you can handle?
3. Be Realistic about Pricing. It is much wiser to price a home correctly from the start of the selling process than to have an overpriced home sit on the market for months only to have to do a price reduction.
Read article:

Tuesday, January 10, 2012

Code of ethics Realtors must abide by:

What Does it Mean for Consumers?

How does the Code of Ethics affect everyday real estate practices?

If a REALTOR® represents you, whether you are buying or selling a home, you can count on that REALTOR® to:

1. Be honest with all parties in the transaction – not just with you, as his or her client, but also with the other real estate practitioner and his or her clients.
For example, if REALTORS® represent a buyer with a spotty credit history, they can’t be dishonest with sellers about this fact. At the same time, REALTORS® can help their buyer clients collect and assemble information, such as credit reports and audited tax returns, to demonstrate that the buyer has addressed the problem and improved their situation.

2. Put your interests ahead of his or her own, at all times.
A REALTOR® makes every effort to understand the housing needs of his or her client, thoroughly researches available inventory, and shares all relevant information with the buyer so that he or she can make an informed decision. This service is provided regardless of the compensation available.

3. Disclose all pertinent facts regarding the property and the transaction to both buyer and seller.
If a REALTOR® believes information provided by a seller is questionable, the REALTOR® is obligated to investigate. REALTORS® should recommend that buyers consult their own experts, such as home inspectors, to address concerns. For example, if a home seller asks his or her REALTOR® to conceal the fact that the roof leaks, the REALTOR® cannot comply; if the seller insists, the REALTOR® should end the business relationship with that seller.

4. Be truthful in all communications with the public.
When REALTORS® distribute newsletters, create Web sites, or place advertisements, they must be careful not to represent other real estate professionals’ work product as their own. If recently sold or listed properties in the community are publicized, it must be clear whether the REALTOR® was actually involved in the transaction, or whether that data came from the local multiple listing service or other source. This ensures that the public understands the REALTOR®’s experience and can make an informed decision when choosing real estate representation.

Read a summary of the principles embodied in the NATIONAL ASSOCIATION OF REALTORS®' Code of Ethics.